I'm watching an ebay auction for a commemorative coin of just under 1 ounce AGW. Listed at 99 cents, it has reached $510 with 3 days to go. Gold is around $900 at the moment. Logic will suggest somebody will be willing to pay bullion value for the coin, and so it will reach that at the least.

A quick look at the seller's history shows everything seems to sell at its spot price or slightly above.

So is there any point at even looking at these low SP bullion coin auctions, in the hope of getting a real bargain?

Has anybody seen bullion coins selling below spot?

I'v seen a few.

You can never tell what might turn up on ebay. I've seen stuff put under the wrong category or something wrong with the description go for real cheap. I've bought coins below face value. Admittedly that was low value rolls, but its a deal when you could even go to a bank and cash them out make a profit And that was including all fees. (Not gold or silver stuff. Unluckily. ) I see people all the time just putting the 99 cent start hoping for a hit. But like you said at 3 days left it will probably hit stride then.

Very rarely does it happen. But beware that certain coins have varying amounts of gold in them, or aren't gold at all. Also people loooove to snipe on ebay. Chances are that coin will hit spot price or higher with a few minutes before close.