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Tips For Online Coin Auction Enthusiasts

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coin auction

Online Coin Auction

There are coins that are just meant to be treasured and not exchanged for any monetary value. But apparently, even the most rugged and sentimental-looking coins which no longer have economic monetary relevance have still not lost their money-generating charm, thanks to the influence of online coin auctions.

Coins are fascinating mementos of history, sentiment, and art. Coins vary in size, shape, and design. Art-lovers love to paint on it. Scientists love to tinker with its material, which is usually tough and long-lasting. Kids love to hear the ringing sound when it collides with their piggy banks and trinkets. Some people make galleries out of it. I even find some ancestors lovingly giving them through the generations of family members just to give a memory reminder from their not-so-distant past.

Believe it or not, a lot of people would be more than willing to trade wads of paper bills just to get a piece or two of the more exotic finds in the coin depositories available in antique shops online and offline. A good question to consider: How would you know if it’s worth it? That is a question of discernment and of quality.

I can’t blame coin aficionados who take their collection to the next level. And there’s no telling how far they would go just to be able to make their much-anticipated and regulated quest for the exotic pieces. There are actually online coin auctions available for the most enthusiastic coin seeker. And online is the best place to connect all tribes and regions and thus, have more opportunities for variety, competition, and quality.

In participating in any online coin auctions, knowledge of the household rules is a must. It varies from site to site and just like shampoo for your particular hair type, you would need to do a bit of searching for the site which will best suit your coin fancying needs. There are different subcultures in the search for old and new coin galleries. Some would prefer the European coins over the Asian ones. There are different specific markets for every website. Every coin-collecting online bidder must be willing to search through various threads in order to get to the right auctioning group.

Of course, one rule of thumb is that if something is too good to be true, then it most certainly is. Be very aware that some scammers can get very deceptive and lead you to give more information in exchange for nothing but sugarcoated promises. This is where proper use of available information comes in. If there is not adequate information regarding the person or company that you intend to do business with, it would be ideal to hold your horses and tough it out in the online coin auction scene than set yourself out for disaster.

In making use of coin auctions online, being specific would definitely save you lots of precious time. If you already have an idea of the make, grade, and size of the coins you are looking for, searching for the perfect group which caters to that particular type would not be so hard.

Also, check for the latest updates on the website. If it seemed like a considerable amount of time since the website was updated, you might think twice about trying to avail yourself of some coins from there. Some websites are just abandoned and without any formal announcement whatsoever that it stopped their operations. The best bet for any beginning online coin buyer is to find that site where there is always an update or it is bustling with activity. It would also help to build a network first before investing. Advice from the pros to the business might be more than helpful than any other information from write-ups combined. Besides, not all bidding rules are written out for you to read. There are some unwritten norms that you will have to fish out from the people involved before you take the plunge.

Coin collecting is a very rewarding hobby, as proven by coin collectors who convene and stay together online to continually improve and modernize this age-old trading industry. True, you may be trading coins as extinct as the dinosaurs, but you’re savvy in bidding, and scoring the best of the best among the various coins and need not be as extinct.

How to Sell Your Coin Collection

When you were a kid, you had a huge coin collection. Proof sets, rarities, and thousands of others. You bet your collection could probably sell for enough to put your kid through her first semester at college.

Well, maybe. Follow these tips to get the best price for your coins.

  • If you’ve been reading through coin value guides and you think that you have a fortune on your hands, you may be surprised to realize that most of those prices are for retailers, and aren’t actually what you would be paid for them. A couple of books that may behoove you: The Official Red Book: A Guide Book of United States Coins,” and the “Standard Catalog of World Coins.”
  • Know what you have and list the price that you want for each item. If you have a lot of pennies, though, it may not be worth it to count each one. You can determine how many you have by weighing them, 148 wheat pennies to the pound. The same goes for other mass coins like dimes and quarters.
  • When it comes to selling to dealers, there are many routes you can take. But first, this path is one for unloading your collection faster; be warned that you may not get the premium values you want. Money.org and PNGDealers.com are two websites that can help you find a dealer.
  • Once you find an interested dealer, talk to him. Make sure that he is experienced and has traded before – you don’t want to work with someone who is posing as a dealer and who wants to take advantage of you. Coin guilds are worthy places to check for reputable dealers.
  • Many dealers specialize in a certain kind of coin collection, so it may be hard at first to find an interested party. Smaller dealers are more willing to take on entire collections. If your collection is relatively small, you may have to ship it to the interested dealer. Ensure the package and include a list of what you are sending. Within no time, you can expect a check in the mail.
  • If you have a few rare coins, it may be worth it to have them slabbed (graded professionally with a certificate).
  • If you want to take the high line, go to an auction house. Most houses start by giving you a conservative estimate of how much your collection is worth. Heritage Auction Galleries in Dallas is the world’s leading rare coin auctioneer, and the third-largest house around. If your collection is valued at over $5,000, they will auction it for you. There is, however, a 10% fee.

Buying and Selling at Rare Coin Auctions

If you’re a rare and valuable coin buyer, the large action format will likely be the only opportunity for access to the few examples on the market. As a bidder you can remain anonymous while going after the coins you seek, and a reputable auction house will guarantee the authenticity of their coins for sale.

If you have a collection of extremely rare and valuable coins, you would be best served by selling them in one of the larger coin auctions. The action format will allow the seller to reach the largest number of qualified buyers, so you’ll be getting the best price you can for them.

There are several areas to consider when choosing an auction house to sell your coins:

  • What reputation do they have?
  • Have they been in business for a long time?
  • Are they employing experts and professionals?
  • Are they prepared to skillfully handle your sale?
  • Do they have the resources to attract large consignments, and prepare first-class marketing?
  • Do they have adequate insurance to insure your collection while in their hands?
  • Do they have a clear and concise consignment agreement?
  • Look at past sales. Did they inspire active bidding and good prices?
  • Buyers: Read the catalog’s terms of sale, purchase guarantees, bidder commission, lot viewing, grading,
  • proxy bidding, and sales tax. Find out when payment is due and what fees are involved.

Factor in the 10% buyer’s commission into your top bid for the rare coins of interest. You may also have to submit a credit application with the auction house.

Preparation is the key to being a successful auction buyer. Learn details about the rare American coin you’re bidding on. Try to find out who else might be bidding on it. Know the market: sale prices vs rarity. Know how you’ll pay for the coin if you do acquire it. Know more about what you’re bidding on than anyone else in the room. Know when to stop bidding.

Sellers: Consider having your coins graded before the auction if they aren’t graded yet. Graded coins bring double to triple the number of their upgraded counterparts. The grade will no longer be a factor in the final bid.

Typically, consignors are paid 45 days after the sale. Often, the auction house will front you up to half the expected return on your consignments. This helps because it usually takes several months to complete the marketing and sale of your rare American coin collection.

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