Buyers’ guide to coin auction and bidding for collectible coins online
An auction is the process of selling goods (or services) wherein interested buyers bid against one another for the items for sale. The bidder who offers the highest price becomes the winning bidder or the final buyer of the item.
Auctions are the most likely venues where famous rare coins are available for sale.
This is so because rare coins are always in demand collectables that serious collectors would offer the highest price they can possibly pay for – an opportunity coin auctioneers and sellers earnestly grab.
For example, one of the most expensive coins in the world was sold at a coin auction in 2002 at a price of more than $7.5 million.
Types of coin auctions are online coin auctions, public or live bidding, and phone auction.
The traditional public bidding is still the safest way of selling and buying coins through an auction. However, coin auctions online are also gaining popularity for convenience and mileage (as selling through the web could invite more buyers to bid).
How do you go about participating in online coin auctions?
1.) Explore the web extensively for auction websites
The web offers a pool of information about online auctions for collectible coins. Search using search engines by typing relevant keywords then you can find information about a lot of coin auction sites.
2.) Explore eBay and learn the guidelines of bidding for coins online
eBay is composed of a great number of varied users – a few competent numismatists, some amateur or newbie coin collectors, and even fraudulent coin dealers and sellers.
Because of such large and diverse community that exists in eBay, users share helpful guidelines on how to make the most of your participation in an online bidding while avoiding the possible risks of fraud. Such guidelines are written usually based on their experiences in transacting through eBay.
3.) Find a reputable coin auction website
Only deal with reputable coin auctioneers. Examples of trusted auction houses that also auction coins online are Heritage Auctions, Christie’s, and Sotheby’s. Some of the most valuable coins were sold through these auction houses. The mentioned rare and expensive coin earlier in this article was sold at Sotheby’s.
4.) Know price ranges in advance
Before trying bidding online, you need to have a clear idea of coin price ranges and how to determine value of a coin. You can do this by comparing coin prices online or by using printed coin price guide as reference.
5.) Make a budget or spending plan
When you become more familiar about coin pricing, decide up to how much you are willing and able to spend. Even how valuable a coin is, if it becomes too high for your budget, it is not advised that you pursue the highest bid. It could only lead to a possible financial difficulty. Sure there are other valuable coins worthy of your money and which you can afford.
6.) Try attending live auctions
If it is possible, try participating in live auctions held in coin auction houses preferably before making bids through the internet or coin auction sites. It is always best to begin with the safest way to place a bid for a precious collectible coin.