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Online Coin Auctions For Beginning Collectors – Tips and Advice
Coin collecting can be a fun and rewarding experience….if you know what you’re doing. We recently just finished an auction with 1000 lots of collector coins, so we thought it would be the perfect time to share a few tips and advice if you’re new to the numismatic world and interested in buying coins through online auctions.
Join coin forums and learn from other numismatics
There is a great community out there of collectors who have a wealth of knowledge and can offer a tremendous amount of support on your coin collecting journey. This actually should be your starting point regardless if you’re buying coins at online auctions or not. You can learn from experienced collectors who have been buying at auctions and ask questions. BlueRidgeSilverhound and JBCOINSINC are popular YouTube channels with tons of information.
Make sure to read the terms and conditions for the auction
There are a myriad of auction sites out there, so it’s best to research each company and read all the fine print of their auctions. Some auction companies or sites may require a deposit when you register to bid.
Factor in buyer’s premium and shipping into the final price
Auction houses will often charge a buyer’s premium around 15% of the final bidding price. Then you also have to think about shipping rates as well. After all is said and done, you want to make sure you’re getting a deal and not overpaying for those coins. That brings us to the next tip…
Do research before placing a bid
If there’s a coin(s) you’re interested in, do a quick Internet search to find out what the going market price is for that particular coin. You should pay more attention to what coins are actually being sold for. For example, a website could say that a certain coin is valued at $XXX, but you find out that people are only willing to pay $XX for it.
If you have any questions, don’t hesitate to ask the seller
There are two reasons why you want to do this: 1) Of course, you have a question about an item and need an answer and 2) You want to know how responsive the seller is to customers. If you don’t receive an answer, do not bid on the item. You want to work with sellers who are honest and responsive to customers or potential customers.
Have a bidding strategy and stay focused
The more you participate in online auctions, the more you’ll become familiar with the process and develop a strategy to get the best deals. There are very experienced bidders out there who will try to distract you, so don’t get caught up in bidding wars or else you could end up paying more for coins than anticipated.
Do you have any tips you’d like to add?