Coin Collecting Auctions: Bane or Boon?

Maybe you are a coin collector wishing to trade in some of your double coins. That is in fact the joy of such a hobby. On the other hand you could also buy or sell your coins rather than to exchange those with another connector like yourself. In such case options are a great idea to look out for. If you are willing to pay good money you can get some fascinating and the rare coins on options. In fact it is a known fact that you get the rarest of coins only through auctions from our other collectors looking to sell their coins for the highest possible sum of money.

Any auction would have a set of rules that the buyer as well as the seller need to adhere to. This is unlike exchanging your coins with other collectors, where there are no rules except those that you and the other collector decide upon. There are three categories of coin auctions -

1. Coin Auctions using mail bidding
This category involves placing bids through the postal service, after the seller advertises his ware to prospective buyers through the same system. This system obviously works well for those collectors who have busy schedules and are unable to visit auction houses. In most cases sellers keep a mailing list and they use this to advertise their goods by sending catalogs that contain ordered pictures and descriptions. This mail would probably also specify the minimum bid starting amount. The mailing list is generally made up of other collectors and people who have purchased from the seller in the past.

2. Auctions over Telephone
As one could well imagine these auctions take place over the telephone. As with any other form of auctions that daily former options need to adhere to certain specified rules and conditions, and like any other auction - the highest bidder wins the product. In some cases a prospective buyer could request the seller for an approximate selling amount to buy the item online, but that is rare. However the seller is not allowed to disclose the last highest paid to any of the buyers.

3. Coin Auctions over the Internet
This is one of the most popular forms of coin auction simply because the buyer can see a clear close up photograph of the coin while placing the bid. Communication is simple and clear and both the buyer and the seller can exchange useful information that could lead to a sale or a non-sale. In any case there is a greater degree of control in this form of coin auction than in any other form. The one negative point is that a scammer could show the image of a different product to what he or she actually intends to send.

Use of any and all of the above mentioned forms of coin auction to improve the quality of your collection.