Coin Collecting Auctions: Are They Really Worth It?
By Mohammed Shomam

Coin auction or bidding comes in handy if you are a coin
collector intending to buy or sell coins. You can obtain coins
of remarkable worth in the best possible manner through coin
auctions. The primary source for procuring rare coins is a coin
auction. This is because majority of the rare coin collectors
sell off their treasure to the highest bidder. Both the bidder
and the seller, in a coin auction, need to adhere to a number of
rules and regulations, which is quite unlike the typical way of
selling and buying coins. Coin collecting auctions are basically
of 3 types, which are as follows:

1. Auctioning with the help of mail bidding:

The seller advertises and publishes coin auctions by using the
mail, in this type of auction. Those who wish to participate in
the auction but cannot personally attend the event will find it
to be extremely advantageous. In most cases the seller uses his
mailing list to send catalogs containing the pictures and
descriptions of the item(s) on sale. Sometimes the starting bid
amount and other relevant information are included in it. The
brochures or catalogs and the seller’s mailing list are
dispatched to potential bidders and previous customers.

2. Auctions through phone:

As the name suggests, phones are used to conduct this type of
auction. Rules and regulations must be adhered to, as is the
case with mail bidding. The item goes to the highest
bidder/winner once he is identified. There are instances when
prospective customers request the seller to disclose an
approximate selling price. But as a rule, previous bids are
again not disclosed.

3. Coin auctions online:

Online auction owes its popularity to the fact that bidders are
able to check out the coins visually while bidding for a
particular coin. Since the seller can contact the bidder
instantly for important information, there is greater
interaction between the buyer and the seller. However internet
auction has its shortcoming as well. A coin collector can be
deceived into believing that he is bidding for exactly the same
item that he gets to see on the screen.

If you follow these, you can easily obtain the best coins
available in the market. To conclude with a precaution, don’t go
overboard on your biddin

About the Author: Mohammed Shomam is involved with an online
coin collecting project that informs and educates the coin
collecting enthusiast through well-written articles. Discover
how to make the most out of your valuable coin collecting hobby!


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