Coin Collecting Information

Muna wa Wanjiru asked:


For those of you who think that auctions are only for collecting antiques¸ I can assure you you’d be much mistaken. An auction is a great place for the coin collector to get some good coins, and coin collections.

There are also a number of rare coins which you can get your hands on if you’re so inclined, have the money, and most of all aren’t out-bidded by another rare coin collector. Rare coins though aren’t the only type of coins you’ll find at coin auctions.

You can also get your hands on coin sets as well as other type of world coins, and you’ll find that you’re privy to larger selection of coins than normal. Besides which, you also get the chance to examine them first.

Although coin auctions are a great place to find all the rare coins you need, if you are a first time buyer or this is your first time going coin auctions, then you might find yourself intimidated by the whole process.

When you’re just starting off though it might be a good thing for you to just go and scout out one or two coin auctions first before you do any serious bidding. This holds especially true if you’re as yet unable to establish for yourself whether the coin you’re bidding for is genuine.

Of course it might be certified and graded so that you feel comfortable enough to bid for it, in which case go ahead and get your feet wet. You’re still new enough to the game that you don’t need to sweat the small initial stuff.

On the other hand, if you want to get right into it from the word “Go!” you might want to look at getting an agent to handle your bids for you. You will of course need to pay them a fee, but it might be well worth it in the end.

Make sure that you look around first and get an agent whom you’re comfortable with. It’s no use going into it if you don’t trust your agent to look after your best interests.

If on the other hand, you do want to start right from the get-go, but you don’t want to go to an agent because you want to experience the pleasure and thrill of it for yourself, don’t worry. Start methodically and work your way up.

So first things first, you need to do some research first before you do anything else. Find out where the auctions are being held, find out what’s up for grabs, then do your research to find out if it’s anything you need or want, and whether you can conceivably afford it.

Since coin auctions aren’t necessarily held in one place, and since the world is a large place, you might have to do a bit of travel to get to these coin auctions. The really large ones can come later though. In the beginning I’d suggest just sticking to one or two that are close to home and which you can get to with a minimum of hassle.

If the coin auctions bug strikes you though I have to say that it’s very hard to resist the lure of the auctioneer’s gavel, and the quick breathless beating of your heart as you raise your hand or your card, and bid on a coin.

Watch out though, a combination of coin auctions and the coin bug can leave you broke and counting your pennies, and not in a coin collecting, hobby kind of way either but in all aspects of life.

Nicholas Tan asked:


If you are a coin collector who wants to sell or buy coins, one good way to do it is through coin auctions or bidding.

Coin auctions provide the best ways to obtain coins that have remarkable values. Coin auctions are the primary source of rare coins because most rare coin collectors want to sell their treasures to the highest bidder.

Unlike the typical way of selling and buying coins, coin auctions entail some rules and regulations for both the bidder and the seller that they must adhere to.

Basically, there are three types of coin collecting auctions. These are:

1. Auctions through mail bidding

In this type of coin auction, the seller will advertise and publish coin auctions through the mail. This is highly beneficial for people who want to participate in the activity but cannot attend the event personally.

Usually, the seller has a mailing list available and it is used to send catalogs that contain the descriptions and pictures of the item(s) to be sold. At times it may contain the starting bid amount and other pertinent information.

The seller’s mailing list, the catalogs, or brochures are sent out to the potential bidders. These lists may also be sent to those who have purchased from them in the past.

2. Phone auctions

These auctions are conducted by phone. Just like the mail bidding, phone auctions must observe the rules and regulations that are to be followed.

Once the highest bid is identified, the item goes to the winner. However, there are some instances when people may ask the seller for an approximate selling price but the rules still remain the same, no disclosure of previous bids.

3. Online coin auctions

This type of auction is popular because when bidding on a particular coin the bidder is able to see what the coin looks like. Greater interaction between the seller and the buyer may also be achieved as the seller can instantly contact the bidder for important information.

The only drawback to this kind of coin auction is that through the Internet, others can deceive a coin collector into believing that what they see on the screen is exactly the same item that they are bidding on.

All of these things can provide you with the best ways of obtaining the best coins available on the market. Just try to stick to your bidding budget.