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Coin Auction Guide: How to Buy and Sell Coins at Auction

Buyers at an auction holding sign cards

There are many ways to buy and sell coins, from visiting your local coin shop to using an online platform like eBay. Today, we’ll be discussing coin auctions. In this coin auction guide, we’ll cover how to buy and sell coins at auction, as well as tips and tricks to make the most of your coin auction experience.

Understand the Types of Coin Auctions

Generally speaking, there are three different types of coin auctions:

  • In-person auctions, which usually include high-value rare coins. These often have online bidding enabled as well, but not always
  • Online auctions, which generally have lots of coins for sale and may include individual rare coins or entire collections
  • Online auction platforms, like eBay, which generally have thousands of small individual sellers auctioning off specific items. Each auction will have a different end time, so these platforms differ substantially from traditional auctions.

In-person coin auctions are relatively rare, and when they do happen they’re often hosted by large auction houses which generally focus on very valuable rare coins.

Online auctions are also hosted by auction houses and small coin dealers. They strike a nice middle-ground, and often have coins at a variety of price points.

Auction platforms like eBay are really just a platform for individual sellers to list items, both at fixed prices and on a bidding system. Due to the size of these platforms, they generally have the widest selection – and there’s constantly auctions ending every hour.

How to Buy Coins at Auction

If you want to buy rare coins at auction, here are some tips to consider.

Check Schedules at Online Coin Auction Houses

For live auctions (both in-person and online), you’ll need to be aware of when bidding opens and closes for a given auction. You can check with some of the popular coin auction houses (listed below) to see their schedules. You’ll likely need to register for an account ahead of time, and usually will need to have a payment method on file. Some popular auction houses include:

You can also check for local auction houses in your area. Often these won’t necessarily be coin-specific, but coins are often available in general auctions.

Shop With Caution on Peer-to-Peer Platforms

Whenever buying rare coins, just be aware that fake coins are unfortunately fairly common these days. If you use platforms like eBay, always check the seller of the item to see if they’re a reputable dealer – ideally, they will be an actual business (like a coin shop) rather than an individual. Buying from individuals is okay if you know how to spot scams, but it’s still wise to check the seller’s ratings for customer feedback. It’s also worth looking at their past sales to see if they commonly sell coins.

Utilize Automatic Bidding

Many online auction platforms allow you to set a maximum bid, which then adjusts as other people bid on items. For example, say an item has a current bid of $100. You set a maximum bid of $200, and the platform will set your current bid to $105 or $110. From there, if somebody outbids you, the system will automatically increase your bid – up to the maximum bid amount you selected.

Keep a Level Head

Auctions can be very exciting, and it’s easy to over-bid when you get caught up in a “bidding war” with another buyer. It’s a good idea to have a maximum bid amount in mind well ahead of time, and stick to your max even if you get outbid.

How to Sell Coins at Auction

If you want to sell rare coins at auction, here’s what to consider.

Be Aware of Value Minimums

For the higher-end auction houses, many will have a minimum value and/or a minimum starting bid, in order for the coin(s) to be listed. For this reason, it’s often only worth it to sell at these auction houses if you have very valuable coins in the hundreds to thousands of dollars range. For smaller-value coins, a platform like eBay may be more accessible.

Read the Fine Print

Auction houses have specific terms you must agree to, including consenting to their fees. Fees can vary substantially, from as low as ~5% to as high as ~20%+ of the auction value. These auction houses help connect you with buyers, so the fees *can* be worthwhile, but it’s important to understand the fee structure ahead of time so you’re not caught off guard.

Build Your Reputation First

If you’re using a platform like eBay where you list and sell items directly, you’ll have a better experience if you already have some reviews and feedback on your profile. This gives buyers more confidence. How do you get reviews? Start by selling lower-value items, which are generally easier to sell and buyers are less wary of sellers with no/few reviews. Once you have built up a reputation with at least a dozen reviews, you’ll be able to start listing higher-value items with confidence.

For a Simpler Experience, Head to Your Local Coin Shop!

Auctions can be fun, but they’re not necessarily the most approachable for many coin collectors. If you’d like a simpler experience buying coins or selling a coin collection, consider stopping by your local coin shop. If you’re in the greater Seattle area, check out Bellevue Rare Coins in Bellevue, Lynnwood, Issaquah and Tacoma for all your rare coin needs!

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  • Bellevue

    Bellevue

    321 Bellevue Way NE
    Bellevue, WA 98004
    Hours: Mon-Fri 10 am - 6 pm
    Saturday & Sunday Closed
    Phone: 425-454-1283
  • Lynnwood

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    18411 Alderwood Mall Parkway Suite F
    Lynnwood, WA 98037
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    Phone: 425-672-2646
  • Issaquah

    Issaquah

    1175 NW Gilman Blvd Suite B16
    Issaquah, WA 98027
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    Saturday & Sunday Closed
    Phone: 425-392-0450
  • Tacoma

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    2302 Pacific Ave
    Tacoma, WA 98402
    Hours: Mon-Fri 10 am - 6 pm
    Saturday & Sunday Closed
    Phone: 253-328-4014