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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.
Generally speaking, there are three different types of coin 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.
If you want to buy rare coins at auction, here are some tips to consider.
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.
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.
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.
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.
If you want to sell rare coins at auction, here’s what to consider.
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.
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.
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.
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!