Coin Collecting Auctions: Bane or Boon?

Source: Ningbo Heng Yuan Wang Plastic Co., Ltd.  author:   Time: 2013-08-09

 

　　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 biddingIn 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 auctionsThese 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 auctionsThis type of auction is popular because when bidding on a particular coin the bidder is able to see what the coin looks like.