Coin Buying and Selling
- Sale at Major
Auction
You should carefully consider the available options and their advantages and
disadvantages before proceeding.
This method of selling coins also involves
consignment, but with sale to occur at a public (or sometimes private) coin
auction rather than through a dealer's normal stock. As in the worlds of
art and Presidential memorabilia (among others), auctions can create great
excitement and new price records, but usually only for rare and desirable
material.
Advantages
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Potential for higher prices realized than other methods of sale. |
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Catalog and photos document your collection as a part of numismatic history. |
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Generally private and secure when dealing with a reputable auction house. |
Disadvantages
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Potential for low prices realized, especially for common material that isn't featured prominently in the auction catalog. |
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You don't get paid until the auction is over, and some items may remain unsold. |
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Commission often 10% to 15% for buyer, and perhaps 10% for seller. |
Advice
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Major auctions without minimum bids (as opposed to small auctions with minimum bids) should only be considered for items or collections that are desirable enough to generate bids above the wholesale level. |
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Always deal with a reputable auction house that publishes high quality catalogs, or with a private auction that is highly regarded by specialists in the field. |
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Ask other collectors and dealers for advice before choosing an auction house, and check references. |
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Be
sure to properly package and insure your coins (use U.S. registered mail) when
shipping them to the auction house, and ship only after obtaining permission! |
