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How To Do Well At a Coin Auction

April 19th, 2012 Coins

If you've been collecting coins for a little while, you may be wondering if it's worth checking out what auctions have to offer. These events are great opportunities for collectors to find rare pieces that may otherwise be much more difficult to track down. Of course, with the convenience comes what will likely be a higher price tag. You should also keep in mind that you'll probably be going up against other enthusiasts who are just as keen on getting their hands on the coins you've been eyeing.

The first thing you should do before entering the auction hall is figure out exactly how much you want to pay for the coins in question. Should you get into a bidding war, it can be difficult to turn away from an item, but if you don't exercise discipline you could find yourself paying much more than you'd originally intended.

Another option is to get in touch with a reputable coin dealer. Inform him or her what items you're looking for and give a maximum dollar amount. According to A.C. Dwyer, you should shop around before picking a dealer, just to make sure you find one who you're on the same page with. He or she may even go to the auction in your stead and bid on other coins, depending on what terms you hammer out beforehand. Note that this approach can end up costing you a fair amount in terms of buyer's fees - expect to shell out about 15 percent if you hire a private dealer. However, depending on the items you end up with, this fee could pay for itself in a matter of years, based on how well the coins appreciate in value.