In the world of precious metals, the coin is king. The coin market is by far the most vigorous in the precious metal industry. Moreover, rare coins are unique in that their value often vastly exceeds the value of materials the value of their materials. With that in mind, it’s no surprise that many people are willing to do whatever it takes to get the best price for their coins. Therefore, today we’re going to discuss the method for getting the highest price for your coin: coin auctions.
Coin auctions today are primarily held online. This not only more convenient for both buyer and seller, it also allows the seller access to the international market. However, auctions can be confusing. It’s not uncommon for those who don’t know what they’re doing to go months without a single bid. Others may sell, yet still lose money due to the rules of the auctioning website. That’s why our focus today will be on how and where to auction your coins.
The first thing to do when looking to auction your coin is to take some large, high-quality photos of it. This is best done under natural lighting with a simple white background. Make certain your pictures are as close as possible while keeping the whole coin in focus. It’s also important to take note of any flaws and share them with potential buyers.
The next thing one should do is to review the ANA grading scale. This grading scale is very easy to learn (or print off), and is invaluable to anyone looking to auction of their coin. This scale allows one to easily convey the state of their coin and will better attract the attention of collectors.
Once you’ve completed the steps above, it’s time to make a choice. To be specific, it’s time to where to sell your coin. One choice is to host an eBay coin auction. eBay’s greatest strength (when it comes to coin auctions) is its size. eBay is the most popular site for auction, meaning your post could garner a great deal of attention. On the other hand, eBay’s greatest weakness is (again) its size. Your eBay coin auction may very well never be seen by a single coin buyer.
The other choice is to auction your coin on a reputable auctioneer website. These sites are smaller than eBay, but they are also more specialized. When you place your auction on one of these websites, you’re guaranteed that every eye that sees your coin is looking for something like what you’re selling. For most coin sellers, these sites offer the best in both value and convenience.