If you want to trade coins, one helpful way to make it through through coin auctions or bidding.
Auctions provide the finest ways to achieve the most potential values. Coin auctions is one of primary source of rare coins since most rare coin collectors want to sell their treasures to the highest bidder.
Unlike the normal way of trading coins, Selling through auctions entail certain rules and regulations for both the bidder and the seller that they must follow otherwise the deal may not continue.
Basically, there are three types of auctions. These are:
1. By Mail
In this type of selling, the seller will advertise through the mail. This is highly beneficial for buyers who wants to join the action but can not attend the event personally.
Ordinarily, the seller has a mailing list available and it is used to send catalogs that contain the pictures and description of the pieces. At times it may contain the opening bid amount and other significant information.
The seller's mailing list, the catalogs, or advertising material are sent out to the prospective buyers.
2. By Phone
These auctions are connected by phone. Just like the mail bidding, the must observe the rules and regulations stated.
Once the highest bid is placed and no one outbid the highest bidder the item goes to the winner. However, there are some cases when people may ask the seller for an approximate selling price but the rules still stay the same, no revelation of previous bids.
3. By online method (Internet Auction)
The internet is sometimes the most popular auction method today. The bidder can see what the coin looks like. Greater interaction between the seller and the buyer may also be achieved as the seller can immediately contact the bidder for important information.
The only setback to this kind of coin auction is that through the Internet, others can cheat the buyer into believing that what they see on the screen is exactly the same piece that they are bidding on. Some sellers also stated in their listings that "What you see is what you get" oftentimes better in picture than in reality.
These methods can help you obtain or sell your coins. If you are serious on coin collecting make sure to read books and coin catalog to enhance your knowledge on this type of hobby.