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Online Auction Tips for Coin Collectors

One of the easiest ways to start or add to an existing coin collection is through online auctions which allow you to bid live online as the auction happens. Imagine being able to sit in the comfort of your own home and find that perfect piece to showcase your collection. Sounds great, doesn’t it?

Here are a few tips to helping you get the most out of your budget when looking to acquire your next great find.

Ask For Information

Don’t be afraid to ask questions to the auction house or website hosting the live auction. It’s better to be well informed about the piece you are looking to place a bid on, rather than take a chance and hope for the best. Many auction houses have a final sale policy and will not give refunds.

Remember Your Budget

It’s important for you as a consumer to be aware of the cost of what you are bidding on. It is very easy to get caught up in the excitement of the online live auction and overspend. Remember your budget and keep in mind the silent auction ideas value of the item you are interested in. By doing your homework first, it will help you to stay in line with your budget.

What Am I Buying?

One of the most important things to consider when shopping at an online auction is to be aware of what you are buying. When it comes to coin collecting, make sure the item you see in the picture is the same item you read in the description. What is the metal the coin is made of? What time period is the coin from? How do I know it is authentic? If you aren’t seeing a lot if information in the description about the item in the picture then make sure you ask the auction house specific questions about the piece you are looking at. It is important to know what you are bidding on.

Is It Shippable?

Find out if the item you are planning on getting is shippable to where you are as well as what the cost to ship the item will be. You can do this very simply by getting the information from the auction house before the start of the auction. Don’t forget to ask the auction house about their shipping policies if you don’t see it stated on their auction catalog. In some cases, the item you are looking to bid on might be available for pick up only.

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