Quit Setting Your Money On Fire

How Can You Ensure You Get The Best Price For Your Coin Collection?

by Kathryn Watson

If you're a fan of the field of numismatics, you've likely accumulated a unique and extensive coin collection over the years. While this can be a personally and financially rewarding hobby, at some point you may find yourself wishing to pare down your collection to provide you with extra funds for retirement, your dream vacation, or even a new car. However, liquidating a collection that's taken you years (or decades) to create can leave you wondering whether you're truly getting your money's worth. Read on to learn more about auction representation and how you can take advantage of this service to ensure you're getting the most value out of your coin collection.

How can an auction representative help you get the highest possible price for your coin collection? 

An auction representative, sometimes used interchangeably with the term auctioneer, is the person responsible for setting the minimum bid at an auction and calling for higher bids until the ceiling has been reached. Auction representatives may also solicit absentee bids before the start of the in-person auction to set the starting bid, which can often drive the bidding price even higher. 

You'll be able to work with the auction representative to set a minimum bid or reserve price that can ensure your coin collection won't be sold below a certain dollar amount. This can allow you to receive a fair price at auction, and if bidders aren't willing to meet your reserve, you'll be able to shop your collection around elsewhere or sell some of your most valuable coins individually. Talk with a representative like Harlan J. Berk, LTD for more information.

What factors should you consider when deciding to sell your coin collection at an auction?

An auction carries several advantages over other methods of sale, especially when it comes to collector items like rare coins. Listing coins for sale often implies negotiability, and you may find yourself dealing with multiple lowball offers and few serious buyers. In contrast, an auction with a reserve price will eliminate buyers' ability to pursue the purchase of your coins below the dollar amount you've set, and you also have a much higher likelihood of getting more than you expected for your coins. 

However, if you're not sure many others in your city or town are interested in collecting coins, you don't need to feel as though you're limited to local auctions -- there are a number of online auction sites available where you'll be able to shop your coins to a nationwide or even worldwide audience, as well as regional coin-specific auctions hosted by numismatic societies.