Like any hobby or interest, collecting coins has a learning curve for new enthusiasts. For example, although online coin auctions are a rich source of interesting, rare, and potentially valuable coins, they pose challenges for those who haven’t used this method before. Before jumping into an online coin auction for the first time, prepare yourself for a successful experience with these tips.
Beware of an Unbelievable Bargain
If you see a coveted coin at a price that seems too good to be true, steer clear. According to the American Numismatic Association, many collectors who think they are getting a once-in-a-lifetime price on a white whale are actually falling for a scam.
Do Your Research
Get to know the language and culture of coin collecting before you enter the fray of the online world. Community website forums and YouTube channels offer a wealth of information from experienced collectors who want to help others learn the ropes.
Read the Terms of Service
Before bidding on any online coin auction, familiarize yourself with the terms of service for the auction site. You’ll find details about shipping prices, accepted payment methods, return policies, available methods of dispute resolution, and other terms and conditions you must agree to abide by to use the site. When sellers are able to set individual return policies, avoid auctions that do not allow you to return your purchases.
Budget for Fees
You may end up overpaying for your coin purchase if you fail to consider the buyer’s premium. Most auction sites charge about 15% of your total purchase, so that amount can quickly add up and cause you to go over budget.
At Atlanta Gold & Coin Buyers, we’re happy to help educate collectors about all aspects of buying and selling coins online. Browse our inventory and resources, or call us at 404-236-9744 to learn more about our services, including coin appraisal and purchase by mail.