Numismatic auctions, also known as auctions in which currency (typically rare coins, though occasionally paper money) is sold off to the highest bidder, have a lot more to them than one might initially suspect. They may appear as strange to some collectors, even limiting in the sense that far larger lots can be found, often, outside of specific auctions. The reality of the matter, though, is that if you're a collector of coins and you aren't using coin auctions as a primary resource for building your collection, then you're ultimately losing money. Read on to learn how integrating numismatic auctions into your collection process can save your money over time, and don't forget to log on to www.iCollector.com to bid on all of your favorite lots in our collectible coin auctions:
Many people argue that coin auctions are impractical in that all bidders are inherently working with a somewhat limited selection of lots. There is some truth to this; moving away from auctions and into the private marketplace will expand the field of coins that you can attempt to obtain for your collection. Still, there's a sizeable advantage to collecting through auctions in that you're more likely to be able to receive proof of authenticity. Given that many bidders often enter auctions remotely, sellers are more inclined to offer authenticity certificates or other proof of an item's validity because buyers won't be able to inspect it in person prior to their purchase. In the long run, this has the potential to save you a great deal of money because having proof of authenticity will, in turn, drive up the items resale value when (and if) you choose to sell it.
While moving out into the private marketplace may offer you a broader selection of coins and currency to buy, it will also take you into a less distinguished pool of items. Consider a seller's perspective when he or she is about to part with a particularly rare coin. They know that what they have is something buyers won't see everyday, so they want to ensure that they reach the largest amount of interested buyers. Using an auction service allows them to advertise their product prior to the actual sale, while it allows buyers to be aware of a sale before it happens, generating attention for this auction. In this sense, sellers save money in that they're more likely to get top dollar for their item at auction than elsewhere. Buyers, inversely, are presented with the opportunity to obtain rarer items, driving the value of their collection as a whole up significantly.
Regularly being a part of coin auctions presents a huge and intangible benefit to collectors as well, in that it further integrates them into a network of people with similar interests. In doing so, collectors are able to establish relationships with individuals likely to have information about sales and the coin market in the future. By virtue of this, being a part of auctions (or any other group activity dealing heavily with the collectible coin market, for that matter) exposes you to scenarios in which you're more likely to acquire valuable pieces for your collection than if you weren't involved.