How to Start and Grow Your Coin Collection With Online and Live Coin Auctions
Collecting coins is a great hobby and an excellent way to invest your hard-earned money. We see a wide range of collectors at our Toronto coin auctions. Some coin collectors search for rare coins, ancient coins and some are simply looking for a little bit of everything. That’s why we offer a diverse selection of coin lots at our Toronto coin auctions.
Some coin collectors prefer bidding in online coin auctions, while others enjoy attending live coin auctions. When bidding for coins online it’s important to look for online auctions that feature real images of the coins. Some auctions will use stock images of the coins they list online. It’s hard for buyers to get a true understanding of a coin’s value, detail and condition with such images. That’s why we spend the time photographing each coin lot in our online coin auctions.
Our auctions feature several lots of coins. Some lots may consist of a single valuable golden coin, while others may include dozens of coins grouped together. There are no limits to how large a lot of coins can be in an auction. At our Toronto coin auctions you will typically find rolled coins, ancient coins, international coins, special Canadian Mint sets, rare American coins, rare golden coins and various other types of coins.
The rules of an auction will vary depending on the auction. This can be said for both live and online coin auctions. It’s important to have a good understanding of an auction’s rules before you begin bidding on coin lots. Most online auctions have a clear link to their auction rules pages. Unintentionally breaking an auction rule could cause you to lose out on a coin lot that you’re excited to own.
Bidding on coins is much like bidding on any other item at an auction. The seller will typically establish a reserve price; this is an amount that must be met to satisfy the current owner. Auctions with online bidding will require you to have an account created with a valid credit card attached to it.
It’s important for both buyers and sellers to find legitimate coin auction houses. There are many fly-by-night operations out there that take advantage of coin enthusiasts. Spend some time and research the history of an auction company and ensure that they run regular auctions. Live online video of auctions adds an additional level of trust.
Once you’ve successfully purchased a lot of coins online you will need to have them sent to your home. Having coins delivered via the mail is the common delivery method for people purchasing coins from an online auction. Trustworthy auctions will ensure that shipping is hassle-free, making the transport of coins as easy and safe as any other online purchase. There’s no better feeling than that of seeing your new coin (or coins) arrive in your mailbox!
It’s best to collect coins that appeal to your interests. Many studies have found that rare coins produce a greater financial return than other types of investments. But like with all investments, there are many elements that factor into a coin’s future value. It’s important to do your homework and understand the history of a coin’s value; this will help you determine if the coin you are purchasing is due to increase in price.
Many successful coin collectors will warn you that solely focusing on collecting coins with potential value will cause you to miss out on the actual fun of collecting. Learning the history of a coin can be one of the most rewarding experiences for a coin collector. Coins tell amazing histories of both our history and that of civilizations long gone.
In the beginning most coin collectors start by purchasing coins that appeal to them because of design and value. Over time most collectors begin to understand their own buying patterns and shift their future coin purchases and planning towards these preferences. Once you gain an understanding of your coin buying habits it’s important to establish goals for your collection. Everyone has different reasons for collecting coins and this is the reason why every coin collection is unique.
Being knowledgeable is key to being successful at coin auctions. This means over time you should not only research the coins that catch your interest, but also gain a good understanding of coin grading. It’s also important to understand how to properly store and maintain your coin collection. There are a lot of great cases, folders and albums on the market that will keep your coin collection safe for years to come.
At the Auction Network, we’re a family of auctioneers. We host three weekly Toronto coin auctions. Our auctions are live in-studio and streamed online with full video and audio. We’re proud of the reputation we’ve earned for being one of Canada’s most trusted online auctions. Each of our auctions features a diverse selection of coin lots. You can browse our selection of coin lots and other auction items by visiting our website at auctionnetwork.ca, or download our all-new app for Apple and Android mobile devices.