| In a coin collection, the most difficult part is how | | | | 5. The person who has the highest bid may |
| to find the coins for the collection. A collector's | | | | be allowed to make a deposit payment. This will |
| main method of acquiring coins is by buying them. | | | | ensure that the item will be reserved for the |
| The most common alternative in acquiring a coin | | | | person who won the bid. Deposits may be a |
| is through purchase in auction sales. | | | | fraction of the whole amount of the coin. |
| Rare coins and those that are of high quality are | | | | Disadvantages |
| very difficult to buy. Auction sales whether online | | | | 1. When buying in online auction sales, there is |
| or at auction houses provide coin buyers the | | | | a higher chance of fraud. This is because the |
| option to acquire these types of coins at lower | | | | negotiation is done online. The buyer does not see |
| prices. Online auction sales usually take 3 to 4 | | | | the person who is selling the item or know if the |
| months to process depending on how fast bidders | | | | other bidders are real people who are actually |
| can decide on their bids or when the bidding | | | | bidding for the item. |
| process closes. | | | | 2. There also times when the item that was |
| No matter how popular auction sales have | | | | displayed on the website before the bid is not the |
| become to many collectors, it is still important to | | | | same item as the one that was delivered to the |
| know the advantages and disadvantages they can | | | | person who won the bid. It is recommended that |
| provide to coin collectors. Here are some points | | | | the buyer should ensure that the very same item |
| must to be considered before buying in auction | | | | that he bid for is the one that will be delivered to |
| sales. | | | | him. |
| Advantages | | | | 3. The reserved price of the item may also |
| 1. Auction sales provide simpler negotiations, | | | | cause some disadvantages. There are times when |
| and is the simplest way of buying coins for a | | | | the reserved price that was set on the item is |
| collection. This is because of the set price that is | | | | higher than what the buyer expected. This will |
| reserved for the coin. It is easier to weigh options | | | | force the buyer to bid higher and exceed the |
| and estimate the price of the coin. | | | | budget they have allotted for the item. |
| 2. Auction sales include a bidding process. | | | | 4. Online auctions cannot ensure the buyers |
| Buyers will only need to bid to the price they are | | | | that what they are bidding for a genuine item. |
| willing to pay for a specific coin. This means that a | | | | The buyers will only be able to inspect the coin |
| coin will be acquired within the allotted budget of | | | | once they have won the bid and the item is |
| the buyer. If a buyer really likes a coin, then he | | | | delivered to him. This may lead to fraud and the |
| can bid a higher price so that there is a higher | | | | buyer ends up regretting that he bid for the item. |
| possibility of winning the bid. | | | | Auction sales may be popular but it is still strongly |
| 3. There is also a chance of getting the item | | | | but be advised that buyers need to be aware of |
| if the buyer who won the bid was not accepted | | | | the pros and cons of this option. Buyers also |
| for some reason. This may also happen when the | | | | must be familiar with their rights as consumers |
| price that was reserved for the coin was not | | | | and buyers. Other options may also be considered |
| met. When this happens, the item for bidding is | | | | before choosing the auction sale option in acquiring |
| usually passed. This means that the item will not | | | | coins for collection. |
| be sold and the bidding will be re-opened any time | | | | Collectors may consider buying from friends or |
| soon. | | | | agents that they know but if they still would like |
| 4. Contracts are involved in the bidding | | | | to buy in auction sales, they need to make sure |
| process. Once a buyer wins a bid for a specific | | | | that the website or the auction house has no |
| coin, contracts will be exchanged immediately | | | | record of illegal activities. Buyers should also spend |
| between the successful bidder and the seller. This | | | | some time reading reviews about the sellers to |
| will ensure that the negotiation was completed | | | | make certain that they are dealing with credible |
| and the bid price of the item is confirmed. | | | | people. |