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Coin Collecting Auctions Bane Or Boon

If you are a coin collector who wants to sell or buy coins, one good way to do it is through coin auctions or bidding.

Coin auctions provide the best ways to obtain coins that have remarkable values. Coin auctions are the primary source of rare coins because most rare coin collectors want to sell their treasures to the highest bidder.

Unlike the typical way of selling and buying coins, coin auctions entail some rules and regulations for both the bidder and the seller that they must adhere to.

Basically, there are three types of coin collecting auctions. These are:

1. Auctions through mail bidding

In this type of coin auction, the seller will advertise and publish coin auctions through the mail. This is highly beneficial for people who want to participate in the activity but cannot attend the event personally.

Usually, the seller has a mailing list available and it is used to send catalogs that contain the descriptions and pictures of the item(s) to be sold. At times it may contain the starting bid amount and other pertinent information.

The seller’s mailing list, the catalogs, or brochures are sent out to the potential bidders. These lists may also be sent to those who have purchased from them in the past.

2. Phone auctions

These auctions are conducted by phone. Just like the mail bidding, phone auctions must observe the rules and regulations that are to be followed.

Once the highest bid is identified, the item goes to the winner. However, there are some instances when people may ask the seller for an approximate selling price but the rules still remain the same, no disclosure of previous bids.

3. Online coin auctions

This type of auction is popular because when bidding on a particular coin the bidder is able to see what the coin looks like. Greater interaction between the seller and the buyer may also be achieved as the seller can instantly contact the bidder for important information.

The only drawback to this kind of coin auction is that through the Internet, others can deceive a coin collector into believing that what they see on the screen is exactly the same item that they are bidding on.

All of these things can provide you with the best ways of obtaining the best coins available on the market. Just try to stick to your bidding budget.

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Gold Coin Collecting

Coin collecting is something that dates back to the when coins were first issued for trade. It was only in the Middle Ages that people turned this into a hobby because of the art work and the historical value.

Coin collecting today is still a hobby that many people enjoy. One of the most precious and most expensive collections that anyone can ever have are those of gold coins. The most expensive gold coin ever bought was worth around eight million dollars. This was the American 1933 Gold Eagle. This is why the collecting of gold coins deserves to be called the hobby of kings.

Gold coins were one of the oldest forms of money. This was later followed by silver coins. Gold coins were in circulation in the United States from 1838 to 1933. The design was the Liberty Head bust but this was only made until 1907. The design was then changed to the Indian Head and Saint Gaudens motifs and was used until 1933 when the Great Depression began. This prompted the recall of gold coins which makes them very difficult to find today.

Since these are no longer in circulation, the price for one of this rare commodity is quite high. Gold is now used for other things such as jewelry or bars that people retain as an investment.

South Africa minted its first gold coin called the Krugerrand in 1967. This coin has no face value but merely stands as a symbol. It is made of 1 ounce of gold and can be purchased for investment purposes.

Since then other countries also minted bullion coins. Canada made the Gold Maple Leaf in 1979 and Australia made the Nugget in 1981. These two are much more popular than the South African coin because of its 24 carat purity.

A lot of people retain gold today as an investment because they speculate that the demand will cause its market value to increase. Others hold it as a form of insurance should the financial situation become worse. There was a point in time when the more paper money that was made, the higher the price of gold which maintained gold and cash as equal value. After this standard ended in 1971, this enabled government to produce more paper currency without increasing the price of gold.

Since gold coins can longer be used to purchase merchandise most coin collectors just keep them to remember that people once used them.

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