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Sealed Bid Auctions can work for you

Posted on: 2016-01-07

There are two ways to liquidate a coin collection by auction.  You can sell a collection through public auction or by a sealed-bid auction.

Here’s how to take advantage of this useful method:

Mail or email your list of coins to Coin Trader. Allow us to guide you through the process of an initial, sight-unseen evaluation of your collection or portfolio. After that process, if warranted, send us your coins.  Coins should be mailed to us via Registered and Insured U.S. Mail.  We can also arrange to courier your coins by Federal Express.

Be sure to include an accurate inventory of the coins you are sending.  Of course, keep a copy for your records.  We will send you a consignment invoice as soon as we receive your coins.  At this point, please double check the invoice against your inventory it to make sure it’s correct.

After the auction, we will need to contact you to review the results.  Your Coin Trader Account Executive will call to get this information to you.

You will be able to liquidate your coins with a verbal commitment when the auction ends. Coin Trader will need a copy of an ownership transfer form signed by you to transfer title, pass funds and complete the transaction. 

It cannot get much simpler than that!

Public Auctions

Those who participate in a public auction do not spend any more money than they have to since the bids are announced to the audience.  For example, if Bidder A determines that he will spend up to $40,000 for an item, but the rest of the audience only bid up to $30,000, Bidder A wins the coin and saves $10,000.

In our Sealed Bid auction, you realize the extra $10,000!

One drawback to a public auction is that you have no control over your coins once consigned to public auction.

You have complete control over your coins in a Sealed Bid Auction.  In fact, after the results are in, you may choose to accept the highest bid, or pass without any obligation!

A public auction consignor will typically pay a Seller’s Fee of as much as 15% of the hammer price.

Coin Trader charges no more than 7 ½% of the final sales price.  We waive our Seller’s Fee if you purchase numismatic coins with your proceeds!

By using a public auction, final payment in full is not received until at least 45 days after the sale.

Final payment is typically made within one week from the completion of the Sealed Bid Auction.

Reserves must be placed on the coins in order to prevent them from auctioning below market value.  Typically, if a coin does not meet a reserve, the consignor must pay a percentage of the final hammer price in order to get the coin back!

No reserves are required for a Sealed Bid Auction.  Your coins don’t sell unless you accept the highest bid price,after the sale!  And you don’t pay a fee for coins not sold.

In a public auction, coins must be consigned at least 1-2 months in advance of the auction for catalogue preparation.

Coins are consigned only a week in advance of the actual Sealed Bid Auction.

Sure, there are more participants in a public auction since the catalogue is published and mailed to a subscriber list.  90% of the lots, however, go to Floor Bidders, most of whom are dealers.  Since they get to examine the lots prior to bidding, dealers buy nearly all of the coins purchased at public auction today.

In our Sealed Bid Auction, your coins are presented at one of the national coin conventions, where the majority of the bidders are dealers (especially those who bid at public auctions) and are able to examine each lot.  

Oftentimes, bidders at public auction collude to form partnerships to minimize acquisition costs.  Not so with a Sealed Bid Auction.  Using the Sealed Bid Auction method, collusion cannot occur.

Unlike public auction catalogues, which oftentimes are referred to today as “phonebooks,” we carefully select the coins to go into the Sealed Bid Auction and don’t offer any more than 200 lots per sale.

We create a small, user friendly catalogue which includes published price information, populations statistics and auction trends.

Coins recently sold at public auction realize approximately 28% - 30% less than those values published for coins on the Internet.

Benefits of a Sealed Bid Auction

• A Sealed Bid Auction only takes three days.

• Unlike a public auction, only the highest bidder knows the sale price of your coin using the Sealed Bid Auction.

• After the Sealed Bid Auction results are in, you may choose to accept the highest bid, or pass without any obligation.

• Title does not pass until payment in full is received.

• Payment is usually made with one week.

• If your coins don’t sell in our Sealed Bid Auction, you can still always consign them to public auction at a later date using the Sealed Bid Auction results as reserve prices.

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