Today’s column differs from most of Michael Bugeja’s pieces in that he shares tips for online bidding, explaining your competition as well as auction basics:
- Is the auction in the United States? (You don’t want to pay international credit card fees on top of buyer’s fees).
- Does the auction have at least 50 coins up for bid? (You don’t want to waste time on anything less than that. It takes too much time, and most of the offerings are junk silver; worn Morgan and Peace dollars; cleaned cents, quarters, and half dollars; inexpensive mint sets; lower-tiered grade-inflated slabbed coins; corroded ancients; and artificially doctored lots.
- Does the seller offer shipping? What are buyer’s fees? All the restrictions and services cited in the auction terms and agreements.
See this 12-minute video highlighting those tenets and more.
The key to success in online bidding is not to compete for slabbed PCGS/NGC coins, as they tend to go for high prices. Use your numismatic talents and grading savvy as the pros do to score lots with varieties, condition rarities, and low mintages.