| Auction officials may acquire their coins on | | | | the grade and overall quality of the coins they plan to |
| consignment from private dealers, government | | | | bid on beforehand. |
| agencies, collectors, estates, museums, banks, or other | | | | As the auction starts, a single spokesperson, who is |
| sources and then offers them to the public where bids | | | | following the mail bids will announce the starting bid |
| are taken and the highest bidder then purchases the | | | | according to the bids from the mail, which are typically |
| coin they have been bidding upon. | | | | an advance over the second highest mail bid. After the |
| While participating in an auction might be extremely fun | | | | spokesperson calls out the opening bid, the auctioneer |
| most collections have been formed from acquiring | | | | will cry out that they have a bid of a certain amount |
| coins in this manner. Typically all auctions are | | | | and then ask for a higher bid. At this point if there is |
| conducted in the same manner, with the exception of | | | | any competition from clients who would like to bid on |
| auctions they do mailing bid sales. Normally auctions | | | | that particular lot, then hands will begin going up. The |
| are conducted by licensed auctioneers with the auction | | | | auctioneer will continue advancing the amount, until that |
| itself containing a various amount of rare coins with the | | | | particular lot is sold to the highest bidder. |
| majority containing more common coins from a variety | | | | If on a particular lot no one within the audience makes |
| of series. | | | | a bid higher than the opening bid, then the lot |
| Before the actual auction begins, each coin is first | | | | automatically goes to the bidder who mailed in their bid. |
| graded and determined if it is desirable. Then some of | | | | If a bidder at the auction bids the same amount as the |
| these coins are sent to an agency where they will be | | | | highest bidder who mailed in their bid, then the lot would |
| certified. After the all coins have returned from being | | | | go to the mail in bid because theirs was received first. |
| certified each coin is then assigned a lot number. The | | | | When purchasing coins at any auction be cautious of |
| auctioneer company will then begin their process of | | | | any coins that are sold under "as is" because once |
| researching and creating a catalogue for the auction. | | | | you purchase any coin then more than likely you will |
| Each coin has to have their pedigrees verified, die | | | | not be able to get a refund, unless the coin is actually a |
| varieties confirmed, and any market information has to | | | | fake. It is a wise practice to make sure you |
| be studied, which often brings surprising results to all | | | | understand the terms of sale beforehand, and do not |
| involved. | | | | be afraid to ask question of other collectors or the |
| Once the catalogues are completed, they are then | | | | auctioneer company. It will also help you to become |
| distributed to clients, who are on a mailing list that | | | | familiar with the descriptions that the auctioneer uses. |
| belongs to the auctioneer company. Soon bids begin | | | | Another safe guard for any bidder is to determine the |
| pouring in and the auctioneer company will begin | | | | price for any lot you are willing to pay in advance, then |
| posting the bids in preparation for the auction. On the | | | | do not exceed that amount. There are times when |
| day of the auction itself, clients have the opportunity to | | | | bidders do get carried away with the excitement that |
| inspect the coins they plan to bid on. All floor bids are | | | | fills the room and does over bid on a lot that may not |
| final, which is why it is important that the clients verify | | | | even be a good value in the end. |