Are You Aware of the Profusion of Fake 1 oz Chinese Silver Panda Coins on eBay?

Do you ever buy Chinese silver pandas on eBay? I like the Chinese silver Panda series of coins. What distresses me is how many panda coins listed on eBay are fake. Probably close to half the Chinese pandas listed on eBay are very suspicious looking.

I rarely encounter fake rare American coins on eBay, but fake Pandas are common.

I bought some counterfeit pandas directly from China a few years ago and now know what to look for in a fake. They’re easy to spot when you know what to look for.

panda coin

Fake Silver Panda in Mint Packaging

The fakes are so well done, I’d swear the China Mint has a night shift going specifically producing fake versions of their own highly regarded silver coins. My coins were in capsules and even mint plastic envelopes. They looked for all the world like they were real.

I’m not sure what made me test one for authenticity, but I got a wild hair and proceeded to remove the capsule from the plastic pouch and then the coin from the capsule.

The first thing I did was give it the ring test. That’s where you balance the coin on the tip of your finger and tap the edge with a Paper Mate pen. It should give a high pitched, sustained tinggg. This one didn’t. It just went thud.

panda coins

Left Coin Fake, Right Coin Real

I got out another panda coin I know to be real and gave it the ring test. It rang pleasingly. Then I compared the two coins and noticed the suspect coin was probably 20% thicker than the real version.

The final convicting test was to cut it in half with a hack saw. The interior metal was a dark grey with a silver plating over it. I tried to contact the China distributor, but they ignored my request for a refund.

What makes me think the China Mint might be producing the fakes as well as the real version of their panda coin? The fakes resemble the real ones in every detail except one: the capsule that protects them.

panda coin

Fake Silver Panda Cut in Two

Remember, I said the fake pandas are thicker than their real counterpart? In order for them to weigh the same amount, and have the same outer case dimensions, there must be some extra room in the mint capsule for a thicker coin. And there is!

You see, the genuine Chinese Panda case has three tiny nibs on the outer edge of the capsule to support the thinner coin. The fake coins don’t have these three little nibs. Want to see how many fakes are on eBay? Look for the three little nibs on the capsule.

While getting out fake and real Panda coins to photograph, I also noticed counterfeit Pandas don’t age as well as their real counterparts. They are getting spots on their surfaces, so maybe just allowing them a few years will give them away.

panda coin

Fake Silver Panda, No Capsule Nibs

 

panda coin

Real Silver Panda Coin, 3 Nibs in Capsule

 

 

 

 

 

 

 

When I’m interested in a silver panda coin where I don’t see the nibs, I contact the seller and ask them to check the coin with the ring test. I almost invariably get a response like “I know the coin is real. I’m not going to test it for you.” Or, I get no answer at all.

I feel like buying the coins and doing the test myself and then reporting it to eBay, if they turn out to be fake. Suddenly reality hits me. It’s a losing battle. It’s my word against the seller’s.

The seller can always claim I switched their real coin for a fake, just so I could accuse them of selling counterfeit coins on eBay. Selling counterfeit coins on eBay is strictly against eBay policy and will get you banned from ever selling on eBay again.

I can’t single handedly stop the sale of fake coins on eBay, but I can educate potential buyers who will listen, and not bid on counterfeit coins. I rarely encounter a counterfeit Morgan or Peace dollar on eBay, but there’s a profusion of fake pandas for sale there.

Check out other informative articles on this website using the Search, Recent Articles, or Category features on the upper right side of this page.

If you are interested in investing in silver or gold products, check out GoldSilver.com, or AmagiMetals.com.                               

If you are interested in buying gold or silver bullion at the lowest price, check out BullionVault.

If you are interested in learning more about rare American coin, or foreign coin collecting and investing see NumisMaster from Krause Publications.

If you would like to buy interesting modern, or old rare gold and silver coins take a look at either NewYorkMint or GovMint.

 

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Rare American Coins and Their Market Cycles

Generally speaking, the rare American coin market cycles to a new low every 6 years or so. The market currently seems to be going sideways since 2012. Have no fear; cycles in the market demonstrate that it is healthy and this current sideways market will start rising again.

Strangely enough, the American coin buying public suffers a very strong urge to buy at the top and sell at the bottom of a market cycle. Coin dealers often suffer cash flow problems during a market low, because they have to liquidate inventory at the worst time.

This is a great time for the rare American coin buyer to find real bargains.

At market cycle tops, dealer inventories are high and cash flows quickly. At the other extreme, dealer inventories are exhausted and cash is tight.

rare american coins

The Gold Coin Cycle

At market peaks, publicity is favorable, even though the rare American coin market still isn’t very big. During market lows, coins are badmouthed by everyone. The public generally hates coins and has less than usual interest in them.

At a bottom, there are all sellers and few buyers. True market bottoms happen when all the sellers have sold every coin they have. Eventually, there are no more sellers and prices start to go up.

They say most people aren’t buying during a market bottom. Many millionaires don’t even buy during a market bottom, but billionaires do!

Generic coins are the mainstay of the coin market, and their prices have collapsed over the last few years. Rare coin prices get slaughtered in a market low with many of their prices being half of their highs.

Price corrections are all a part of the coin market cycle. The good news is: the market is healthy and if you compare prices during past bear markets, each one has had higher lows along with higher highs.

Over the long run, the market is rising; showing that coins are a great long term investment. Long Term investment means keeping your coins 10, 20, 30, or 40 years. When you think in those terms, buying coins you really like is important so you can enjoy them while they appreciate in value.

When you’re a long term player, you’ll have a certain percentage of your holdings you can sell when the market enters a bubble. You’re also prepared to buy bargains when everyone else is selling.

At market bottoms, you can get higher quality coins for the price of lower quality in the past. Pursue higher quality rare American coins during these times.

rare american coins

Get your nicest coins graded so there is no dispute, if you decide to sell them. Resist the urge to sell your really nice coins in a low market. Be a buyer in a down market, buying the best gold and silver coins you can afford at bargain prices. Don’t let the naysayers discourage you.

Coin collectors like to buy rarity first and quality next. Rarities are bargains in down markets, but MS64 and common coins are also bargains and both will appreciate faster/more as the market returns.

Superb quality world coins are also real bargains right now. For some reason, demand for foreign coins is often low, and they can be found at spectacular prices during market lows.

If you are interested in investing in silver or gold products, check out GoldSilver.com, or AmagiMetals.com.                               

If you are interested in buying gold or silver bullion at the lowest price, check out BullionVault.

If you are interested in learning more about rare American coin, or foreign coin collecting and investing see NumisMaster from Krause Publications.

If you would like to buy interesting modern, or old rare gold and silver coins take a look at either NewYorkMint or GovMint.

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Rare American Coins, 7 Tips for Getting Bargain Prices on eBay

eBay is often criticized for duping buyers into paying too much for coins of low quality. eBay has become a very friendly market for coin buyers and sellers to make safe transactions.

eBay isn’t the format for the really rare coins, but it’s great for common coins to better date type coins. Really rare coins are still sold through private sales and the larger auction type formats.

eBay is now the largest rare American coin market in the World.

eBay strongly supports the buyer, sometimes even to the detriment of the seller. They will reimburse the wronged buyer with their Buyer Protection program, if the seller defaults on the refund.

  1. I believe it is up to the buyer to not pay more than the coin is worth and to determine that when bidding on it. I NEVER base a bid price on a seller’s claim of condition or rare American coin grade. I determine a low-ish reasonable price for myself and bid accordingly.
  2. eBay is set up to promote the lowest prices, but then encourages you to keep bidding to raise the price so YOU can win the auction. After all, the person willing to pay the most for a coin gets it, whether or not the price is good.
  3. Go to the Advanced button to the right of the Search button and set up an advanced search for your rare American coin. I set a number of other parameters for my search, but for this article I advise limiting the number of bids it brings up. I’ll search for coins with fewer than 4 or 5 bids. The more bids, the higher the price is likely to be at the end.
  4. If you have no way to gauge what a fair price would be, go back to the Advanced button and enter your coin’s description, then scroll down to the completed listings check box and check it, along with auctions. Bid in the lower price range for the grade of coin you’re looking for.
  5. Bill Me Later is a convenient feature of PayPal. They however charge almost 20% interest on their convenience. Your eBargains won’t be bargains for very long, if you let Bill Me Later pay for them and you pay in installments.
  6. Be Patient. When you’re bidding for the best price, you will frequently be outbid by someone wanting to get the rare American coin for a slightly higher price. I lose 90+% of the coins I bid on. But the ones I get are great bargains that the seller hates me for.
  7. Never bid at the end of the auction where you can get sucked into a bidding war with another player. Go back sometime later to see how you did. If you didn’t win the auction, go to the next example in your search and bid on it. A lot of times, not winning is a blessing.

See my article on Auction Sniper, if you want to bid at the end of auctions.

I suppose, if there is a problem with eBay, it is overwhelm. Practically nothing is rare on eBay. It is easy to look for the most unusual item and find it. I can look for what I think are rare items on eBay and find dozens for sale. Figuring out which one is the best deal can take some time.

I have to practice a lot of won’t-power with eBay to keep me from completely overrunning my budget on rare American coins. I use the word practice, because sometimes I fail.

If you are interested in investing in silver or gold products, check out GoldSilver.com, or AmagiMetals.com.                               

If you are interested in buying gold or silver bullion at the lowest price, check out BullionVault.

If you are interested in learning more about rare American coin, or foreign coin collecting and investing see NumisMaster from Krause Publications.

If you would like to buy interesting modern, or old rare gold and silver coins take a look at either NewYorkMint or GovMint.

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Do Rare American Coin Collectors Really Embrace Change?

Perhaps a definition of rare American coin collectors would be: “One who embraces change”. At one time I believed this, but now I realize it isn’t entirely true. In reality, some coin collectors embrace change, and some don’t.

rare american coins

An example of a status quo coin

Rare American coin collectors, who amass exclusively mint state and proof type coins, obviously don’t like change. This type of coin collector needs a title, so I will refer to them as “status quo”.

Rare American coin collectors acknowledge that not all change is created equal.

Even coin collectors who do embrace change don’t necessarily like change just for the sake of change. They realize that all change isn’t created equal. There exists both bad change and good change.

rare american coins

Good change: AU/slider

The bad change I’ll call junk silver. The good change, which most people prefer would be called AU or even slider. For the purposes of this article, there are three basic categories of coin collectors: the status quo at one end, AU/slider in the middle and junk collector at the other end.

I recognize that all rare American coin collectors fall somewhere in this spectrum and don’t completely fit any of these labels. Where do you fall in your collecting preferences?

 

  • Status Quo: These are rare American coin collectors who don’t like any kind of change, and are above having to deal with either junk or AU/sliders.
  • Junk coin: These are rare American coin collectors who would prefer the status quo or even the good change of the AU/slider, but generally end up with junk coins. They end up with more of the bad change than they would prefer and wonder why it always happens to them.
  • AU/slider: These are rare American coin collectors who embrace and seek good change. They drive the coin market with their sheer numbers and enthusiasm.

In rare American coin collecting, as in life, good coins are derived from good decisions and making goals to attain either good change or the ultimate, the status quo. Most coin collectors don’t actively pursue the bad change, though some less fortunate will make shortsighted decisions that lead to bad change.

rare american coins

Bad change: junk silver dollar

My rare American coin collecting pretty much runs the continuum. I, of course prefer the status quo, but embrace the good change. I do occasionally have bad change forced into my life and I accept it. It leads to personal and financial growth.

If you learn from your change, you can capitalize on it and eventually become a richer person for it. The status quo is comfortable, but the junk coin and AU/sliders are experiencing the most personal growth.

You may be wondering about the rare American coin dealer. Coin dealers are generally very savvy about their change. In fact, they deal in so much change every day, they have become expert at it. They capitalize on both good and bad change, as well as the status quo every single working day.

The rare American coin dealers I’ve known actually love change. They don’t fear change, they welcome it! Many dealers will take their change to the next level, and deal in high value bank notes as well.

Bank notes are more commonly referred to a “bills”. Most coin dealers not only accept these bills, they actually like them. Personally, I can do without the bills. Life would be just fine without bills in it. I consider bill collectors sort of reprehensible anyway.

Here’s a lesson for all you hard money folks. If you ever plan to liquidate any of your gold or silver collections, all it will net you is a pile of bills!

If you are interested in investing in silver or gold products, check out GoldSilver.com, or AmagiMetals.com.                               

If you are interested in buying gold or silver bullion at the lowest price, check out BullionVault.

If you are interested in learning more about rare American coin, or foreign coin collecting and investing see NumisMaster from Krause Publications.

If you would like to buy interesting modern, or old rare gold and silver coins take a look at either NewYorkMint or GovMint.

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Rare American Coins and Another PCGS Grading Lesson on Them

Here is a 50 minute PCGS coin grading video. It covers grading strike, color, luster, and difficult-to-grade coins. This video covers fractional coins as well as silver dollars. It’s a great review of grading techniques and well worth the time to watch it.

I found the lesson on grading the difficult-to-grade coins to be very helpful.

If you are interested in investing in silver or gold products, check out GoldSilver.com, or AmagiMetals.com.                               

If you are interested in buying gold or silver bullion at the lowest price, check out BullionVault.

If you are interested in learning more about rare American coin, or foreign coin collecting and investing see NumisMaster from Krause Publications.

If you would like to buy interesting modern, or old rare gold and silver coins take a look at either NewYorkMint or GovMint.

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Rare American Coins in a Rarity Driven Market

The rare American coin market is only partially driven by the coin rarity – the supply. The other side of the equation is demand or popularity of the rare coin.

I own many quite rare newer (post 1900) and old (minted in the 1600’s) coins whose value isn’t commensurate with their age or rarity. I have coins whose total mintage ranged from 300-3000 and aren’t terribly valuable. See photos below.

Low mintage figures for coins don’t necessarily equate to rarity.

rare american coins

A very low mintage coin

I figure not a lot of coin collectors are interested in, or possibly even know about these coins. I also own 350+ year old British or Mexican/Spanish coins that I pick up for 1/10th the price of a comparable though not as old, rare American coin.

Other things beside mintage influence coin value. One top influencer is the number of coins in a certain grade. This, in combination with the number of coins in the next grade below will drive the market for that issue of rare American coin.

For example, if a buyer is unable to locate a coin in MS-65, many buyers will opt for the less expensive MS-64, therefore increasing the demand for the MS-64. 

Popularity alone determines demand. In the Morgan Dollar series, CC’s are by far the most popular and drives their prices higher than for any other mint. CC’s are followed by S-mints, then 0-minted coins, with P-mints being the least favored.

rare american coins

Another very low mintage coin

In popular coin issues such as the Morgan dollar, the more scarce the coin, the more popular it becomes. The least popular Morgan’s are the common dates in common grades

The most sought after grade for Morgan dollars is the lowest grade at which the buyer perceives them to be rare. For common dates that would be MS66 or 67. For better dates in the Morgan series MS65 and MS66 are most popular. For the really rare dates, the most sought after grades are MS63 and MS64.

The rare date Morgan’s have had the best long term performance with the better dates close behind, while common date Morgan’s have done the worst. Common date Morgan’s are moneymakers, if you buy them during market slumps and sell during the cyclical crest.

The better date and rare date Morgan’s have the advantage of attracting both the serious collector and the investor. So, demand for these dates can increase from both outside and within the rare American coin market.

Common date Morgan’s have lots of buyers and sellers, so their short term prices tend to be fairly stable. Therefore, common date Morgan’s are good for short term investments and rare date for long term performance.

rare american coins

Low mintage modern coin

Better date Morgans perform well for middle length investing movements. Their price fluctuations are more extreme than common date Morgans. Prices can seem to take radical drops or spikes because the market is so much thinner.

Common date coins trade like commodities. Rare date coins are few in number with few buyers who can afford them. Auction prices represent what might be closer to their real value. Better date Morgans have a fairly broad base of buyers and a well-defined market.

So, what does all this mean to you? My past advice remains the same. Buy the best coins you can afford. If you can afford common American coins, get the best you can. The same goes for better and rare date coins. Whatever category you buy in, get the best you can afford.

If you are interested in investing in silver or gold products, check out GoldSilver.com, or AmagiMetals.com.                               

If you are interested in buying gold or silver bullion at the lowest price, check out BullionVault.

If you are interested in learning more about rare American coin, or foreign coin collecting and investing see NumisMaster from Krause Publications.

If you would like to buy interesting modern, or old rare gold and silver coins take a look at either NewYorkMint or GovMint.

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American Gold Coin Value and Deciding When to Cash In

Another good Mike Maloney video letting you know when to sell your investment gold and silver. Everyone who invests in gold and silver must decide when to sell as part of their plan.

Mike Maloney videos are very intellectual and fact based. This video gives you a good history of how the value of gold compares to other assets, such as stock and real estate. You will have a better idea not only when to sell, but how to maximize the earnings.

 In my opinion, American gold coin value and the coin value of silver dollars will skyrocket sometime in this decade. That gives you some time to acquire your share, whether it’s in the form of gold or silver bullion or gold and silver coins. Check out GoldSilver.com on the right side of this page.

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Rare American Coins and How Their Rarity Influences Liquidity

By definition, liquidity in assets means how easily they are converted into cash. Hard assets by their nature aren’t as liquid as paper assets like stocks and bonds.

rare american coins

The Most Liquid of Assets

If you trust ETF’s, they are the most liquid way to own gold and silver. ETF’s do serve a purpose in my investing strategy and I do own some, when the market is right. Owning some precious metals ETF’s however is no substitute for owning the real thing. 

The problem for rare American coins is how convertible they are into their value in cash. That is, the coin must be easily sellable for what it’s worth. Therefore, rare American coin liquidity is inversely proportional to its rarity/cost.

Your investment in rare American coins must consider their sale, as well as their acquisition.

That means common date Morgan and Peace dollars are the most liquid of the silver dollars. So, what they lack in scarcity or profit potential, they make up for in liquidity.

Rare American coins

Common Date Morgan Liquidity

Common Morgan and Peace dollars trade in a fairly narrow range, similar to commodities. They are easy to buy, easy to sell, and are good for investors who don’t want to learn about the numismatic details of that coin. Wherever you look for them, the buy price or sell price will be fairly close among dealers.

Better date Morgans are more difficult to find, and tend to cost more because of this. Buying or selling them is more involved if you’re looking for a certain level of quality. Market timing becomes more important for both buying and selling better date coins. 

Along with risk comes reward. Better Morgan dates have somewhat more risk, but also greater profit potential. Better date Morgans have slightly more risk than common date Morgans, but significantly more reward.

The biggest risk with the better Morgan dates is their volatility. These coins rise faster and higher in up markets, and fall faster and more in down markets. If you track prices, volatility will work in your favor for buying better date.

You can be a buyer in the lower markets and a seller in the higher markets. Over time you learn what constitutes cheap and expensive in terms of the coin you’re investing in.

Another risk with better date and rare date coins is that a hoard of a certain date might surface, increasing the population for that date and reducing prices. This is fairly unusual however, and shouldn’t deter investment in them.

Truly rare Morgan dollars are of course the least liquid. Their very scarcity means they don’t sell very often, or at least not often enough to evaluate their market very accurately. They become difficult to determine how much would be too much to pay. When they do resurface, they bring giant premiums.

rare american coins

A Solid Investment… Not At All Liquid

Buying a rare date American coin involves finding the coin, evaluating it, determining how badly the seller wants to sell the coin, negotiating the price and possibly other terms of the sale. If you do manage to find a rare Morgan dollar at a fair price, the process is worth the trouble, because in the long run these coins have performed exceptionally well.

Rare date Morgan’s have so few sales that market data is unreliable and values poorly defined. Rare Morgan investment requires a complete knowledge of their market.

You must know their scarcity, and where and when they last sold. It takes some persistence to find truly rare American coins and very deep pockets to buy them, but they will ultimately reap the highest rewards.

If you invest for the long term, better date Morgans will appreciate more than common Morgans, and aren’t nearly as difficult to sell as the really rare Morgans.

Knowing what investment strategies are involved with buying common date, better date, and rare date Morgan dollars will make you more confident in your date/mint choices. You can define your plan with how much you have to spend, how long you’re willing to wait for an acquisition, and how much you personally enjoy owning the coin.

If you are interested in investing in silver or gold products, check out GoldSilver.com, or AmagiMetals.com.                               

If you are interested in buying gold or silver bullion at the lowest price, check out BullionVault.

If you are interested in learning more about rare American coin, or foreign coin collecting and investing see NumisMaster from Krause Publications.

If you would like to buy interesting modern, or old rare gold and silver coins take a look at either NewYorkMint or GovMint.

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Rare American Coins and Accurately Grading Their Mint State

Once you’ve determined the coin is definitely uncirculated, you can start to break down grading into 4 factors:

  1. Surface Preservation – bag marks, hairlines or planchet flaws; whether from the mint of afterwards. Any analysis of surface preservation weighs the visual impact of surface imperfections depending on severity and location on the coin. 40% of grade score.
  2. Strike – Sharpness and completeness of detail, taking into account knowledge of how the coin was minted and the expectations for strike. 20% of grade score.
  3. Luster – brilliance, cartwheel effect, sheen and contrast, taking into account what is considered normal for that coin. Minor cleaning, re-toning, friction wear are evaluated under this category. 20% of grade score.
  4.  Eye Appeal – The subjective portion of toning, and the total affect of the combination of the coin’s other qualities. Do the coin’s qualities make a “pretty” coin, a “plain” coin or an “ugly” coin? 20% of grade score.

Surface preservation in rare American coins is the single most important factor in the grading of their mint state.

The other three factors are about equal to each other, with each being half as important as surface preservation. There are other grade modifiers such as proof-like, full strike, rim nick, weakly struck, cleaned, etc. to factor into an overall grade.

rare american coins

A superb rare American coin

Surface Preservation:

Bag marks are the most common surface problem on most business strike coins. Hairlines are the most common problem on proof coins. Proof-like business strike coins tend to have both of these problems; most mint caused imperfections such as die scratches and clashed dies aren’t considered to be serious defects and hardly affect the grade at all. Mint caused defect will affect grade half as much or less, than a bag mark or hairline.

Once you determine severity of surface imperfections, you must combine it with the location of imperfection to score the surface preservation. The device is worst, field next, with rim coming in last.

Strike:

The distance between dies, striking pressure and die condition are just three factors which affect the sharpness of a coin.

As with surface preservation, a poorer strike detail near the rim of the coin is less important than that same amount of detail loss in the center.

Luster:

Coin striking occurs under extreme pressure of the dies. This pressure is responsible for mint luster. It is the way the surface reflects light. Luster is the combination of cartwheel effect, sheen, contrast and brilliance.

When you grade for luster you are observing the intensity and beauty of that coin’s ability to reflect light, within the expectations for that issue.

First, look at the highest points on the coin. Is the luster equal to that at the fields? If not, the coin has some friction points (disturbance of luster), but not wear.  Even slight wear  would make it AU.

Next, examine the fields, are they full luster, pretty good, so-so, or just dull? Improper cleaning, re-toning, and excessive dipping all will reduce luster to same degree.

rare american coins

Eliasberg 1913 Liberty Nickel

Eye Appeal:

Luster is somewhat subjective, but eye appeal is really subjective. Eye appeal can be divided into three distinct areas. They are toning, balance and attractiveness.

When looking at toning, determine how attractive the toning is. Does it add or detract from the overall quality of the coin? Golden toning or rainbow toning will add to the overall look of the coin. Dark brown or black will detract.

Balance comes into consideration with toning, by noting if both sides of the coin are toned equally, or is one side toned, while the other not? Is the toning balanced or lopsided? Is it a pleasing look?

Finally, adjust eye appeal for attractiveness. Does the combination of toning, quality of surface, and strike make the coin enjoyable to look at?

A coin’s final grade is determined by its worst side, with the weight of that being placed 60/40 observe to reverse. That is, the obverse is about 1.5 times more important in the final grade than the reverse.

Since this is only a summary of the grading process for uncirculated coins, the inexperienced grader must use other references to learn about the expectations of each date, mint mark and sometimes die variations to accurately assess the coin’s mint state.

Until you’ve looked at several thousand coins close enough to determine their state of preservation, you would fall into the category of inexperienced and still need to hone you grading skills. Mint state grades are the most difficult coins to call accurately, with more at stake for a wrong call.

If you are interested in investing in silver or gold products, check out GoldSilver.com, or AmagiMetals.com.                               

If you are interested in buying gold or silver bullion at the lowest price, check out BullionVault.

If you are interested in learning more about rare American coin, or foreign coin collecting and investing see NumisMaster from Krause Publications.

If you would like to buy interesting modern, or old rare gold and silver coins take a look at either NewYorkMint or GovMint.

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Rare American Coins and Buying or Selling Them at Rare Coin Auctions

If you’re a rare and valuable coin buyer, the large action format will likely be only opportunity for access to the few examples on the market. As a bidder you can remain anonymous while going after the coins you seek, and a reputable auction house will guarantee the authenticity of their coins for sale.

If you have a collection of extremely rare and valuable coins, you would be best served by selling them in one of the larger coin auctions. The action format will allow the seller to reach the largest number of qualified buyers, so you’ll be getting the best price you can for them.

There are several areas to consider when choosing an auction house to sell your rare American coins:

  • What reputation do they have?
  • Have they been in business for a long time?
  • Are they employing experts and professionals?
  • Are they prepared to skillfully handle your sale?
  • Do they have the resources to attract large consignments, and prepare first class marketing?
  • Do they have adequate insurance to insure your collection while in their hands?
  • Do they a clear and concise consignment agreement?
  • Look at past sales. Did they inspire active bidding and good prices?

rare american coins

Buyers: Read the catalog’s terms of sale, purchase guarantees, bidder commission, lot viewing, grading, proxy bidding and sales tax. Find out when payment is due and what fees are involved.

Factor in the 10% buyer’s commission into your top bid for the rare coins of interest. You may also have to submit a credit application with the auction house.

Preparation is the key to being a successful auction buyer. Learn details about the rare American coin you’re bidding on. Try to find out who else might be bidding on it. Know the market: sale prices vs rarity. Know how you’ll pay for the coin if you do acquire it. Know more about what you’re bidding on than anyone else in the room. Know when to stop bidding.

rare american coins

Sellers: Consider having your coins graded before the auction, if they aren’t graded yet. Graded coins bring double to triple the amount of their ungraded counterparts. Grade will no longer be a factor in the final bid.

Typically, consignors are paid 45 days after the sale. Often, the auction house will front you up to half the expected return on your consignments. This helps, because it usually takes several months to complete the marketing and sale of your rare American coin collection.

If you are interested in investing in silver or gold products, check out GoldSilver.com, or AmagiMetals.com.                               

If you are interested in buying gold or silver bullion at the lowest price, check out BullionVault.

If you are interested in learning more about rare American coin, or foreign coin collecting and investing see NumisMaster from Krause Publications.

If you would like to buy interesting modern, or old rare gold and silver coins take a look at either NewYorkMint or GovMint.

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