Image: AdobeStock
I feel the auction consignment fee quoted to me is high. Can I consider auction fees to be competitive and shop my coins around?
There may be an auction house that offers a lower consignment fee to compete for a consignment; however, most auction houses charge the same fees.
Instances where the fee is either lower or waived entirely are usually reserved for significantly high-profile rarities whose appearance in an auction is likely to benefit the auction house’s reputation.
How can I decide whether to sell my coins to a coin retailer?
Selling your coins gives you three options. You can sell them yourself, you can consign them to an auction, or you can sell them over-the-counter to a retailer. Selling your coins to a retailer is the fastest way to liquidate; you are paid on the spot. Depending on what you have to sell, you may be able to bargain for a better price.
Remember that retailers only purchase when they can make a profit. An auction house will charge a consignment fee. A retailer will discount what they will pay based on the price at which they anticipate they can resell.
Can I consign my coins to a dealer rather than sell them?
Some dealers may be willing to accept your coins as a consignment, but this entails more paperwork for the merchant. The advantage to the dealer is that they don’t have to put any money up front. You both have to agree on the bottom price you are willing to accept and how much the dealer will earn for the trouble.
A date by which the coins must be sold or returned to you needs to be established. Ask about insurance coverage on your consignment. Above all, have the entire agreement and inventory in writing.
Coin cabinets are a classic yet old-fashioned way to store coins. What should I be aware of when using them?
I have nothing to back this up, but based on my personal observations, collectors of ancient coins are most likely to favor storing their coins in a cabinet. Acidic gases coming from softwoods, including pine and cedar, are a potential problem, as is plywood medium-density fiberboard, which is prone to absorbing moisture. Coin cabinets made of cherry, mahogany, or walnut are much better. Ensure the trays have a velvet lining.
Find more World Coin Clinic here:
