How To Be a Smart Bidder in a Coin Auction

     Four years ago, Chinese coins started to be noticed among Filipino coin collectors.  Every time a Chinese coin was auctioned, it sold well. Sometimes the starting bid of a collectible Chinese coin starts with a high value.

      As a newbie in coin collecting, I had my own share of misfortune. I outbid every one  on this 1903-1904 Hu - Poo 20 Cash Bronze Coin because it was graded as UNC in the auction catalogue. As I look at the coin now, I think the best grade I can give is between Fine+ to VF. I lost money in the process.

China 1903-1905 Hu - Poo 20 Cash Bronze Coin

   

    Listed below are my personal suggestions to newbie coin collectors on how to be a Smart Bidder in a Coin Auction.

1. Study the auction catalogue weeks before the auction. Auction catalogues are usually sent by mail in  hard copies or emailed a month before the auction
2. Read on information (price in the auction catalogue vs. the grade of the coin, history of the coin, etc.)  on the coins you wanted to bid on.
3. Be ahead of time (2-3 hours earlier with the other bidders) before the auction starts so that you  can inspect the coins thoroughly. Do not forget to bring your own loupe so that you will not be borrowing someone's loupe.
4. Ask seasoned coin collectors on their opinion on coins graded only by the auctioneer and not the by the coin grading company.
5. During the bidding, if you are competing with other collectors on a certain coin, have a "ceiling bid" on the coin you desired and if someone outbids your ceiling bid, stop on bidding. Just move on. It is not the end of the world.