- Establish price ranges in advance: Determine beforehand the price you want to pay for a given coin. If you feel that the most you wish to pay for a certain 1889-CC silver dollar is $17,500, set your limit beforehand, and if it crosses the $17,500 barrier let someone else buy it. Of course, if a coin you desire is a rarity and in nice condition, don't set your limits at a bargain basement level or you will expend a lot of effort and won't buy it! If a coin is especially rare or desirable, don't be afraid to bid aggressively. However, base your bids on a foundation of knowledge. As an auctioneer, I have no quarrel with "auction fever," as it is always nice to see coins sell for very high levels. However, my more reasoned view is this: I believe that each buyer should feel that he or she has received a good value for the price paid. If a coin is common, then don't get carried away and bid too much. If the coin is a rarity, then an "auction fever" price might be merited, and next year may prove to have been the buy of your lifetime.

- Be flexible: Be adaptable, and if you have $5,000 to spend, prepare bids for $25,000 or more worth of coins. In this way you won't be out of the game if the first items you bid on go for more than you want to pay. Some firms help out by computerizing this procedure for mail bidders. For example, in our sales we have the "Maximum Expenditure Option" whereby clients can submit bids up to eight times the total amount they wish to spend, and our computer will track the bids until the desired amount is spent. For example, if you want to spend $10,000 you can submit $80,000 worth of bids, and the bids will be handled in order until your $10,000 limit is reached.

Mail Bid Sales

Under this general category fall offerings of coins published in numismatic periodicals and in catalogues, which invite prospective bidders to participate by telephone, fax, or mail, without floor participation. In the antiques trade these are known as "absentee auctions," but the term has not been used in the numismatic field. Many of the procedures in a mail bid sale are similar to those in a public auction. Teletrade, certain Coin Galleries' sales, and our own Kingswood Galleries combined telephone, mail bid, and fax sales are among the many players in this category.

In effect, in a mail bid sale the auction gallery is in your own home or office, and you can bid from the comfort of your favorite armchair. Our Kingswood mail bid sales have been popular with many clients. Here is a view of how they work: