PCGS The Standart for the Rare Coin Industry

- Become familiar with the seller's descriptions: Before you participate in a mail bid sale, ask about the seller's reputation and the accuracy of his descriptions. Cataloguing methods vary, and while some descriptions are very informative, others are bare-bones listings. A description such as the following is helpful: "1848 Liberty Seated dollar. MS-63. Light iridescent toning is seen around the borders, while the centers are mostly brilliant. A few bagmarks, normal for the grade, are in evidence." With such a word picture in front of you, plus possibly an illustration of the coin itself in the catalogue, you can be an informed bidder. On the other hand, a description such as the following tells you nothing except the technical grade: "1848 Liberty Seated dollar. MS-63 (NGC)." Is it a high-end coin, or is it an unattractive low-end coin? Who knows?

If information in the catalogue is scant, it may pay you to telephone the auctioneer and request a more detailed description. Once you become familiar with the auctioneer's cataloguing methods and build a confidence level, you can bid by mail with assurance that what you hope to get is what you will get.

- Read the catalogue carefully: Read the catalogue carefully to determine which items are of interest. Check the catalogue from cover to cover, and consult the index to be sure you do not overlook listings of the same coins or series.

- Be flexible: Using market information in Coin World, Numismatic News, A Guide Book of U.S. Coins, the Coin Dealer Newsletter, or other sources, as well as auction records, determine how much you want to pay. If a coin is common or in ordinary condition, bid an ordinary price. However, if you have the chance to bid on a particularly fine example or a rarity, be flexible. You may have to bid more, sometimes substantially more, than current listings in order to acquire it. In each sale we conduct there are some record prices set and, of course, the coins go to those setting these records. I am reminded of a Maryland gentleman who wanted a gem example of an MCMVII (1907) High Relief $20. In 1955, when the market price was around $300, he wanted to pay $200. When the price rose to $1,000, he would have been a buyer at $800. At the $5,000 level he wanted one for $4,000. Now the same coin would cost about $25,000, and he still doesn't have one! It would have been cheaper in the long run if when the market price was $300, he had set a new record at $400 and became the owner of the gem he desired.

If you have $2,000 to spend, prepare bids for $10,000 or more worth of coins, if the company conducting the sale permits this. 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 Kingswood mail bid sales and our Auctions by Bowers and Merena public sales we have the "Maximum Expenditure Option" whereby clients can submit bids up to eight times the total amount they wish to spend, and the computer will track the bids until the desired amount is spent.

- Use the telephone: Use the telephone to check on your bids, to raise your limits, and to ask any questions you may have. As our Kingswood sales near the closing time, the telephone lines are constantly busy. While it is the policy of our staff not to reveal the highest bid of another client, if you bid, for example, $1,000 on Lot 25, we will gladly let you know if your bid stands a chance for success. If it doesn't, then you may want to raise it, or you may want to cancel the bid and then bid on something else. Don't be shy! Use the telephone. Others do!