PCGS The Standart for the Rare Coin Industry

After they are printed, the auction catalogues are distributed worldwide to clients on our mailing list, as well as to others in the fields of numismatics, fine arts, finance, and elsewhere who have responded to our publicity and advertising. Before long bids start pouring into our office by telephone, fax, and mail. We are kept busy from morning until night answering questions, posting bids, and getting ready for the sale. As the auction date draws closer, lot viewing is set up in New York City (or wherever the sale is scheduled to be held). Clients personally inspect the pieces they wish to bid on, for sales to floor bidders are final, and it is important that they verify beforehand the grade, appearance, and other aspects of each piece. In the meantime, we check bidders' credit references and do our best to comply with special bidding or payment requests.

Then the sale itself takes place, usually consisting of several sessions, the first of which typically begins at 7:00 in the evening. The auctioneer greets the audience, gives a few words concerning the sale, and tells the terms by which it will be conducted.

Then the auction begins. Seated at the elevated front table are several members of our staff, flanking the auctioneer (our licensed staff auctioneers include John Babalis, Ray Merena, and me), who stands behind a podium at the center. To his left is a spokesperson who follows the mail bids entered beforehand in the bid book. As a lot comes up for sale, the spokesperson calls out the starting bid, which is typically an advance over the second highest mail bid. For example, if the two highest mail bids received on a lot are $2,000 and $2,500, the lot may be opened at, say, $2,200. Or, a lot may be opened at the reserve price (if there is one).

To the auctioneer's side are two other staff members, who with the aid of a computer take care of the "One Lot Only" and "Maximum Expenditure" bids, whereby a bidder can enter figures for several of the same kind of coin but be sure of winning no more than one, or give us bids totaling up to eight times the amount he finally wants to spend.

After the spokesperson calls out the opening bid of $2,200, the auctioneer cries, "I have a $2,200 bid, do I hear $2,400?" If there is floor competition, hands will go up, the auctioneer will advance rapidly - $2,400, $2,600, to $2,800, $3,000 - sold to bidder 323 for $3,000!