So, I have spotted a coin on Great Collections that I think would be a nice addition to my collection so I am going to bid on it. I have never purchased from them before so I have a question regarding the bidding process. As I understand it, bidding is in $5 increments. So, if the coin I want is currently at $100...I would need to bid $105 or higher. Lets say I decided to bid $140 on it...would my bid be $105 (up to $140) like on eBay or would it go straight to $140? The GC website says "If the current bid is $100, the bidding increment is $5. You must bid at least $105, although you can bid any amount above the $105. GreatCollections will bid on your behalf up until your maximum bid." This makes me think the bidding system is more like eBay. Am I understanding this right? I'm only going to bid what I am willing to pay but I want to understand the process before I do it. Thanks.
You can place a maximum amount you are willing to spend, and each time you are outbid the system will automatically increase your bid by the next increment until your maximum has been reached. At that point you have the option to increase your bid. Bear in mind your total outlay if you win will then be increased by a buyers premium and shipping, so also has to be taken into consideration.
It's more like eBay. If the coin is at $100 and there is no bid or that is the max someone else bid, your $140 bid will show up as you leading at $105.
Perfect. This is what I thought but I just wanted to confirm with someone who had done it before. Thanks!!! I'll let you know how it turns out.
So, here is another question. Normally with eBay I will wait and bid at the last second. Is this strategy the best for GC as well? The coin I am interested in ends later this evening and currently has no bids. I honestly believe it is overpriced but I am willing to pay the "overpriced price" because I think it fits my collection well. Am I best off just waiting until close to the end of the auction and bidding or should I just bid now and let it go?
Like eBay, you are often better off waiting until the end because if you bid too early you give other people a chance to chip away at your lead. Also, while not always true, a coin with a higher starting bid and no bids seems to attract less attention than one that has a bid. It's anecdotal but I think more people skip over a coin with no bids (figure it's overpriced or something is wrong) than one that has a bid. One other thing to know, GC does not have a countdown clock at the end like eBay. You have to refresh the screen to see how much time is left. When you place a bid, there is another screen where you have to confirm your bid (see screenshot below). So you want to time your bid early enough to not run out of time while clicking (about 20 to 40 seconds before the end). First screen: Second (confirm) screen:
Most of my online purchases have been eBay historically and I am starting to look to buy fewer but nicer pieces. I think higher end auction houses and quality dealers are going to be the key to that. Obviously GC isn't a super high end place...but it's a step up from eBay.
I did. I was the only bidder. I won with the minimum bid of $325.00 plus BP and shipping. Total cost was $371.13. I personally think this is high for this coin but again...it was the perfect fit for my collection. I can't wait to get it in hand and really see it (and photograph it myself). Because of the stunning toning I felt I would pay the premium price. Here is the photo from the GC website. It is a 1913-A Prussia 3 Mark coin. This coin is .900 silver and is slightly smaller than a US silver dollar (they are 33mm in diameter where a US silver dollar is 38.1mm). This was a 1 year only issue. It was a circulating coin minted to commemorate the 25th anniversary of Wilhelm II as German Kaiser and King of Prussia. They minted 1,000,000 business strikes and 6,000 proofs. This example is a wonderfully toned business strike graded MS65 by NGC. I think it will go nicely with my PF63+ Ultra Cameo example. Since it was 1 year only issue and only minted in Berlin (A mint mark), this gives me a complete set of the type with both being really nice examples.
Glad to hear @CamaroDMD I've had that coin on my watch list but it's outside my area of collecting so I was just interested in seeing if someone would pick it up. Most of these world coins don't come with nice color often (especially compared to something like a Morgan), so it's not unheard of to pay a premium above blast white pieces (and that premium still tends to be less than what you would pay for certain Morgans).
I love Deutsches Reich coinage and silver coinage of the Kingdom of Prussia (and to a lesser extend Bavaria). For whatever reason this Jubilee Anniversary issue has always spoken to me and I couldn't pass up this example to pair with my proof. For a comparison, here is my proof example (this is my photo).
