European Coin Auctions

Discussion in 'World Coins' started by kolhoznik, May 9, 2016.

  1. kolhoznik

    kolhoznik Member

    Has any one had any experience with coin auctions from Germany. An auction house has a coin up for bids that I am interested in. Besides buyer's premium are there any taxes that will be extra and any import charges getting into the United States?
     
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  3. World Colonial

    World Colonial Active Member

    Which one is it? I have never bought from one but there are members of the NCG and PCGS forums who have, such as Kunker.

    On import duty, my assumption is that US Customs has the authority to assess an import duty subject to any exemption amount. I have never paid it and assume the item was declared properly.
     
  4. JeffM-Houston

    JeffM-Houston Active Member

    I've bought from a couple, never had an issue with customs duty, although things can sometimes take weeks to get through.
     
  5. saltysam-1

    saltysam-1 Junior Member

    Isn't that import duty set at $1000? Just like when you fly back from overseas and you have to fill out that duty slip before landing. Therefor if the purchase is less, it is exempt.
     
  6. World Colonial

    World Colonial Active Member

    At least one of my purchases was for over $1000. Import duty was not assessed.
     
  7. saltysam-1

    saltysam-1 Junior Member

    I claimed $1200 in purchases one time and duty was not asked for either. Perhaps they have some leniency in the matter. Once or twice fine, but the third time they intervene. I have bought many U.S. coins overseas on auction because they aren't collected like here in America. Therefor they sell for much less. Some foreign coins are valued by precious metal content, not by face value. Most of these are older coins not in circulation. The U.S. government considers many as demonetized and of no value. We collectors know better. It's like taking and exchanging a MS70 Draped Bust Half Dollar at a U.S. bank. They will give you another fifty cents (two quarters?) for it. That's all our government feels it's declared worth is.
     
    Last edited: May 9, 2016
  8. World Colonial

    World Colonial Active Member

    To my knowledge, the primary reason many world coins sell for less outside the United States is because of TPG or the potential TPG grade. A second reason is that most countries either have no organized collecting or it is very limited and there isn't a market for them locally. As a guess, out of approximately 200 countries issuing coinage, maybe 30 or 40 have organized collecting of any scale. Bolivia and Panama are two that either did or do not. In Bolivia, I have found zero dealers or evidence of numismatics as a business. In Panama, I found one local part time dealer who apparently spent most of his time selling to foreigners.
     
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  9. saltysam-1

    saltysam-1 Junior Member

    I'm in total agreement with you World Colonial. I think many collectors don't explore all the options in the market. You do have to pay for higher shipping costs, but that's a pittance for the savings on a valuable coin.
     
  10. 1934 Wreath Crown

    1934 Wreath Crown Well-Known Member

    I've followed some of the European listing online for a while but found that European buyers were willing to pay much higher prices for coins I was interested in than those achieved at US auctions.

    Maybe they just have a lot more spare cash!!! :)
     
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