There are many different places to acquire coins for your collection—pocket change, coin rolls, coin dealers, other collectors, and coin shows among them. But if you want to hang out with the high-rollers, go to a live coin auction.
Coin auctions are where the rarest, and most expensive, coins turn up. In many ways, they’re no different from other auctions. Bidders register, inspect the merchandise, place their bids, and hope to win. Some auctions may also require bidders to prove they have the resources to back up their bids.
Many auctions also offer something rare—professionally-graded coins and currency, so you can have detailed knowledge of what you’re bidding on as long as you understand what the grades mean.
Coin auctions fall into two broad categories—live auctions and online auctions. Each has its pros and cons. Here’s a look at each.
Live Auctions
This is where the million-dollar coins show up. Live auctions are generally held in conjunction with coin shows, but can also be held at showrooms like Sotheby’s or specialty houses. Live coin auctions can be held by anyone, but there are a handful of major players that specialize in coins, either exclusively or as part of their broader offerings. These include:
Dallas, TX (headquarters), plus 11 branch offices in the US, Europe, and Hong Kong
Established in 1976, Heritage Auctions claims to be the largest auctioneer of collectibles and the third largest auction house in the world. They have a department that specializes in coins and rare currency and are regulars at major coins shows worldwide.
Santa Ana, CA (headquarters), plus NYC, Wolfeboro, NH, Paris, Hong Kong
This 80-year-old auction house specializes in coins and currency and claims the world record for the highest price ever paid for a rare coin, a 1794 Flowing Hair silver dollar that sold for over $10 million. Stack’s Bowers is the official auctioneer for several major coin conventions worldwide.
Ira & Larry Goldberg Auctioneers
Los Angeles, CA
Shortly after the formation of their company in 1998, the Goldbergs had the distinction of handling a 1907 Saint-Gaudens $20 gold Double Eagle that sold for over $1.2 million, becoming the first gold coin to realize over a million dollars at a public auction. They also handled the 2014 sale of a 1344 Edward III Double Leopard gold coin to a private collector at an undisclosed price, but estimated to be the highest ever paid for a British coin.
Lincroft, NJ
Legends Rare Coin Auctions holds both live and online auctions. Regency Auctions are held in conjunction with PCGS Members Only coin shows, and Premier Sessions are held online. Both types are open to the public, in spite of the PCGS shows themselves being restricted to members. Legends says that Principal Laura Sperber has personally handled over $600 million in rare coins, making them the leader in major coin rarities.
London, UK (Headquarters), New York, Dallas, Hong Kong, Singapore, Lugano (Switzerland)
A high-end auction house similar to Sotheby’s, Spink & Son has departments that specialize in coins, currency, medals, and stamps, as well as rare books, autographs, and rare wines and spirits. Coin auctions are held principally in London, New York, and Hong Kong, but they are present at most major coins shows and feature modern and ancient coins from around the world. In 2014, Spink & Son handled the sale of the 1663 Charles II “Reddite” Silver Crown for over $667,000, the third highest amount ever paid for a British coin at the time.
AH Baldwin & Sons (Baldwin’s of St. James)
London, UK
Baldwin’s was established in 2004 as the auction division of Knightsbridge Coin and has become a major auction house for coins, medallions, tokens, paper money and related objects. Live auctions are principally held at Baldwin’s London location. They were the auctioneers of the 1937 Edward VIII Gold Sovereign Proof, which set the record price of $857,587 at the time of its sale in 2014.
Online Auctions
Most of the live auction houses listed above also hold online auctions, and there are many other businesses that specialize in online auctions only. Some are exclusive to coins and currency, others handle collectibles of all kinds, and many offer both rare and everyday items. There are too many to list here, but these are some of the better-known.
Archives International Auctions LLC
EBTH (Everything But The House)
And (of course) eBay
The giant of online auctions has thousands of coins and currencies up for bid at any given time. You can drill down to the specific type you want, from rare and ancient to culls and oddities. They offer items graded by reputable sources like PCGS and ANG as well as those hyped by private sellers. There are deals to be had, but just as with any transactions, knowledge is power, and buyer beware. That being said, eBay does offer seller ratings and a money-back guarantee on most items, and you might find a great deal.
A Final Word
Overbidding is much more common in auctions than scoring a steal. Auctioneers count on it. As long as you do your research and don’t get caught up in a bidding war, auctions can be a great way to get the coins and currency you want for your collection, sometimes even at a bargain. Pay close attention to the reputation of the auction house, know your products, set limits, and stick to them. And above all, have fun.
