Auctions are a fun and interesting way to acquire Panama coins,
tokens, medals and the other items covered by this web site.
For tokens and medals, auctions may be the only easy way to acquire
some pieces. Below is a short list of auction sites with reviews
followed by my thoughts on
How to Win Auctions.
Ebay is the largest auction site online and definitely the auction site of
choice for coins, tokens, medals, books, etc. of Panama. Other sites may
have some Panama coins but not the selection and variety on ebay. Be aware
however that the competition can become intense and the prices can go high.
Yahoo! Auctions is the second largest auction site for Panama coins and materials.
The bidders are much fewer and the competition
light compared to ebay, which is nice if you find a piece you need
at a reasonable price.
Amazon is the third largest auction site for Panama coins and materials.
The selection is small but compares favorably with some dealers.
Notes - Please send me an
to suggest an auction site
that should be added, or if one of these links stops working.
How to Win Auctions
- Be a True Winner. Winning an auction is not just a matter of being the
highest bidder. Rather to be a winner in truth you must have paid no more for
an item than it was worth to you. That might mean paying less for an item than
the catalog price, or no more than an amount you have budgeted. Being a true winner
means knowing when to stop. My advice is to decide on the maximum price an item
is worth to you and bid that amount. If you are outbid, let it go and wait until
the next time that item is offered.
- Shop Around. Ebay is by far the largest player in online auctions.
However, I find that the competition is less intense on sites other than ebay
and I can get a better deal. Compare various listings for the item you want
on different auction sites to get the best deal.
- Count the Cost. Sometimes a seller will offer free shipping. Other times
the seller lives on the other side of the world and wants $20 to ship an item.
My advise is to determine the shipping cost before bidding, and factor that cost
into deciding how much to bid. Do not bid on an item until you know the shipping costs!
- Show Me the Picture! I have only been defrauded once, and that was by
a seller with no picture. A picture helps prove the item exists. Also, novice sellers
frequently misjudge the correct grade of their coin or other
item. My advice is to bid only on coins and similar items with nice clear pictures and
judge the grade for yourself. I am willing to buy from a novice seller who
misjudged the grade as long as the price is in line with the true grade of the item.
- Foiling Snipers. Sniping is the practice of some bidders of bidding on an item
at the last minute in order to avoid competition. They place the high bid and then the
auction ends before you have a chance to respond. To win against this strategy simply
place your maximum bid for the true maximum you are willing to pay. The auction
site will automatically outbid the sniper up to the maximum you set. The sniper will
only get the item by paying more than you were willing to pay.
Don't Bid! Auctions are not the only way to acquire coins at a winning
price. You can purchase coins from reputable dealers
at a fixed price with no competition, and sometimes this is a better deal than winning
an auction. Dealers are generally reasonable about shipping charges, trustworthy
in regards to grading, and have return policies. Trading or purchasing items from
trusted friends is also a great option.