Panama Auctions

Subastas

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

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

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.com Auctions

Amazon is the third largest auction site for Panama coins and materials. The selection is small but compares favorably with some dealers.

How to Win Auctions

1. 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.



2. 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.



3. 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!



4. 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.



5. 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.



6. 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.