| Getting
Started: Bid Boards have been a part of the Coin Shop scene for over 50 years. The operation of a Bid Board is much like that of a Silent Auction. There is no auctioneer. A Bid Board, from the Bid Board Traders perspective, is quite simple. The person who wants to be a Trader applies with the Shop, pays a small fee, and is assigned a unique Trader number. This number can be used for both buying and selling. Buying Lots on the Bid Board: Buying is the simplest part of the process. If the Trader, with their assigned number, locates an item they want to purchase, it’s a simple matter of writing down their Trader number in the appropriate box and then writing the maximum bid they are willing to pay in the bid box. However, this can become quite competitive if there are multiple traders vying for the same lot. This is actually where the fun comes into play. Selling Lots on the Bid Board: Selling is slightly more involved. A seller must have a rudimentary understanding of coin pricing if they are to be a successful seller. The Trader/Seller purchases Bid Cards from the Shop at a nominal fee. They mount their coin or related material in a holder and affix the holder to the Bid Card, which is then processed by the shop and then hung on the Bid Board for an upcoming auction. If the Trader’s item sells, the house takes a nominal commission to cover operating and overhead expenses. Auction Closing: The duration of the Bid Board Auction typically runs 7 days. The Bid Board closes at 6:30P.M. on Thursday. After the Bid Board closes, a prize drawing is held. Afterward, the next week’s items are posted on the board, which commences the bidding for next Thursday’s auction. The Fun Part: The emphasis here is on fun. New friends, with like interests, are made at venues like the Bid Board. Opportunities to discuss numismatic topics with others are always the order of the day. Many times, active Coin Clubs grow from the camaraderie that develops between Traders. To many Traders, the quest is the opportunity to cherry pick that scarce variety or get a great deal on a great coin. Still have questions? Please contact us. Most important, it is a good time for all. |