Maybe you’re a professional collector who has been looking for that one elusive coin for years. Or maybe you’re a rank amateur who came across an online coin auction and thought the coin looked kind of cool. Either way, there are some steps you need to take before you place your bid.

First, look closely at the item description. Is there a picture of the actual coin being sold? If so, is it detailed enough for you to make out the condition of the coin? Don’t bid on a coin auction if the seller is unable or unwilling to provide you with a picture of what you’ll be spending your money on.

Next, read the description carefully. Does the seller describe the coin’s rarity using the Sheldon Scale or the Universal Rarity Sale? Does he or she describe the condition using the system agreed upon by the American Numismatic Association? These are ways you can tell whether the coin auction is being operated by someone in the know or someone who may not be sure quite what he or she has got. Some auction sites will also let you check the seller’s feedback to see what other buyers have to say about him or her. When in doubt, ask the seller questions—as many as you need to feel secure. Never bid on an item if you’re not sure the seller is on the up and up.

Now it’s time to do your own research. Check out other coin auctions to see what price other people are asking for the coin you want. Is the price comparable to what you’re considering paying? Remember that it’s fine to get a deal if you can, but offers that seem too good to be true usually are just that. You should also check online collector’s sites, buying guides, etc., to get an idea of the worth of the coin you’re interested in.

Finally, when participating in a coin auction online, keep an eye on the hidden costs. Some sellers will charge a reasonable price for the item, but then soak you with high shipping charges, handling fees, etc. Know what your total cost will be before you bid.

Online Coin Auctions: The Moment of Truth

Okay, everything’s checked out and you’re ready to bid. Take a minute to think about what the coin is really worth to you. What’s the most you can see yourself paying for it? When you’ve decided, enter your maximum bid and walk away. Difficult as it may be, try not to check the auction’s progress day by day, or you may be tempted into raising your bid—the bid that you once decided was your absolute limit.

If you win the coin—great! It can make a good start or addition to your collection. If you don’t win the coin, well, that’s the way auctions go sometimes. Keep these simple suggestions handy and be ready to use them again next time you find an online coin auction that catches your attention.