Tuesday, February 12, 2013

Facebook Numismatic Auction

A member message me in email few weeks ago, asking about Facebook Numismatic Auction. "I heard, you can find item cheaper then market value in Facebook but I don't know where to find a place like that. I heard you can bid for banknote and coin cheaper by 30% from market value. Please, if you know such place, reply my email". In my email, I told him I will reply in my blog. Facebook Auction is a bit new in Malaysia but its already a phenomenon. Its help some dealers to increase their sales and certainly are helping small time traders to sell their item.

Facebook coin auction

Before this, most of the sellers just display their item picture with the condition, price or phone number in a group or pages related to numismatic, hoping someone will asked about their item. The scenario change last year when someone try to sell item using auction style. One active group who using this method is Kedai Hantu Duit 2. I had been following this group since last year and they're the most active group in Malaysian Facebook scene. Their group have 1,036 members right now and over 100 active members almost daily. The group have 2 admins who actively organizing quiz with free gift to their members. The admins also very strict on their membership. Any members who are giving problem will be remove instantly from the group. Originally, the group main purpose is to share numismatic knowledge among its members but it has became an auction place for Malaysian collectors. If you want to be a member of this group, you need to ask any of your friends who are already in this group to add you.

At this moment, the group admin only allowed members to post 3 items for auction a day. The admin highly suggest for you to gain reputation first before you post an auction in the group. For newbies, you're only allowed to post an auction with your picture, identity card or driving license attach in the auction picture. Its also highly suggested by the group admin, every members must put watermark on the auction pictures (your name or phone number). The admins are watching their rules almost every hour and any members who don't follow any of these will get a warning. If they're any scam cases or any members who don't honour their bid, you need to alert everyone as soon as possible.

What do you need to post in your auction:
  • A clear picture of your banknote or coin.
  • Condition of your item.
  • Your item details (printer, years etc)
  • Your auction start price.
  • Your auction reserve price (if you want to put it in reserve price).
  • Date and time of your auction will start.
  • Date and time of your auction will closed.
  • Your phone number.
  • Who will pay for postage.
  • How much the postage will cost.
  • Any other terms and condition.

When the auction time almost over, it is highly suggested you start a countdown of the auction time. Winners and auctioneers will message each other in Facebook to conclude the deal.

Congratulations to the admin of this group for actively promoting numismatic hobbies among Malaysian.

Published 31 January 2012.