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Dynamic Electronic Auction as a New Mechanism for Selling Numismatic Products

The National Bank of Ukraine (NBU) is launching a pilot project of dynamic auctions to sell commemorative coins of Ukraine.

It will be tested as a new approach to selling numismatic products of the NBU for:

  • meeting demand of broader circle of customers (banks, numismatic associations, coin collectors, other legal entities and individuals) and
  • updating mechanisms of setting prices for numismatic products.

The NBU will hold electronic auctions to sell new products upon their issue. The participants will have remote access to the trading platform of UICE (Universal commodity exchange) to participate in trades when the coins are issued.

Based on the outcome of the auctions, the NBU will set the price for its products and distribute them through other channels (on-line, distributing banks, etc.) The price fixed after the auction will be used for further sales.

Only a part of the issue will be given for auction (separate lots, different number of coins per a lot).  Winners will make cashless payments for the lots. They will collect the purchased products at the NBU premises in Kyiv (2b, Kontraktova sq.) by appointment, in order to prevent crowding.

Dynamic auctions will start with selling the St. Michael’s Vydubychi Monastery coin (Ag, nickel silver).

At the same time, taking into account the epidemic situation due to the spread of coronavirus infection COVID-19 and quarantine measures, each auction will be announced additionally (dates, number of coins for sale, lot contents, etc.).

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