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Modernizing Buying Coins

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Bahrain coin dealer Mohammed Al Aradi has recently introduced what he hopes may become a novel way to purchase not only numismatic collectibles, but collectibles in general.

In April Al Aradi announced his Arados Auction House was launching Urbiz, a mobile app specializing in collectables and auctions. It took Al Aradi two years to develop the app, which he indicated is meant to connect people from around the world on a single safe platform through which anyone can buy and sell.

According to Al Aradi, “The application has two different types of sales; the first is the direct sale through which items are displayed with prices. The second is selling through an auction – which can take from one day to a month – and this will further raise awareness about this beautiful hobby. It can be looked at as an alternative form of investment and the application is open for anyone anywhere to buy and sell through.”

The Kingdom of Bahrain is a small archipelago in the Persian Gulf comprised of 50 natural and 33 manmade islands. As such Bahrain is better known for its date palms than is it as a hub for coin collectors.

Al Aradi has other ideas. He said, “This application will solidify the position of Bahrain to be a regional hub for these types of investments… Many high-net-worth individuals seek alternative investment streams to differentiate their portfolios while also spreading the risk within efforts to minimize it.

“We wanted to have a platform to connect people from all over the world with a shared love for collecting and investing in collectable items while also offering them easy access to a network to buy and sell in a safe, secure and friendly environment.”

He explained, “Creating this application took two years from brain-storming, to developing to testing until we finally reached a stage where I felt comfortable enough to present it to the people.”

“I truly believe that Bahrain can be the regional hub for this type of investment and a society for collectors especially since the appetite for this field has grown throughout the past few years.”

Al Aradi observed the demand for ancient coins has been particularly high, although the market for collectables in general has been strong since the beginning of the pandemic. He also observed the number of registered societies offering courses, workshops, exhibitions, and published books on coins and on other collectible subjects has been increasing globally.

Apps are not new to the technology surrounding coin collecting. As one example, Professional Coin Grading Service offers a Coinfacts app promoted as “The ultimate mobile resource for buying, selling, trading, and collecting U.S. coins. Now featuring the PCGS Price Guide and PCGS Photograde, the new and improved 100 percent free PCGS CoinFacts is first on CoinWeek’s list of must-have apps for coin collectors.”

Urbiz is available free for both iPhone and Android according to Apple.com, “Arados Auction House is giving you the opportunity to run your own online business (Urbiz App) of which you can make money by running your business comfortably from home creating opportunities for people to join the e-commerce booming industry.”

At the time this article was being written Urbiz was rated 4.8 out of a possible 5 on Apple.com. Al Aradi appears to be more interested in promoting his app for world and ancient coins than to compete in the U.S. coin market.