New Coin Enthusiast - Poll For You

Hey Everyone,

My name is Jake and I am new to the coin collecting hobby within the last month. Have bought a few lots on eBay, nothing crazy, and have enjoyed learning about various US coins so far.

It hadn't really occurred to me until reading the forum that counterfeits are somewhat commonly sold. I'm curious what some of you more experienced collectors think on the following question...

What percent of circulated coin lots on eBay, of which contain none that are officially graded, do you think contain a counterfeit?

I obviously don't want to buy one on accident, but I'm actually most concerned should I ever re-sell, as I certainly don't want to pawn one off myself...

I'm otherwise quite enjoying scrolling through the auctions so I hate thinking they'd be prevalent within them.

Thanks!
Jake

 

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Welcome to CT

 

Welcome to CT!
It's been about 4 hours and no one has tackled your question.
Really, if you are buying relatively common US coins, circulated stuff, etc., I don't think you have too much to worry about.
Look at plenty of coins, and you will develop an eye and instinct for something that "doesn't look quite right."
Buy from sellers that have been around for a while and check their feedback before bidding.
Ebay may not be the best place to buy for someone new to coins, but many of us don't have a lot of other options. In probably 15 years of buying on Ebay, I've only been seriously burned twice, and both were overseas sellers.

 

Welcome to CT

 

Welcome to CT and the hobby in general. As was mentioned, common, lower value raw stuff from sellers in the US with a good track record are usually fine. One thing to keep in mind is that if a deal sounds too good to be true, it is. Also, don't get caught up in "unsearched" rolls or "bank wrapped" rolls with an apparently rare coin at one end. These are put together to deceive buyers and are never a good deal.

 

Thanks everyone for your response! I'm glad to be here.

I so far have not bought any rolls or any of those "buy multiple for a discount" type offers. They all seemed strange to me. I'm mostly just looking for the circulated lots where you can tell the photos given are actually what you're receiving.

Thanks again - Looking forward to scanning the forum.

 

I do not buy rolls they are one of the worse buys on ebay. Second to rolls are certain auctions choose wisely look at their consumer rating and length of time on ebay as a seller. Remember the old saying "If it's to good to be true..." Best of luck to you.

 

One bit of advice: Stay away from any coins sold on eBay as an "error" coins. While most of these don't meet the definition of a "counterfeit" their sales hype and egregious valuations do meet the definition of a SCAM. Probably over 90% of them do.

The issue is all the UberTube hype about "highly valuable" error coins that you can easily find in your pocket. There are lots of coin abberations out there for sure, but 99% of them arent worth a cent more than the coins face value.

Stay away from "errors" until you have had sufficient time to educate yourself on their causes, their true rarity, and their valuations.

Z

Oh yeah, "limited production" coins come in a close second . . . . .

 

Here is a good example of WHY . . . . .

It's a good read, all the way to the end.

Z

https://www.cointalk.com/threads/wheat-cent-showing-lines-around-the-rim.365222/

 

@ZoidMeister Thanks for that! Luckily for me, I don't have much fascination with the error types, anyway.

You might catch me with interest in limited production, though.

 

Welcome to CT. If you don't mind, how old are you and where are you. Do you have any particular coins you like and would like to persue?

 

glad 2 have you

 

You know, I get asked that ALL the time . . . .

 

@Kentucky @ZoidMeister I'm in Ohio and I'm actually 27, which probably makes me one of the younger members on here, I'd venture to guess.

 

I buy very little on eBay. I have collected U.S. coins for 60 years, British coins for about 10 years and have been learning about Imperial Roman coins for about two years.

I have bought most of my coins at the large coin shows and some very expensive pieces in the major auctions. I value building good relationships with honest, experienced dealers. I would prefer to buy and sell in person, but the pandemic has put a stop to that for me, especially since I am older and a risk group.

One thing I will say about on-line offerings. If the photos are no good, run from the deal; don’t even consider it. In those cases, the seller has all the cards, and you have none. Run away.

Beware of “super bargain” low prices. On a one on one basis, you might “beat the dealer” if you have a lot of knowledge and expertise, but on-line the odds are stacked very much against you.

On the other hand, sellers who want prices that WAY OVER the current catalogs all but the rarest material are to be avoided. I don’t understand how they do it, but there are sellers out there who seem to have to make their day on every sale. I avoid them.

Some people think I pay too much, but this is hobby for most people, not an investment or way to earn a living. I take a somewhat middle of the road course.

 

Just asking because answers might differ if they are to a sub-teen or a Social Security recipient.

 

Hey @Kuzoben check out what I found...
https://www.cointalk.com/threads/intriguing-craigslist.366796/

 

I think I am very close to having one foot in each of those ponds . . . . .

I know I've revealed it many times, sometimes clandestinely, where would you put me in the cradle to grave continuum?

Z

 

I'm pulling a blank

 

Dang, you ARE good . . . .

Z