Coin Gamble on Ebay

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I am not convinced that an inexperienced person will get a better deal buying from an unknown real person dealer in a shop or at a show than if they buy from an unknown dealer on ebay. Not many show dealers offer return terms as good as most ebay dealers and paypal is much more secure than a promise to take it back after the show.

On ebay, you can have more time to think and research about a coin. You can go through your references, ask the forum, look up varying price ranges, determine how it fits into your collecting scheme, determine the highest price you will bid.

Then all you have to do is check the seller's feedback and return policy. When it comes, immediately check out the condition and decide whether to keep or to return.

Unfortunately, this process requires time and effort to educate yourself.

By the way, 3 of my Christmas presents were a "The Error Coin Encyclopedia" by Margolis and Weinberg, " Abe Kosoff: Dean of Numismatics" by Q. David Bowers, and "Two Dates are Better than One" by Kevin Flynn on misplaced dates. I know very little about errors compared to varieties, so this will help me understand error coins. The knowledge helps one appreciate a coin as well as value it.

Jim

 

Half of getting a good deal on ebay is knowing that the other half of it is likely to burn you, accept that and you'll have a better time of it

 

I agree. In cases such as the one in this thread, it is unlikely that an inexperienced person will be able to buy an S mint circulated morgan for $10.03 in a coin shop. For that type of deal, it's better to look where nobody else is looking, which frequently means buying from people that others ignore. It's a pretty low risk deal for low-priced common coins. For truly valuable coins, this approach obviously has more downside than upside.

 

I've never gotten burned on eBay. I think it's a good thing as long as you know what you're doing.

 

As in anything you do, or any hobby you undertake, research is the key to a sound outcome.

 

Well, time to chime in here. I have been on ebay since Dec 1997 so I have seen the changes through the years. Yes, ebay does have some fault in whats going on in the coin industry. They are mentioned at EVERY coin show that I have ever attended at least once by somebody. If they were to pull the replica crap off the site that market would dry up and bew gone in a week. Is ebay buying a gamble? yes it sure is, so is buying at most shows if you think about it. How is the lighting at the shows you attend? Most dealers have $9.99 swing arm lamps that don't show alot of things on the coins. Gambling on ebay has netted me some cherrypicks through the years so I can't really complain about that portion, I have also been ripped off more than once out there as a seller and a buyer. It buyer beware out there. There are some honest dealers out there however after hearing some of the stuff here in CT I kinda question myself even on the honest sellers. Purchasing a Morgan for 10 bucks is not a gamble, buying an UNC Barber quarter from a picture is a gamble.

Good luck gambling, keep in mind that you will loose more than you win in gambling. See definition of Casino's.

 

I agree and disagree with some on here. I think there are some good reputable dealers and I have bought on ebay. The problem with ebay is that they do not deal with the dishonest dealers and therefore allow the inexperienced collecters get taken time and time again. Also when presented with overwhelming evidence that a person was misled or was purchased a counterfeit coin they (ebay/Paypal) rarely side with the buyer. IMHO

 

I joined Ebay from the start and would never argue it's not a gamble.
In the early days, few could post a good image, if at all. Cherrypicking was really easy on varieties. Now the images are better and more folks catch on to a special coin. It's important to look at what's worst case with every bid. What could I loose, $5, $100? As the dollars go up it becomes more important to know who you are dealing with and return policies.
Some may not wish to gamble loosing $5 and others may gamble more and not worry about it. If I can't deal with worst case I don't bid.
If it's no longer fun, don't do it. Just my opinion.

 

Ebay 101. Buying safe.

#1. Your knowledge is the first and foremost factor in determining if you will get burned or not.

#2. Know your seller and the reputation they carry.

#3. Bad pics? Don't bid.

#4. No return policy? Don't bid.

#5. Always pay by credit card, they can reverse the transaction if you get yourself in a jam.

#6. Repeat #1 and #2

 

I once took a gamble on Ebay

and bought 127 mixed morgan silver dollars as "unsearched from my uncle's estate" from a seller with only 2 feedback. I paid $18 apiece for them. When they arrived included in the lot was a 1895-O in XF and an AU 1890 CC plus 2 1904 S's both in AU.

 

WOW! That is amazing!

 

I had assumed they would all be common date coins. At the time the going rate was about $14 for silver dollars. So the x-tra money spent was well worth it. There were plenty of other decent coins too. The ones mentioned were just the highlights

 

And then a seller that I don't know lists something that I feel that I have to have. Then what?

 

Every coin has two sides to it, Ebay does as well. For every good story you hear there is someone next in line waiting to tell you the horror they experienced. I’ve had personal experiences where I would walk into a coin shop and feel I was missing an article of clothing after I had left. One can’t stress this loud enough, once you’ve gained the necessary information to make a smart purchase you have to trust the person you are dealing with.

 

+1

Pursuit with patience equals numismatic success (which is easier said than done, I must admit).