With all the competition among mail-order and Internet coin sellers, why isn't there a greater emphasis on quality control? I recently purchased a 1909 VDB Lincoln penny from a mail order company at the advertised price of $9.95. It was supposedly in BU condition. I was even willing to accept a strong AU for that price, but the coin I received was badly tarnished, to the point that Lincoln's head was almost obliterated by a black stain on the obverse, and much of the reverse was similarly discolored. To make matters worse, I took it to a local coin shop, where the owner examined it and found it wasn't even a VDB penny, just a common 1909. I registered my complaints to the customer service department and they sent me another penny. This one was a VDB, but it was so badly cleaned that my local coin dealer said he wouldn't ask $2 for it. The whole episode raised serious questions regarding quality control and customer service. I've since switched to another company for my mail purchases, and I've been much happier. I never buy coins over $50 by mail, and also not if they're above the Coin Prices or Red Book prices. That seems to be a working combination so far. Has anyone else had a bad experience with mail-order coins?
Hey there Tex, I think all of us who've ordered coins via mail have had experiences similar to yours. You're allowed to mention the name of the company you bought from here too. I've returned many coins to mail-order companies. My favorite place to buy now is at coin shows.
Hi Tex, In America, many industries are allowed legal confidence games. The coin dealer industry is one of them. Mail order frequently comes with coins on approval, coins not ordered. If you don't return the coins certified the dealer will claim that they didn't get the coin back, and will threaten a suite if you don't pay up. I've never been to a coin show. Peter, could you tell more about your show experiences? Must one be an expert to recognize value, or are prices lower at shows? Did you also say in a previous thread that you sell at shows too?
I don't often sell at shows, takes too much time to accumulate enough inventory to make it worthwhile to set up a table. I live in the Boston area, and there are several regular shows within a short distance. Some monthly, some less than monthly. There are several types of coin dealers that set up tables at a show. Some are full-time dealers, who also operate a storefront. Some, like myself, just do it on occasion. Some do it several times a month, but don't operate a storefront; it's like a part-time job for them. The advantage to you as a customer going to a show is that you get to deal with all of these people in person. You get to see the coins before you buy. You also get to meet fellow collectors. Obviously, you wouldn't get stuck with a damaged coin without knowing about it in advance. The regular monthly shows I go to are usually very laid-back. You can sit at a dealers table for an hour, browsing through their stock and have a good talk with them as well. I usually buy something from a dealer when I take up that much of their time, even if I didn't want a specific coin from the, out of courtesy. If you have a coin show within driving distance, I'd highly recommend going. If you're interested in coins enough to be reading this, I think you'll really find it worthwhile. I know that a few years back when I went to my first coin show, it really changed my outlook on the hobby.
RE: Coin catalog problems Thanks for the comments, Peter. I've only been collecting about 2 years, but I have had some decent success at coin shows. I live about midway between Austin and Waco, and both towns have occasional shows. I found it helpful to make a list of needs, wants and wishes and carry a recent coin-price catalog for reference, although it's tacky to check it out in front of the dealer. It's best to make a note of the asking price, and check out the listings later, away from the tables. For your information, the catalog company that did a number on me with the VDB penny was Mount Vernon Coin Company out of Maryland. It's too bad, since I bought a couple nice coins from them before that incident. I've been buying some relatively inexpensive coins from Coast to Coast Coins recently and have been very pleased with the price and quality. My best deals come from my local coin dealer. We have a good rapport and he often cuts me some nice deals on the coins I'm looking for. Thanks again for your input!
Hey Tex, Two years of buying from mail-order dealers like the ones you mention, having a favorite local dealer that cuts you deals, and having been to coin shows, I think you're doing pretty well already. This isn't the first time you've been disappointed with a purchase, is it?
Hey, Peter. Thanks for the encouragement regarding my collecting status. I have to say, I don't collect an awful lot of coins via catalog. I'm building a year set of Walking Liberty halves, and I have found that the prices for Gem BU Walkers are better, well below Red Book value, in some catalogs. I bought a pair of super sharp Walkers, 1940 and 1944, from Coast to Coast for $26 and $17.50 respectively, and I was extremely pleased. They're at least MS 62, perhaps better. The only other time I have been disappointed was with some supposedly BU Kennedy halves I bought from Mount Vernon. Three of the five had some discoloration and what looked like water spots that wouldn't come off. And don't get me started on Littleton. They have sent me three shipments of extremely overpriced coins, and I've sent them all back, except for three coins. I'm likely going to break off my dealings with them. Bad prices don't outweigh moderate convenience.
Hey, C.C. Where do you buy most of your coins? What do you collect (besides silver proofs) and how long have you been collecting?
