Has anyone had any experience in buying coins through the mail "on approval"? I recently tried this with a company (Mike Kragel) that advertises in all the numismatic journals/publications and have been very pleased. It seems like an ideal way to buy coins as I get to actually see what I am buying before the purchase is made. The coins were conservatively graded and priced very reasonably. What have others' experiences been?
Ebay basicley has the same program, but better. You can see a photo of a coin, buy it, to get a better look, return it for any reason you want.
If you mean a buying program where the dealer sends coins of his choice to you, then I do not favor that for most folks. If, however, you mean that you order a coin from a dealer and he sends it to you for inspection prior to sale, then that is what I do for nearly all my clients.
Hey Empire, welcome aboard! Whenever I think of coin approval programs I think of Littleton and common junk. I'll take a jelly of the month club over a coin of the month club, but that is just a preconceived notion that may have no bearing on this particular person and there coins!
There is one dealer I know who has sent me coins on approval but it is something I don't need to do since he walks most of the local shows and if he has some coins I am interested in he will bring them and I can look at them in hand and pick out which ones I want. I'm sure there are a couple of others that if I asked would send me coins on approval but I don't like to do this sort of thing. I have never had to send a coin back that I bought through the mail. All of them met or exceeded my expectations.
In a great many cases with the programs you are talking about the coins are grossly over-priced and often over-graded.
Interesting that your screen name is the name of Mr. Kragel's website/ company doing a little self promoting are we?
I have dealt with Mike Kragel for several years now, I sent him a wish list and a price limit. He has been very good at keeping within my budget and only sending coins that are on my wish list. I recommend setting up a wish list with the coins on approval dealers, so they only send what you want. Instead of what they want to dump on you.
