As I said in my intro, I'm an amateur at coin collecting, but I was wondering if anyone had thoughts on buying coins from ebay.
Let's see...where do I start? Check the seller's feedback and return policy. Check completed auction prices to get an idea what items are selling for. If not eBay, check Heritage Galleries or Teletrade to get an idea what things are selling for. Assume all raw coins are OVER GRADED by the seller. Adjust your bidding to compensate for this. Bad pictures from the seller...approach with skepticism. Watch for dipped, cleaned, and recolored coins (especially red Lincolns) Avoid SGS graded coins sold by Aboncom. They don't tell you they own and operate this so called grading services which advertises PR70 and MS70 "graded" coins. They really prey on "newbies" like you. If you buy coins, I like looking at certified and graded coins from the likes of PCGS, NGC, ANACS and ICG. At least you know what you are getting. You will pay more than raw coins, but at least you have some idea what you are getting. Also, I like to look at PCI or SEGS graded coins. You may have to subtract 2 to 5 points as they seem to overgrade, but you may find a nice deal. All of the other grading services in my book are JUNK. Just avoid them. Learn to grade. Read. Study and Learn about numismatics. Don't know? Ask. Watch out for high shipping costs. If you buy multiple items from one seller, many offer a discount to ship as one. Do not leave feedback until they leave positive feedback for you. Afterwards, then you should leave positive feedback if you are satisfied with their service and product. Participate here in this forum...there are many smart people here and specialists in a number of differant coins. Never send cash or money orders. I like to pay with Pay-pal because the seller eats this fee. At least they get paid instantly.
Don't shop in auctions ending between 5PM-1AM EST on Friday, Saturday or Sunday. That's when the wannabees come out to overbid, and the sharks are selling to them. I find Monday thru Wednesday the best days. Learn to snipe. Never bid before the last few seconds of the auction. Shop early enough to research every coin you want before having to commit to a bid. Join Heritage Auctions (free), and have their archive window open at all times while shopping. This provides you with both a photographic comparison for grading purposes, and a guide to what coins of that grade are selling for. Never buy a coin without clear pics of obverse and reverse. Research the feedback of every seller you're considering. I'll be back with more as I think of it.
I always use and ask for Money Orders....I can't take PP so that is about the only way I can take payment... Speedy
Also check other listings by that seller, often times they will use the same picture for multiple coins, if you look closely you might see that you may not be getting the coin in the picture.
All of the above is great advice. The only difference I would add is that I've used many money orders and never had a problem [yet]. But objectively speaking, paypal is probably better. Over time I've decreased my ebay buying and now buy more from a couple of internet dealers I've had luck with. So now I mostly stick to stuff under $20 on ebay, and assume that if I want something better than that, it is worth paying a little more to use a more reputable source.
Iinclude Shanghai, Hong Kong, Singapore and Bulgaria in that advice. Once you become a legitimate expert in a particular type of coin, you can consider coins from those areas.
If you think I am an expert, then I am flattered. What is a legitimate expert, Roy? We tend to over-estimate ourselves. You have heard those old guys who say, "I've been collecting for 30 years. I've seen hundreds of Morgan Dollars. Those grading services don't know what they're doing." Of course, a grader for a major service will see a hundred high quality and/or rare date Morgans in ONE DAY... 300 days a year. And the reason that the old guy will be listened to is that everyone knows that grading services nonetheless make mistakes. Am I an expert on ancient coins, Roy? I was granted a Heath Literary Award for an article on the origins of coinage. The ANA rejected it the first time around because it contradicted the books in their library. After correspondence with their museum curator, Robert Hoge, they agreed with me that the books (including the Encyclopedia Britannica) were wrong. If you think that makes me an expert, then I am flattered. I assure you that I depend on dealers, the same as any other collector. Dealers see far more coins over many years of continuous work. This is just a hobby. Even the so-called (and self defined) "expert" collector who goes to the ANS once or twice a year and closely inspects rare coins with a loupe for a day or two has invested less than 1 percent of the time a dealer does in a year. I have published a dozen articles on ancients and another dozen on other topics. (I got a second Heath for an article about Sir Isaac Newton's tenure as Warden and Master of the British Royal Mint.) I know what I know -- and I know it solid. But I also know my limitations. That is why I depend on the dealers. It is not the fakes you spot, it is the ones you miss. Yet, the dealers make mistakes. Bulgarian counterfeit ancients tricked many of the same dealers twice in 10 years. I was offered a bag of them at the 1999 NYINC convention. "Oh, no, these are genuine!" the dealer said. He thought they were. He thought he was more of an expert than he really was. I prefer to buy from trusted sources. Usually, that means an ANA member dealer at an ANA convention. I save my money in a special account and once a year or once in two years, I go to a major convention. In between times, there are MSNS and Central States shows, where I deal with people whom I know by name and face and handshake. I also buy mail order -- but from trusted sources such as VCOINS dealers. Many of those dealers also advertise in The Celator. Advertising in The Celator is one way that a dealer establishes a reputation of trust in the ancients community. That does not become a general rule. Ken Pines Coast to Coast was expelled from the ANA in July 2005, but still runs the same splash ads in the same numismatic newspapers week after week. To be fair, I bought an ancient from him and it was fine. He was expelled over a different kind of coin, entirely. Some might say that he had been pushing the limits for 30 years and it was about time. However, the objective fact is that he made one mistake -- and the ANA has always had a ZERO TOLERANCE POLICY toward dealers. So, one mistake in 30 years and you get booted from the ANA. That is why I patronize ANA member dealers. ANA membership is not a guarantee, perhaps, but it is much better than a "feedback rating."
When using Ebay check the sellers feedback and see if he or she's received positives from members who have significant positive feedback themselves. When you see a seller with positives from buyers w/400-UP then you can be pretty sure they are "trustworthy." Contact the seller if you have time, make sure they have a return policy, you know common sense things. If the seller has a 99.8% or higher feedback satisfaction and has 10 or more sales (in their most recent 25) to individuals with that 400 and up positives chances are you'll be satisfied The bottom line is, as with any used item "You have to take the plunge and take a chance..." Bone
Lol. Thanks for the great advise, I'll keep it in mind while I'm looking for my collection starters. (I've got a $1.25 bid on an indian head penny right now )
If you're careful no reason you can't get good coins for good prices on eBay. I've bought several and have never ended up with a coin that was fake, overgraded, or not as described. Just have to be careful who you deal with... which applies to dealers with brick and mortar stores too, btw.
I've bought quite a few coins on eBay, and have had no bad experiences. But I consider myself a cautious bidder, and almost always use PayPal, unless it is an inexpensive item from a seller that does not accept PayPal.
my biggest hint? gem BU coins. WAAAATCH for the whizzing. Payed 980 for 2 sets of complete gems. ended up sending back and getting 1000 for them.
