My journey to a new frontier….

Yes it’s a click bait title, but it might have made you look.

By “new frontier” I am referring to my experiences on Instagram. I’ve been on that platform for close to two years now and wanted to offer some thoughts to anyone who might be curious about the coin atmosphere over there. Without further ado, I present…

The Good

What really sets Instagram apart from the forums and selling venues is the ability to post videos quickly. We often remark that pictures don’t tell the full story, especially for something like a toned coin. With Instagram, one can better display the luster and colorful hues. Take a video with your smartphone, open the app, select the option to add content, and pick your video. The whole process usually takes a few minutes (capturing the coin via video is probably the longest part, but that can be quickly learned…for me it’s become easier than taking a photograph; one tip-just like with photos-is to find the ideal spot and lighting to use for all your videos). And you don’t need the most up-to-date phone either to produce quality videos; my circa 2015 model does a more than adequate job.

Another positive is the mix of people. In general, it’s a good community of coin folks. There are some familiar faces from CoinTalk (as well as the PCGS forum), but there are also plenty of those that haven’t been on these forums. Quite a few younger collectors participate. You also see representatives from the big players: NGC, PCGS, ModernCoinMart, etc all have accounts and are quite active (they post cool coins, they run contests, and they even reply to private messages-sometimes quicker/more efficiently than through other venues).

Buying and selling; we all do it and this is another option. While eBay, the big auction sites, and the forums already exist for coin transactions, it never hurts to have one more platform. eBay has been experiencing many changes (and not always for the best); plus the fees and limit of free listings can really damper sales. Big auction sites are great for the bigger coins, but again fees will really eat into your returns for anything under a certain dollar amount (and that is if the auction house even wants to deal with that material). Forum for sale sections seem to not draw a ton of interest (particularly on CoinTalk-more people come here for information, conversations, and pictures). On Instagram there are plenty of people with all sorts of interests. There are people looking for cheaper coins (could be beginning collectors, people on a budget, or just folks who like something that is attractive but not expensive) and those that specialize in higher end items (I’ve seen a few people offering gem classic coins and other rarities). There are stackers looking for bullion (including those that like the premium/”semi-numismatic” coins and bars). And of course there is plenty of love for toners.



The Bad

Just like on the forums, you’ll see the occasional heated debate. Some of these can be intellectually stimulating, but many are just people being hot headed. It’s just the nature of the internet and it’s something one can often just ignore.

With buying and selling comes the typical set of issues. You’ll run into low-ballers as well as overpriced sellers. Then you have the people that are unresponsive (as a buyer: you’ll ask for a price and then hear nothing even though they are still posting content; as a seller: you’ll give a price or even agree to sell something and the buyer disappears/stops communicating). This can be annoying, but you’ll quickly learn who these characters are (and can decide if it’s best to just not deal with them in the future).

There is no search feature. If you want to find a specific coin, there is (usually) nothing you can enter to find it. Everyone has a feed and what you see is the photos and videos of people that you follow (in an order usually determined by Instagram based on content you’ve shown an interest in/date of post/previous interactions with those that are posting). To increase the chances of finding what you want, it is best to follow people with content that you like (and click on their pages every so often to see what they have posted-in case it didn’t make your feed), build relationships (so that those people can tag you or directly message you when they post something new), and sometimes just get lucky and see something on your feed. You can also follow certain hashtags to see recent postings. Many people include them on posts so that others can find them. For example, #tonertuesday is a popular one for toned coins (and makes for good alliteration). Plenty also use #NGC and #PCGS to tag coins graded by each TPG. Some have even “invented” hashtags specific to their collections/postings. Since all of this won’t guarantee that enough people will see your post, reposting is something that is done (including by me). You can easily hide (archive) an old post (or leave it up, if you prefer) and repost it (I try to not repost too soon and only for certain items; reposting too quickly or too often can make your content grow stale).

Some accounts focus on raffles. These are easy to identify. If that is something you like, feel free to follow them (I won’t advocate for any or dissuade anyone; nor am I commenting on the legality of running or partaking in raffles).

The Ugly

It’s not common, but there are some scammers and unpleasant characters. After learning the ropes, one will discover who to avoid. If you’re not confident about someone, always ask for references. And use PayPal Goods & Services (preferably funded with a credit card) for purchases in order to minimize your risk. Even if you have to pay an extra 3%-4%, it can often be worth the peace of mind, especially with people you aren’t fully sure about. Remember the golden rule, if it seems too good to be true, then it’s not worth it (no coin-no matter how nice-is worth risking more than you can afford to lose). It’s also easy to block/ignore people just like on the forums (I haven’t had to do that often…mostly for a few bots/obvious fake accounts that are pretty evident from their conversational style/content).

 

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I know it's a long read. I promise there won't be a test afterwards.

Please let me know if you have any questions.

@Burton Strauss III

 

I rarely use Instagram but I typed in US Coins in the search bar and found a lot of sites. Right now when I open Instagram it goes right to the NFL. How do I set it that when I open it up it will go right to US Coins? Thanks for your help.

 

My best guess is that you followed some NFL related accounts (or maybe that is just some default).

To get more coin related info on your feed, I’d recommend following more coin accounts. Start by following NGC, PCGS, Stacks, GreatCollections, etc... Then check who those accounts are following (see image below). Many of those accounts are people like us (you can click on each one and see what type of content they post and decide if you want to follow some of them).

 

I avoid the problem by not being a member of Instagram, Facebook or any other sites like that.
It may be the "ostrich" approach but I already spend too much time in front of my computer.
And, "no", I don't have a smart phone or anything like that.

I participate in this site and one other coin related site.
And occasionally wander through eBay.

P.S. The summer Baltimore Whitman show is less than 2 weeks away.

 

And that’s perfectly cool and I respect that! This thread isn’t really about getting more people to join. It’s more of a summary of my experiences and something to consider for those that may be wondering about joining (or looking for something new).

 

We've had the Starters. When's the Main Course ???

 

I've bought some of my favorite coins from sellers on Instagram.

 

I thought it was a Star Trek thread.
Those were my heroes.
In black and white too

 

Instagram is a great tool to use, especially for young numismatists. Yes there is drama, but can you name a single major website where people can communicate freely where there is no drama? Yes people get heated online. It's a natural human instinct but that's besides the point. I love IG and it's Numismatic community. As you said, it's a matter of blocking people who cause drama/slander, the same as you would do to someone who talked all trash on CT.

Oh, and it's by no means the best place for learning about numismatics, but it's way better than other sites like youtube or reddit. Scammers are on the site but they are usually very easy to pick out. This might help.

-When buying from a seller, make sure they are a credible person. Check with people who have done business with them if you can. Don't buy from people with 3 followers and 1 post.

-Do not to buy from foreign countries. Especially from third world (i.e. Malaysia, India, Indonesia)

-Try not to participate in raffles. Not only is this illegal (but not really enforced), but it can get you scammed very easily. We've all heard the story of the guy scammed approximately $14k from fake raffles.

-Most foreign scammers will use a message copy+pasted from what I assume is google translate. These people usually use words/names such as "Mock Donald, I am from Texas, Salam". They will also ask for a long list of foreign currency.




Oh and my @ is @YoloBagels

 

I sold one to you on there. Whether or not it is worthy of a favorite, I'm not sure.

I haven't found too many coins to buy over the last two years (the things that I like often tend to be priced higher than I would like to go) but I have seen plenty of coins being bought and sold (and some good deals for items that weren't what I'm after).

 

@ddddd Thank you for your prompt reply. Most of those I clicked on follow appear to be dealers. Guess I'll get individuals to follow when I start reading the posts.

 

You must have a different name on Instagram. I'm sure the coin I bought from you is among the favorites.

 

It was the AU 58 toned Columbian Expo Commemorative Half.

 

Thanks for the shoutout @ddddd... interesting experiences...

Mostly I'm watching "coin porn" (some of the most gorgeous coins ever are being posted) and dog posts.

The beauty of Instagram is you choose who & what to follow, so you see things largely of interest to you.

One thing - unless you are a 15 year old who spends hours curating your on-line image, don't fall into the trap of following back. Just because somebody follows YOU does NOT mean you have to follow back. Cuts down on the pure spammers.

 

It is one of my favorites for sure.

 

Ive been a big fan of IG and follow many world coin collectors. Its fun and I love it, can add people from all over the world and see what coins they have and learn some new things.

I primarily collect thai coins and world crowns, if anyone wants to add me:

@thai_coin_collector on IG.

 

My main complaint is there aren't enough actual collectors there. Everyone calls themself a dealer. They list ultra common stuff for high prices but want to offer wholesale for actual PQ stuff. I've sold a few coins there and in general don't sell very often anyways but when I do the type of coins I'm trying to move just do better on GC even with the selling fees. Have a coin at GC right now that everyone on IG loved had like 6 messages about it but not one person wanted to pay the premium it was worth or any premium for that matter. With 4 days left it's getting a lot of attention at GC. I was trying to sell on IG for a $100 loss and I wouldn't be surprised if I make a couple hundred on the coin now even after GC's cut.

Also I'm trying to think about it and it seems crazy with how long I've been there but I'm pretty sure I've only bought two coins there in a couple of years. The 2 Reales I bought from you a few weeks back and a WLH I regret buying.

So yeah lol I guess I really don't like it as either a buyer or seller but that said there's plenty of positives. I really do love the show and tell aspect of it and the ease of posting a video is great. In the very near future selling coins with videos will be very standard across the board. I'm actually surprised it's not that way already.

 

@IBetASilverDollar those are all fair points.
I have noticed that many call themselves dealers, and it can get annoying at times. I will say that quite a few of the "real" dealers I've encountered at local stores and shows are the same (their common stuff is priced well above trends while they offer you well below market for PQ items). It is true that the "real" dealers have more expenses (like travel/table fees for shows or rent/utilities for physical stores).

And certain coins, especially when you get above a certain price range, are hard to sell on IG. GreatCollections has had countless good results and I'm not surprised that your coins are doing well there (you have a great eye for quality material).

In terms of buying, I haven't done a ton on there either (only a few more than you have bought) as many of the items I was offered were either not what I like or have been priced too high. There are deals to be had, but it might not be in the realms that folks like you or me specialize in.

If you don't mind, please send me a message with the coin at GC you're mentioning.