Question on selling coins and using Paypal

Discussion in 'US Coins Forum' started by furryfrog02, Jan 26, 2020.

  1. furryfrog02

    furryfrog02 Well-Known Member

    I have someone offering to buy 30 of my AMP "W" quarters for $25/per coin. That would come out to $750. They are offering to paypal up front (I'd have to pay fees) or friends and family it after receiving the coins.

    I don't know this person from Adam and am wondering what the best course of action would be. I've also never really sold any coins before so this is new territory for me. I've purchased coins and paid via paypal right away. Never this much money nor have I been the seller. So Im'm kinda wondering what my protections are as well.

    Anyone with any experience who has advice would be greatly appreciated!
     
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  3. C-B-D

    C-B-D Well-Known Member

    Get the money first and eat the 3 percent. Otherwise you're setting yourself up to be taken advantage of.
     
  4. Evan Saltis

    Evan Saltis OWNER - EBS Numis LLC Supporter

    25 per coin kind of sounds like a lot, doesn't it? Be wary of those trying to make it seem like they would pay a premium for something on ebay for 10 each- even cheaper in larger quuantities.
     
    Stevearino, -jeffB and furryfrog02 like this.
  5. Michael K

    Michael K Well-Known Member

    What is the value of this coin? If it is 5 or 10 dollars per coin,
    I don't trust someone saying they will pay $25.
    Don't get scammed because you think you are going to make money.
    Even if you think you are being paid up front, they are running some scam.
     
    -jeffB and furryfrog02 like this.
  6. tommyc03

    tommyc03 Senior Member

    I would take a cashiers check on this myself. What happens when they get the coins and say they are not what they ordered? Pay Pal favors the buyer. Offer a small discount to cover the cost of the check.
     
    Stevearino and furryfrog02 like this.
  7. ToughCOINS

    ToughCOINS Dealer Member Moderator

    It sounds to me too good to be true . . . I would tell the "buyer" you'll put them on eBay at his price and accept the additional fees for doing so. The extra costs to you are almost certainly worth the protection you'll get. If he / she doesn't want to work through eBay, I'd assume you are the target of fraud.
     
    Stevearino, -jeffB, Chuck_A and 4 others like this.
  8. furryfrog02

    furryfrog02 Well-Known Member

    That's kind of what I was thinking. I have seen dealers selling individual coins for $20-$25. I wasn't really sure what kind of seller protection paypal has either.
     
    Evan Saltis likes this.
  9. okbustchaser

    okbustchaser I may be old but I still appreciate a pretty bust Supporter

    The prospective buyer admits that he is willing to commit fraud by using the friend and family option that cheats Paypal out of their earned income.

    Question...Why would you believe he would be any less willing to cheat you?
     
  10. Seattlite86

    Seattlite86 Outspoken Member

    I would do G&S and eat the 3% fees. After all, $25/coin is a nice sell.
     
    Stevearino and furryfrog02 like this.
  11. ToughCOINS

    ToughCOINS Dealer Member Moderator

    While on the subject of fraud, I never got any complaints about failing to deliver to that guy who sent me the fake money order.
     
    Stevearino, -jeffB, micbraun and 3 others like this.
  12. rte

    rte Well-Known Member

    To cover your bases you would want a picture of what your selling CLEAR pictures and PLAIN English.
    Not sure if that could be done with an invoice sent thru PayPal??
    Buyer sounds like they are looking to scam you the way your telling the story.
    NO WAY you should send the coins and wait for payment, that's just nuts.

    Go with the ebay listing at the buyers price. (close up pictures and clear details in English)
    Buyer is probably looking to use someone's stolen credit card.
     
    Stevearino and furryfrog02 like this.
  13. baseball21

    baseball21 Well-Known Member

    Not entirely sure why people are recommending eBay so much for this situation. As the OP stated they’ve never really sold coins before which means they’d be a first or newish seller which means no they wouldn’t get the benefit of the doubt in a he said she said. eBay is a good coin place overall but for a brand new seller won’t make much difference

    Whether using just PayPal or eBay it’s essentially the same given PayPal was probably the payment method. The best method a seller has to protect themselves is to walk away or block when it’s fishy. The second best would be if someone is super worried then record the entire packing process including labeling it and put a mark on it somewhere that shows it’s the same label and wait a few days and confirm everything with calls to PayPal and such payment wise before shipping to be extra safe. If at that point someone is still worried, it’s time to walk away from the deal

    it would be rather crazy to send coins to someone you have no clue who they are and then wait for payment.
     
    furryfrog02 likes this.
  14. jgrinz

    jgrinz Senior Member

    Price offering is strong but not unrealistic as one auction is doing 10 coins @ $196 true auction 13 bids 5 days to go

    And how did he find out about your coins in the first place ???
    This come through an EBAY OFFER ???

    1 - He is cheating EBAY of their due by offering to deal outside of Ebay
    2 - He offered to Cheat PAYPAL of their due by doing a friends and family …
    Looks like a trend ...
    Stay away …
     
  15. ddddd

    ddddd Member

    Is it the person from Collectors Universe? There was a bst post there that sounds similar.
    https://forums.collectors.com/discu...5-for-2019-w-mariana-memorial-quarters#latest

    I haven’t dealt with that person, but I’m not seeing any immediate red flags. It’s up to you to decide on how comfortable you are dealing with them.


    In general, sending someone a PayPal invoice (where you are charged the 3% fee) is on par with selling on eBay. Both venues protect the buyer more, but also offer the seller some protections. As a seller you do need to ship to the confirmed address that shows up on PayPal after the person has paid and ship with tracking. Above a certain amount, signature confirmation is also required (that threshold is $750 or more...although it might be worth the extra ~$3 fee even for $500+).
     
  16. ddddd

    ddddd Member

    Also, many dealers do operate on the basis of having the customer send the items first and then they pay once received. I’m personally not a fan of that (especially if I don’t know the person). Many dealers are probably honest, but if you run into the wrong one, you are out the coins and don’t have any money.

    So, getting the money first and paying the 3% fee is what I lean towards (assuming I’m comfortable selling to the person).
     
  17. furryfrog02

    furryfrog02 Well-Known Member

    Yeah this is the dude. It wasn't through that forum though.
     
    Stevearino likes this.
  18. ddddd

    ddddd Member

    It appears some people have sold to him on that forum. And I haven’t seen any comments about him scamming anyone (usually people will say something on there as it has happened with some other sellers).

    In the end it comes down to your gut feeling and how much risk you are willing to take. If the W quarters were found roll hunting (or for minimal expense), then the potential profit could be worth it (especially if you are paid by PayPal with the 3% fee before shipping out).
     
  19. jgrinz

    jgrinz Senior Member

    It looks like someone already dealt with him and were satisfied.
    See if you can PM them and ask about there experience
     
    Derek2200 likes this.
  20. Derek2200

    Derek2200 Well-Known Member

    Screwball offer - stay away from him. Let him go open coin shop if he is too good pay bay costs.

    For item had multiples of:

    I would put one out at my sell price plus usps ship for one (offer free ship), offer quantity of up to 5 (for multiple piece buyers) go from there, refill quan as necessary (sales). Would ignore screwball offers. eBay subtracts ones sold from total quan available. Just don’t be offering more items than your inventory.
     
    Last edited: Jan 28, 2020
    Stevearino and Chuck_A like this.
  21. Chuck_A

    Chuck_A Well-Known Member

    I'd run from this backdoor deal and sell them yourself under your terms going through the proper channels. You're unprotected and vulnerable to a scam/fraud/theft far greater than $750.
     
    Stevearino and furryfrog02 like this.
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