Looking through an issue of Coin World, there are a lot of companies and dealers advertising coins. Some have websites, some don't. Some sites have photos of the coins they sell, some don't. Some sell slabbed coins, some don't. The question is, how safe and reliable is it to buy a coin from them if the price and grade look right? A company running full page or multi page ads in a national publication in every issue must be satisfying somebody. I've read here many times, "buy the coin, not the holder." Well, for these outfits, sometimes you can't see the coin, or only see a picture. Sometimes there isn't even a holder, only a description like "Gem BU." Should this sort of coin source be completely ignored? What do people here do?
Speaking for myself, I frequently ask the ones with websites to post pictures of coins I may be interested in; request e-mailed pictures from some of the others; and just plain pass on many of them. Also, if I feel comfortable with the dealer, and he has a reasonable return policy, I'll take a flyer. Some of the things that makes me feel comfort are ANA membership, and most importantly, pricing that I consider to be in line with the advertised grades. A lot of "bargains" can be juist as big a red flag as a lot of "stupid money" prices IMHO.
Even buying coins based on a picture is buying them sight unseen. The coin is not "seen" until you hold it in your hand. Personally, I would never buy a coin based on an ad alone - I must at least see a picture. Even then, I will not buy one without a specific return policy.
I don't think I ever received a coin from mail order that didn't grade different from what was advertized. If it is an expensive or key date coin I won't buy it unless it is slabbed, others I just take my chances on. I've been lucky so far. I purchased a "gem BU" morgan that slabbed at AU. Luckily it turned out to be a VAM which is valued higher than the BU value. Then I purchased a 1938 D/S Buffalo that was advertized at BU which came back from ANACS at MS-66. Which proves that even the experts can mess up, but usually it's in their favor.
The return policy is the key! That way you don't have to deal with pictures and all. Now, very few people will sell a raw coin subject to a return policy, unless the seller can be assured they are getting the same coin back. This is why returns of slabbed coins work as I haven't found a way of removing a coin from the slab without apparent notice or damage.
I just won a coin from Heritage and even though they had photos I made sure they had a return...sometimes a photo doesn't show all of the parts of the coin--- Speedy
Thanks everyone. It sounds like a gamble. I guess taking a chance on a slabbed coin with a return policy is about the only way to handle it. It's just that sometimes it's easier to locate stuff on the web than in a local coin shop.
That brings up a good point. If you attend any shows in your area ask your favorite dealers if they have a website. I did, and found out that 3 of the 4 that I deal with indeed had websites. Can't go wrong. A dealer you trust and will stand behind what they sell, better pricing to a good regular customer. Sort of like being at the coin show 24/7!!!
