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Replies: 19 / Views: 3,260 |
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Bedrock of the Community
Australia
21788 Posts |
I always like examining any coin in hand before making a decision to buy; always better than just comparing pictures on screen. Nevertheless one of my favorite tactics is to go to Google Images and search for similar coins for comparison. In addition with ancients, it is possible to not only compare similar coins, but also to get a reasonable idea of current market prices for similar coins all in one search. It is part of doing 'due diligence' before closely examining valuable coins in hand. With ebay, just make sure that the seller has an unquestioned return option. None of the coins in my collection are slabbed, and a few of them are valued in the $thousands, but vast majority of them would be valued at less than $25. Slabbing just doesn't fit the way I buy coins or display them. But that is just me. I agree that buying a slabbed coin then breaking it out after purchase can be a legitimate way to go. If you do this, you get to check the weight, and closely examine it in hand. Unfortunately, if you are unsatisfied with what is in the slab you may be stuck with it. That is one of the aspects of buying slabbed coins on ebay that can cause problems, and may deter some buyers - there is no way of proving to the seller that what you have received is a dud. You have just broken his slab. That is why it is best to buy from sellers who have an unquestioned reputation, but makes it harder for honest sellers who are just starting into the market.
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Pillar of the Community
Canada
5250 Posts |
@John1, I believe that there are a few websites listing fake coins but unfortunately the number grows daily so they can never be comprehensive.
I am inclined to agree that buying from a reputable dealer with a return policy is your best insurance. I would go so far as to say in all of commerce it is better to buy from someone reputable with a good return policy.
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New Member
United States
48 Posts |
I'll chime in with support for buying from a dealer you know and trust, but if you're dead-set on buying from ebay, there's nothing wrong with cracking a coin out of a slab.
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Pillar of the Community
United States
4469 Posts |
Set a risk tolerance level on buying raw coins on ebay. My level is $200 and any coin that I purchase over $200 on ebay is slabbed by NGC or PCGS. There are some very good old copper counterfeits. I have been buying some $2.50 and $5 Indian gold on ebay and there is not way I am buying raw gold coins as some of the counterfeits are simply too good to detect from some ebay photos.
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Pillar of the Community
United States
7293 Posts |
By from a dealer you trust. Don't buy on ebay unless you can tell the difference or its slabbed.
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Valued Member
 United States
417 Posts |
Thank you all for the replies. I often see folks post ebay links here for opinions, and everyone is so helpful, it just doesn't seem .. "sustainable". Buying from dealers and cracking out slabs sure would work, but of course is a lot more expensive. Here's a tool I haven't tried yet, but looks worth a shot - $5 for an opinion that is surely way better than mine! https://www.NGCcoin.com/expert-review-ebay/
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Bedrock of the Community
United States
20753 Posts |
I would never buy from someone on ebay. Just way to much of a chance of a fake. And also, a chance that a return doesn't work.
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Pillar of the Community
United States
4085 Posts |
Buying slabs is a little more expensive than buying raw authentic and accurately graded coins. It is a lot more expensive than buying raw coins of questionable authenticity and / or grade.
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Pillar of the Community
United States
8518 Posts |
The guy selling the coin in your original post is a member here. I see it went for almost 2 grand.
Oregon coin geek.....*** GO BEAVS ! ! ! ***
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Valued Member
Canada
153 Posts |
Anyone have any idea of what percent of high end coins on ebay are fakes?
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Pillar of the Community
United States
1613 Posts |
ANA member - PAN Member - BCCS Member There are no problems only solutions - the late, great John Lennon
Edited by Ballyhoo 05/13/2020 10:09 pm
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Pillar of the Community
United States
3755 Posts |
Say you are looking for a 1916D Merc. A slabbed Good will likely run you mid 600's or so. Which is not a bad price on a nice one. If you manage to sang one for less than that ungraded, how much did you save if it turns out it is fake? If you find a good deal graded, that is always a better option on key coins IMO. All that being said, if you have had good dealings with a dealer and you know they back their coins, then graded may not be needed.
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Pillar of the Community
 United States
5677 Posts |
The vast majority of coins on ebay are genuine. The more common issue is whether they have been cleaned or are otherwise detail coins that would affect value. But I would be a bit more leery about getting a raw key date or a coin that is commonly counterfeited (like classic gold). The option of getting a quick $5 authenticity opinion from NGC would seem to be the least you should do if you are not an expert and want to go for a high value raw coin.
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Valued Member
 United States
417 Posts |
Quote: If you manage to snag one for less than that ungraded, how much did you save if it turns out it is fake? In that case, you didn't "save" anything, in fact you lost it all. But that isn't my question. It's more like, on average, what is the savings on raw ebay coins. Say you buy 100 coins (assume equal prices), and 5 of them turn out to be fake. You "lose" 5% of your money. But say instead you buy those 100 coins slabbed or from a reputable dealer. Did they cost more than 5% over the above? I think they do! That "5%" figure of course is just a made up example. Worn common stuff at low money, I bet are rarely counterfeit. A shiny bust dollar from China, pretty much guaranteed fake. How to minimize the fakes, that is the question. And I'm liking the idea of that $5 NGC opinion more & more.
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Valued Member
United States
425 Posts |
I have purchased a large number of coins on ebay and other online dealer sites, and thus far not one issue as to authenticity. All of my coins dated 1942 and later are not slabbed, and I did purchase many of the coins from two local coin shops. The vast majority of sellers are legitimate, so why tarnish them with some rotten apples. The cutoff date for ungraded coins is arbitrary on my part, though I do go with the idea of $200 value give or take being the cutoff point to go slabbed. I collect United States coin by year and mint mark and so 1942 as a set seemed a good cutoff point.
Edited by Erscolo 05/15/2020 5:14 pm
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