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Another Question About Where To Buy Coins

 
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Bedrock of the Community
United States
18443 Posts
 Posted 09/12/2019  1:02 pm  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply
I never buy from ebay due to so many stories of lost in mail, wrong coin sent, not the same coin as shown, counterfeits, pay pal charges, return problems,ebay charges, etc. Just don't know why more people don't go to coin shows. No taxes, no parking fees, no problems with lost in mail, wrong coins, etc. You just buy what you see and it's right there.
just carl
Valued Member
United States
98 Posts
 Posted 09/12/2019  1:32 pm  Show Profile   Bookmark this reply Add Sasquatch to your friends list Get a Link to this Reply
Check your local newspaper (or internet site) for auctions or estate sales.
You can see the coins your bidding on, but most of the time you have to pay with cash.
Moderator
Learn More...
United States
76302 Posts
 Posted 09/12/2019  3:43 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
I never buy from ebay due to so many stories of lost in mail, wrong coin sent, not the same coin as shown, counterfeits, pay pal charges, return problems,ebay charges, etc. Just don't know why more people don't go to coin shows. No taxes, no parking fees, no problems with lost in mail, wrong coins, etc. You just buy what you see and it's right there.
I do prefer coin shows, but I would not have 30 of the 32 Ikes for my graded set if not for eBay. I have bought three at coin shows, seven from CCF members, and twenty from eBay.

I was afraid of eBay for a long time, but now I feel safer there than the flea market.
Bedrock of the Community
United States
12388 Posts
 Posted 09/12/2019  3:45 pm  Show Profile   Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply

Quote:
I never buy from ebay due to so many stories of lost in mail, wrong coin sent, not the same coin as shown, counterfeits, pay pal charges, return problems,ebay charges, etc.


Again PayPal and eBay fees are for SELLERS not buyers. Buyers pay 0 fees.

You are far more likely to encounter a problem on eBay as a seller than you are as a buyer. The overwhelming majority of fake coins or scams are very easy to sniff out and people either just didn't take a couple seconds to check or got greedy and thought they were going to get a windfall profit/too good to be true coin.

As much as I dislike many of the policies eBay has implemented against sellers, it is a perfectly safe and legitimate place to buy


Quote:
Just don't know why more people don't go to coin shows. No taxes, no parking fees, no problems with lost in mail, wrong coins, etc. You just buy what you see and it's right there.


The tax situation is no different at a show than it is online, you are either supposed to pay them or you aren't. If a dealer wants to play with fire and break the law not doing taxes at shows that's just foolish on their part.

As far as why people don't go to shows more it's quite simple, the majority of shows and small local dealers at those shows aren't worth even looking at their inventory. Between the overgraded coins, doctored coins, coins cracked out of details slabs being sold as problem free etc there is generally a much higher percentage of trap coins at a local or regional show than there is online.

There is also a smaller inventory, if you're young or younger many dealers will treat you poorly and try and rip you off if they even give you the time of day. Most better coins are cheaper online that at shows as well. I can't even count how many AG 3 1806 quarters I've seen being sold for 400-500 at shows when they go for about $300 online. Granted show pricing will be different in different parts of the country

That said there are good dealers at most shows though the percentage is generally pretty low. You just have to be careful and remember that just because someone has a table or is a dealer doesn't mean they're honest
New Member
United States
16 Posts
 Posted 09/17/2019  11:15 am  Show Profile   Bookmark this reply Add Silver Star to your friends list Get a Link to this Reply
"An uneducated buyer will get burnt almost every time." The key to successfully buying coins is definitely Education, Education, Education, no matter if you're buying on e-bay or from a local dealer or an auction house. Just like the key to buying real estate is Location, Location, Location.
New Member
United States
16 Posts
 Posted 09/17/2019  11:37 am  Show Profile   Bookmark this reply Add Silver Star to your friends list Get a Link to this Reply
There are some dealers who play with fire by not paying taxes. But over the long-haul, these people will pay a price for living in the underground economy (no social security for retirement, heavy penalties for cheating on taxes, inability to buy a home because they can't show any taxable income). Also, these dealers are probably the same dealers over-grading their coins and taking advantage of unknowledgeable beginning collectors or collectors who have never learned how to grade coins and spot counterfeits and/or damaged (details) coins cracked out of a holder. Find a dealer who pays taxes and has been in business a long time and has a reputation for treating collectors fairly on grade and price. As others have said, do your due diligence.
Edited by Silver Star
09/17/2019 11:38 am
New Member
United States
16 Posts
 Posted 09/17/2019  11:50 am  Show Profile   Bookmark this reply Add Silver Star to your friends list Get a Link to this Reply
Also, it helps if the collector (buyer) has common sense. If a coin and its price offered for sale (on e-bay, in a coin shop, in an on-line auction) is a screaming deal (immediate profit of 300% or 400% or some other ridiculous multiple), it's probably a rip-off. If a deal looks "too good to be true," it probably is. Don't buy it. Don't be a sucker. Use some common sense. However, if a coin is fairly priced and you have done your due diligence (researched the coin, are comfortable with the grade and price), buy it if it works for you and your collection. And enjoy your purchase as part of your collection. Be in the hobby for the long-haul. Don't fret and stew about making a big profit in the short-term. Hold the coin over the long haul and look for long-term appreciation of the coin as a scarce and rare coin investment and enjoy the collection of coins as artistic and historical. Just some thoughts about collecting and investing.
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