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Ebay A Bad Place To Buy Coins

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82574 Posts
 Posted 10/21/2019  2:06 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

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Just think of the nightmares older collectors had before eBay.... and before the internet.... most of the stuff we have now would have been near impossible 30 years ago. To get a hold of the coins we can get a hold of now, vs back then and most of it is because of eBay.
Agreed.
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 Posted 10/31/2019  11:13 am  Show Profile   Bookmark this reply Add solotime to your friends list Get a Link to this Reply

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Make sure anything you buy that's more than $25 or so is slabbed


This really isn't true. You just need to know what you're buying. I bought three classic BU Nickel rolls off of eBay and all three were really nice. I paid like $2500 for them.

Of course eBay does have people who want to rip you off. But it's no different then certain local coin stores.
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 Posted 10/31/2019  11:39 am  Show Profile   Bookmark this reply Add thq to your friends list Get a Link to this Reply
One major problem with eBay is the added layer of fees. By going to the lister's non-eBay site, items are 5-10% lower priced for cash.

Another irritating problem is not being able to use eBay gift cards for coins. It's understandable with bullion, but for numismatic coins it makes no sense. I can use gift cards to buy sterling flatware and plate, and jewelry, but not a tired dime or a red cent.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
Edited by thq
10/31/2019 6:03 pm
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 Posted 10/31/2019  4:01 pm  Show Profile   Check Andrew99's eBay Listings Bookmark this reply Add Andrew99 to your friends list Get a Link to this Reply
It wasn't a nightmare in the 80's. It was just more local markets and relying on dealers looking for things for you. You needed to either circulate want lists or go to major shows yourself. Coins which are now relatively available, you needed to search months for. The coins are no more common, its just that I can now buy from a national marketplace whereas previously they would have to be East coast dealers or I'd never see them.
The collection is in your mind. Dispose of your albums and free your mind from the tyranny of holes.
Edited by Andrew99
10/31/2019 4:01 pm
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 Posted 10/31/2019  4:04 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

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It wasn't a nightmare in the 80's...
It just meant you had to work a little harder. Really, not that much different from just about anything else done in the 80s compared to today.

Raise your hand if you want to go back to doing your job they way you (or if you are younger, they) did it in the 1980s.
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 Posted 11/14/2019  9:51 pm  Show Profile   Bookmark this reply Add Erscolo to your friends list Get a Link to this Reply
I have been assembling complete sets of mint state coins from 1941 through 1958. Many of these come from eBay or other on line sources, and many come from the local coin shop. I have had only one issue with an eBay purchase, which was resolved. I've had no other issues buying in person or through the electronic world. You need to do your homework in both cases, finding a fair price and a quality coin. Work should never be a put off, it is most definitely a part of what makes coin collecting a joy.
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 Posted 11/15/2019  07:54 am  Show Profile   Check edweather's eBay Listings Bookmark this reply Add edweather to your friends list Get a Link to this Reply
Ebay is a great place to buy coins, as long as you know what you're doing. Also a great place to sell them. Tougher buying these days though. Not as many deals as there were a few years ago.
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 Posted 11/15/2019  1:20 pm  Show Profile   Check Paul Bulgerin's eBay Listings Bookmark this reply Add Paul Bulgerin to your friends list Get a Link to this Reply
I remember back in the 1980s and early 1990s waiting for my copies of " Coin World" and "World Coin News" to arrive and pouring through the ads, most without photos.

Now I can look at thousands of coins, with photos, every night.

There is no comparison.

If you are careful, because there are lots of fakes on eBay, especially in the ancient coins listings, eBay is a treasure trove for the collector.

I have been taken a couple of times, but the great buys I have made far outweigh those mistakes.
Paul Bulgerin
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 Posted 11/15/2019  5:10 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
I remember back in the 1980s and early 1990s waiting for my copies of " Coin World" and "World Coin News" to arrive and pouring through the ads, most without photos...
Same here.

To be sure, those were fun times, but I would not want to go back.
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 Posted 11/16/2019  1:28 pm  Show Profile   Bookmark this reply Add yelimsexa to your friends list Get a Link to this Reply
Too bad that eBay is now punishing buyers with the Internet Sales Tax law which levies state sales taxes on purchases (6% for me). Yesterday at the Whitman Coin Expo in Baltimore, I didn't pay a single cent for sales taxes, and of course, its one of the most trusted places for buying genuine coins. This will obviously lead to an advantage for buyers living in tax-free states like Oregon, New Hampshire, and Delaware in the long run. Thank goodness for the buyer protection policy, but that's basically an automatic fee that I'll never get back.

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 Posted 11/16/2019  2:52 pm  Show Profile   Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply

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oo bad that eBay is now punishing buyers with the Internet Sales Tax law which levies state sales taxes on purchases (6% for me).


eBay isn't doing anything, they're following the law. If people have a problem with sales vote for people that want it lower, contact your representatives, try and get an exception for coins etc.

eBay actually fought against the sales tax law while some other big boys that already had to collect it were lobbying to make it apply to everyone.


Quote:
Yesterday at the Whitman Coin Expo in Baltimore, I didn't pay a single cent for sales taxes,


If they aren't remitting sales tax they're breaking the law and it's only a matter of time until they get caught. The honest ones are in fact at the very least pricing sales tax into the prices.

With how many people openly brag online that xyz is breaking the law not charging sales tax it's only a matter of time until tax agents start walking shows and nailing everyone and when that happens they'll wish they had been charging it.
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 Posted 11/18/2019  12:21 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

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eBay isn't doing anything, they're following the law. If people have a problem with sales vote for people that want it lower, contact your representatives, try and get an exception for coins etc.
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 Posted 11/21/2019  1:51 pm  Show Profile   Check oih82w8's eBay Listings Bookmark this reply Add oih82w8 to your friends list Get a Link to this Reply
I would be very cautious on raw coins and even some certified ones anywhere. And I would not purchase from someone who did not have a return policy.
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 Posted 11/21/2019  2:43 pm  Show Profile   Check paralyse's eBay Listings Bookmark this reply Add paralyse to your friends list Get a Link to this Reply
Prior to the sales tax changes, state governments were being deprived of a massive amount of tax revenue because their tax codes were based on brick-and-mortar sales and did not take online interstate commercial transactions into account. If I walk into a local store, I am going to pay state and local sales taxes on my purchase, even if I am a resident of another state; it was absurd and illogical that the same rules did not apply simply because I wasn't physically AT the store. Those tax dollars fund education, public services, healthcare, and many other things, and by requiring companies selling goods or services online to collect all applicable taxes, the tax burden on private citizens and small businesses is reduced.

Yes, it adds additional complexity on the part of sellers, but much of that complexity has already been automated (eBay automatically adds relevant taxes to purchases.)

My concern with all of the above comes down to the following: at what point is a seller no longer acting as a party in a private transaction, and instead acting as a seller of goods and services? To me, this is the area that needs the most clarification, and the arena wherein I predict the most legal wrangling will occur. As far as I am concerned, purchases on eBay between two individuals, neither of whom are operating as a registered or licensed business or corporate entity, are private transactions and should rightly be exempt from the collection of sales and use taxes. I therefore disagree with being required to pay taxes on purchases from those sellers. In their capacity as the transaction agent, eBay alone should bear full responsibility for any taxes imposed on them by federal, state, and local taxation authorities, but they are also fully within their rights to require that one or both parties pay a fee in order to use their services as a transaction agent, so it's kind of a confusing mess right now.

As to coin shows, I am not sure, but I would guess that if a dealer or individual is not licensed to collect sales tax in a given venue, it may be unlawful for them to do so. That is the case here in TX and operating a business entity for very long without a sales tax license will get the unwanted attention of the comptroller's office and the state and local tax authorities, but coin shows tend to be non-permanent, short duration events with many dealers who are not operating a permanent business in the state, creating lots of legal drama that the state likely wishes to avoid.

At least in TX most private transactions are sales tax exempt at a local and state level, and only subject to any federal taxes that may arise (with some exceptions, e.g. selling a car, or real estate, or capital gains from the sale of bonds/stocks, business profits, or oil and gas royalties, just to name a few.)
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 Posted 11/21/2019  3:14 pm  Show Profile   Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply

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Those tax dollars fund education, public services, healthcare, and many other things, and by requiring companies selling goods or services online to collect all applicable taxes, the tax burden on private citizens and small businesses is reduced.


It doesn't actually reduce the burden on private citizens at all. Technically it stays the same as the tax was supposed to have been collected anyways, but the burden of every tax is is carried economically by private citizens. Private citizens pay the sales tax, even for taxes on businesses alone those just get priced into the cost of goods/service which is ultimate covered by the private citizens who use the company or their products.

The only way to actually reduce the economic tax burden of a private citizen is to reduce the tax rate or eliminate the tax. The private citizen is always the one that ends up carrying the tax burden economically.

It's just like when CA said you can't upcharge for using a credit card, well the auction houses and business just raised their rate to what the credit card price would have been and while some do offer a cash discount back to the old price many do not. The intention was to have the businesses cover the fee, but the reality is that they just passed the fee onto the private citizen in a different way.


Quote:
I therefore disagree with being required to pay taxes on purchases from those sellers. In their capacity as the transaction agent, eBay alone should bear full responsibility for any taxes imposed on them by federal, state, and local taxation authorities, but they are also fully within their rights to require that one or both parties pay a fee in order to use their services as a transaction agent, so it's kind of a confusing mess right now.


If they said eBay couldn't charge sales tax then the taxes would just be passed onto the seller in the form of higher fees, which would then be passed back onto the buyer in the form of higher prices. The system right now is much less complicated to just have buyers pay sales tax.

That said it does start to get into how much deniability does eBay still have for how responsibly they are for what happens through their site. Before they could always hide behind we're just the third party it's between the private buyers and sellers etc, but now it is clear that tax law is treating eBay as the seller with the accounts almost being contractors of sorts as probably more than 99 percent of eBay sellers wouldn't meet the sales tax collection thresholds for other states.
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