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Coin Auctions (Not Ebay).....are They Really Worth The Time?

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Valued Member
lesinwestvan's Avatar
Canada
133 Posts
 Posted 10/18/2013  10:08 pm  Show Profile   Bookmark this reply Add lesinwestvan to your friends list Get a Link to this Reply
Back in the early 90's I owned a collectibles store (coins, stamps, sportscards and comics) in Oshawa and I can tell you from experience that higher end items were nice to have but just sat there. Very hard to move. The cost of rent, product, bills etc. made it near impossible to stay in the business.

I am now online and the difference is night and day. When I list coins on ebay I'm reaching millions of buyers at once and the turn around is pretty quick. Much different then the potential 30-40 people that would walk into my store in a day.

I often smile when I see people gripe about the costs of fees for auction houses, ebay, Paypal etc. I will pay those fees any day opposed to a rent or lease of over $1500 a month to sell 1/10 of the product I can sell online. The more fees I'm paying for on ebay and Paypal, the more I'm selling. Unfortuately with my store, I had to pay much higher "fees" even if I didn't make the sales.

I have to agree that I can't see the smaller Mom & Pop stores lasting in this day and age. It's unfortunate as I love to walk into a coin store and shop, but as a buyer and a seller I have the world at my finger tips online.
Pillar of the Community
pocket change 50's Avatar
Canada
1751 Posts
 Posted 10/19/2013  12:26 am  Show Profile   Bookmark this reply Add pocket change 50 to your friends list Get a Link to this Reply
Reading ebay seller forums the "do not return" doesn't wash if a buyer opens a not as described case. What will happen is Paypal will refund the money, and the buyer IS NOT required to return the item. After reading a discussion thread concerning returns and item not as described cases, I changed my setting to accept returns. Also just because you say you accept returns, you are still able to reject the request. It is all kind of confusing, but I've spent a lot of time reading the different buyer. & seller ebay forums, it's very educational.
Pillar of the Community
pocket change 50's Avatar
Canada
1751 Posts
 Posted 10/19/2013  12:38 am  Show Profile   Bookmark this reply Add pocket change 50 to your friends list Get a Link to this Reply
I was responding to Scott's Canadian coins comment regarding disclaimers and settings in ebay auctions that state no returns. When buying and selling on ebay always know how the rules are applied.
Valued Member
Scotts Canadian Coins's Avatar
83 Posts
 Posted 10/19/2013  12:46 am  Show Profile   Bookmark this reply Add Scotts Canadian Coins to your friends list Get a Link to this Reply
Yes, there are lots of horror stories on the forums, just like when you read reviews / forums for any product or service, mostly you get the "negative" reported.

The vast majority of ebay transactions take place without a hitch.

Unfortunately there are some unscrupulous sellers with little or no ethics doing business on ebay that look to take advantage of buyers.

Many of these are in the category of sellers of coins.

It's really frustrating to watch novice buyers who are new to the hobby of collecting get scammed.

Here are some ideas to help prevent this:

• Buy only from sellers who have an established track record that shows a history of excellent feedback.

• Be carefull about falling prey to the "lure of shiny objects" some coins sold by some sellers have been polished or "whizzed" to make them appear more shiny -- this is not true lustre, and in fact damages the coin and greatly reduces it's actual value as a collectible.

• Do not make purchases on a listing unless it offers no-questions-asked full money refunds.

• By all means... DO NOT leave positive feedback if you are unhappy with your purchase (you'd be surprised how many unsatisfied buyers are reluctant to leave neg feedback) -- help to warn other prospective buyers if you have bought a coin that you don't think is as good as was described / pictured.

• BOTTOM LINE - " If it sounds too good to be true... it is! " :)

Scott's Canadian Coins
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