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 Replies: 23 / Views: 2,009 |
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New Member
United States
44 Posts |
I've been going to the same coin shop for a couple years to buy morgans, but lately I haven't been able to get the dates I need because the ones I need now are getting scarce and expensive, so I'm thinking about shopping on ebay, but is it safe?  |
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Pillar of the Community
United States
1283 Posts |
coindude411, I've made a few major ebay purchases and (with the exception of my very first purchase) I did quite well. On my first purchase I was a brand new collector and I paid too much. I have a few rules set for buying online, and if you follow them you should do just fine. 1: Do your homework! on your coin of interest. Obtain a Gray Sheet for price reference PLUS look at closed auction prices on places like Heritage. 2: Make sure the seller has 99.8% feedback or better. 3: Make sure the seller offers a return policy. This part is not a must, but do so if you want to play it extra safe. 4: If you're spending a lot of money on a coin, make sure it's certified by PCGS, NGC, ANACS or ICG. No others. 5: Make sure they have GOOD pictures posted of the coin. Numbers four and five coincide with my signature. 6: When you see something of interested, don't be afraid to post a link on here and ask for opinions. 7: Be patient! Never have a "must buy now" attitude. I've spent weeks looking for the right coin, but in the end I always ended up happy. 8: When you can, bid in the last 15 seconds or so of the auction. Some people frown upon that but I think it's perfectly acceptable. If you happen to beat someone by a tiny margin there's nothing they can do about it. It also forces you to stick to your predetermined max bid. 9: Familiarize yourself and become comfortable with ebay in general. Learn about ebay stores, policies, functions, etc. You should also learn about the ebay culture. For example; you'll learn most "Buy it Now" listings are way overpriced. 10: Always share pictures with us when your coin arrives! This has nothing to do with buying on ebay, I just like to see other collector's coins :o) Edited by USArmyParatrooper
01/12/2008 10:20 am
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Moderator
 United States
23522 Posts |
It's safe, but only if you know exactly what you're doing. That means knowing how to evaluate a seller's reputation based on past performance. Knowing enough about the photographic process to understand what you're seeing (and, more importantly, what you're not seeing, when you look at posted photographs. Knowing the values of specific years, in specific conditions, so you don't overbid. Furthermore, you want to be able to recognize the potential for a good coin in a bad slab, since such things do exist and can be pretty excellent deals. Knowledge is key. I have personally done pretty well with Morgans on ebay. Having said that, I have also paid over $100 for dogs, even after achieving some level of knowledge. You have to be able to accept that you could screw up at any moment, looking more to the long term than the short. |
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Pillar of the Community
United States
533 Posts |
I have yet to be burned coin purchases made on ebay (knocking on wood) but when I have been taken it has almost always been due to lack of homework/experience. My biggest problem is taking it slow and not getting too excited. There is also a great forum on all thing ebay. If you get ready to make a purchase I would post the link there and get some advice. Also, I have found a number of really awesome seller's on the "Recommended ebayer" forum. Good Luck! |
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Pillar of the Community
United States
2600 Posts |
411, all the previous advise is right on and if you follow it you have a fighting chance.
I would like to add the idea that most people can't photograph worth a crap and quite often a good coin is hidden behind a bad pic, or visa versa as Superdave eluded to. I recommend buying a few cheaper coins for practice and start to get a feel for how a coin photographs in comparison to how it looks in hand.
Jim
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Pillar of the Community
United States
2600 Posts |
Oh, and watch out for Superdave, he is always snipe hunting.  Jim  |
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Pillar of the Community
United States
1934 Posts |
Army, I have a 96.8% rating right now because there are some sellers that refuse to provide their feedback on a buyer until the buyer has fed back...if the buyer gives less than 100% positive feedback on the seller, often the sellers retaliate by giving the buyer a bad rating, even though the only real criteria for rating buyers is timeliness. accuracy, and completion of paying. So, two sellers have given me bad ratings...one I was sure was bidding against himself and then wrote me a secret email saying he had the exact same item for the current bid price...and another who advertised "culled" coins with no information that all the coins were either damaged beyond recognition or had serious corrosion problems, making the entire lot of 1000 coins worth only their copper melt value.
No buyers ever gave me a bad rating. I take a look at what buyers say about a seller; and dont give much credence to what sellers say about buyers unless the negative rating is related to payment.
Jim
Jim
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Pillar of the Community
United States
581 Posts |
I've never had a problem on e-bay, but I'm a low-buck buyer. Nothing fancy. If I wanted to plunk down $300 or more for a coin, I'm not sure I would use e-bay. Especially if you're new and in many ways, we're all "new".
When you're spending a lot of money, you can throw out all the safe backups like metal content, etc. You are buying THE COIN. How it looks, what nicks and dings it has, etc. You will have to live with that.
For me, If I'm spending big bucks, I want to see it in hand. And once again, that's even MORE important if you're just starting out.
If you see a cool coin and you are attracted to it and you like the price - then all is good in the world. When I got back into coin collecting a couple of years ago, I did an impulse buy of a 1967 Canadian Half and Quarter. Small change, I know. Probably over-paid. But I LOVE those two coins. They're cool!
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Pillar of the Community
United States
1283 Posts |
j_h_s,
I'm learning more and more that the feedback rating is flawed. As of late I've started to be more willing to look at auctions where the seller has lower than desired feedback. But I always go back through and actually read the negative feedback. The system really stinks for those of us just starting out. I only have 11 feedback, so if I receive just ONE unfair neg my percentage will be in the tank.
I was giving a generally rule of thumb for someone who is just starting out.
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Pillar of the Community
United States
1179 Posts |
I agree with USArmy on that one. I have like 27 feedback and I'm looking to sell some extra coins here soon. I am afraid to do so since I think selling might bring more negatives if something were to happen then buying would. So my score would be in the tank if I had one unhappy customer, or a loose cannon type guy to leave negatives. Although I'm sure I could make them plenty happy, but you never know with some people.
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Pillar of the Community
United States
5318 Posts |
quote:
You should also learn about the ebay culture. For example; you'll learn most "Buy it Now" listings are way overpriced.
True--unless the seller doesn't realize they're selling a rarity.  I've caught a few that way. |
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Pillar of the Community
United States
1283 Posts |
KurtS, what have you managed to score? I never seem to get lucky with BIN auctions. Maybe it's because the stuff I'm looking for everyone knows about.
I always at least look at the BIN stores, with the hopes of simply paying fair market value! They always, without fail, range from a bit overpriced to way over.
On a side note that became my favorite way to sell. I put a coin up with a BIN price for fair market value and it gets snatched in a day or two.
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Pillar of the Community
United States
5318 Posts |
quote:
what have you managed to score?
Recently, I found two IHC die varieties: the 1870 Snow-8 (I found the 10th known copy), and an XF example of the 1890 Snow-1 QDO (Quadruple doubled obverse). Both are worth many multiples of the dealer's BIN price. I have articles posted on the forum of both finds. "Buy It Now" ....ok, sure! |
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Pillar of the Community
United States
1283 Posts |
quote:
I have articles posted on the forum of both finds.
Wow! That's outstanding. Do you have a link to the articles? I'm afraid I'm going to have to fry my brain trying to learn all about varieties :o( It's a field I previously ignored. |
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Pillar of the Community
United States
5318 Posts |
Here's some info I posted on the 1890 QDO. I made a contest out of it...comparing it to two other coins. Some visual diagnostics by Rick Snow are posted on p.2. Now I found the article on the 1870 S-8 I also posted it to Rick Snow's forum--he verified my find. There's also my 1887 Snow-1 DDO, another ebay steal--but not a BIN.  Edited by KurtS
01/12/2008 2:56 pm
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No longer with us
United States
207 Posts |
ebay is safe--but look at the seller's rating---new sellers may have a 96% and still be good because someone left bad feedback not desrved---look into the detail!
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Replies: 23 / Views: 2,009 |
Posted 01/12/2008 10:29 am
