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Advice On Bidding On Coins On Online Auctions

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Author Previous TopicReplies: 5 / Views: 1,189Next Topic  
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orkneycoins's Avatar
United Kingdom
16 Posts
 Posted 11/17/2021  3:10 pm Show Profile   Bookmark this topic Add orkneycoins to your friends list Get a Link to this Message Number of Subscribers
Hi,

Relatively new to coin collecting and I am thinking of bidding on an online auction site. Any general advice? Can I assume the auctioneers would have looked at the coins to make sure there not fake? Or do I need to look at the pictures in detail and decide myself?

Kind regards

Orkneycoins
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westernsky's Avatar
United States
7616 Posts
 Posted 11/17/2021  3:23 pm  Show Profile   Bookmark this reply Add westernsky to your friends list Get a Link to this Reply
Do your homework and know EXACTLY what you are bidding on. Read and understand ALL of the auction company's terms and conditions. If you don't understand something —-ASK QUESTIONS!

Make sure you have recourse if anything goes wrong or you receive something that is counterfeit or was not as described.

Until you feel comfortable, set a spending limit and stick with it!

Good luck!
Edited by westernsky
11/17/2021 4:10 pm
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Spence's Avatar
United States
34397 Posts
 Posted 11/17/2021  8:35 pm  Show Profile   Bookmark this reply Add Spence to your friends list Get a Link to this Reply

Quote:
Can I assume the auctioneers would have looked at the coins to make sure there not fake?


Trust but verify. Probably most of us have been burned at one time or another.
"If you climb a good tree, you get a push."
-----Ghanaian proverb

"The danger we all now face is distinguishing between what is authentic and what is performed."
-----King Adz
Bedrock of the Community
United States
20753 Posts
 Posted 11/18/2021  07:26 am  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply

Don't do it.
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Cdncoins's Avatar
Canada
999 Posts
 Posted 11/18/2021  3:41 pm  Show Profile   Bookmark this reply Add Cdncoins to your friends list Get a Link to this Reply
I tend to pick a max price that I am willing to pay for an item then subtract shipping, taxes, buyers premium and whatever other charges sometimes get included (i.e. packaging fee) then that is the price I put in the box. I tend not to win many items this way, but at least I know I didn't overpay.
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tdziemia's Avatar
United States
7936 Posts
 Posted 11/18/2021  8:49 pm  Show Profile   Bookmark this reply Add tdziemia to your friends list Get a Link to this Reply
All reputable auction houses will stand behind the authenticity of the coins they sell, indefinitely. This will be stated in the terms of sale.

(Added: A European (not UK) auction house with whom I deal regularly uses this statement in their terms of sale: The authenticity is guaranteed unconditionally.
However, this is not universal, so you may want to look for this before you place bids)

This is NOT true of ebay, however.

Otherwise, advice from @westernsky and @Cdncoins is on the money. Do your research on what the coin is worth ... remember that you need to pay a commission (except for ebay) and shipping costs, which can be very high in some cases (as much as $70 US)... set a limit and stick to it.

And be prepared to walk away. Most coins will be available again next week or next month.



Edited by tdziemia
11/19/2021 08:27 am
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