Important News! CoinLink has merged..... Visit our NEW Site www.CoinWeek.com

BREAKING NEWS:....... Vist Our NEW Site at CoinWeek.com

To Ebay or Not to Ebay?

By Gary Tancer – Coin Gallery of Boca Raton

As a fellow E-bayer, I find the site a great place to buy and sell rare coins. However, caveat emptor is an important rule of thumb just like with any online coin or bullion auctions. Many of the top rare coin wholesalers list coins on Ebay and are willing to sell them for a small premium above wholesale prices. But beware of dealers who are auctioning their coins without any reserves set on them, for many times these items are subject to shill bidding. Shill bidding is the act of having someone run up the prices on auctions with the hope of causing the winning buyer to pay a higher price. Although Ebay has made great strides in policing this illegal practice, inevitably it still occurs.

Something else to keep in mind with Ebay is if a deal looks too good to be true, it probably is not legitimate. For example, in the past few months, I purchased several raw gold coins which turned out to be counterfeit on later inspection. Buying raw coins can be especially tricky and requires more scrutiny due to their not being graded and authenticated, which makes for a higher susceptibility to alteration. When buying uncertified coins, it would be wise to only purchase them from established and reputable dealers with a strong feedback history. However, for coins over $250, I recommend buying them slabbed.

For a general rule while buying on Ebay, I would recommend to shop from dealers who offer some sort of guaranteed return privilege. This way, the buyer knows there is nothing to hide on the dealer’s end and can rest assured if satisfaction is not met by the item in person.

What are some of the major advantages of Ebay buying?

1. All In One Convenience

o You can search one site instead of hundreds to instantly find what you want
o Compare prices of the items you want as soon as you find them to pay the best price possible

2. Best Prices

* Sellers pay lower fees than at traditional auction houses, allowing them to offer a lower price to the buyer

3. Updates From Your Favorites
* If you have had a pleasurable experience buying from someone, give them positive feedback, and you can also save them as a favorite seller and receive email updates on their latest listings

Disadvantages of Ebay?

Like any high volume website, there exists the ever-present possibility of fraud. There are watchdogs on Ebay constantly monitoring the site, but it is impossible to prevent all wrongful listings. Always check people’s feedbacks, organizations, how long they have been on the site, and their about me page to determine if who you are dealing with is legitimate and trustworthy. Furthermore, Ebay also has their guarantee.

Remember, of course going to coin shows or buying from major coin auctions are still great ways to obtain fresh coins; however, if one does not have the time to physically attend such an auction or show, then Ebay is a great alternative to purchase coins at your convenience.

About the Author

RSS Feed for This PostPost a Comment

You must be logged in to post a comment.