The pitfalls of buying coins from a stock photo…
asheland
Posts: 23,400 ✭✭✭✭✭
I won’t mention any names, but one of our customers ordered a saint from one of the big online bullion sellers… This is what he got:
I saw the package opened, no switcheroo!
I can’t imagine that they didn’t see that. SMH
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I know this is apples to oranges given the grade difference, but the slabbed is a 64 and IT is an “AU”
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What's the difference in value between a polished AU 10-D with a rim dent and one that's problem free?
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
If you are an "Elite" member, we'll polish all your coins prior to shipping!
About zero.
The CDN price spread between VF20 and AU58 is a whopping $8.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Regardless of price difference, that coin literally has metal removed from the sun.
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If you're going to buy a common date Saint sight unseen, at least buy one that's been slabbed. Your chances of being disappointed are far less than buying a raw coin sight unseen.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
While that's good advice and true, most (not all) buyers of AU common date Saints don't buy them for their appearance.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Agreed. And most large retailers (we know who the retailer is), aren't going to spend a lot of time screening bullion coins for minor damage.
That said, that retailer does take returns.
At least if it's been slabbed by one of the major grading services you can be sure that your AU Saint isn't a counterfeit.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
I think we know who "they" are as I also buy their bullion coins from time to time but this one is just messed up. While we don't buy these random bullion coins for their appearence, we still want these to conform to the grade/category priced at. They may have switched up a coin from their "cleaned/damaged" category on this AU coin. I believed you have 7 days to a refund or exchange from the day you received the package.
I just got word it's going back for a full refund so that's cool at least.
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Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb
Bad transactions with : nobody to date
AU=Awfully Ugly. I'm guessing it's an ex pendant piece.
That said...as others have already stated, no real downside on it anyway if you're just buying it as a bullion play.
RIP Mom- 1932-2012
No pitfalls here, I never do it. If it's a valuable metal and you are only buying for the content, buy locally, you will do much better.
Jim
When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest....Abraham Lincoln
Patriotism is supporting your country all the time, and your government when it deserves it.....Mark Twain
When I have a few bucks left at the end of a big show (don’t laugh - it’s happened a time or two) it’s a fun to sort through big piles of slabbed generic gold and pick out a couple nice ones.
As for this coin, if one actually cares what the coin looks like, it’s probably best to avoid generic offers with stock photos. If it’s just a bullion play, as others have said, it doesn’t matter. Sounds like it will work out with the return.
If you’re a stacker without a numismatic background and you’re buying at a good price it really doesn’t make much of a difference. If you have a numismatic background and you’re looking to stack might as well buy a slabbed coin for roughly the same price that looks nice.
I could see buying a Saint in this way for my 7070 gold page (that slot is still empty!). But I would expect an AU coin to be undamaged; that coin is a borderline cull. Glad you are getting a refund!
10-4,
My Instagram picturesErik
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FYI it was $2089
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I buy a drink before dinner.
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
LOL. To be clear, I'm not looking through piles of $50 Pan-Pacs..... usually generic Lib quarter eagles, maybe a nice Indian $10 for a type coin.
That sounds familiar about the $10 Indian! I think I remember the time you were figuring out which one of these to pick up: https://www.pcgs.com/coinfacts/coin/1933-10/8885
😉
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
He didn't have drinks or dinner that night.
Does "full refund" mean the buyer will not be out anything for shipping? If not, that would have to be a deterrent to returning a coin when the replacement would have no added monetary value.
What are the expectations when you're buying a raw Saint described as AU-nothing?
You take a chance buying a coin based on a photo of the actual coin. I would never buy any coin based on a stock photo.
Well, I needed one to go with my 1933 Saint.
ALL pitfalls and nothing else but pitfalls.
They sent a shipping label and are fully refunding the price paid. I will give them credit, they’re handling it properly at least. 👍
Not that I would buy a raw saint sight unseen, but I would expect something that would, at very least, straight grade as an AU.
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Stating the obvious but if you buy from stock photos you are buying sight unseen. That would turn me off instantly.