Buying Coins on e-bay

thekid

I have purchased several coins from e-bay sellers and was wondering if I can get some feedback from more "experienced" coin buyers. It seems to me that when many people are bidding on any one item, it pushes the prices up, therefore am I better off NOT buying coins on e-bay or in any auction environment, instead, going to coin shows or to dealers where perhaps there is less competition for individual coins and therefore (perhaps) better prices?


thekid

kranky

Welcome to the boards!

What kind of coins are you buying? Are they raw or slabbed? If slabbed, by what company?

There are many times when people pay more on ebay than they would pay at a coin show for the same item. The answer will depend greatly on what kind of coins (and grades) you are talking about.

ursabear

Welcome to the boards! The pod grows

Russ

thekid,

Both are good sources for coins, but both also have their hazards.

Shows are nice because you get the chance to actually look at the coins before plunking down the money, and engage in a little conversation with dealers and other collectors. Great place to learn (so is this forum). While you do reduce your risk, you don't necessarily get the best deals at shows. You also have less time to evaluate and it's easy to "get caught up in the moment."

eBay has an enormous selection of material 24 hours a day, 7 days a week. But, it's a good idea to really know the stuff you're buying or, barring that, buy from reputable sellers with a good return policy. There are some well, less savory, people on eBay so be careful who you buy from. OTOH, if you know your material, there are frequently nice bargains to be had.

In either case, you can overpay or underpay. The key is knowledge and there's a truckload of it here right at this forum!

Russ, NCNE

oldshep

On ebay - it's easy to get caught up in auction fever - when you see a coin you like and decide your maximum price stay wiyh it. Do not let last minute bids (sniping) force you to panic and over bid.
Just my thoughts -and welcome to the most educational forum you'll find.
Shep

FatMan

Here's a Big Fat Welcome to ya!..............and what Russ said.

CLASSICS

hi.....and welcome.........if you are new to collecting i would not be buying any coins on ebay....i would get a copy of the redbook, and there are many others iam sure you would enjoy.....learn as much as you can, and learn how to grade your own coins.dont become a slave to plastic with numbers on it.....if you are buying coins........stick with the better grading services........pcgs, ngc, anacs......and always have fun and enjoy your collection...........

thekid

Thanks to all who answered my question. I believe there is a benefit to actually meeting the person you do business with, an intangible you can't get online.

ms71

There are some really outstanding sellers on ebay, hang around here awhile & read the threads discussing ebay & you'll get a good idea of some to look out for. Anytime you see something you may want to bid on, feel free to open a thread & ask about other board members' experiences with the seller. There's a wealth of experience here.

tgilliams

WELCOME!! Ebay offers some good opportunities, but you must know the series before informed decisions can be made. Patience works very well. A coin that sold for a $100 may sell a few weeks later for $75. Do your homework and you'll find some great and awful deals offered. Don't get caught in a bidding war unless the price is still competitive.

coachleonard

Believe me, good stuff DOES slip through the cracks, hammering down at ridiculously low prices. I have benefited greatly from that phenomenom on ebay as a buyer; I've been screwed by that same phenomenom as a seller!

hookooekoo

thekid,

I would have to agree with your comments on eBay.

Now given that 99% of my purchases are for <$100, here's how I see it (and don't understand it, the selling prices that is).

It seems that if you try to buy a coin on eBay...
1. You don't get to see the coin first-hand (just picture, most of which are crappy)
2. Raw coins are over-graded by one or two levels (F gets called a VF or VF+, G gets called F, etc.)
3. The coin sells at more than Red Book prices (based on the TRUE grade of the coin and not seller's stated grade).
4. There's a 95% chance of losing if you either don't snipe or bid a lot over Red Book
5. You have to wait to get your coin

If you tyr to buy a coin in person (Show or Store)...
1. You get to see the coin first-hand
2. Raw coins are over-graded by about half a level (VF-20 is really an F-12, XF-40 is really a VF-30)
3. The coin sells at or below Red Book (except Key Dates)
4. If you pass on a coin to look for better ones, there's a 95% chance that someone else purchases the coin while you keep looking.
5. You get your coin immediatly (and more likely to make a snape desicion).

ksteelheader

Velcomin! Lots to learned here.......Ken

DCAMFranklin

Some very nice coins available on Ebay. More times than not, even in an auction environment, you will pay substantially less than what a dealer will charge you at a show. Take your time and identify some quality coins. Determine what you are willing to pay, prior to bidding, and enter the fun.

Welcome to the Forum. I look forward to your continued participation. Enjoy your time here!

pandaman

Yoy can do very well on ebay as a buyer. Remember the negative of not being able to see the coin in person applies to all bidders. So you can find a coin for less. Don't want to pay too much for something you can't see. Check ebay for sales ending at odd times. They may slip past the "snipers" that often drive up the bidding.