Raw Coins On Ebay

hedgehog847

Most of you all have said, "don't buy raw coins on ebay." Does this encompass those ebay listings for rolls of BU Morgans and Peace dollars that are auctioned off? These are going for $500 and $600 a pop. Are these people really getting ripped off? I'm concerned because I've been saving my pennies to do that!

Thanks!

Russ

That should really be modified to don't buy raw coins on eBay with money you can't afford to lose. I wouldn't lay out $500 to $600 on eBay for a roll of dollars, but for me that's a big chunk of change. It's all about the risk/reward ratio, and I think that with a put together roll of Morgans or Peace dollars on eBay the potential reward is very little. For me, that would be a purchase reserved for sight-seen at a show or shop.

Russ, NCNE

hedgehog847

Thanks, Russ. Sounds like excellent advice. $500 to $600 is probably about 8 months coin budget for me, so I'd better not blow it on junk. I had better start cultivating a relationship with a local dealer!

darktone

I am getting a small following selling nice original raw coins on ebay- I lost some money at first but now I am doing okay- not getting rich but saving the $20+ expense of slabbing and on coins under a $100 that's a big percent of the cost. mike

relayer

There are very few original rolls out there. Any rolls you buy have already been picked over.

darktone

<< <i>There are very few original rolls out there. Any rolls you buy have already been picked over. >>

I agree- finding a truely unpicked through roll would be near impossible.

rhedden

A friend of mine (board member actually) bought a bunch of raw toned Morgans off there for about $25 each. When he got them, three were 1882-O/S in BU. One of them slabbed MS-63 at PCGS. I think the other two are ANACS MS-62. Another friend of mine bought a group of darkly toned commems on there basically for AU money. When he got them, they were deeply toned BU coins that got 64's and 65's from NGC. So it is quite possible to score on raw coins on there if you know how to spot the right auctions. In other cases, I have purchased coins where the photos were doctored or where the seller was just completely lying about whether or not they had been cleaned. I usually return them to send a clear message, even if it costs me money.

My advice would be to avoid coins that are expensive in high grade, but worth substantially less if they have a few trivial hairlines or spots (which they will). In other words, don't buy a better date Morgan raw and pay MS-65 money for it, or buy a proof Seated coin and expect it to have flawless fields. On the other hand, certain things like circ. large cents are usually going to look just like the picture and have little downside risk if they have minor problems, so they are relatively safe purchases.

hedgehog847

I was thinking of just buying rolls on ebay and then listing each coin individually for sale. I believe some sellers are doing this, and it seems they're sucessful.

Lemme ask this-- What's to say a dealer I go to face-to-face isn't going to sell me his or her junk roll that's been picked over and dipped? Should I not invest that kind of $$ until I learn the difference?

Russ

<< <i>Should I not invest that kind of $$ until I learn the difference? >>



That goes without saying.

Russ, NCNE

hedgehog847

True.

mercurydimeguy

A good gauge might be to look at the feedback rating of the "raw coin seller". You can drill down to each transaction and see if the buyer left favorable feedback. Odds are that if they've sold good raw coins and have positive feedback, there is little risk that they'll want to tarnish their reputation and thus from those people you can probably get undergraded coins (like described in this thread) -- a good rule of thumb by raw sellers...under-promise and over-deliver

I've sold a bunch of raw coins myself (not worth paying $20-$30 to slab a coin that might only be worth $50-$60) -- and never a problem because I know how to grade and I sell them the same way I want to buy them

I've also bought a number of raw cois on eBay -- ones that were not as graded in auction, the seller made good on (all but one guy)...but for the most part (because I tend to adhere to the above methodology), they've always met the grade.

Just my 2 cents / personal experience.

beartracks42

I never buy a raw coin from someone that I do not know or know of; unless they have a return policy stated in the auction and accept some form of credit. I have used my credit card company to help me get my money returned more than once. One time from Paypal.

Having said the above, I still prefer to go to shows and hold the coin in my hand...raw or slabbed.

carl

I would never buy anything site unseen. Around here there are coin shows at least twice a month, every month. There are many coin dealers in downtown Chicago. There are coin dealers at auctions and flea markets. Some hobby shops carry coins also. To many people that I know that tried ebay came out loosers. I'd rather buy a car with that much money and I have.

Barry

I've bought plenty of raw coins on Ebay and have NEVER been burned. I consider the coin ONLY if all of the following conditiions are met:
1. There's a good picture.
2. The seller has perfect (or close) feedback, meaning if he has a FB rating of 500 and there are more than 2 neg comments about overgrading, cleaned coins, never got coin, etc., I pass.
3. There's a return policy.
4. If I ask the seller a question, he replies and I'm satisfied with the answer.
5. If I ask for bigger/better pics, I get them via email.
6. It's not a coin that you wonder why it's not in a slab (key date, worth over a few hundred $$, etc.)