POLL: Collectors Only!

MrEureka

As a collector, would you ever bid a competitive price, sight unseen, for a certified coin? Assume that you have not seen the coin in the past, have not seen a picture, and have not been given a verbal description of the coin. All you know is that the coin has been certified by a given TPG at a specific grade.

If your answer is "no", how do you explain that some dealers choose to make sight unseen markets?

WaterSport

Honestly, its done a lot when buying stuff of of EBay, photo or no photo. I am a bit of low end gambler.

WS

rb7557

I voted sometimes, but its not so much the type of coin as it is the seller. If you look at datentype, he sells most of his stuff w/o pics. Never had a bad coin from him, of course it's just modern crap like this coin, which is my most recent acquisition from him

mercurydimeguy

Absolutely, but with one qualification -- at sight unseen prices, which are dramatically below market/sight seen prices.

I'll buy coins at back of blue sheet all day long. Send them my way

RYK

No, but that certainly does not make me a grading expert, either.

mercurynut

For the most part I do not unless it is from a dealer I buy from often and know what he looks for when adding to his inventory.

Numismanic

I've bought a few coins from DLRC before they put an image up. If they list it
as a 1***** I pretty much know that the coin will be nice in hand. I haven't
been disappointed yet.

Fairlaneman

No picture no purchase.

Ken

Dismeguy

I buy many certified coins, but must have a decent scan or photo as a minimum. Originality and full heads on seated dimes are a priority. An image provides a fair chance at assessing both of these parameters.

Would never buy on a sight unseen basis. Too, too many problem coins in holders. It is not worth the aggravation even at a low ball price.

kranky

I would not buy sight-unseen without a description, with the exception of PR69DCAM moderns.

Dealers choose to make such markets because a large number of people consider coins in TPG holders to be commodity items. They buy and sell coins as if they were stocks, where each share is identical to all others. Since I buy for my collection, they aren't commodities to me.

RYK

I would buy coins without a photograph with return privilige and/or from a trusted seller. Unless the photography is top-notch, the value of a coin photograph is over-rated IMO.

Fairlaneman

<< <i>No picture no purchase.

Ken >>



Opps.... a little White Lie was told. I do purchase from forum collectors sight unseen with no picture.

Ken

kranky

<< <i>

<< <i>No picture no purchase.

Ken >>



Opps.... a little White Lie was told. I do purchase from forum collectors sight unseen with no picture.

Ken >>



Without any description of the coin?

tradedollarnut

If your answer is "no", how do you explain that some dealers choose to make sight unseen markets?

Because they know where to go with the dogs? Woof!

Fairlaneman

<< <i>

<< <i>

<< <i>No picture no purchase.

Ken >>



Opps.... a little White Lie was told. I do purchase from forum collectors sight unseen with no picture.

Ken >>



Without any description of the coin? >>



Sometimes Yes. Most of the time a member gives a description freely without being asked. Mostly Mercs have been purchased this way and to say the least I really trust those folks.

Ken

mercurydimeguy

<< <i>
Sometimes Yes. Most of the time a member gives a description freely without being asked. Mostly Mercs have been purchased this way and to say the least I really trust those folks.

Ken >>



This is true -- a good number of transactions happen on the BSt without pictures. I've participated in these as both a seller and buyer

mgoodm3

I won't buy without decent pictures. There's a certain look that I go after when I am buying.

OKbustchaser

No, but I have bought raw ones that way from certain people...if those same people happened to have a certified coin for sale (highly unlikely) I would be willing to buy based on their assessment of the grade.

Barry

If your answer is "no", how do you explain that some dealers choose to make sight unseen markets?

I voted no, assuming buying a coin from a dealer with a no-questions asked return privilege doesn't qualify as sight unseen.

How do I explain that some dealers choose to make sight unseen markets?
Every dealer has the right to do business as they choose. I have no explanation for the business practices of others.

500Bay

I voted no, but I do only buy coins in plastic.

saintguru

I buy the coin...

however there is an exception to sight unseen. If a dealer who I trust calls me from a bourse or wherever and says he has a coin in hand that is really sweet I will commit to it.

That's only with maybe 3 dealers, who KNOW what I like, and have delivered many times.

Preussen

I voted "sometimes," but I normally buy only from a select few dealers, and there is always a full return privilege. I grade coins for myself, whether slabbed or raw, and unless a no-return "sight unseen" coin is a very low price, I'll pass. - Preussen

UncleJoe

If TPG=PCGS then my answer is #1.

Joe.

Russ

<< <i>As a collector, would you ever bid a competitive price, sight unseen, for a certified coin? >>



No. But then I usually don't buy certified coins at "competitive" prices anyway.



<< <i>If your answer is "no", how do you explain that some dealers choose to make sight unseen markets? >>



Because if a dealer gets stuck with a dog they can always find a sucker to unload it on.

Russ, NCNE

mercurydimeguy

<<Because if a dealer gets stuck with a dog they can always find a sucker to unload it on.>>

How (unfortunately sad and) true.

2bits

I voted I do not buy plastic, I buy coins, I like to see at least a picture of the coin Im buying ,if I cant get it in my grubby little hands to look at,,

I will buy coins in TPG slabs but I wont pay a premium for them just because they are in plastic and it doesnt matter who's plastic they are in !!

Rick

Elcontador

Typically, I see them myself and have a trusted dealer friend also look at the coins and give me a thumbs up before buying them.

In an auction situation where I cannot see the coin myself, an auction rep I trust will give me a thumbs up about a coin. Then I'll have my trusted dealer friend do likewise before bidding on it.

Once I did buy from a well known dealer via his website, but I had a 7 day no questions asked return privilege (I kept the coin). I HAVE NEVER BOUGHT A BAD COIN BY FOLLOWING THESE RULES. I think if you are going to buy sight unseen, this is the only sane way to go.

For me, the number on the plastic is just a starting point. Some collectors buy sight unseen because either they don't know how to grade, or else they just don't care. IMO, a dealer can always (eventually) find a sucker who will accept a problem coin.

FatMan

When I read the post I thought this was a softball question and the results would be a lopsided "No". I am amazed that currently half of the responses are "yes" and "sometimes". Maybe I am misinterpretting the phrase "competitive bid" and I am understanding sight unseen to mean no return policy. I'm afraid I have seen way too many correctly graded, as well as incorrectly graded, slabbed coins barking out loud. For me, it has more to do with eye appeal and not necessarily the grade.

RYK

I agree with FatMan completely...and nearly spilled my Diet Coke™ on the computer keyboard at the notion of slabbed coins barking.

SDCollector

Nope. I buy coins because I enjoy looking at coins and collecting them. Buying sight unseen coins is no fun...for me it would be like buying numbers on a piece of plastic.

JadeRareCoin

When I collected coins, I would be okay with purchasing a Silver Eagle sight unseen, but would never buy a Bust Quarter sight unseen, regardless of the TPG.

Conder101

You missed "Yes, but it will be a lowball bid" Which is how the dealers make a true sight unseen market.

Say the coin is a slabed MS-65. It might be fine, but it may also be ugly, or a high end 64 that finally made it into a 65 holder, or even a regular 64 that got a "gift". To protect your self you sight unseen bid would be that of sight-seen low end 64 money. Now you're OK and if it comes in as an actual 65 you make out well. Of course if the seller has multiple specimens he will send you the lowest end one for your bid. So next time you might even lower your bid a little.

That was what happened in the early years of slabbing. The American Numismatic Exchange set up as a sight-unseen market and eventually issued a sheet showing the market sight-unseen bid and ask market. (The pink sheet or "ANNIE" sheet) Eventually the sight-unseen bid levels on the pink sheet got down to about 25% of the bid price levels on the Greysheet before the ANE disbanded.

Conder101

<< <i>Once I did buy from a well known dealer via his website, but I had a 7 day no questions asked return privilege (I kept the coin). I HAVE NEVER BOUGHT A BAD COIN BY FOLLOWING THESE RULES. I think if you are going to buy sight unseen, this is the only sane way to go. >>


The problem is THAT is not sight-unseen buying, that is SIGHT SEEN buying because you still get to see the coin before the deal is finalized. SIGHT-UNSEEN buying means you buy it from a listing, no picture, and there is NO RETURN PRIVILEDGE. You send the money get a coin and it is YOURS. Period, done deal.

Lakesammman

Very rarely - generic gold, etc. What Condor said.

Stuart

No, I buy based upon high eye-appeal.

The closest I get to sight-unseen is to purchase with a return option from digital photographs or scanned images used for either auctions or dealer inventory lists.

jdimmick

As a collector i would not, as i have no intrest in buying something that i have no idea what it looks like. But for re-sell purposes depending onthe date I may. However if I am bidding blind, my offer will reflect it for sure.

ARCO

No - I will not and do not make sight unseen bids. The TPG's have too many grading inconsistencies. Secondly, the coin could be graded MS64 or higher and still look like sh*t to me.

Tyler