What are the pro and con's of internet auctions

bosco5041

Lets say with heritage. I aways have just bought from dealers websites or went to shows. But I have thought about raising my budget. I have been looking at the auction archives and it seems you could save money by buying at auction. I know you have to buy from a image of the coin and that makes me a little nervous. I collect classic type coins. I would like to maybe add a couple of draped bust coins to my collection. How risky is it buying coins like this?? Or should I just keep doing what I'm doing so I can see coin in hand before buying?

COALPORTER

Watch out for photos that hide defects and rosy descriptions that try to oversell junk!

BaseballAbs

It's always better to see the coin in hand. I have purchased several bust coins off Heritage and I have not been disappointed. There images are pretty good. They seem better now than a few years ago. Also I have not seen any saving money at buying at Auction lately at what I've been looking at, but I have seen it in the past.

johnny9434

<< <i>Watch out for photos that hide defects and rosy descriptions that try to oversell junk! >>

There are a few out there. BEWARE

Kove

I won't single out any one auction venue, but a lot of "stuff" gets sold through the auction route. Dealers tend to want to keep their nicer material for their website and display cases, and dispose of "stuff" through auctions. Auctions are also where coins end up that dealers couldn't sell.

Sure, very high-end coins, like the Duckor Saints, may find their best prices at auction. And when a dealer buys a coin at auction for resale, the markup you're paying is for that dealer's seal-of-approval on that coin.

However, when I do in-person lot viewings, I find that a low percentage (maybe 10%) of the coins in the auction are wortha strong bid. The averageness of this "stuff" is, in my opinion, why many everyday coins tend to sell for a little less at auction. These coins actually realize the prices that they should.

Heritage is great if you can view the lots in-person and place solid bids on the coins that warrant it.

Elcontador

1) You don't know what you are buying. Buying from an image is no different from buying from an old Coin World ad 40 years ago.
2) Returning coins is a nuisance.
3) Never buy anything without a no questions asked return privilege of a reasonable time period.

I have never done this and will never do so. Either I need to see the coin in hand, or someone I trust has to see it in hand. Otherwise, I'm not interested.

BillJones

<< <i>Watch out for photos that hide defects and rosy descriptions that try to oversell junk! >>





I got burned on a $30,000 + coin when I bid on it based upon an auction picture. "The green football" bailed me out. I've gotten some stuff via Internet from retail dealers, but auctions are another story because returns are dicey.

There is a token and medal dealer who holds internet auctions, and I have bid in his sales many times because his grading is equal to or more conservative than mine. He will let me return something if it doesn't work, which has never happened. As for coins, I've found no one as conservative as he is when comes to grading, so I'm not much of an Internet auction bidder UNLESS I've seen the lot in person. Then sometimes I use the Internet for strategic bids even if I'm going to attend the auction.

If you would like me to explain why I have done that I will.

The pro is you don't have to spend money to attend the auction, but the downside outwieghs that.

Eagleguy

You can save money but don't forget to factor in the buyer's premium, tax, and shipping & handling.

JH

PQueue

A lot of wisdom already stated in this thread. If you're raising your budget, do it through your trusted dealer(s) or competent representatives at auction.

Greeniejr

<< <i>A lot of wisdom already stated in this thread. If you're raising your budget, do it through your trusted dealer(s) or competent representatives at auction. >>



Adding on to this, having a dealer who knows what kind of coins you like and what kind of look you like will be the best to represent you.

pf70collector

I have picked my gems from internet auctions including a PCGS DCAM 1956 68 Frankie for under $300. That was seven years ago and was a very rare occasion. Very doubtful I could snag something like that today.

GoldenEyeNumismatics

Auctions can be great venues to acquire stellar material. Sometimes you pay fairly for it, sometimes you wind up chasing something for too much, and sometimes you get a big bargain. If you are not comfortable buying the coin solely off your interpretation of the image, then pay a dealer/collector/friend a fee to examine the coin in hand and let you know whether or not it is nice.

rhedden

Pros: you have only photos to go by. You could pick up a great coin from a lousy photo.

Cons: you have only photos to go by. You could pick up an awful coin from a lousy photo.

streeter

Do yourself a favor. Either view the coin yourself(if you are finnicky) or have someone who's opinion you trust 101% look at the coin for you.

Just because there is a return privledge..you do not want to acquire the reputation of returning coins.

If you are looking at archival prices and it seems that a coin went too cheap....there probably was a reason.

good luck.

bosco5041

Thanks for the replies, Most of you have told me what I suspected. Its always better to see a coin in hand than an image.

golfer72

<< <i>1) You don't know what you are buying. Buying from an image is no different from buying from an old Coin World ad 40 years ago.
2) Returning coins is a nuisance.
3) Never buy anything without a no questions asked return privilege of a reasonable time period.

I have never done this and will never do so. Either I need to see the coin in hand, or someone I trust has to see it in hand. Otherwise, I'm not interested. >>

Even for an $90 coin? Come on! Live a little. i just picked up a real nice 1914 RB for $90. I should have made sure to see this coin in person? i dont think so.

Bochiman

<< <i>

<< <i>A lot of wisdom already stated in this thread. If you're raising your budget, do it through your trusted dealer(s) or competent representatives at auction. >>



Adding on to this, having a dealer who knows what kind of coins you like and what kind of look you like will be the best to represent you. >>



I agree with both of the above and just add: You may want to have more than 1 "go to" dealer for this as you may want something a specialist is better suited for. I haven't gone to that extreme yet, but I have used a dealer to get me my 1793 1/2 cent last year and he does have a good idea of my taste, so it worked out well.