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Something I've learned about buying coins on eBay..

ambro51ambro51 Posts: 13,930 ✭✭✭✭✭
in U.S. Coin Forum
Sometimes dealers buy them in major auctions then put them on eBay at no reserve.....and sometimes you can buy them for LESS than they paid.

Comments

  • ElcontadorElcontador Posts: 7,641 ✭✭✭✭✭
    That doesn't necessarily mean that you are getting a good value. I see plenty of people, dealers included, pay for the plastic, not the coin. I can tell you stories that I don't know whether they are more entertaining or pathetic to this end.
    "Vou invadir o Nordeste,
    "Seu cabra da peste,
    "Sou Mangueira......."
  • rickoricko Posts: 98,724 ✭✭✭✭✭


    << <i>Something I've learned about buying coins on eBay.. >>

    ... My opinion is 'Don't'.......Cheers, RickO
  • RYKRYK Posts: 35,799 ✭✭✭✭✭
    Well, the coins had to come from somewhere. It also works in reverse (ebay to major coin auction).
    My Box of 20: https://pcgs.com/setregistry/collectors-showcase/box-20/ryks-gold-box-20/17132
  • braddickbraddick Posts: 24,563 ✭✭✭✭✭


    << <i>

    << <i>Something I've learned about buying coins on eBay.. >>

    ... My opinion is 'Don't'.......Cheers, RickO >>



    Someone has definitely hurt you in the past regarding eBay.
    You must have been burned severely enough that now, on just about each and every eBay thread you are here to make your proclamation against it.

    peacockcoins

  • DIMEMANDIMEMAN Posts: 22,403 ✭✭✭✭✭
    There is crap on ebay.......BUT.....there are also nice coins there.

    I will buy from any body or any where if the coin is nice and I need it for my collection.image
  • SonorandesertratSonorandesertrat Posts: 5,695 ✭✭✭✭✭
    "That doesn't necessarily mean that you are getting a good value."

    Yep. Many dealers use eBay as a venue to dump coins that they cannot sell in face-to-face transactions.
    Member: EAC, NBS, C4, CWTS, ANA

    RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'

    CJ: 'No one!' [Ain't no angels in the coin biz]
  • rheddenrhedden Posts: 6,630 ✭✭✭✭✭
    I believe the OP has excluded an important possibility, as most dealers take measures to make sure they won't take a bath on an item won in a recent auction. What I think usually happens is that a collector buys the item in a Heritage sale, is forced to sell it to a dealer at a large loss due to financial circumstances, and then the dealer dumps it on eBay, where it sells for a lower price.

    That being said, it sure pays to be the winning bidder on eBay as the OP points out.



  • Wabbit2313Wabbit2313 Posts: 7,268 ✭✭✭✭✭

    An MS-66 PCGS coin on eBay is still an MS-66 at the coin shop. And if it happens to be a fake holder, tons of people point it out on eBay.

    Coins are selling at fire sale prices everywhere right now.
  • lostincoinslostincoins Posts: 4,278 ✭
    To me it seems that at times you can get a good deal on ebay because sellers do not have the overhead of a shop to cover with the profits of their sales.
  • AberlightAberlight Posts: 384 ✭✭
    I once bought a ms bust dime for 30% of the Heritage price within 45 days of the Heritage sale. What was a throwaway bid turn into a great purchase and great coin that I still have.

    With that said I accidently bid on a SLQ through a batch bid and promptly sold it at a loss. Im not a dealer, but took the loss to move on.
  • TwoSides2aCoinTwoSides2aCoin Posts: 44,489 ✭✭✭✭✭
    The one thing I learned about buying coins on eBay is that snipe programs are easy to beat, if one puts in a nuclear bid with less than a minute left.
  • hchcoinhchcoin Posts: 4,836 ✭✭✭✭✭


    << <i>I believe the OP has excluded an important possibility, as most dealers take measures to make sure they won't take a bath on an item won in a recent auction. What I think usually happens is that a collector buys the item in a Heritage sale, is forced to sell it to a dealer at a large loss due to financial circumstances, and then the dealer dumps it on eBay, where it sells for a lower price.

    That being said, it sure pays to be the winning bidder on eBay as the OP points out. >>



    Great point.
  • LindeDadLindeDad Posts: 18,766 ✭✭✭✭✭


    << <i>The one thing I learned about buying coins on eBay is that snipe programs are easy to beat, if one puts in a nuclear bid with less than a minute left. >>



    Shills love you.
    My Current project....https://www.pcgs.com/setregistry/mysetregistry/album/160794
  • mrpotatoheaddmrpotatoheadd Posts: 7,576 ✭✭✭


    << <i>

    << <i>The one thing I learned about buying coins on eBay is that snipe programs are easy to beat, if one puts in a nuclear bid with less than a minute left. >>



    Shills love you. >>

    I doubt a nuclear bid with less than a minute left benefits shills much at all. In the first place, they have to be at their computer when the listing is closing or they'll miss the bid. Secondly, even if they are online and watching, they can't bump the bid all that much without risking becoming the high bidder and how many incremental bids are they going to be able to get in in less than a minute?
  • bigjpstbigjpst Posts: 3,158 ✭✭✭✭✭
    This works with other venues as well, it's just not as obvious. Last year I bought a colorfully toned Walking Liberty from a dealer at Long Beach. I sold it to a vest pocket dealer this year at Long Beach for a small profit. The next day I saw it in another dealers case at the show, and then about a month later it was up on Teletrade with a starting bid of Less than I sold it for. So someone was losing money on that coin, just not sure who it was along the chain.
    JRobinsonRareCoins.com

    My Ebay Store

  • AMRCAMRC Posts: 4,280 ✭✭✭✭✭


    << <i>An MS-66 PCGS coin on eBay is still an MS-66 at the coin shop. And if it happens to be a fake holder, tons of people point it out on eBay.

    Coins are selling at fire sale prices everywhere right now. >>



    Fire Sale Prices? Not sure what you mean but not according to the last several Heritage auctions. Please take a look at the current auction and point out ANY PCGS/CAC Morgans that are selling for "Fire Sale" prices.

    Any, please.
    MLAeBayNumismatics: "The greatest hobby in the world!"
  • BAJJERFANBAJJERFAN Posts: 31,211 ✭✭✭✭✭


    << <i>

    << <i>

    << <i>Something I've learned about buying coins on eBay.. >>

    ... My opinion is 'Don't'.......Cheers, RickO >>



    Someone has definitely hurt you in the past regarding eBay.
    You must have been burned severely enough that now, on just about each and every eBay thread you are here to make your proclamation against it. >>



    THIS!!

    Passing on a coin just because it's on eBay is just about as silly as passing on a coin just because it's in a NGC or ANACS holder.
    theknowitalltroll;
  • ctf_error_coinsctf_error_coins Posts: 15,433 ✭✭✭✭✭


    << <i>

    << <i>

    << <i>

    << <i>Something I've learned about buying coins on eBay.. >>

    ... My opinion is 'Don't'.......Cheers, RickO >>



    Someone has definitely hurt you in the past regarding eBay.
    You must have been burned severely enough that now, on just about each and every eBay thread you are here to make your proclamation against it. >>



    THIS!!

    Passing on a coin just because it's on eBay is just about as silly as passing on a coin just because it's in a NGC or ANACS holder. >>



    Exactly, I think Ricko buys off of ebay and slams it to get better deals, or he is clueless as to just how GREAT ebay is for the coin collector with KNOWLEDGE.

    Absolutely the BEST Coin Buying venue by far.

  • s4nys4ny Posts: 1,573 ✭✭✭
    Yes, eBay is a good source for coins for the informed buyer.

    In addition, eBay establishes reliable values for common coins. I am thinking
    here about common date MS62/63 Saints, MS63/64 Morgans, 90% silver, etc.

    Were it not for eBay, these coins would be more costly at coin stores and
    shows.
  • libertydudelibertydude Posts: 243 ✭✭
    Cool. Another ebay thread that has nothing directly to do with US Coins!!!!!!!
  • Type2Type2 Posts: 13,985 ✭✭✭✭✭
    There is a place for every coin at a B/M, Bid board, Auction, Fee-Bay, Pocket dealer, Pawn shop you name it i look every where and if it is good for the price i'll buy it. Even junk sell at a profit if you buy it right. But that is just me thinking Dum~ Type2. imageimage


    Hoard the keys.
  • CoinRaritiesOnlineCoinRaritiesOnline Posts: 3,680 ✭✭✭✭


    << <i>Absolutely the BEST Coin Buying venue by far. >>



    I sell more than I buy on Ebay, but both are working just fine!
    John Agre

    Coin Rarities Online

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