What are some of the pro's and con's of internet online bidding?

bosco5041

I have never bid on line for anything and I was just wondering. Seems to be some good buys once in a while. I know you can't see the coin in hand and there is probably not a return policy. Can anyone give any advice? Thanks

Sonorandesertrat

You already identified two BIG issues. Lot descriptions can be woefully inadequate, even deceptive. Images can also be very misleading, especially regarding toning or contact marks (like long, thin scratches that only become evident when the coin is tilted just right). If you don't physically see the actual item you want to bid on (or have someone whose opinion you trust do this for you), you could easily get stuck with a piece of garbage. I also think that it is somewhat easier to fall into a 'gotta have it' bidding mentality if you are bidding from your computer, with the result that you may end up being buried in a coin.

MGLICKER

Ebay is a good place to start. Stick with NGC and PCGS graded coins. Start off with lower priced coins, under $100 was a good benchmark for me early on. Make sure the seller has good feedback, accepts Paypal and offers a 14 day return privilege.

blacksmoke

If BIN (buy it now) is offered and it looks like an amazing, incredible deal of the century, do yourself a huge favor and do some quick digging. If it looks too good to be true, it probably is. Weather in a slab or not, take some time to check the coin over. If it's in slab, do a quick check on the cert number and hopefully there will be a pic of the coin for sale to compare to or a previous auction. Check the bar code line for line (seriously as most fakes in slabs will have a line or two off in the bar code) and I even go so far as to check the orientation of the coin in the slab. There are a ton of fakes as I'm sure you know just from spending some time on this site. You can even post it on here for some quick opinions and I doubt that anyone on this site would be disrespectful enough to try and beat you to it if it's a good deal. If it's an auction style, pick your top bid and stick to it. It's very easy to get caught up in the fight and get it in your head that no matter what, you will win this auction. Just as Sonorandesertrat said, you will end up owning a coin for far more than it's worth. Your biggest aid, common sense. Good luck.

derryb

Not many cons with ebay bidding. If you don't get what was described you are protected by both ebay and paypal. Seller's return policy is irrelevent when it comes to an item "not being as described." And yes, the picture is considered part of the description.

kookoox10

There's a lot of pros out there (cheaper cost for key dates, slabbed coins, easy access to large inventories, etc.). But one of the bigger cons is the rampant usage of auction sniping services. These services largely affects the novice auction users who may not understand how sniping works or gets discouraged because they are constantly getting beat on coins/currency that ends in the last few seconds. A close second will be the lack of good photos of the product you buy, bad quality or convoluted with other items/distractions around the subject.

MGLICKER

...and if you are really particular about a certain look in a coin, forget the online route as returns are a pita for both buyer and seller.

Justlooking

Juiced pictures, misleading pictures, bad pictures. As long as you can return a piece, it's OK ... but it can be a hassle.

BillJones

They say a picture is worth a thousand words. Here are two pictures that sum up the problem with Internet bidding with a no return policy.

The coin as it looked on-line:



The coin as it looked in-hand:

ricko

I just do not do it anymore.....used to in the early days of ebay.... was some good deals then. Now, well, I just do not bother with it anymore. Cheers, RickO

ctf_error_coins

If you KNOW what you are doing, ebay is the best coin source anywhere, IMO.

If you have no clue, well, then learn about what you want to buy before you buy any coin ANYWHERE.

Cougar1978

I buy and sell online all the time and use a sniping tool when buying. Because ebay auctions close at different times, if I don't win auction A, then I can apply those funds to Auction B.

The disadvantage of internet bidding is there is no substitute to viewing a coin sight seen. I do not consider a scan sight seen and many online auctions would not bid above blue sheet.

I have got many super deals online but backed off some where the item was going much higher than I would think, possibly the impact of shills.

Online buying takes doing your homework. I stay away from raw stuff as cleaning marks may not be visible in a scan. I have people bring raw stuff to my table at shows to offer where they got ripped by cleaned, overgraded, or problem coins and have a grossly inflated idea of what they can get for them at a show.

sparky64

<< <i>I have never bid on line for anything and I was just wondering. >>


This was me until about 8 months ago when I got a computer at home after many years without.
Since then I've bid and won a dozen or so coins at GreatCollections.
It's the only place I've gotten coins online other than the BST. I also have Heritage and Teletrade (formerly) accounts but haven't bid on them yet.

I've never bought a coin off ebay. Nothing against ebay, just a fact.

I find GC's pics accurate and they have a return policy. Watching, bidding, paying, shipping are all user friendly and communication is outstanding. Email or call with a question and it gets answered.

The thing I enjoy the most about online bidding is the ability to take your time to research and formulate a plan in the comfort of your home.

LindeDad

Must be some Pro's just a few places to look eBay, Heritage, Stacks, and most dealer's make their living selling there.

bosco5041

Thanks all for your opinions. Does sound a little risky and something I should go into slowly if at all. With all the counterfeits I don't think E bay is the place for me but great collections and heritage sounds good.