Coin buying: Do you not trust till proven you can or trust till proven you shouldn't?
abcde12345
Posts: 3,404 ✭✭✭✭✭
Is your nature to trust the seller until proven you shouldn't? Or, do you not trust until you are sure you can? What are ways you go about getting to trust your sellers? What methods do you impliment to protect your purchases?
1
Comments
It seems that many here in CU use their powers of observation, depth of knowledge, quality reference resources and the camaraderie of similar minded collectors to try to make a sound purchase. IMO. Peace Roy
BST: endeavor1967, synchr, kliao, Outhaul, Donttellthewife, U1Chicago, ajaan, mCarney1173, SurfinHi, MWallace, Sandman70gt, mustanggt, Pittstate03, Lazybones, Walkerguy21D, coinandcurrency242 , thebigeng, Collectorcoins, JimTyler, USMarine6, Elkevvo, Coll3ctor, Yorkshireman, CUKevin, ranshdow, CoinHunter4, bennybravo, Centsearcher, braddick, Windycity, ZoidMeister, mirabela, JJM, RichURich, Bullsitter, jmski52, LukeMarshall, coinsarefun, MichaelDixon, NickPatton, ProfLiz, Twobitcollector,Jesbroken oih82w8, DCW
Depends! First is evaluating the coin as to whether I want to own it and whether the price is right. Second is whether I'm buying sight seen or not. If it is unseen, then absolutely once must know the dealer and their return privileges and reputation.
I prefer to buy from dealers who have good pics who have a reputation for a good eye, that way I'm less likely to be disappointed if the purchase is sight unseen (not seen in hand). On occasion, I've sent a coin back and there has been no problem.
I seek to avoid drama. If the dealer is reputable, then the transaction will go smoothly since all parties know what is expected.
"Got a flaming heart, can't get my fill"
My personal rules:
All gold coins purchased now must be slabbed, preferably by PCGS. I will possibly buy a gold coin directly from an official Mint sales arm. If so, I keep all the paperwork. Sometimes it is just easier to buy a new gold coin already slabbed.
Under $100, I tend to buy the same dumb stuff over and over and I know from experience what it looks like and what it weighs. Get an electronic scale!
That leaves a gray area, say $100 to $300. I consider who the seller is (if I know about them) and the physical characteristics of the piece under consideration. The seller's return policy is important too. Buying at shows can be dicey, as many sellers at shows feel that when a coin is personally seen prior to purchase, that sale is final unless the coin is counterfeit.
$300 is a price point that I pay attention to, not because that loss would break me, but because it would annoy me too much!
Trust is not a super-operative factor. There are a few guys that I trust, but I keep my eyes wide open. I've had very few problems over all these years.
Always use caution. I had dealt with Shane for a number of years and sent him almost six figures of coins to image for me with no problems. I also consigned a number of coins to him, and payment was always rapid until it wasn't. All of a sudden, he had problems with his bills and went rogue. I was one of the last consignors to be made whole. The moral of my anecdote is that even trusted individuals can go rogue. That applies on the buying and selling end.
As for buying, always insist on a return privilege. Pay with a credit card or PayPal giving you the option of doing a charge back if necessary. Arm yourself with knowledge. If you are unsure, walk away.
It varies, depending on the person and situation !!!
All these years gone by I used to have one dealer but he has since retired. It took a lot of searching and research before I finally found two 'I' felt I could trust. One of those dealer's got a shout out on this forum and that made me even happier with them. I look for value, authenticity and eye appeal. If you feel you cannot trust the seller; walk away. Thanks, a great post.
I only buy PCGS (preferred) and NGC (possible) slabbed coins, with pictures, for "on-line" purchases from dealers I have met at coin shows in the past. There is one on-line dealer I buy from that I haven't met in person but I started with a few smaller purchases before spending any serious money with them.
As for in person at coins shows, I'll buy from just about anyone (well's there a couple I wouldn't buy from).
I buy mostly online now, and I insist on return privileges....Of course I do depend on pictures and will pass if I do not like the picture... I have had good success with the BST... Cheers, RickO