Online Purchasing- What's your opinion?

billdauman · March 21, 2005 8:29AM

Some of us are newbies and some of you are old pros.....so what has been you overall satisfaction of your online/internet auction purchases?

Is the coin graded and pictured like you would expect it to be after you see it in person?

What percentage of your purchases do you buy sight unseen (other than the picure)?

Do you pay less than the "going rate" for these coins? How much?

Who in your opinion has the best track record?

I know there is no substitute for buying in person....but can we get a close 2nd online or not?

Myqqy · March 21, 2005 8:33AM

Personally- I've learned enough now to keep me safe most of the time- from this forum, shows, past purchases, books, etc. At this point, I would say I'm very happy with 85-90% of my online purchases. But I'm picky, buy more slabs now, and have gotten savvy at spotting wankers who sell crap on line. I think I usually pay a little less than retail, but don't get too concerned with that if I really like the coin...

Russ · March 21, 2005 8:35AM

Ditto what Skinny Rat Guy said.

Russ, NCNE

mozin · March 21, 2005 8:41AM

<< Some of us are newbies and some of you are old pros.....so what has been you overall satisfaction of your online/internet auction purchases?

Is the coin graded and pictured like you would expect it to be after you see it in person?

What percentage of your purchases do you buy sight unseen (other than the picure)?

Do you pay less than the "going rate" for these coins? How much?

Who in your opinion has the best track record?

I know there is no substitute for buying in person....but can we get a close 2nd online or not? >>

On raw coins I simply gave up getting anything decent. Slabbed coins purchased after seller provided very high definition pictures have been satisfactory. I would not pay retail on Ebay unless the coin was a special variety that was not described. Buying through an auction house IS buying retail. One can afford to pay a little extra rather than pay to travel to distant coin shows.

airplanenut · March 21, 2005 8:41AM

I have been happy almost all the time... in fact, I don't know when I last returned a coin (if ever). I guessed on a picture a few weeks ago and was wrong, but, oh, well... not a huge loss, and I recouped my money.

Jeremy

Myqqy · March 21, 2005 8:43AM

Ditto what Skinny Rat Guy said.

That just made me realize you got rid of the "bite me" icon pic.....

nwcs · March 21, 2005 8:45AM

Well, when I buy online I try to make sure it's from someone who has a reputation of quality. So overall I've been very pleased. I usually pay decent prices (not bargain prices) because I want better coins. And not all coins in a grade are the same. So I tend to go with some dealers who have better coins for the grade so I pay a bit more.

pharmer · March 21, 2005 8:51AM

<< I have been happy almost all the time... in fact, I don't know when I last returned a coin (if ever). I guessed on a picture a few weeks ago and was wrong, but, oh, well... not a huge loss, and I recouped my money.

Jeremy >>

And I really loved that Columbian

Russ · March 21, 2005 8:52AM

<< That just made me realize you got rid of the "bite me" icon pic.... >>

It'll be back - depending on my mood.

Russ, NCNE

ChuckC · March 21, 2005 9:11AM

Sometimes the photo is TOO good...then you get the coin and it's not as exciting anymore. Any of you guys experience this?

nwcs · March 21, 2005 9:24AM

Yep. Sometimes wanting something is more fun than having it.

BigGreek · March 21, 2005 9:31AM

<< Sometimes the photo is TOO good...then you get the coin and it's not as exciting anymore. Any of you guys experience this? >>

Oh yea. That used to happen alot. Now I've learned to look at photos and
pick up on tiny clues that tell me what I should expect. It also helps when
you take pictures of coins. You get to understand how people can hide stuff
with lighting and color.

I still get fooled but less often than I used to.

Fairlaneman · March 21, 2005 10:29AM

<< Sometimes the photo is TOO good...then you get the coin and it's not as exciting anymore. Any of you guys experience this? >>

Yep I had a coin today for less than 1 minute before it was packaged back up and ready to send back. The last three Ebay raw coin purchases have not been good at all. Its time to go back to crappy pictures which bring better luck.

Ken

markglicker · March 21, 2005 10:35AM

Make sure that you have a return privilege. Many of the major auction houses do not, on certain sales.

TheRaven · March 21, 2005 10:50AM

I have never purchased a coin from an auction site or ebay so.

Mainly because not sure if I trust the system.

I do however buy coins from a few websites. Most of these coins are bullion type coins.

ziggy29 · March 21, 2005 11:47AM

Stick with small potatoes until you learn the ropes, unless you're dealing with someone you have a good reason to believe you can trust to (a) accurately picture and describe the coin, and (b) stand behind their coins with an acceptable return policy.

I bought a handful of clunkers early on, but nothing that set me back more than $50 or so compared to the coin's actual worth, and I consider that a fair price for tuition toward an education about buying coins online.

beartracks42 · March 21, 2005 1:38PM

I pretty much agree with what the others have said. The one thing that I always do is make sure there is a return policy, if I do not know who I am buying from. I also check out the feedbacks and if the coin is pricey, I always pay with a credit card. Credit Card Companies are really good at getting your money back in most situations.

In my opinion, you can not go wrong looking for what you need on this forum prior to venturing off into e-bay land.

dan1ecu · March 21, 2005 1:48PM

I buy coins from Heritage and a couple of popular dealers. I've never been deceived, although coins sometimes look different (better or worse) than they do in a Heritage scan. The dealers always supply good pics and descriptions. I've really had nothing but good experiences buying on-line.

Dan

ccr · March 21, 2005 2:08PM

Fortunitly, I`ve been satisfied with online purchases` and haven`t returned a coin yet. Well, I did get one dog of a coin but, I knew it was when I got it and was only $15. Wasn`t a major dog but, I kept it and still have it. It was a 1833 Large Cent G4 and looks ugly at that grade for what I would typically perfer ( looking for a higher grade that is ).

<< What percentage of your purchases do you buy sight unseen (other than the picure)? >>

Pretty rare and only from dealers I really know well and trust.

mirabela · March 22, 2005 5:23AM

Myggy and Ziggy have basically spoken for me in terms of the big picture, but I'll add this -- one big auction house finally got back to me TODAY about my inquiries on 3/9, 3/10, 3/18, 3/19, and 3/21 regarding the whereabouts of the auction lots for which I paid on 3/1. They were sent to Minnesota (I'm in Vermont), delivery confirmed 3/9. They are "trying" to get them to me. Who knows when that will happen. And anyway, why did it take them until now to tell me? I'll honor the bids I still have in with them should they be the winning ones, but that'll be the last they see of my business, at least until I start hearing things have changed.

So -- it has its hassles. I've done best with individuals from these boards over smallish stuff, and ordering from well-known-to-be-reputable dealers. For each rip I've made on ebay, I've bought a dog there, and can't say the small net advantage to me has been worth my time. I've already sold 3/4 of what I ever bought there, and I rarely look at what's for sale there anymore.

I'm starting to think maybe I'd be better off saving my dough for shows, but the closest one worth getting in the car for is nearly three hours from here, so it can't happen very often. I guess I'm learning to make the best of things online.

Longacre · March 22, 2005 5:27AM

I buy less expensive stuff online, and my more expensive items from a specialty dealer. Occasionally I will buy something at auction.

carl · March 22, 2005 7:27AM

I've been collecting coins for over 50 years and have only once bought anything over the net. The on line purchase was decent and expected but I would always rather buy from a real person in person. I want to examine the coin personally, front and back and sideways too. I've heard just to many bad things about ebay to ever want to try that. some people love on line buying and that may be due to location. If there is a lack of places that sell what you want near by then not much else to do. I live near chicago and we have actually to many coin shows, coin dealers, flea markets, garage and yard sales and I usually go nuts on a weekend trying to to go to them all. Over the years I've bought practically all coins from such places except the ones just out of change. I love to bother neighbors and friends for an old bag, jar or can of coins laying around. Then there is the fun of going to a bank, getting a bag of something, going through it and returning it to another bank. Easy to do when there are at least 20 banks within a few miles. Another thing I've found is that the prices of coins on ebay or other on line dealers are much higher than at local shows or dealers.

mr3holesinone · March 22, 2005 1:19PM

There are several quality dealers on here who have nice websites you can "window shop" until you find what you're looking for. Once you find it, you can call and discuss it further if you have questions before pulling the trigger. There are a lot of dealer websites that have nice pictures of the actual coin you will receive that makes it easier to buy online that way.

Yahoo also sells a lot of coins which isn't often mentioned. There is less variety but also less competition and sniping. I quit EBay a year ago when I didn't get a response from the EBay people when I paid for a coin but never received it.

Last but not least, the Buy-Sell-Trade board has a lot of nice material. A lot of the sellers can send you a picture if they don't already have it shown. I'm sure there have been a few but I don't recall many problems being aired out pertaining to deadbeat sellers/buyers, etc. I just wish more people would offer their coins there prior to the auctions...

AuldFartte · March 22, 2005 1:26PM

I've been burned several times on purchases from sleaze-bay sellers back when I first started doing "online" purchases, and they were all raw coins. Live and learn. Since I joined here I have purchased less quantity of coins, but much nicer quality because I have been buying directly from some members here and on other coin forums. I would not recommend purchasing raw coins from ebay auctions unless you know the seller (like some members here, for example) or you have dealt with them previously. If I get coins now from online auctions, I tend to look only at "slabbed" coins from PCGS, NGC or ANACS. I may include another TPG in the near future.

morganbarber · March 22, 2005 1:35PM

buying online is very risky. If you ever had an economics class that talked about the risk/return curve you would understand. You can be royally screwed, or you can make out like a bandit. It all has to do with your knowledge, judgement, and aversion to risk. Lord Marcovan, or someone else on this site bought a lot of foreign coins containing an Elephant token that was worth several times what he paid for the whole lot. There are bargains and ther are rip-offs. The whole point in slabbing coins was to reduce this risk. Caveat emptor.

Online Purchasing- What's your opinion?

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