Please be aware of online auctions !!

Billjr · October 21, 2006 5:21AM

Hi All
This is just a friendly reminder to all who might feel that there are some good buys in online auctions for raw, or non third party slabed coins.There ain't NO BARGAINS anywhere ! At least in Early Dollars. No matter how good they look.
My experience was with a large NY City online as well as live auction house where I bought three or four ungraded coins over a year period. By the time I sent them in for grading & received them back, not one of them would slab ! The problems ran from "cleaned" to "repaired". Boy was I disappointed !
I was able to return one for a full refund. Another one was reauctioned by the same house where I bought it from. The first auction did not "take" & we had to do it another time. This time the coin sold & I only lost a little under $3,000. This auction house did make up half of my loss with a refund so I was out only a bit less than $1,500. The others are in my safe box as a reminder to my - greed.
Lesson learned - only buy third party graded coins in any auction ! And then, only buy coins that were graded by a reputable third party grader.
Good luck.

ABC123 · October 21, 2006 5:23AM

Correct !

Russ · October 21, 2006 5:26AM

When your problem coin was re-sold by this auction house did they note the problem in the description?

Russ, NCNE

dantheman984 · October 21, 2006 5:26AM

I hear ya! Not only do you lose some money but it must have been 1 big headache too.
Dan

Pentimento · October 21, 2006 5:28AM

Its not just reminders that people need, its real life personal stories like these. Thanks for putting some numbers and specifics on this one-- it will help people out.

Billjr · October 21, 2006 5:39AM

Russ
Great question.
NO WAY !!
The description was the same as when I bought it.

66Tbird · October 21, 2006 5:45AM

It's raw for a reason. Tough lesson.

Russ · October 21, 2006 5:50AM

<< Russ
Great question.
NO WAY !!
The description was the same as when I bought it. >>

That figures. Stacks?

Russ, NCNE

TwoSides2aCoin · October 21, 2006 5:52AM

online raw coin

be afraid !

I disagree ! Not all raw coins are bad.

Conder101 · October 21, 2006 7:39AM

Did you buy them online without having previously had a chance to examine them? When you got them did you examine them closely for problems? If you saw these problems why did you not send them back? If you aren't able to judge the coins and see cleaning or repairs yourself, why are you spending multiple thousands of dollars on them? Sounds like you were asking for it and you got it. Welcome to the school of hard knocks, we've all paid our tution there. Some of us more than others. One bit of advice, the more you study the lower the tution gets. And it is usually a good idea to take the freshman courses before you jump into the graduate level.

<< Lesson learned - only buy third party graded coins in any auction ! And then, only buy coins that were graded by a reputable third party grader. >>

Wrong lesson. You're first errors were because you put your faith in someone else, namely the auction house. Now you're saying the answer is to put your faith in a different someone else, namely the TPG. You're just switching your trust from one third party to a different one. The proper lesson is "I should learn as much as I can about my series and how to identify problem coins before spending large amounts that I can't comfortably afford to lose." There are problem coins and doggy coins out there in TPG slabs too, even from the top companies. You don't learn your series and how to spot the problems yourself, you're liable to wind up with those dogs and problem slabs and you'll lose again.

itsnotjustme · October 21, 2006 7:45AM

Most auction houses do not take returns (I assume counterfeit would be a required exception). If you buy an unslabbed early dollar, there is a good chance there is a reason for it!

Conder101 · October 21, 2006 8:28AM

If you have had a chance to examine the coin in person then no they usually won't. But if you haven't they will usually accept a return (within a reasonable time) for a serious misdescription. I would think an unmentioned repair job would qualify. Cleaned might or might not depending on how bad the cleaning was.

Russ · October 21, 2006 9:20AM

<< Remember, dealers troll everywhere >>

Cool! Fresh sigline material!

Russ, NCNE

Unknown · October 21, 2006 9:22AM

This content has been removed.

Dabigkahuna · October 21, 2006 9:26AM

Welcome!

I ask the seller if I can return the coin even if they say they don't in the auction. ESPECIALLY on an expensive coin.

No return, no bid.

Larry
Dabigkahuna

MrEureka · October 21, 2006 10:16AM

Remember, dealers troll everywhere-especially every major auction house. Rarely will they miss a good play.

And they "troll" (???) everywhere because there are good deals everywhere. Even in online auctions.

The tricky part is recognizing the good deals, of course. And it certainly helps to look in person.

Barry · October 21, 2006 10:41AM

<< 

<< Russ
Great question.
NO WAY !!
The description was the same as when I bought it. >>

That figures. Stacks?

Russ, NCNE >>

Russ - I can assure you Stacks is not the only one guilty of this. Something similar once happened to me with the ex-B&M/now-ANR team.
OTOH, I guess you're right, now that they're Stacks, too.

Billjr · October 22, 2006 3:17AM

Just a bump back to the top for your Sunday viewing pleasure.
Later....

Pentimento · October 22, 2006 3:46AM

<< And they "troll" (???) everywhere because there are good deals everywhere. >>

I always thought that dealers tend to "trawl"

rays · October 22, 2006 3:54AM

<< It's raw for a reason. Tough lesson. >>

My lesson learned over the years as well. Resist the temptation to bid on raw coins (especially sight-unseen, photos don't count) unless you an expert.

fishcooker · October 22, 2006 7:58AM

Trawling only catches the bottom feeders. Trolling moves up a bit.

Billjr · October 24, 2006 10:30AM

One final bump to the TOP.

Billjr · October 27, 2006 6:58AM

Another bump for the weekend readers.

Billjr · November 3, 2006 5:20AM

The weekend bump....

TwoSides2aCoin · November 3, 2006 5:37AM

<< The weekend bump.... >>

okay, bumps are good, RAW COIN

be very aware !

flaminio · November 3, 2006 6:03AM

They gots online auctions for coins now? Huh, will wonders never cease...

dorkkarl · November 6, 2006 4:18AM

<< Lesson learned - only buy third party graded coins in any auction ! And then, only buy coins that were graded by a reputable third party grader. >>

the lesson that you should of learned is that you are a coin idiot, & should'nt be buying coins at all, at least until you learn a thing or 2 about COINS.

K S

Conder101 · November 6, 2006 4:57AM

I think I said that, but a trifle more diplomatically.

MrBreeze · November 6, 2006 5:18AM

<< I think I said that, but a trifle more diplomatically. >>

dorkkarl · November 6, 2006 7:27AM

<< I think I said that, but a trifle more diplomatically. >>

alright already. here, how's this:

the lesson that you should of learned is that you are a coin ignoramus, & should'nt be buying coins at all, at least until you learn a thing or 2 about COINS.

better?

K S

WoodenJefferson · November 6, 2006 7:30AM

Billjr
New Member

Posts: 10
Joined: Nov 2005

No wonder this paddowan has not returned.

JRocco · November 6, 2006 7:42AM

<< Hi All
This is just a friendly reminder to all who might feel that there are some good buys in online auctions for raw, or non third party slabed coins.There ain't NO BARGAINS anywhere ! At least in Early Dollars. No matter how good they look.
My experience was with a large NY City online as well as live auction house where I bought three or four ungraded coins over a year period. By the time I sent them in for grading & received them back, not one of them would slab ! The problems ran from "cleaned" to "repaired". Boy was I disappointed !
I was able to return one for a full refund. Another one was reauctioned by the same house where I bought it from. The first auction did not "take" & we had to do it another time. This time the coin sold & I only lost a little under $3,000. This auction house did make up half of my loss with a refund so I was out only a bit less than $1,500. The others are in my safe box as a reminder to my - greed.
Lesson learned - only buy third party graded coins in any auction ! And then, only buy coins that were graded by a reputable third party grader.
Good luck. >>

Hey Billjr,
After you received these coins raw did you look at them closely? Did you look at them thru a glass or under a good light source? Were you not able to tell the coins were cleaned or repaired?
Trying to say this in a nice way--------If you didn't look them over carefully you are at fault and if you looked them over carefully and could not tell they were cleaned and/or repaired then you need to do a little homework before you buy coins---raw or slabbed---again-you are at fault.

Look in the mirror and see the person who needs to do some homework... or pay others a premium to buy for you until you do that homework yourself. There are a lot of really nice raw coins out there as there are a lot of problem coins-both raw and slabbed.

Please be aware of online auctions !!

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