Is there anything unethical about reselling on EBay?

SirAnthonyAC · September 19, 2007 12:43AM

Hi,

Silly question but, is there anything unethical about purchasing a large collection of coins on EBay, breaking them up into smaller lots, and then reselling them back on EBay?

I wouldn’t think there was but, since I’m looking to do it again and re-up my membership with the ANA, I figured I’d ask.

I did get two nasty grams from EBayers basically saying "I know you brought those coins in this auction!" ... I responded, yes... so what?

Last time I did this, I spent $4,500 and would up breaking even (less $6.60) and kept the following (not the greatest collection of keys and rare dates but, a nice addition to my collection of less than 10 bucks):
Coins

AU58WALKERS · September 19, 2007 12:44AM

dealers do it all the time in their shops

tjkillian · September 19, 2007 12:51AM

No, no problem at all. It is called capitalism.

Completely moral.

orie · September 19, 2007 12:56AM

I like your style!

TwoSides2aCoin · September 19, 2007 12:59AM

No SirAnthony...
It's highly respected in my neck of the woods.

Joe

rhedden · September 19, 2007 1:01AM

I did get two nasty grams from EBayers basically saying "I know you brought those coins in this auction!" ... I responded, yes... so what?

I agree- so what? If they wanted the coins, why didn't they buy the whole lot themselves? You are doing nothing unethical.

coinsomniac · September 19, 2007 1:03AM

Not at all. Ebay is no different than selling in any other venue, just more transparent.

AUandAG · September 19, 2007 1:05AM

If you keep this up....you might actually have one FINE collection and all for FREE.
Hmmmmm, I do it all the time. Buy collections, keep the cream and sell the milk.
bob

BlindedByEgo · September 19, 2007 1:08AM

Of course not. Just make sure that you are choosy in your buying - don't fall for the overhyped "dealer lot" crap, where "20K" worth of coins is being sold for a BIN of 299.99

seemyauction · September 19, 2007 1:12AM

I think you have a visibility problem not an ethical problem.

Simple solution, use 1 ID to purchace and 1 ID to sell.......

AL

TwoSides2aCoin · September 19, 2007 1:18AM

<< I think you have a visibility problem not an ethical problem.
Simple solution, use 1 ID to purchace and 1 ID to sell.......
AL >>

Yeah, my shrink called me today and said , "Joe, you have a great personality... unfortunately, it's bifurcated"...
Then my proctologist called (it sounded like Jay)... He said... "joe, we found your head"

DoubleEagle59 · September 19, 2007 1:18AM

No problem at all, everybody does it all the time.

Perhaps I wouldn't resell them the day after you received them, especially if they are easily identified as such.

DJCoinz · September 19, 2007 1:26AM

Now that's what I call an incredible deal for $6.60.

Nothing unethical about it at all. I would suggest though that you create a separate ebay account just for buying so bidders can't see where you bought what you're selling.

RareBronzeCollector · September 19, 2007 1:40AM

Nothing unethical nor wrong......

Keyrock · September 19, 2007 1:45AM

No, I think what you are doing is truly collecting. You get the lots, find the winners and resell the balance to other collectors. I have done this before with my kids. Get a few lots of wheat cents, fill the albums and then sell the rest based on the decades (i.e 10s, 20s, 30s etc). The only potential unethical thing would be stating it was unsearched.

coinsomniac · September 19, 2007 1:50AM

I respectfully disagree with those that say to use a separate account for buying and selling. A dealer at a coin show doesn't set up two differant tables for that purpose. You buy it, you have every right to sell it.

PQMorgans · September 19, 2007 1:56AM

I have no pproblem with dealers having 2 accounts one for buying and on for selling. I really do not want to know what the dealer paid for the coin just what I am paying.

coinsomniac · September 19, 2007 2:06AM

<< I have no pproblem with dealers having 2 accounts one for buying and on for selling. I really do not want to know what the dealer paid for the coin just what I am paying. >>

Who cares what they paid. I gladly bought a coin on Ebay for $2000. The same piece sold for $1600 at Heritage a few months earlier. I have it listed back on Ebay at $2500 and believe that it is worth the price, and that it will sell. If somebody doesn't like that, then they need to buy their coins elsewhere.

TwoSides2aCoin · September 19, 2007 2:12AM

I think ethics can be tossed out the window with eBay. They auction things and charge you for it.

what's ethical is off topic

Coxe · September 19, 2007 2:45AM

It's a free market and it doesn't matter where you legitimately bought a coin, how much you paid for it and even if you bought it only yesterday. You win or lose based on the demand of the market. A lot of my coins were bought in public auctions. Teletrade and Heritage records and images are probably not going away too soon. If I sell a coin bought at eithe rof those, anyone can find what I paid. But it doesn't matter. If I paid $25K for one, I am not unethical asking for $75K if that is the right price for it. (BTW, there are enough losers along the way, even being a well informed buyer, to temper the big scores.)

lkrarecoins · September 19, 2007 3:05AM

Nope...i've seen ebay buyers cherrypick coins and sell them back a week later....you're not doing anything wrong

PrivateCoinCollector · September 19, 2007 3:09AM

Unethical??? No way, what is not fair is that you are not writing a book so we can all learn how to do this!

OPA · September 19, 2007 3:22AM

<< Hi,

Silly question but, is there anything unethical about purchasing a large collection of coins on EBay, breaking them up into smaller lots, and then reselling them back on EBay?

I wouldn’t think there was but, since I’m looking to do it again and re-up my membership with the ANA, I figured I’d ask.

I did get two nasty grams from EBayers basically saying "I know you brought those coins in this auction!" ... I responded, yes... so what?

Last time I did this, I spent $4,500 and would up breaking even (less $6.60) and kept the following (not the greatest collection of keys and rare dates but, a nice addition to my collection of less than 10 bucks):
Coins >>

I’m a firm believer in the adage …. Buy low & sell high on eBay….Been doing it for almost 7 years....BTW...I would block the idiots responsible for the "nasty grams" from bidding in your auction....

oxy8890 · September 19, 2007 3:23AM

<< 

<< I think you have a visibility problem not an ethical problem.
Simple solution, use 1 ID to purchace and 1 ID to sell.......
AL >>

Yeah, my shrink called me today and said , "Joe, you have a great personality... unfortunately, it's bifurcated"...
Then my proctologist called (it sounded like Jay)... He said... "joe, we found your head"

>>

oxy8890 · September 19, 2007 3:25AM

On a serious note regarding this topic. Not only do I think it is legal and ethical, I beleive ebay encourages it.

Russ · September 19, 2007 3:37AM

<< I respectfully disagree with those that say to use a separate account for buying and selling. A dealer at a coin show doesn't set up two differant tables for that purpose. >>

eBay is not a coin show. It's an essentially anonymous venue crawling with fruitcakes who have nothing better to do but send lame eMails. See OP.

Russ, NCNE

coinsomniac · September 19, 2007 3:40AM

Russ, who cares what the fruitcakes on Ebay think. I flip coins all the time. The occasional email doesn't bother me. If you have two accounts, then the same slobs will acuse you of stealing the coins from another user.

Cladiator · September 19, 2007 3:41AM

Abfolutely no problem at all. So you fhowed us the ones you kept, can we fee the auction you won of the entire collection (just out of pure curioufity)?

TomB · September 19, 2007 3:41AM

You put significant time, effort and expense into identifying the lots to buy then listing, repackaging and shipping them and your reward was that handfull of coins. There is nothing improper with what you did; do you believe you should work for free? In the future, you may want to have two ebay accounts where you use one for buying lots of coins and one for selling them individually.

commoncents05 · September 19, 2007 4:02AM

<< Buy collections, keep the cream and sell the milk. >>

That's a great way of putting it Bob, I completely agree.

-Paul

GFourDriver · September 19, 2007 4:10AM

<<<On a serious note regarding this topic. Not only do I think it is legal and ethical, I beleive ebay encourages it. >>>

Heck yeah ebay encourages it, doubles their money on everything.

It would only be unethical if you used the first sellers photos.

seemyauction · September 19, 2007 10:49PM

<< It would only be unethical if you used the first sellers photos. >>

Using my photos would not bother me, good luck stealing them.

If some one asked, I would gladly give them the photo if they purchaced the coin.

AL

TwoSides2aCoin · September 19, 2007 11:03PM

I love this place... I dunno about the rest of yas...

ricko · September 19, 2007 11:35PM

Sounds like good, sound business practice to me. If I were in the business that is.... Cheers, RickO

garsmith · September 19, 2007 11:44PM

I have bought lots of coins mant times when I only wanted one or two of the coins and I have flipped the others back on the bay.

23Pairer · September 19, 2007 11:45PM

That is free commerce and trade. eBay was designed for this. The world's largest garage sale. Go for it, and sleep peacefully at night.

Frankcoins · September 20, 2007 6:45PM

<< find the winners and resell the balance to other collectors. I have done this before with my kids. >>

How's that again?

morgansforever · September 20, 2007 8:49PM

Dealers do it all the time, our economic model.

Example of unethical: Old lady walks in to the local B&M with a roll of BU 1939 DDR Monticello nickels. These are her dead husbands coins.

Store owner offers her $5 a piece, and tells her I would give you more, if they were the silver alloy from 42-45.

She says $300, or I'm out the door. The POS owner gives her the $300, and she leaves.

Then he has the nerve to sell them to me for $375 a piece. Yes, they were the real deal, one awesome roll of 40. I walked out the door,

caught up with the woman, and located her in Stop&Shop. I explained to her that she was severly burned, and if she had more coins I would

gladly help her unload for a reasonable charge. I'm working on a deal now. All she has is Jefferson nickels the keys 43P doulble eye, 45P

DDR, 49 D/S, 54S S/D, and several other BU rolls.

So, what you are doing is nothing compared to what really goes on in B&M's across the country. I'm not saying every dealer is a low life,

short, fat, bald headed POS, but yes they do exist. I'm no longer a customer there.

GFourDriver · September 20, 2007 9:13PM

<<<So, what you are doing is nothing compared to what really goes on in B&M's across the country. I'm not saying every dealer is a low life,

short, fat, bald headed POS, but yes they do exist. I'm no longer a customer there. >>>

Bingo!

Is there anything unethical about reselling on EBay?

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