Buying Coins On Ebay
As most of you know, I’ve been buying a lot of Gold and Silver coins on Ebay. I recently won a bid for a British half-sovereign. Don’t know why, but I didn’t realize that it was a half-sovereign until AFTER I had paid for it via Paypal.
I like to collect the regular sovereigns which are quite small to begain with [around the size of a nickel] so the half-sovereigns must be really tiny. Anyway, I sent the seller a email requesting him to cancel the sale and refund my money. Surprizingly he agreed and he didn’t even take me up on my offer to rebate him the listing fees [since it was my mistake].
So far my experience of buying coins on ebay has been extremely positive. But as usual, you need to be careful and make sure you don’t over pay for sometime. It nearly happened to me last week, where I overbid for something. Luckily someone else beat my bid later on and saved me!!!! [It wasn't a big amount, but why overpay when you can get a deal?]
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October 7th, 2006 at 5:48 pm
Interesting. I’ve been thinking about buying gold lately for a long term investment, but have also been leary about buying it on eBay. Not knowing enough about the specifics of it can get a guy in trouble in a hurry.
“A fool and his money are quickly parted…” I’m trying to figure out how not to be a fool when I buy my first piece.
Are there certificates of authentication that come with coins bought off eBay?
-Grant
TheCornerOfficeBlog.com
October 8th, 2006 at 9:30 am
Similar concerns as Grant above. Have you faced any fraud issues?
October 8th, 2006 at 4:43 pm
not really.
one seller said his silver morgan dollar was ms-63+. I have my doubts but since i don’t know how to grade them, i let it go.
since i’m not paying more than $10-40 premium over the spot price of gold/silver, it isn’t worth counterfeiting the coins. if you’re going to go to jail, you’d probably risk it on a coin where you can make atleast several thousand dollars as opposed $50.