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Taking the Uncertainty Out of Online Transactions
Purchasing coins sight-unseen can seem risky. However, taking a
few simple steps can significantly reduce your risk and allow you to
take advantage of the vast online marketplace. Collectors have
purchased coins sight-unseen by mail-order for many years; online
purchases have the added advantage of being able to view a picture of the
actual coins for sale.
Potential concerns
- Dishonest seller making fraudulent charges
- Failure of the seller to ship the merchandise (either due to fraud
or unintentional factors)
- Loss or damage to coins during shipping
- Coins graded incorrectly (whether intentional or not)
Strategies to Prevent Problems
eBay allows bidders to view a feedback scores and
comments for the seller. This seller's feedback is overwhelmingly
positive.
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- Check Seller's Feedback: For an experienced
seller, look for at least 98% positive feedback. For expensive
items, buy only from sellers with a long track record of good
sales. Read the comments besides any negative feedback. eBay
allows a seller to give an explanation for bad feedback - you still may
want to bid if the seller has an occasional complaint,
provided that it was settled satisfactorily.
- Use a credit card and a payment service:
If you are paying with a credit card, use an online service
like PayPal. PayPal allows you to transfer money to the seller without
disclosing your credit card numbers or other sensitive
information to that party. Also, some online payment services have
dispute resolution procedures in the rare event there is a problem with
your order.
- Buy certified coins (for high-value coins) -
Independent coin certification insures the coins are genuine and have
met an independent coin grader's opinion as to grade. Certification is
practical mostly for valuable coins. It is particularly beneficial for
coins in the higher uncirculated grades, where a small difference can
easily double (or halve) the coin's value. Coins serves like
Professional Coin Grading Service (PCGS), NGC, and ANACS have been
around for years and have gained a reputation for consistency. For
lower-value coins and circulated coins, certification is not done
frequently both for cost reasons and because the risk of a misgraded
coin is lower. Due to the vast supply of uncirculated silver dollars,
several coin services have offered low-cost grading for these coins.
Therefore, you may find certified Morgan and Peace dollars in the $40
range.
- Test the Seller: When ordering from a new seller
who has not yet amassed enough feedback, you may make smaller orders
first. Limit the purchase amount if you are unsure about the
seller and you are buying uncertified coins. You may use the same
strategy when buying uncertified coins from a new dealer. Doing so
limits your risk, even in a worst-case scenario, to the price of the
items.
- Shipping Insurance: For valuable purchases, you may
buy shipping insurance. Most sellers who frequently ship coins know how
to pack coins to prevent damage. However, insurance still may be a good
option for valuable coins to avoid the risk of loss or theft during
shipping.
- Leave Feedback: Be sure to leave feedback once your
items arrive. Feedback helps form a record for the seller and provides a
guide for future buyers. If you're leaving positive feedback, you don't
need to say alot - a few words like "Smooth Transaction" or "Excellent"
are enough.
Buying coins online isn't a whole lot different than purchasing them by
mail-order. Many of the same strategies work to ensure your order
goes smoothly, with the added benefit of the transparency provided by
eBay's feedback system.
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