eBay is one of the largest markets available for buying and selling collectible coins. You can find almost any collectible coin you want through eBay's auctions, and usually get a pretty good deal at the same time. However, it is also sometimes risky to buy valuable collectible coins sight unseen over the internet. By following these steps you will be able to find the coins you want to add to your collection with confidence and at reasonable prices.
Instructions
Step 1
Get a Paypal account.
It should go without saying that you need to have an eBay auction account in order to buy collectible coins on eBay. It is also helpful if you have a Paypal account as well. While many sellers will take a check or money order, some only accept Paypal. Some sellers also accept credit cards through a Paypal service, which you don't need a Paypal account to use, but most sellers don't use this feature because of high transaction costs. Having Paypal will assure you of having the widest range of sellers to choose from when making your coin buying decisions.
Step 2
Know exactly what collectible coin you are looking for.
The very least you should know the denomination, type, year and mint of the coin you are seeking to fill your collection. It helps to have a preferred grade in mind because it will narrow your auction search parameters, but it is not necessary because you can leave yourself open minded to finding deals in other grades. If you are looking for collectible error coins, be familiar with common abbreviations used in the market such as 'DDO' and 'VAM'. Having a specific coin in mind not only makes using the search functions easier, it will save you money by avoiding mistakes when reading the titles and descriptions of the auctions.
Step 3
Be informed about the current price your collectible coin is going for outside of the eBay auction market.
Check current coin magazines and price guides available at most newsstands or coin dealer websites to get the most up to date prices. You don't want to find a coin and think it's a great deal, only to find out that other collectible coin dealers are selling it for less. At the very least you should have a copy of the current year's "A Guidebook of United States Coins" (aka "The Red Book"). This is the best general-purpose price guide out there and is the standard that others follow. Doing some research ahead of time will save you money and save you from making mistakes.
Step 4
Limit your search to certified collectible coins.
Unless you are an expert, judging coins based on just the picture provided by the seller is extremely risky. Damage to the coins or signs of cleaning will not be noticeable, but drastically reduce the value of collectible coins. In the eBay auction search bar use the abbreviations for coins certified by one of the top four grading services - PCGS, NGC, ICG or ANACS just to be safe. Certified coins have been graded by a reliable third party and have the grade of the coin for comparison with your price guide as well as descriptions of any damage or cleaning.
Step 5
Check the seller's eBay feedback rating.
You should only buy from reliable sellers who have a proven track record of providing collectible coins with accurate descriptions and good customer service. If there is any negative feedback, read it to judge if the buyer or seller was at fault.
Step 6
Check the seller's return policy.
Just in case you do not receive the collectible coin you thought you would, being comfortable with the seller's return policy before bidding will make rectifying any mistakes easier.
Step 7
Check shipping and insurance costs.
Some seller's recover fees or just pad their profits by charging higher than necessary shipping costs. Make sure you add this to your desired purchase price for the collectible coin.
Step 8
Enter your bid.
Find the maximum price that you feel comfortable with and don't exceed it. You don't want to get into a bidding war and end up overpaying for your coin! Choose an amount that is at or below the lowest price you have found in your price guide or other research. This way, if you win, great you've just made a sweet deal! And if you don't, there will always be other auctions and at least you didn't overpay.
Step 9
Congratulations!
Now that you have won, remember to check the coin once you get it to make sure that it is exactly what you expected from the seller's eBay description. If not, immediately contact the seller to return it and make amends. If it is what you wanted, remember to give the seller some positive feedback. It's nice to help a reliable seller succeed and it could be the start of a mutually beneficial seller/buyer relationship for you both.
Tips & Warnings
- Know exactly what collectible coin you want
- Use a current price guide or other supporting research to find the right price
- Follow up to build a positive relationship with reliable dealers
- To be safe, only bid on certified collectible coins
- Read the description and terms of sale carefully
- Stick to proven sellers
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