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December 26, 2008, Newsletter Issue #150: How To Use Online Auctions
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Tip of the Week
Although online auctions are not the most ideal place to make your coin purchase, it can be a viable option for you to find what you’re looking for if you take a few precautionary measures. If you do decide to buy your coins through online auctions, keep the following advice in mind.
Conduct your transactions with reputable dealers, such as members of the Professional Numismatists Guild (PNG). If you’re conducting your transactions on eBay, avoid dealers with numerous negative feedback.Don’t expect to get a good deal for your coin purchase. Many of the coins offered online have reserves at or above the actual fair market value of the coin.Do not expect to get a coin at premium quality online. Dealers may decide to sell coins online which are spotty and of low quality.Read the terms of the sale before you bid. Sometimes there are hidden fees in the fine print and you don’t want to get stuck paying more for a coin purchase than you thought you were going to pay.
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