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Buying coins online can be a tempting prospect for the budding coin collector. It's convenient, you're competing on the open market, and there isn't a middleman. However, buying coins online do present some dangers to the unknowing buyer. Here are four pitfalls to buying coins online.
1. There is a lack of regulations for some online auction places. For example, the biggest online auction source for buying coins online is eBay. Unfortunately, there has been little regulation for coin dealers online despite complaints about transactions.
2. Although it seems like a good place to find a bargain, online auction places are notorious for selling coins at high reserve prices.
3. The coins offered online aren't necessarily the best quality. Coin dealers do not use online auction places to sell their best quality pieces.
4. Online auction places are a dumping ground for coins not graded by a third party certification service, so you'll be lacking an important safeguard if you purchase one of these coins.