ebay
Selling Coins on Ebay
At some point or another everyone has a coin or a bunch of coins they want to sell on Ebay. I have found Ebay to be a great place to both sell and buy coins if you use the proper caution and if you know what you are doing. Here is my list of ten things you must know to sell coins on Ebay:
- Is the coin original? If you know it is fake or you think it is fake, keep it off ebay. You could ruin your ebay reputation which is key for all future sales
- What is the coin worth? You should do some research using The Official Red Book: A Guide Book of United States Coins 2009
Set reserve and starting prices accordingly
- Spell everything in the coin description correctly. You would be surprised to see how many coins on ebay have spelling errors in their descriptions and because of this they do not sell for the true market values.
- You should have a good photo of both sides of the coin. A great photo is important because coin collectors are so picky when buying coins they want to know what they are getting.
- Stand behind your coins! Offer a fair return policy with customers and realize all sales on the site reflect you as a collector.
- Be smart with shipping and insurance. Do not skimp on either because it could hurt you in the end. I always suggest if you are selling coins on Ebay use tracking so you know if the customer received it.
- Do not do business out side of Ebay! If you get an email that asks to do business outside of Ebay to avoid seller fees forget. It may sound like a good idea but there is no reason to do it. Ebay is set up for a reason and it protects its buyers and sellers.
- Use paypal!
- Try to make lots out of common coins and sell rare coins as singles.
- Think of a fun way to get repeat customers. One of the best ways to build up your ebay business is repeat customers. I would always suggest freebies. I used to put a silver mercury dime in with any purchase people made. I have also bought from collectors that put in two dollar bills or just a simple print out of the history of the coin. Also if you are like me and you have a coin blog invite them to check it out with a business card or a flyer.
So have fun with Ebay. Be careful and enjoy making a little pocket change.
Happy collecting!
Is it Safe to Buy Coins on Ebay?
It is always good to keep in mind you get what you pay for. For some coins eBay is a great option. As it is with any coin, it is always better to buy certified on eBay.
Do not buy into a seller’s story. If it says they don’t know what the coin is or they have no experience with coins, check out their feedback. If they have sold 14,000 coins chances are they know something about coins.
Do not be a fool for a certified coin. Make sure it still has good eye appeal and nice toning. Also be sure to check out the certification on the NGC or PCGS web page before you buy it. Avoid third party grading agencies to protect yourself.
Only buy what you can afford on EBAY. With the credit crisis and in a recession it is best to keep track of your online spending to avoid credit card debt.
Keep shipping in mind it can add extra costs pushing you over that break even mark. Be sure to read all descriptions and all user policies. Don’t be afraid to ask question to the seller about how they go the coin and what they think of it.
When it comes down to it the best place to buy coins is from a reputable dealer that you can build a relationship with. If you bring them business they will watch out for you. It is relationships with other collectors and dealers that make the hobby so enjoyable. Sharing stories and showing off recent purchases are what the hobby is about. EBAY is just as safe as buying coins from a dealer you do not know but it cuts out the human element of the hobby.
There is nothing like getting to look through a dealer’s inventory for that one perfect addition to your collection. Do the right thing and make all major coin purchases from a dealer, but who am I to say you can’t pick up that EBAY coin you are watching right now for a few bucks under wholesale.
