Silver Coin Buyers Guide to eBay

eBay provides an enjoyable, convenient and simple process for coin collectors to bid on and buy silver coins no matter what the time of day or where they live. By paying attention to a few simple rules you can avoid problems and enjoy a great silver coin buying experience on eBay.

1. Know Your Seller - eBay provides some great tools that help you get to know the seller of the coins you're interested in. Using them will help to provide insight into the seller and their business practices.

Feedback - Over the years a remarkable tool has been provided by eBay. Bidders and buyers can leave a rating of their transaction with a particular seller that can be positive, negative or neutral. From these individual ratings a Feedback Rating is computed that is visible to potential buyers. Just because a seller has a high feedback doesn't mean they are a good seller. The high feedback rating could have come about as a buyer because sellers also get to rate buyers. A good seller should have a low percentage of negative ratings. Read the feedback comments. Comments from unique buyers saying that coins received rate less than as described in the auction listing could indicate that the seller is not being honest...avoid buying from them. Comments indicating poor service or bad communication, especially if they seem to be typical of this seller, would also be an indication to avoid transactions with that individual. My recommendation, and the rule I follow, is to not deal with any seller who has more than 2% negative rating. Look for sellers with a minimum of 50 feedbacks and at least a 98% positive feedback rating.

"ME" Page - Check out the sellers description. Is there a company name, address or phone number? If there is not ME page or if it doesn't contain some contact information I might see that as a sign the seller wants to avoid contact and be less inclined to buy from them. If it appears the seller is an individual selling a collection then email them through eBay. What's the response time? Are they clear in answering your questions? There could be a link to the sellers website on the ME page that contains the contact information and you should take the time to check it out. Is the seller a member of any numismatic organizations like the ANA or PNG? the Professional Numismatists Guild vigorously screens its members who must adhere to a strict code of ethics. While the ANA doesn't screen its members they do provide a mediation service that you can take advantage if you're a member. Besides providing the mediation service membership in the ANA gets you the monthly magazine and a huge resource of educational information that is well worth the $36 yearly fee.

Seller's Location - Where in the world is the seller? On eBay sellers could be from anywhere and the location of the seller is in each listing. Many fraudulent sellers are from outside the U.S., make incredible offers, have you pay by money order or wire and never deliver a product. My recommendation? Purchase from sellers located in the U.S. You avoid long delivery times and the problems of dealing with customs when your prized silver coin reaches the border.

Shipping Options - Read the details! I can't emphasize that enough. Most problems I hear about are because the buyer didn't read the fine print and were upset about shipping costs or method. You need to understand the cost, method and security of the shipping method. Shipping varies from seller to seller and can include FedEx, UPS, USPS parcel post, first class or registered mail with and without insurance. If it's an expensive or rare coin make sure you insure the shipment. Accidents do happen and items can get lost. It's no longer the sellers responsibility once your treasure has been placed in the hands of the shipping company.

Return/Refund Policies - Legitimate dealers have a return policy. You should be able to get your money back if you're dissatisifed with a coin you've received as long as you meet return requirements that should be thoroughly spelled out in the auction listing. Beware that some sellers do have a restocking fee or only allow returns for "in store" credit instead of a money back guarantee. If there isn't a posted return policy - or if the seller doesn't respond to an email question - don't bid or buy from them.

Payment Options - Paying with a credit card is a good way to protect yourself. Sellers who accept payment by credit card understand that buyers are protected. Never for any reason ever email your credit card number — email is not secure. If you're not going to use a secure checkout then call the seller with your number. Many eBay sellers don't accept direct payment by credit card, but do accept payment through PayPal. PayPal offers some protection for consumers, but at a lower level than most credit cards, through a more complex procedure. PayPal's Buyer Complaint Policy includes some additional protection for eBay buyers. If you pay by check and want fast delivery send a money order or cashier's check. The seller should be able to ship within 2-3 days, rather than waiting a week or more to be sure your personal check has cleared.

2. Check Online Price Guides - What's the coin worth? Use eBay's own database to find out what silver coins of the year, type and mint have sold for recently. I'm talking about the "Advanced Search" facility to search completed items. You do have to be signed in to use the advance search but it provides you the item name, number of bids and final sales price plus a link to the original listing. Because coin prices are so volatile take with a grain of salt any pricing provided by outside services. They should be used as "guides" not as "set in concrete" prices. The number one site to check prices at is operated by PCGS. Numismedia does give some pricing but you need a paid subscription for full access. US Coin Values Advisor gives pricing on most U.S. coins, obviously, and is another good source of free pricing guides.

3. Email Questions - Now that you've located a silver coin you have an interest in don't hesitate to email the seller any questions you may have. Give them a few days to answer. If there is no answer or they fail to answer satisfactorily they might not be a buyer you want to do business with.

5. Print Photos of Coins - So you can compare the coin you receive with the auction listing. The auction listing should have large, clear photos of both the obverse and reverse. If it doesn't email the seller and ask for them. Again, give them a few days to answer and if there is no answer or an unsatisfactory answer think twice about buying from that seller.

6. Inspect Coins on Arrival - Inspect your new coin(s) as soon as you receive, at least within the time limit of the sellers return policy. If there is any reason your aren't happy with your purchase return it by FedEx or registered mail for proof of the return. Make sure you communicate facts to the seller if there is any dispute. Most sellers want to work things out if there is a problem.

7. Post Feedback - Be fair when posting feedback. If you're happy with your purchase, quality and delivery post positive feedback and ask that they do the same for you. If you feel the transaction is less the satisfactory let the seller know the facts so they have the opportunity to make things right. Mistakes happen but if you've been fair and cannot resolve the situation with the seller then post negative feedback. It's the right thing to do and works to help protect everyone who uses eBay. Be correct and factual in your statements.

Using the steps outlined above you can rest assured that you're doing all you can to have a great experience at eBay and finding exactly what you want. Enjoy the search for your favorite silver coins!

Article adapted and reprinted by permission of J Douglas from Silver Peace Dollar - Specializing in the Silver Peace Dollar 1921-1935.