Biggest Coin Collecting Risk You've Ever Taken
1 1

8 posts in this topic

1,169 posts

Ever take a chance on a coin purchase?
 

I've kept all of my coin correspondence from dealers, even down to handwritten notes in the coin mailers to me.

I was just going through the records I have, and there was one dealer who just barely had an Online presence, maybe Ebay (can't remember), but sketchy as far as I was concerned.

But he had a coin I wanted — I really needed it —  and I was able to get him to $3,900 for the purchase.

He had to persuade me that whatever happened, my credit card company would refund my payment if the whole thing went awry because of their protection guarantee.

I bought the coin, and waited, and hoped it would arrive in the mail.  When it did arrive —whew! — the invoice showed no return allowed.  I was stuck.

The US gold coin inside the NGC holder had some dirt or grime in a letter or two, and there was a fibre on the face of the coin.

I may have expected the dirt or grime, but in hand it was worse than expected.  The fibre I hadn't seen Online.
 

So, I sent it off to NGC's Conservation Services, and the coin came back in a new holder, with the fibre removed, but the grime was still in the letters.

I sent it back to the Conservation Services yet again, and when it came back it was beautiful, and to this day it is still beautiful.  Stunning, really!

But even better, when it came back the final time, this 1849-D Gold Dollar had gone from AU58 to AU58+, and is in a Scratch Resistant Holder.

I was delighted!


Today, looking at the Invoice for the coin, which is all I have of that transaction, there is no address, and I looked Online for a possible website for the name, and that page comes back Blank.

I get the feeling the Seller closed down and packed up.

Still, I'm delighted with the purchase, but I took a big risk, imho.  I don't know if I'd ever be so trusting going forward from here.

Share this post


Link to post
Share on other sites
482 posts

Sometimes the bigger the Risk...the bigger the Reward.

I've taken several chances over the years...when we start off small and move up to bigger money and better deals be careful...I've bailed right before the "big one"...you know, that one where it's the largest transaction with a nobody that's too good to be true and it's your turn to send payment first...yeah, feels good to find out later you did the right thing...crooks are everywhere and are capable of anything...for the record, I've had more positive deals than crooked ones. 

Share this post


Link to post
Share on other sites
3,961 posts

I guess we all take a risk every time we make a purchase by any method other than sight seen, but I have never even come close to your experience, at least dollar-wise. I don't think I have the stones to spend that kind of money with anyone over the internet, unless it was with one of the larger auction houses, Great Collections, or possibly one of the big (or, at least, well known) dealers on Ebay. None of the tokens that I collect sell for anywhere near 4K, so unless I am adding something to my type set, I am not normally spending more than a couple of hundred, and I usually only buy type coins from B&M dealers or at shows, face to face.

I'm glad your purchase worked out.

Edited to add: I would, however, trust almost everyone I have ever met on this chat board. I have never once had a bad experience here, either buying or selling.

Edited by Just Bob

Share this post


Link to post
Share on other sites
394 posts

I've been risk averse when it comes to hobby spending.  I had one transaction with a buyer from Craigslist that went smoothly.  I learned he was a serious collector and all seemed normal.  About a year later I bought $3000 worth of gold coins from him.  We've done business a few times since. 

Whenever I buy or sell coins from Craigslist I always meet inside at a place with video surveillance (Dunkin Donuts or such), I make sure to get their cell number prior to our meeting and finalize time and place via cell, and I'm armed.  I've had very good experiences this far. 

 

Share this post


Link to post
Share on other sites
3,662 posts

I have bought a few raw coins in the vicinity of $1000 from eBay and other auctions.  I'll do so as it is either that or pass and have no opportunity to buy the particular coin (date, denomination, origin) at all.  The most recent instance was in 2017 for a 1768 Bolivia 2R which I grade AU-55.  It also could use conservation, as I believe it was previously dipped or lightly cleaned and there is residue in the legend.  I need to take it to a coin show and have NGC evaluate it directly at some point.

Share this post


Link to post
Share on other sites
2,866 posts

Well........I'd say my biggest risk was buying one of the key dates for my Ottoman Nickel 20 Para set (the 1327 No Regnal) from a seller in Saudi Arabia.  It was the only time I ever saw one offered for sale, so I jumped on it.  It took a couple of months to arrive, but it eventually did, all safe and sound.  Probably not something I would do again, but I did get a great coin out of it and one I couldn't locate any other way.

Edited by Mohawk

Share this post


Link to post
Share on other sites
831 posts

I once paid 10X NGC price guide for a color toned Lincoln cent. There is no risk now but when I die is when the risk emerges. For what its worth it CAC'd !

Edited by numisport

Share this post


Link to post
Share on other sites
1,179 posts

I once paid a few thousand$ for a raw bust$ on ebay. I think it was in 2000 and shortly before I joined PCGS forum. I had no clue what I was doing before I joined the forum.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
1 1