Coin Collecting

Tips On How To Avoid Fraud On Collectible Coins


Many people enjoy shopping online where there are great buys of coins that can be found. A person may prefer do his shopping while he is at home because it is convenient and time-saving instead of going out looking for stores that sell collectible coins and other souvenirs.

A person can differentiate between a live auction and an Internet because an online auction can take several days to complete. They entertain bids for the highest price up until the time the auction is about to close.. Many people that are bidding online enjoy the experience and they may be familiar with the strategies to use to win an online auction.

There are also online sites where a person can buy any item that may capture his interest. This is where most coin collectors purchase their desired coins. By searching and finding the item that they want, they can actually negotiate and make the payments through the Internet. This can be very risky as you are dealer/seller that is unknown to the buyer, yet many people are still making transactions and payments through this kind of online auction.

Fraud is common even though many Internet sites that do business online contend that the risk of fraud is not something to worry about. They contend that only 0.0025 percent of true cases of fraud occur with online transactions - that means only one out of 40,000 listed Internet transactions would be fraudulent. On the other hand, the FBI has their own investigations, which prove that those figures are not true- they contend that the risk of fraud is much higher according to their statistics.

A person should believe the FBI for his own protection. Even if one can say that the majority of online coin selling transactions are honest and credible, the process used to make the transaction most probably is questionable and uncertain. There are business transactions, which are intentionally committing fraud with their clients and buyers. Aside from flea-market dealers, mail-order sellers, in-person auctions and some coin stores, the Internet has introduced the crime of fraud to many people in the easiest way possible.

One protection that a coin buyer should know is how to get “feedback”; that way, a person can see the ratings other bidders give the seller and he may compare his transaction with the transaction of the others. Since there is a great risk of fraud where there is negative feedback, the person may withdraw his participation from the auction if he deems that to be necessary.

A person may also acquire ideas by looking for those members who have left “positive feedback” and compare it to the reaction of the sellers. A person can make an assessment of what could be possible useful information from those reactions. Be careful and precise about any transaction that is offered by the seller.

There are instances where a person is deceived about the item he purchased. The photo shown on the Internet displayed the coin that a person wants to have but they delivered a totally different item. These cases are fraud. A person must make sure that the item he saw on the photo is the exact item that will be delivered to him. Here are some tips that will help a person prevent fraud during a coin search in the Internet.

1. A person should save the online photo of the coin he wants to purchase. Many sellers remove the image and the title of the item once a purchase has been made.

2. A person should get the description and the auction information. It should either be e-mailed to the buyer or sent in writing by mail.

3. If there are suspicions regarding an auction, a person should ask for clarification from to the seller. This will avoid misunderstandings and confusion on the part of the buyer.

4. A person has the right to refuse any transaction where he thinks the price given on the coin is too high. One should be aware of the standard price of the specific coin and compare it to the price that was given during the online transaction.

5. A person can ensure that there will be no fraud by asking the seller, before the auction closes, if there is any available escrow assistance for the bidder.

These are only a few tips that will ensure a person of his safety when making any transactions online. Fraud can happen to anyone, especially those who are interested in purchasing collectible coins online. It is always important to be informed and knowledgeable about the possibilities of encountering fraud.





Articles compliments of skaDoogle

Browse Our Information Mall

Coin Collecting


Other Interesting Articles

Finding Rare And Collectible Coins

Coin collecting was started only as a hobby for most people, however you can hear what other people say (or you probably have heard yourself) about news of people cashing in on their old coin; and that encouraged more people to go on a coin-collecting streak. If you are one of those people who want to invest in coins, here are several places to start your collec... [Read more]

The Exceptional Truth Behind Rare Coin Collecting

Are you interested in coin collecting? Have you ever tried collecting rare c... [Read more]

Coin Collecting Basics: Your Own Coin Collecting Kit

Coin collecting is not as simple as keeping coins: it may be observed from numismatists or even coin enthusiasts that it is a systematic and somewhat complicated hobby. Certain tools must be employed to ensure both fun, discipline and to some extent, good pr... [Read more]

Software For Coin Collecting: The Smarter Way To Collect Coins

It is a common coin collecting problem: too many coins, not enough information on what kinds of coins to collect, or a disorganized group of collecti... [Read more]

Starting A Coin Collection

It is never too early or too late to have a hobby. Some people are hobbyists for fun while others see a bigger picture; and that is to make money. Some objects that may seem inexpensive now may become valuable or priceless l... [Read more]


 Watch Videos on "Hobby"


Seattle Times

Readers share their memories at 13 Coins: 'the frying pan flames ...
Seattle Times
From late-night excursions to celebrity sightings to Joe's Special, readers share some of their fond memories of 13 Coins, which will close its longtime South Lake Union spot on New Year's Day.
13 Coins Prepares to Close in South Lake Union, Best Parts ...Seattlemag

all 2 news articlesÂÂ...


Classic US Coins– Building a Set of Buffalo Nickels at Very Low Cost
CoinWeek
With more than two dozen dates costing less than $20 each and a half-dozen costing less than $2 each, a set of Very Fine to Extremely Fine grade 'Normal Date' Buffalo nickels can be completed without spending more than $350 on any one coin. Overdates ...



Numismatic News

Central Asian coins topic of book
Numismatic News
No comprehensive catalog or detailed study covering all Central Asian coins exists so far. Contrary to most other coin issues of the 17th and 18th centuries, the pre-modern coinage of Central Asia has been rather poorly documented, insufficiently ...



WAAY

Woman charged with stealing thousands of dollars worth of coins
WAAY
The coins, which were reported stolen from a home in Horton Dec. 3, turned up after a Gadsden man who bought them learned of the theft from friends. Authorities said he brought the coins he bought from Herrera to the Marshall County Sheriff's Office ...


Coin Collecting