I have been buying and selling coins on Ebay for only about a year.  During that time, I have had some real gems in my possession and paid rock bottom prices.  I have bought coins for $50 and turned around and sold them from anywhere between $150 and $850.  I am going to tell you how I did it and how I continue to make money selling coins on Ebay! 

The first thing you will need, is some knowledge of how much coins can be sold for.  I can have a $2000 ICG or ANACS certified coin ($2000 according to PCGS.com) and only sell the coin for the $50 on Ebay.  Why, you ask?  Because PCGS and NGC coins hold the standard in grading.  The same coin valued at $2000 in an NGC or PCGS holder will bring 10x that or more on Ebay!  Starting out, I recommend going to a coin dealer in your area and asking them for an old greysheet.  If you have to start small and want to save your money for coins, then use the old greysheet.  It won't differ too much from the new version.  The greysheet is the realistic coin value guide for "real coin collectors".  People that know the greysheet, and the blue book, know what the realistic value of the coin your selling is.  The greysheet will also give you an ideal range of where to start your bid at.  The Blue Book is the outdated quickly, but it is the average dealer buying guide for US coins.  The prices are low in the Blue Book and you can expect that, since coin dealers are out to make money.  Now that you know NGC and PCGS are the best, let's go to inventory.

There are three "ways" I buy coins.  The first way is coin shows!  They are the BEST!!  In my opinion, shows are where it's at!!!  If a local show is in your area, take the time to go check it out, even if you don't buy anything.  Just look at all the different sellers and how much they are asking for coins!  IT'S CHEAP!!  REAL CHEAP!!  Shows offer some of the best prices on coins.  They are all competing for your business and if you have the cash, barter is in their vocabulary!  Get your greysheet and head out to the next show, I promise you will be happy you did!

The second way I buy coins, is Estate Sales.  Anytime you can look over an older collector's coin stash, take the opportunity!  Some of the rarest gems can be found at an Estate Sale!  An older collector has kept these coins for years!  Many times, stashed in a shoe box under his bed, until he or she is too old to enjoy them!  Take a gander and be prepared to start with a reasonable offer.  We all know the adage "start low and work your way up when it comes to negotiating".  This philosophy can back-fire fast in an Estate Sale!  Opening with a reasonable offer let's the person selling the coins know your not out to rob them.  It tells them that you respect their collection and want the best price possible, without insulting them.  If I'm willing to spend $1200 on a collection and am still getting a good deal, I will start by offering $1050.  $1050 you say? Yes!  I can't tell you how many times, I have as well as other people have tried the old $700.  Most collector's get insulted with a lot opening bid like $700.  I have seen too many people "change their mind" about selling their collection with low opening bids.  Trust me, the first time you come across 20 rolls of Standing Liberty Quarters in EF/AU+ condtion (with alot of 1927-S's) and offer a low starting price and the person selling no longer wants to sell them, you'll be sorry.  I had that happen to me.  My friend found an Estate sale and knew I liked buying coins, so he arranged a meeting.  I went over and inventoried the coins and made an offer of $1350 to my friend, who was in communication with the seller.  My friend thought he was doing me a favor and offered $650.  Needless to say, I never saw the SLQ's again!

The thrid way I buy coins is on Ebay.  The key to buying coins on Ebay is being prepared to walk.  I can't tell you how many times I have seen people pay too much for a coin they wanted to resell, by getting caught up in the "bidding war".  Sellers love it and buyers love and hate it.  The adrenaline rush of taking something from another person, feeds our primal instinct of survival and seems to make us all happy when we win, even if we pay a few extra dollars for an item.  The problem is, if you cut out your profit margain, then you might as well not even buy the coin!  Another key to buying coins on Ebay, is continually looking for the same coins.  If you only look at one dealers auctions, then you miss out on all those deals that other people have missed as well!  Just tonight I bought a 1960 MS66 ICG Jefferson Nickel for $14 with shipping.  When I have NGC do a crossover, it should bring me a nice chuck of change for only spending $30 on the coin.  That's another thing most people don't know about Ebay.  NGC has a contract with Ebay, that allows people that use Ebay to directly submit coins to NGC for no more than the shipping cost and grading fees (Ebay members get a 10% discount on grading fees)! That's right, you don't have to be a member of NGC Collector's Society to Submit coins to NGC!!!  Just go the Ebay's main page and click on coins and paper money.  Towards the bottom on the right hand side, you'll see NGC.  Click on that link and it will bring you to the steps to submit coins to NGC.  You print out 4 copies of your order and enclose a check, and Viola! 

The last piece of advice I would like to give, is constantly look for rare coins on Ebay.  Like FS Jefferson Nickels from the late 30's or early 40's.  I can't tell you how many times I have bought an NGC or PCGS nickel for $20, and then turned around and sold it for $75-$100!