The field of numismatics or collecting of coins can be a rewarding and educational experience.  In the past, the only way to purchase a coin or obtain education about the hobby was to visit a local dealer, coin show, or purchase a book. 

There is no an abundance of information on the Internet and at any one time, there are over 50,000 listings for US and World coins on eBay.

The most important part of buying coins on eBay is to remember to educate yourself first.  Caveat emptor, let the buyer beware is also a good posture to take.  It the offer or auction seems to good to be true, IT IS.

Coin collecting can not only provide you with years of enjoyment, there is also the potential for price appreciation.  With that said, there are some rules that you should follow when making a decision to buy coins on eBay.

1) If the seller does not offer you a return privilege, don't buy from them.  The American Numismatic Association Code of Ethics requires coin dealers to offer a minimum seven day return privilge for any reason.

2) Even if the seller has wonderful feedback, look at what you are buying, especially with third party graded coins.  If the coin is not graded by PCGS, NGC, ANACS, or ICG, eBay considers the coin to be "raw", meaning unslabbed.  There are still many people offering their self graded slabs on eBay for better date coins, mostly Morgan and Peace dollars.  Don't be lured into a no-name slab with a high grade.  The number one rule of thumb, BUY THE COIN, NOT THE HOLDER.

3) There is no such thing as an unsearched lot on eBay.  The fictitious stories about coins in the trunk of a cadillac, the banker that hoarded coins, etc are all marketing ploys to get you to pay more money. 

4) The jumbo lots of coins, 6000 plus coins are generally very common in terms of what you are getting numismatically, with a few coins sprinkled in, again to entice you to pay more than what the coin is worth.

5) The estate lot where the dealer advertises that they are breaking down an estate into one pound lots, two pound lots, etc without disclosing or showing the actual product you are getting is another way for you to become poorer.

6) The dealer that states that they are not professional coin graders, yet all they sell on eBay are coins.  A coin dealer that doesn't grade coins? let's be realistic.  They graded it when they purchased the coin.  If they are not willing to guarantee the coin, they are unethical and don't deserve your business.  "The what one person calls a VF30 and another calls an XF45, therefore you need to grade the coin" and I don't offer a return privilege is another way for you to become poorer.

7) Grading is subjective, but it is nearly impossible to grade a coin from a photograph.  As a buyer, you should be using halogen lighting, a minimum 5x loupe and rotating the coin to examine it carefully.  It is difficult enough to determine whether a coin has been altered in appearance, i.e. whizzed, dipped, artificially toned when in person, let alone by a photograph, so again, IF THE DEALER DOES NOT HAVE A RETURN POLICY, SPEND YOUR MONEY ELSEWHERE. 

8)  Enjoy the hobby, educate yourself, buy smart, and have fun.  Remember, if it's to good to be true, it probably is.

Good Collecting,

Eric aka thepepperman