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CHEROKEE COINS

Guide To Buying Coins On eBay

Ten Must Follow Rules!

1. Make sure you have a current coin price guide. I recommend the price guide put out by industry leader, Coin World, called CoinValues. I have found CoinValues price guide to be the most consistent and accurate in terms with market reality. The price guild put out by PCGS called Collectors Universe, is also popular. However, I have found the Collectors Universe to be inconsistent, sometime severely over valuing higher grade coins and often undervaluing lower grade coins. CoinValues Price guide is the best way to go.
2. Check seller feedback and read over the feedback comments. If the seller has negatives, go back until you can read the comments for the negative feedback left. If there seems to be a pattern emerging from the negative feedback comments, beware of this seller. For example, if most the negatives say they paid for the item yet never received it and the seller doesn't reply to attempts at communication, then stay away from that seller! That many packages do not get lost in the mail!
3. Don't make exceptions to rule two! If your gut tells you not to buy from a seller after reading their feedback, don't talk yourself into buying from them anyway. You will save yourself a lot of money and time. This is experience talking here!
4. Beware of buying from sellers outside your country. There is a very limited amount you can do to protect yourself from International scams that are prevalent over eBay. If an International; seller wants payment to be wired or be sent with Western Union, this could be a very bad news person. JUST DON'T DO IT, OK!
5. Buying raw coins on eBay without getting cheated is hard but not impossible. If you want to buy raw coins, only buy from sellers who provide large and clear photos of both sides of the coin.  If the coin looks polished or cleaned and it is not mentioned by the seller, don't buy it! Make sure they have a return policy--so if you do not like the coin--you can return it. Buy from sellers who accept PayPal for payment. Under PayPal buyer protection, you might be able to recover funds if you are cheated. PayPal does not always rule in favor of the person who is cheated, so this is not a hole proof safety net. But it is an added layer of valuable protection. If you use a credit card to make your PayPal or Merchant Account payment, you will also have protection under your credit card company - who might issue a charge back if you can show them you were cheated. American Express has the best consumer protection of the major credit card companies.
6. Buy Professionally certified and graded coins from one of the major and respectable services. If you buy a certified coin buy a reputable service, you know you won't get a cleaned, damaged or severely over graded coin! Because you must rely on photographs to buy coins online, buying coins that are certified is the way to go. As long as the coin you buy has a name like; ANACS, ICG, PCGS,  or NGC associated with it, you will be able to get good value out of that coin.
7. In my experience, ANACS over-grades the fewest coins of all the major services. This means, if you buy an ANACS coin, it will be at least as nice as the assigned grade and possibly a point higher! ANACS has been around the longest, is the most strict and is the most consistent of all the major coin grading services. Buy reputation, PCGS is the best. Because of this, you will have to pay more to purchase a PCGS coin. I find PCGS to be nearly as consistent as ICG, but unlike ANACS--which often under-grades coins by one point--PCGS often over-grades coins by one point. This means PCGS certified coins may not be quite as good as the grade assigned to them, but only by a marginal ONE point. After ANACS and PCGS the next best one to go with is newcomer, ICG--who now has Two of the world's Three best coin graders (ANACS has the other top three coin grader in the world on it's team). Then comes NGC, which almost always over-grades all their coins by one point and sometimes two points. PCGS and NGC has the reputation behind their name - which drives the prices up, despite inconsistency in grading. Because of this, they are safe to go with - as you will be able to get good value out of them.. NTC and PCI are the last two I would consider. NTC and PCI are a little tricky, because they are almost always over graded one to three points. This means - for the most part - if you pay the prices for NTC and PCI certified coins that are typical for two grades lower then the assigned grade, you should be fairly safe in your investment.
8. Other coin grading companies such as, NNC, often over-grade by 10 points or more and do not identify if a coin has been cleaned, artificially recolored or toned, or if there is contamination and damage from PVC or other environmental influences. Buy these at your own risk! I have lost hundreds of dollars buying NNC and other small name certified coins! I hope you can learn from my losses, instead of finding out the hard way!
9. Ask the seller questions, if you have any questions about the coin. Do not be shy when it comes to your money! If a seller isn't going to take time to answer your question or give you a straight answer, don't give them your business!
10. Follow these rules and do not stray from them. These rules can serve as your tether line, to keep you away from con artists and scams that are out to get your money! Buying coins online is a great way to get good deals, but if you don't follow these rules and stay smart, it's also a great way to get cheated! Stay smart and good luck to you on building a nice collection!

Warren Gregory

Cherokee Coins & Stamps