Some Key Red Flags for Coin Buyers! 1 1

[Henri Charriere]

Following is a list of ten (10) Red Flags for Coin Buyers.  I am not prefacing my remarks by saying this is aimed at experienced- or inexperienced-buyers -- or those who ought to know better because we are all human and in the heat of the moment, depending on the circumstance, and a few catch words, we are all vulnerable.

In no particular order, I have enumerated the most  problematic terms culled from a single ad, currently on eBay, which you, the savvy reader, will recognize as being among the most common, if not egregious ploys to separate the buyer from his money.  Separately, I have singled out three (3) which I deem to be the most troublesome.  Bear in mind, that one, two, or even three are not noteworthy.  It is only when all ten appear together in an ad, which is not even being promoted by a coin concern, that they attain significance.  In an addendum, I will conclude with what I regard as the three biggest warning signs.  Herewith, the Top Ten:

1.  "Two (2) people have this in their cart;"

2.  "Stunning pendant 24" gold-filled chain."  (to any serious coin collector:  a) no numismatic item belongs affixed or encircled by a chain; b) if you do not know what gold-filled means, look it up;

3.  "Popular item. 7 have already sold."  (These are undisputed come-ons designed to make you act.)

4.  "People want this. 17 people are watching this!" (Gratuitous.)

5.  "Last One!"  (Meaning, "Don't delay!  Don't think!  Act Now!)

6. "Only Last One! - 7 sold!" (Hurry! Hurry! Hurry!)

7. "Cert No.:"   (Beware!!!)

8.  Uncertified   (Better hope the photos provided are well-lit; cropped; show obv./rev., the edge, and anything else you deem important under appropriate magnification.)

9. "Chain[ed] coin: Gold-filled. (NOT numismatic material.)

10.  "Seller:  Every Magical Day Jewelry"  (Their Name, Emphasis mine; If you are looking for a screw driver, you do not go to a florist.  If you are looking to get screwed, by all means see a florist.)

***

Here are the three (3) Red Flags for numismatics and coin collectors. Pay close attention!

11.  "Certified buyer." (Meaning what?  Authorized to buy?  Rather cleverly, the coin itself is not certified,)

12.  "O B O" -  Or  Best  Offer. (This is a gimmick calculated to make you feel you still have a chance as the sale price is not firm.  But if one person already has this in his cart, is he committed to the original price, or was he similarly offered an opportunity to wheel and deal?)

13.  "RETURNS NOT ACCEPTED."  (There is no bigger Red Flag!!!  Sellers who offer uncertified coins are usually those who are not in the coin business.  Many are jewelers. What do they know about coins besides what they were told?  If they assure you the coin you see is the coin you will buy, any oversight on your part will make or break your deal.  As policy, do not buy from those who do not afford you the opportunity to reconsider a transction due to aspects that may not have been crystal clear at time of purchase.  🐓 

Edited Saturday at 05:49 PM by Henri Charriere
Die polishing.

[powermad5000]

On 10/26/2024 at 7:20 AM, Henri Charriere said:

5.  "Last One!"  (Meaning, "Don't delay!  Don't think!  Act Now!)

I want to add an additional comment to this one. I have seen this before and have been the one to actually buy the "Last One" only to have about an hour or the next day have it shown as "The seller updated the listing" and the seller is once again selling the "Last One". This is a sellers trick to pump up sales on something he/she has many in quantity of but is a ploy to make you think if you don't buy it, you won't be able to find another one. NOTE!!!!!!! ********** This particular Last One in the sellers quantity DOES APPLY to items that are difficult to find or there are just plain not many of them for sale. Certain NOS car parts for my Chevelle will have this descriptor and those for sure ARE the last one. Some non common coins would be the last one. There are some collectibles like limited run numbered die cast collectible cars where say only 250 were made and the seller got a hold of say two of them looking to make some money off the deal, and one already sold so he/she has only one left. Just use some common sense when it comes to this. Think of how many were made, or if it is something easy to make copies of such as a photo, and exercise your best judgement when it comes to Last One.