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How to buy a high value item on eBay. Are you insured?


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Hi given the recent activity on 2oz gold Gothic Crown crowns and a possibility to pick up a bargain/deal on eBay my question is as a buyer how well are you protected on big purchases? And for how long? 30 days? 

I have bought a few items and having attempted to contact seller and being palmed off have failed to followup with eBay after which time they are not interested in helping (if you can even get through to someone?!)

So my dilemma is which would a spend even £8.5k here on a 2oz gold gothic crown (like the one @BackyardBullionrecently noted he had seen on eBay. I mean it sounds too good to be true, therefore it probably is no?

Obviously buying through TSF with a large volume trader with a long standing history is a no brainer, but not seen one less that £12k yet. 
 
Thoughts on eBay?

Would you ever buy a high price ticket item there? 

 

 

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As a buyer you are much better protected than a seller, I would rather buy on ebay than sell for sure.

Visit my website for all my Hand Poured Silver: http://backyardbullion.com

And check out my YouTube channel 

https://www.youtube.com/backyardbullion

 

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E bay prefers to help a buyer rather than a seller.

I have purchased a reasonably expensive watch off eBay, first one was sent back same day as it was a fake, no problem, second one different buyer went back, scratch not shown, third ok!

Maybe should have stopped after first one, however, as said, buyer gets more help than seller, seller at times seems to get left to hang.

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Exactly what @BackyardBullion said really. I make part of my living selling on ebay and I dread sending out high value orders because there is always the chance - which realistically is super tiny but still there - that the buyer will scam me and I end up with no goods and no money. However as a buyer I wouldn't hesitate to spend thousands as I know my money is safe no matter what.

As a side note the 8500 for the 2oz gold isn't an unbelievable deal - its just those coins finding their worth amongst a marketplace that has been crowded with them. I saw several gold 2oz GC's being sold on facebook groups for the sub 10k price point. I'm sure those sellers would have been open to a serious offer in the region of 8500 though I think I'd feel safer spending that amount of money on ebay than in the facebook groups unless it was from a seller I already knew and trusted.

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@Silverman2U It's a judgement call, I've bought & sold high value items on ebay with no grief but you have to use your common sense.

Regarding your statement "So my dilemma is which would a spend even £8.5k here on a 2oz gold gothic crown (like the one @BackyardBullionrecently noted he had seen on eBay. I mean it sounds too good to be true, therefore it probably is no?"

 

It could well be true, close on doubling your money for laying out a few bob for a week is a superb return on your money & you have no idea what the potential seller needs or wants the money for.

The problem with common sense is, its not that common.

 

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1 minute ago, motorbikez said:

@Silverman2U It's a judgement call, I've bought & sold high value items on ebay with no grief but you have to use your common sense.

Regarding your statement "So my dilemma is which would a spend even £8.5k here on a 2oz gold gothic crown (like the one @BackyardBullionrecently noted he had seen on eBay. I mean it sounds too good to be true, therefore it probably is no?"

 

It could well be true, close on doubling your money for laying out a few bob for a week is a superb return on your money & you have no idea what the potential seller needs or wants the money for.

Great point. I guess I am learning I am more a HODL than a flipper. I have learnt (for me) it’s better to buy something long term rather that short term. I am a dollar cost averaging man too. :) 

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For the prices involved risks assoicted.to.both buyer and seller alike and the relative small size of the uk (you shouldn't be more than a 5hour drive or train ride away for most folk) a deal in person would be a safer/best option?

But that is not without its risks either.

Have a large friend accompany you

meetings in the right safe place, not your home. But inside a bank meeting room, at your safe deposit box address, a casinos bar/lounge area, at a hotel, at a coin fair. 

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EBay is full of scuzbags, it’s safer buying then selling, problem is the person selling the high end coin an numismatist or collector with sound knowledge, or some muppet who wants to take the coin out of the capsule and handle? 
 

if the coin was to be found to be damaged or defective, and it could be some time later can you imagine subbing the coin only for it to come back UNC details? 
 

if I was buying it I’d get in the car and see it with my own eyes first. 

@Paul beat me to it as it was typing. Nice to see we think alike. 

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23 minutes ago, AppleZippoandMetronome said:

Exactly what @BackyardBullion said really. I make part of my living selling on ebay and I dread sending out high value orders because there is always the chance - which realistically is super tiny but still there - that the buyer will scam me and I end up with no goods and no money. However as a buyer I wouldn't hesitate to spend thousands as I know my money is safe no matter what.

As a side note the 8500 for the 2oz gold isn't an unbelievable deal - its just those coins finding their worth amongst a marketplace that has been crowded with them. I saw several gold 2oz GC's being sold on facebook groups for the sub 10k price point. I'm sure those sellers would have been open to a serious offer in the region of 8500 though I think I'd feel safer spending that amount of money on ebay than in the facebook groups unless it was from a seller I already knew and trusted.

 

1 minute ago, Paul said:

For the prices involved risks assoicted.to.both buyer and seller alike and the relative small size of the uk (you shouldn't be more than a 5hour drive or train ride away for most folk) a deal in person would be a safer/best option?

But that is not without its risks either.

Have a large friend accompany you

meetings in the right safe place, not your home. But inside a bank meeting room, at your safe deposit box address, a casinos bar/lounge area, at a hotel, at a coin fair. 

Great points! Thanks @Paul

Out of interest is there places in the U.K. where you can get post office box’s? Back where I am from you could in every town so you could have items posted to your po box and pick up at anytime. With SD you still have to give your address in the U.K. (even though half the time I pick it up from the Post office anyways?!). 

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Just now, Silverman2U said:

 

Great points! Thanks @Paul

Out of interest is there places in the U.K. where you can get post office box’s? Back where I am from you could in every town so you could have items posted to your po box and pick up at anytime. With SD you still have to give your address in the U.K. (even though half the time I pick it up from the Post office anyways?!). 

MBE.can.supply you with a mail box but you'll have a  physical address 

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5 minutes ago, GoldDiggerDave said:

EBay is full of scuzbags, it’s safer buying then selling, problem is the person selling the high end coin an numismatist or collector with sound knowledge, or some muppet who wants to take the coin out of the capsule and handle? 
 

if the coin was to be found to be damaged or defective, and it could be some time later can you imagine subbing the coin only for it to come back UNC details? 
 

if I was buying it I’d get in the car and see it with my own eyes first. 

@Paul beat me to it as it was typing. Nice to see we think alike. 

Yes great feedback thanks. 
I could always take my wife with me, she is not big but the most violent person I know! Lol

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1 minute ago, GoldDiggerDave said:

P.O. Boxes are about £350 ish from the Royal Mail last time I looked 

?!? Outside London??!

I did not know you could get one? I assume you don’t get your own key to go there though right? 

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@Silverman2U as I understand i will know more soon as I’m getting one, your Mail is directed to your closest sorting office and it’s stored there for you to collect.  I’m getting one not because of coins just getting stupid waiting around all day for parcels to be delivered. 

Edited by GoldDiggerDave
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Buying high value items on eBay requires trusting the seller.
If the seller has 100% feedback selling similar goods and has been selling for a while then that's a positive thing.
If the seller has built up feedback selling bric-a-brac from car boot sales only then that's a negative thing.

When purchasing a high value coin the seller needs to show the actual coin and not a picture downloaded from the web.
It should also be good quality - no excuse for out of focus etc.

You then hope that you receive the actual coin exactly as described.
What would happen if you received an empty box or a box containing something else, or even a fake ?
The package would show delivered so back to mutual trust and reputation when using the eBay resolution process.
If you do not sign for the package and the courier cannot show proof of delivery then the buyer is covered for non-delivery and the seller looses out.

I always feared a buyer purchasing a proof gold coin would possibly substitute a coin stating mine was marked, maybe the perfect coin was taken out of its capsule and scratched etc. Lots of plausible excuses and unless you, as the seller, could provide hard evidence that the coin you sold was as described, eBay tends to take side with the buyer.

Would I buy a £5 - 10k item on eBay ?
If the seller is trustworthy from past & recent history ( check value of items sold ) - yes - otherwise no.
If hesitant or concerned about the what-ifs - best avoid unless it is the 'genuine' bargain of the century or something you are so desperate to acquire.

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9 minutes ago, Pete said:

I always feared a buyer purchasing a proof gold coin would possibly substitute a coin stating mine was marked, maybe the perfect coin was taken out of its capsule and scratched etc. Lots of plausible excuses and unless you, as the seller, could provide hard evidence that the coin you sold was as described, eBay tends to take side with the buyer.

This has happened to me first hand dealing with rare records, was open to abuse on feebay back then and still now.   The old saying cash is king and buy in person

 for dear items won't get stung as a buyer 

This is whee grading has its place when it's a high four or five figure item

 

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There are very few people that i would buy a raw high value coin from on Ebay, far too risky and seen so many get shafted then have a nightmare trying to resolve.

I only buy raw after veiwing in person unless there is a solid no quibble returns process in place, which is certainly not the case with Ebay !

 

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