Buying from ebay.

[smokestack]

Hi as a new stacker i have heard about people getting bargains on ebay. Now i cannot deny the thought of getting a fake and not knowing it frightens me a lot. Is there any chance of some of the members on here talking about there experiences of buying from ebay, and maybe giving a nervous newbie like me some advice on this kind of buying. How does someone like me with so little experience know if he is getting a fake?

[HighlandTiger]

My only advice when buying on ebay, is stick to a price you are willing to pay, (include postage costs in this price), and never ever ever ever, bid above that figure. Remember there is no rush and people are putting up new auctions every day, by being patient you can buy .999 silver coins for £15.50, (bought two maples for that price each 3 days ago), and Sterling Silver .925 31.47g coins for £12.81. (Bought a month ago). 

[Danny-boy]

Hi SS.

I used to buy a lot of coins on eBay, I still do but nowhere near as much. Places like STG make eBay look quite expensive nowadays.

Anyway, I'd say at an estimate I have bought 500 coins on eBay, including those I used to collect numismatic ally that I no longer have. Probably 100 bullion coins.

I have only ever purchased one fake, and it was a very good copy. Complained and got my money back.

You have to do your own due diligence though. Contrary to what some people believe, it is generally possible to spot a fake if the pictures are real. And read the listing properly, they do generally mention somewhere that it is layered / clad / plated.

eBay isn't the evil place some would imagine, I have found it to be a very good place to purchase. It's important to me as I'm a collector, so some stuff I need is generally only available listed on eBay.

[smokestack]

Thanks Highland, do you checheck your coins when you get them? , and if so could you mention how you do that please.

[Danny-boy]

Thanks Highland, do you checheck your coins when you get them? , and if so could you mention how you do that please.

Simple mate. The three M's (patented by me).

Magnet

Mass

Measurement

Also the ping test and visuals.

Very few fakes can pass the three M's, the other two can assist further if needed.

[HighlandTiger]

I've got a nice big magnet, cheap pair of scales, and some digital measuring calipers.  All that cost me less than some people are paying for a single silver coin. If it prevents you from buying just one fake coin then its money well spent

[smokestack]

THANKS EVERYONE, some great advice there, i am going to say it again, this forum is the best.

[Carpe Diem]

i'd also add that do your research, knock up a simple table in word with the coin, the silver value at current spot and then keep checking.  You can often find older coins at very little over spot on eBay so if you're a beginner then starting off with a few ounces that you know are damn close to spot is a good way to kick off as you will not pay the premiums often associated with modern bullion.  

[HighlandTiger]

i'd also add that do your research, knock up a simple table in word with the coin, the silver value at current spot and then keep checking.  

A man after my own heart. I have several tables as you describe, with current values for the coins I am after. However if you are very lazy, check out. http://en.numista.com/catalogue/index.php    Click on advanced search. Find the coin you want, and at the very bottom of the page there is actually a current bullion value of the coin   

[a_a]

What cheap digital callipers would people recommend for a beginner? Thanks

[Danny-boy]

eBay item 231160896190 from china.

Same as mine, under a fiver. Boom.

[a_a]

Brilliant, thanks. Think I will go for the smaller 100mm size so it's easier to fit in my pocket

[Pete]

Do your homework and check descriptions on the web for specifications and pictures.

Maybe stick to common coins to get established as most will unlikely be fake.

Check the seller feedback and see if he / she has been selling coins for a period and not odds & sods from a car-boot sale.

Always remember to factor in the cost of P&P as this can make eBay more expensive than bullion dealers.

Weigh your coin with digital scales preferrably with 2 decimal point precision.

Be suspicious of a good looking coin that is underweight.

Measure diameter and thickness if you can with vernier callipers.

It is unlikely a fake would not be the correct diameter so check thickness at the coin centre, not the rim.

If it is say 10% too thick it is a fake.

Generally fakes are both underweight and too thick so this combination merits deeper investigation.

Fakes are surprisingly rare but avoid Chinese Pandas unless you have good data.

ALWAYS look for a small word in the description that mentions, plate, mils, clad and AVOID.

If the coin should be selling for £20 and bidding is closing at £5 stay away !

[silversword]

Weigh your coin with digital scales preferrably with 2 decimal point precision.

Be suspicious of a good looking coin that is underweight.

Measure diameter and thickness if you can with vernier callipers.

It is unlikely a fake would not be the correct diameter so check thickness at the coin centre, not the rim.

If it is say 10% too thick it is a fake.

 

I've not bought from eBay yet, but I do test all my coins, even from bullion dealers. I should add that for testing thickness, vernier calipers are not always the best tool for the job, as the jaws will usually get the rim of the coin. To measure in the centre you will need a micrometer.

 

Secondly as Danny mentioned it is worth having a neodymium magnet, which will not only root out any fakes containing ferrous metal straight away, but can also be used for the slide test.