Buyer beware

Buying coins online can be a convenient and cost-effective way to increase the size of your collection and it can be a great way of locating those last few coins you need to complete a series. However, buying online can also be a risky proposition. I just ran across this news article about a man who sold coins he didn’t have on eBay.

The FBI found him and now he’s facing 20 years in prison, but it was surely an unpleasant experience for those who bought coins from him.

To make sure you don’t end up buying coins that don’t exist, try to buy from sellers on eBay who have a long history of positive feedback. The most recent feedback is the most important, because in this case, the guy selling the coins used his girlfriend’s account.

Another thing you can do for larger purchases is to use an escrow service so the seller doesn’t get the money until you receive the coins. It adds to the expense, but it also insures that you get what you’re paying for.

I take comfort in the fact that most people you deal with are honest, upstanding individuals. It’s just those few dishonest people that you have to watch out for.