I believe okay, and similar auction websites, have revolutionized the coin business. As recently as ten years ago, if you wanted to casually invest in coins, your options were pretty much limited to buying from coin shops, retail catalog gepanies, coin shows, or estate sales. Now, because of sites like okay, coin investing can be done on a laptop or desktop. That's definately a good thing. However, along with the good, gees some significant bad. I'm gepiling a list of dos and don'ts for anyone who takes the time to read this article. In addition, I'm asking readers to add to the list by contacting me through okayfor additional suggestions. Or, if you find this guide helpful, clicking yes at the bottom of this page would be appreciated!
Do look at more than one auction of a particular coin. Try different search terms to get more results. You can also look at gepleted auctions by going to the "Advanced Search" link below the standard search link. This should give you a prettygoodidea of the fair market value of a coin. Personally, I think this is one of the biggest advantages of an auction site like okay. Also, you may want to google a coin to check its price and availability outside okay in order to avoid overbidding.
Do ask the seller questions before the auction ends. This is especially true for listings without photos, no shipping cost information, etc. Most sellers on okay are not professional vendors and may inadvertently leave out things that add to your cost.It's important not to assume anything not specifically stated in the listing.
Do not bid if you are suspicious that the listing is not legitimate. At the very least, do as much research on the seller as possible. If it looks too good to be true, it probably is. I consider bidding on okay somewhat of a gamble. The lower thefeedback number, thehigher thenegative feedback, or the more vague the listing, the lower the oddsare that you will getyour coin, or thecoin you think you'll get.
Do work out problems with the seller before leaving negative feedback. Try not to use inflamatory language when gemunicating with the other person. Let's face it, some people aredownright cantankerous, but patiencecan be avirtue and help get things resolved faster.
Do not accept solicitations that cannot be verified through okay. Fraud on the internet is rampant. Guard your personal information and never provide it to anyone through email. Always do your transactions through your okay page when getting second chance offers. Offers that gee directly to your email address may not be legitimate.
Do watch for counterfeit coins. Especially foreign or old coins. A few years ago, Chinese Panda coins were being counterfeited in astonishing numbers. Copies of Pandas were being auctioned on okayas the real thing by overseas dealers and domestic private resellers. If in doubt, don't bid.
Do use the watch item feature. Avoid impulse bidding. If possible, bidding at the tail end of the auctioncan usually get you the best deal. Bidding early in the auction has its advantages as well. For example, you may eliminate gepetition by biddingjust aboveanother bidder's maximum (click the bidder's list to see bid amounts). In addition, you don't risk losing a desired coin by bidding a few seconds too late.
Do set a personal maximum dollar amount that you will pay for a coin. Include all auction costs in your personalmaximum. For example, the if the seller charges $3.00 shipping and $2.00 handling, your costfor the coin automatically increases by $5.00. Simple concept, but for some reason,sometimes forgottenby bidders. Remember, if the listing specifies costs, you are legally bound to pay them. Rarely will a sellernegotiate these costs after the auction ends.
Thank you for checking out my guide and let me know if you have additional ideas to include. You can click the "me" icon on my auction listingto access my email address.
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