Tips on How to Avoid Fraud on Collectible Coins

FROM:
http://www.bellaonline.com/articles/art59860.asp

Belloa Online - The voice of Women

Coin Collecting Site
Gary Eggleston
BellaOnline's Coin Collecting Editor

Tips on How to Avoid Fraud on Collectible Coins

Many people enjoy shopping online where there are
great buys of coins that can be found. A person
may prefer do his shopping while he is at home
because it is convenient and time-saving instead
of going out looking for stores that sell
collectible coins and other souvenirs.

A person can differentiate between a live auction
and an Internet because an online auction can
take several days to complete. They entertain
bids for the highest price up until the time the
auction is about to close.. Many people that
are bidding online enjoy the experience and they
may be familiar with the strategies to use to
win an online auction.

There are also online sites where a person can
buy any item that may capture his interest. This
is where most coin collectors purchase their
desired coins. By searching and finding the item
that they want, they can actually negotiate and
make the payments through the Internet. This can
be very risky as you are dealer/seller that is
unknown to the buyer, yet many people are still
making transactions and payments through this
kind of online auction.

Fraud is common even though many Internet sites
that do business online contend that the risk of
fraud is not something to worry about. They
contend that only 0.0025 percent of true cases of
fraud occur with online transactions - that
means only one out of 40,000 listed Internet
transactions would be fraudulent. On the other
hand, the FBI has their own investigations, which
prove that those figures are not true- they
contend that the risk of fraud is much higher
according to their statistics.

A person should believe the FBI for his own
protection. Even if one can say that the majority
of online coin selling transactions are honest
and credible, the process used to make the
transaction most probably is questionable and
uncertain. There are business transactions, which
are intentionally committing fraud with their
clients and buyers. Aside from flea-market dealers,
mail-order sellers, in-person auctions and some
coin stores, the Internet has introduced the
crime of fraud to many people in the easiest
way possible.

One protection that a coin buyer should know is
how to get "feedback"; that way, a person can
see the ratings other bidders give the seller
and he may compare his transaction with the
transaction of the others. Since there is a
great risk of fraud where there is negative
feedback, the person may withdraw his
participation from the auction if he deems that
to be necessary.

A person may also acquire ideas by looking for
those members who have left "positive feedback"
and compare it to the reaction of the sellers.
A person can make an assessment of what could
be possible useful information from those
reactions. Be careful and precise about any
transaction that is offered by the seller.

There are instances where a person is deceived
about the item he purchased. The photo shown
on the Internet displayed the coin that a
person wants to have but they delivered a
totally different item. These cases are fraud.
A person must make sure that the item he saw
on the photo is the exact item that will be
delivered to him. Here are some tips that
will help a person prevent fraud during a coin
search in the Internet.

1. A person should save the online photo of the
coin he wants to purchase. Many sellers remove
the image and the title of the item once a
purchase has been made.

2. A person should get the description and the
auction information. It should either be
e-mailed to the buyer or sent in writing by mail.

3. If there are suspicions regarding an auction,
a person should ask for clarification from to
the seller. This will avoid misunderstandings
and confusion on the part of the buyer.

4. A person has the right to refuse any
transaction where he thinks the price given on
the coin is too high. One should be aware of
the standard price of the specific coin and
compare it to the price that was given during
the online transaction.

5. A person can ensure that there will be no
fraud by asking the seller, before the auction
closes, if there is any available escrow
assistance for the bidder.

These are only a few tips that will ensure a
person of his safety when making any
transactions online. Fraud can happen to
anyone, especially those who are interested in
purchasing collectible coins online. It is
always important to be informed and
knowledgeable about the possibilities of
encountering fraud.



...

Fraud can happen to either side. I'm a Power Seller on eBay with over
550 positive feedbacks, no negatives, and one neutral feedback. The
neutral feedback was left by a buyer who emailed me that he wanted to
return a coin he won from me on ebay because he saw some scratches.
That sounded a little strange to me because is was a proof coin inside
a plastic capsule and it was never opened. I told him I would send
him a full refund including the shipping charge and was sorry he
didn't like the coin. He returned a 1989 Proof Silver Eagle that
either he or someone in his family took out of its plastic capsule and
decided to polish with a rag. The coin was completely hairlined and
worthless as a Proof coin. I returned the coin and told him I would
only accept my coin in the original condition. He swore that that was
the way the coin was sent to him. Since I had already given him
positive feedback, he proceeded to threaten me with my first negative
feedback, and three weeks later, give me a neutral feedback. All
because I refused to buy back his junk. I remember talking to an old
time coin dealer many years ago who said that "The biggest crooks are
on the other side of the counter".



On Sun, 14 Dec 2008 06:30:13 -0700, "Arizona Coin Collector"
wrote:

FROM:
http://www.bellaonline.com/articles/art59860.asp

Belloa Online - The voice of Women

Coin Collecting Site
Gary Eggleston
BellaOnline's Coin Collecting Editor

Tips on How to Avoid Fraud on Collectible Coins

Many people enjoy shopping online where there are
great buys of coins that can be found. A person
may prefer do his shopping while he is at home
because it is convenient and time-saving instead
of going out looking for stores that sell
collectible coins and other souvenirs.

A person can differentiate between a live auction
and an Internet because an online auction can
take several days to complete. They entertain
bids for the highest price up until the time the
auction is about to close.. Many people that
are bidding online enjoy the experience and they
may be familiar with the strategies to use to
win an online auction.

There are also online sites where a person can
buy any item that may capture his interest. This
is where most coin collectors purchase their
desired coins. By searching and finding the item
that they want, they can actually negotiate and
make the payments through the Internet. This can
be very risky as you are dealer/seller that is
unknown to the buyer, yet many people are still
making transactions and payments through this
kind of online auction.

Fraud is common even though many Internet sites
that do business online contend that the risk of
fraud is not something to worry about. They
contend that only 0.0025 percent of true cases of
fraud occur with online transactions - that
means only one out of 40,000 listed Internet
transactions would be fraudulent. On the other
hand, the FBI has their own investigations, which
prove that those figures are not true- they
contend that the risk of fraud is much higher
according to their statistics.

A person should believe the FBI for his own
protection. Even if one can say that the majority
of online coin selling transactions are honest
and credible, the process used to make the
transaction most probably is questionable and
uncertain. There are business transactions, which
are intentionally committing fraud with their
clients and buyers. Aside from flea-market dealers,
mail-order sellers, in-person auctions and some
coin stores, the Internet has introduced the
crime of fraud to many people in the easiest
way possible.

One protection that a coin buyer should know is
how to get "feedback"; that way, a person can
see the ratings other bidders give the seller
and he may compare his transaction with the
transaction of the others. Since there is a
great risk of fraud where there is negative
feedback, the person may withdraw his
participation from the auction if he deems that
to be necessary.

A person may also acquire ideas by looking for
those members who have left "positive feedback"
and compare it to the reaction of the sellers.
A person can make an assessment of what could
be possible useful information from those
reactions. Be careful and precise about any
transaction that is offered by the seller.

There are instances where a person is deceived
about the item he purchased. The photo shown
on the Internet displayed the coin that a
person wants to have but they delivered a
totally different item. These cases are fraud.
A person must make sure that the item he saw
on the photo is the exact item that will be
delivered to him. Here are some tips that
will help a person prevent fraud during a coin
search in the Internet.

1. A person should save the online photo of the
coin he wants to purchase. Many sellers remove
the image and the title of the item once a
purchase has been made.

2. A person should get the description and the
auction information. It should either be
e-mailed to the buyer or sent in writing by mail.

3. If there are suspicions regarding an auction,
a person should ask for clarification from to
the seller. This will avoid misunderstandings
and confusion on the part of the buyer.

4. A person has the right to refuse any
transaction where he thinks the price given on
the coin is too high. One should be aware of
the standard price of the specific coin and
compare it to the price that was given during
the online transaction.

5. A person can ensure that there will be no
fraud by asking the seller, before the auction
closes, if there is any available escrow
assistance for the bidder.

These are only a few tips that will ensure a
person of his safety when making any
transactions online. Fraud can happen to
anyone, especially those who are interested in
purchasing collectible coins online. It is
always important to be informed and
knowledgeable about the possibilities of
encountering fraud.



..

I remember talking to an old
time coin dealer many years ago who said that "The biggest crooks are
on the other side of the counter".


For that dealer, that may be true. At least, from your quote, he admits to
being a crook.
mk

--

"MJKolodziej" wrote in message
...
I remember talking to an old
time coin dealer many years ago who said that "The biggest crooks are
on the other side of the counter".


For that dealer, that may be true. At least, from your quote, he admits
to being a crook.
mk

Actually, what he implies is that the perception of criminality is relative.
Regardless of which side of the counter you stand on, the crook is on the
other side.

*
/?\
/___\
-O=O-
^
AS & His Magic Hat

A conclusion is simply the place
where you decided to stop thinking.