How to Avoid Coin Collector Scams on eBay

Many Are Swindled, but Few Know It

If you do a search for U.S. coins on eBay, you will find over 113,000 listings. Some of the sellers are full-time dealers, some are part-time dealers and some are coin collectors. A fairly good percentage are also scam artists, ready to separate you from your hard-earned money.

As with any collectible, you should do as much research as possible before making a buying decision. Whether it's antiques, furniture, paintings or whatever turns you on, you can wind up on the short end of the deal. Knowledge is power and can save you a lot of money in the long run. If you are not a coin collector and just want to buy one for yourself or as a present, you need to get educated on some of the common scams on eBay.

I've collected coins for well over 50 years now and am amazed at how quick and easy it is for novice collectors to lose money. EBay presents the perfect opportunity for both minor and major scams. Unless enough people complain to eBay or file police reports, nothing is done to remove these low-lifes from selling more junk.

Some of these fraudulent transactions include the following:

1) The Rare Bears - these sellers attach the word "rare" to almost everything. They typically sell coins that are fairly abundant but write slick copy that leads you to believe you are getting in on the ground floor of a fantastic investment. Chances are that they are not rare. I've even seen some sellers say certain coins are rare when you can buy them from the U.S. Mint directly for a lot less than the seller is asking.