10 tips of Buying Gold Coins Online from Online Auctions
by Alicia Tee Boon Chinhttp://www.buybullions.co.uk/
Whether for investment, protecting your networth against inflation or simply just a passionate hobby, collecting gold coins have been a popular endeavour for many centuries. Today with the convenience of the internet, buying gold coins online have never been better, rather than being restricted to your local coin store, you can easily get the gold coins you coverted simply by clicking your mouse at the comfort of your own home.
One of the major ways to buy gold coins online is to bid for them through online auctions like ebay and OverStock, online auctions have the distinct advantage whereby they have multiple sellers under one roof (website), therefore you can compare the prices of the same item and get a better deal as compared to buying from individual online stores. Similar to buying through online store, there will definitely be some dishonest people that are out to scam you, here are a few tips to protect your purchase.
- READ ITEM DESCRIPTION CAREFULLY, understand what you buy before bidding. By placing a bid, you enter into a binding contract with the seller to commit to buy the item in the event you offered the highest price and you have met the reserve. When in doubt, send the seller a inquiry about the product before bidding.
- Research the store and the internet for similar item to check the coin description and pricing, this gives an expection of how much you have to fork out from your pocket. Keep the price in mind and do not bid higher than what you are expected to pay.
- Check delivery condition and price, does it deliver to your country in the first place? Does the seller offer insurance in the event that the gold coin is lost in transit? What is the delivery price? That are some unscrupolous seller that jack up their delivery cost and you might end up paying more money that you don't know about. DO NOT BID UNTIL YOU KNOW WHAT IS THE TOTAL PRICE THAT YOU WILL BE PAYING.
- Many online auction provide the buyer with a system to check the seller's past dealings and their client's feedback. Know the seller that you are dealing with, read about their feedback from past buyer, how long have they been in business at this site? Do they deliver as soon as payment is received? And have they sold similar items in the past?
- Some auction site like ebay provide buyer insurances, check out how to be eligible for claim should fraud occur.
- Choose sellers that provide money back guarantee in the event where the good delivered wasn't what you expect.
- If there is any question about buying gold coins from the seller or their store, simply send in an enquiry or an email, find out how quickly they respond or if they do respond at all.
- Buy using a credit card or better yet Paypal if it is available, Paypal provides reimbursement in the event that the item is not received or significantly not as described (read about Paypal buyer protection here). Many credit card companies offered similar protection (albeit with more procedures to follow). Do not pay with debit card or money from your bank account as it cannot be refunded should something go wrong.
- Read more about the coin that you buy, when is it issued? What is the dimensions and weight? Are there proof versions? What are the features in the design? Armed with this information would save you many time in identifying which is genuine and which is a scam, for example there is no such thing as a 1970 American gold eagle coin as the coin is only issued after 1986. Many counterfeit coin makers or scam artist often neglect little details when making fake items.
- Examine your coin when it arrives immediately, this is because should there be something unusual, it can be clarified and resolved quickly with your seller, failing which a claim for your money can be quickly filed with Paypal or your credit card company.
Article submitted Thursday, November 06, 2008 & read 23 times.
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