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Tips on How to Avoid Fraud on Collectible Coins
By Viv James
An understanding of the long history of coin collecting, once known as
"the hobby of kings," will make this pastime even more enjoyable.
The history of gold coins dates as far back as 2,700 years ago. The first
gold coins in the world were issued in Lydia around 640 B.C. certain
internet websites will provide you with a lot of information about the
history of gold coins.
Many countries produce gold coins for collectors or for commemorative
purposes. These coins oftentimes emphasize unique aspects of the
country¡¯s culture.
One of the most common mistakes that turn normal coins into limited rare
coins is a mistake in the printing.
Avoid touching the coin unnecessarily, as dirt and grease from your fingers
will tarnish the finish over time. Exposure to air oxidizes metal, changing its
colour.
To the collector, bragging about 'finds' constitutes one of life's most
enjoyable pastimes.
One thing is for certain, there isn't a coin collector out there who will stop
collecting just because the prices have risen a little and probably the same
amount will consider selling their prize collection to the highest bidder.
Commemorative coins are a popular form of collection, as are rare minted
coins like those which had an error in their stamping. If a certain set of
coins doesn¡¯t interest you, it won¡¯t be any fun at all to become a
collector.
Because coin dealers are experts in their chosen fields, they will also have
better connections than individuals who buy coins on their own will.
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.
All coin dealers are not created equal, and it is nearly impossible to
specialize in every area when it comes to collecting rare coins. Therefore,
it's important to know what to look for before you select a professional
for your coin collecting needs.
Coin collectors and hobbyists number millions around the world. This
hobby is taken so seriously that there are even professional dealers and
investors who ply their trade in this fashion.
Buy quality! Buy quality! Buy quality! That's all you hears these days when
you are considering rare coins as an investment.
The American Gold Eagle stands out among other bullion coins because of
its lovely design, and because its value is backed by the full strength of
the United States government.
Within one hundred years, the concept of coins had been adopted by all
of the major trading cities in the civilized world. For most gold coin
collectors, there are the highly coveted rare gold coins and a lot of gold
coin collectors are interested in these rare gold coins that they will offer
high bids just to be able to get their hands on these.
There were only a few coins with this error, and their scarce nature has
made them valuable to collectors.
As you become a more experienced coin collector your "eye" will mature
and you'll be looking more closely at details like the lettering on a coin,
making sure the letters are still clear and not worn down.
Coin collecting for investment purposes can be a tricky endeavor. 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.
The collection of ancient, commemorative, and rare coins is a fun and
exacting hobby, and opens up a realm of history that most people never
get to see.
An avid coin collector will be able to tell you virtually every piece of history
that surrounds any coin in their collection both because they tend to
specialize and because knowledge is one of the most important factors
when it comes to starting and maintaining a collection of any value or
worth.
Good quality coins purchased at reasonable prices will appreciate, but
probably no better or worse than other investments.
Before purchasing coins, one must do much research about that coin. He
must assess its current market value and make sure that the coin is
genuine.
Generally speaking, putting demand aside, the more scare/rare a coin, the
higher its value. This is usually very true, especially when comparing dates
within the same series.
Some precious coins with double stamping include doubled-die Lincoln
cents from 1972, 1983, and 1984, and a doubled quarter minted in New
York in 2001.
A lot of people find collecting gold coins as not only an incredibly
interesting hobby but a fairly lucrative one as well! Over time, your
collection will accure value and parts of it can be sold if you desire. Always
be on the lookout for rare gold coins, and have coins appraised by a gold
coin expert to avoid large differences in price. You can get a silver locating
device or a magnetic pole for finding loose coins in ditches, under cars, or
in other hard-to-reach places. Or simply rely on your eyes to identify those
gleaming metal circlets of potential wealth.
During the Renaissance, popes and nobility began collecting coins for their
artistic and historical value, and the name "the hobby of kings" was born.
About the Author
Complete info on how to buy gold coins.
Article Source: http://www.simplysearch4it.com/article/50878.html
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