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GeorgeGee's avatar

How can you sell a gold coin on EBay safely?

Asked by GeorgeGee (4930points) October 23rd, 2010

If you sell something like a gold coin on EBay, even if you use registered mail, what prevents a buyer from saying the box was empty when it arrived?

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5 Answers

lillycoyote's avatar

Just curious, is it a particularly unusual or valuable gold coin? Just wondering why you want to sell it on eBay.

GeorgeGee's avatar

I hear dealers will only give you about half of what it’s worth, whereas through EBay there are thousands of potential bidders and you sell to the highest bidder… That’s the idea…

lillycoyote's avatar

@GeorgeGee Then you need to find an honest and reputable dealer in your area. Gold and silver are kind of worth what they’re worth and the price can fluctuate from hour to hour, day to day. When I have come across gold and silver I want to sell I take it to my coin dealer and he weighs it, then gets on the internet to find out what the current price of gold or silver is and then pretty much gives me what it’s worth, less a small handling fee. No fuss, no muss. You just have to watch out for those “WE PAY CASH FOR YOUR UNWANTED GOLD & SILVER!!!” guys. If you’re just selling the gold, per weight, find out how much it weighs and the general, current price of gold and check out your local coin dealers until you find one that’s honest, and most of them are. That would be my advice. If you sell it on eBay you’re stuck with an auction that may end on a day when gold prices are up, and you’re selling it for less than it’s worth. I’m no expert; I just wouldn’t do it that way. It’s not like selling and bidding on vintage items that may be hot and overpriced. The price of gold kind of is what it is.

zenvelo's avatar

that’s why you ship via a method where the person has to sign for it, and you insure it when you send it.That way the recipient can’t claim you didn’t deliver.

I agree with @lillycoyote though. A local dealer will be a lot easier to deal with. Are you anticipating receiving more than the intrinsic value of the metal? That might be problematic unless it is an actual minted coin.

weeveeship's avatar

Make sure the buyer pays via Paypal. That way, you would be sure to get the money and would not have to deal with bounced checks.

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