Becoming a silver coin investor is easier than ever thanks to the internet. Many gold coin investors and collectors have turned to eBay in search of good prices for silver. Many buyers – especially those who are new to eBay – are curious about whether it is safe to bid on precious metals here. As long as you select auctions and sellers carefully, and do your research, eBay can be a safe place to add to your physical silver holdings.
The first thing new buyers should realize about eBay is that the silver you purchase here doesn't actually come from eBay itself. Instead, you're bidding on silver coins and bullion offered by an individual seller. This seller may be a precious metal dealer with a storefront in another state. Or they could be a collector themselves, looking to sell off part or all of their investment. They could also be someone who's come across a silver coin and posted it for sale without knowing a lot about the coin.
How can you make sure the individual seller is reputable? First, check their feedback rating. On eBay, buyers have the opportunity to leave positive, negative, or neutral feedback about their seller. Reputation is key, whether selecting a precious metal dealer in your city or buying online. When purchasing expensive silver coins, bars, and rounds, it is often best to stick with dealers who specialize in preciosu metal bullion, and who have thousands of positive feedback ratings left by previous buyers.
Don't overlook the return policy and shipping details. Not all eBay sellers accept returns – and you don't want to be stuck with coins that are counterfeit, scratched, or damaged. Only purchase from eBay sellers who clearly outline their return policy and explain how your coins will be shipped. Read all of the policies included in the item's description, and if you still have questions, ask the seller before placing a bid.
Almost anything imaginable that has been made of silver can be found on eBay. This includes rare historic coins, newer coins, bullion bars and rounds, and scrap silver such as sterling silver tableware and jewelry. Ebay is an especially good place to purchase scrap silver and smaller silver coins.
If you are looking to buy just a few grams of silver, eBay is a good place to start; many traditional precious metal dealers would prefer to sell in larger quantities. The site is a less popular place to buy and sell large silver bullion bars, as many buyers are worried about sending such significant sums of money to an eBay seller.
Carefully View All The Photos
Take a close look at every image offered by the seller. Zoom in to scrutinize every deal. Make sure you know whether the image is a stock photo, or a photo of the actual coin offered for sale. At the same time, don't rely too much on photos to judge the condition of a coin; photos can be altered, or taken carefully to make sure they don't highlight the coin's flaws. Some bidders will take a chance on auctions with blurry photos – especially if the seller's reputation is good – while others prefer a clear view of the coin they are buying.
Place a Bid
When buying silver on eBay, avoid placing your bid too early. Otherwise, you could find yourself locked into a purchase even though the spot price of silver has changed dramatically since your bid. Instead, wait until the auction's final hours, and keep a close eye on the spot price of silver, before entering your bid.