Buyer Beware When Shopping On eBay!
Recently I have bee shopping for some early Panamanian coins from 1904, of course they have to be silver! Why 1904 you might ask? It was the year they used a new design for Balboa on the obverse (front) of their coins. In most cases, it was only produced in 1904, but in other denominations there were some in 1905.
While browsing, one coin caught my eye, because it's surface was so brilliant. So I clicked on it and the coin is indeed very white, but there was a reason for it. It had been cleaned, and I could tell with one glance. I looked down at the seller description and to their credit they did state it had been "mildly" cleaned. This wasn't mildly cleaned, but at least they were somewhat honest!
From eBay.com
About the coin:
From numista.com
These were produced in Philadelphia, Pennsylvania in the US Mint. As you can see from the valuation chart an about uncirculated coin is worth around $35, and that's uncleaned. This moron is selling this coin above for $140! What a rip off artist, just hoping some sucker will come along and buy it because it looks pretty and is old... Buyer beware, because there are many looking to steal your money on eBay and even some coin shops.
These were produced with this design on the 2 1/2 cent, 5 cent, 10 cent, 25 cent, and 50 cent denominations. Once you get to the 25 and 50 cents coins the about uncirculated coins are very expensive and even more so if they are uncirculated. So my shopping will remain in the smalls category, at least for the time being!
The Cleaned Coin
Picture is mine, sorry the picture is so small! It's an older picture!
I once fell victim to a cleaned coin, where things just looked so good that you miss the subtle details. This 1836 Capped Bust Half Dollar I purchased from a respectable dealer with assurances it hadn't been cleaned. I sent it in to be graded shortly after and it came back as a cleaned coin. Fortunately, I was able to return it for a full refund but was out the grading service fees and postage. But isn't it a pretty coin? It just looks gorgeous! What a shame it was cleaned...
When someone cleans a coin to make it look better it immediately decreases the coin's value. Many times amateurs find an old coin and decide to take a wire brush to it to make it look better only to make a potentially valuable coin worthless. Moral of the story being: if you find an older coin resist that urge to clean it up. Leave it as it!
If you are buying coins on eBay or other sites that aren't reputable precious metals dealers, buyer beware. You never know what you are getting! That's why I will only purchase older coins that are graded on eBay. Newer one's I don't worry unless they're expensive, but you have to be careful. There are lots of scammers out there!
That will do it for this Monday, I hope you're all having a nice start to your week! Please feel free to leave any comments or questions below, and as always thank you so much for all of your support. I really to appreciate it! Have a great day everyone!
References:
Disclaimer
I am not a financial planner and this isn't financial advice. Please always do your own research before investing your money. You worked hard enough to earn it!
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wow that is bad heheh at least they were honest some how!
!PIXY
Some honesty is better than none I suppose! lol
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I'm sure there are some good deals to be had on eBay, but it feels like there is a bigger chance of you getting duped than actually getting a deal.
I won't buy raw coins on eBay unless they are recent issue, graded coins are much safer! There are just too many scammers out there anymore... The world just gets worse and worse by the day it seems... Although, to be fair, it's probably always been this way, it's just easier to bump into scammers online!
Very true and very smart!
There are many angles that sellers use including paying for promoting their item. It becomes the first few if you search which to an unknowledgeable person gets bought.
I’ve bought a few in my day that were cleaned. Luckily I opened a case and got refunds on all but one. I now only buy raw coins in person.
!pimp
I'm the same now, raw coins are just too risky online. I even had a "graded" coin from eBay show up where they had broken open the casing and swapped out the coin and superglued it back together. That one I had to go through eBay to get refunded... Scammers everywhere!
!PIMP
The scammers are just getting more and more creative my friend!!!🙄
I have to admit as a little kid in grade school, I did my share of coin cleaning....Lol😇🤣
Of course I also pushed a lot of coins into my blue Whitman cardboard folders with a spoon as well....Lol!😇
Kids...........
We all did that as kids, I remember using a pencil eraser to clean up an Indian cent... Then again I didn't know any better! Funny how much you learn not to do as an adult to care for coins!
Lol...... I forgot about the eraser trick!😇
The sad thing is I'm sure there are a lot of adults that are cleaning coins🙄
So other than whatever physical damage you might do to a coin, what is it about cleaning it that reduces its value?
It's the damage that cleaning itself does to the coin that reduces the value. It can make the coin look prettier, but from a collector's standpoint they prefer unaltered coins. Sure a cleaned coin can still have value, but they are much harder to sell and grading coin grading services will refuse to grade them.
!BBH
!PIZZA
I've seen more than my fair shared of 'GASP' steel wool scrubbed silver coins.
Oh the humanity.
!PIMP
Isn't it just cruel to use steel wool on silver? Ugggh........
!PIMP
Keepping my eye out for this more now since you pointed it out on that one coin. Appreciate that and this post.
You're welcome! Lots of scammers out there, raw coins are best bought in person. Grades coins are usually the safest but cost a bit more!
!BBH
!PIZZA
My question is, why do they actually clean the coins, why can't they leave in its natural state?
My thoughts exactly... But some people who know nothing about coins assume that a shiny clean coin must be worth more than a dirty old coin. They learn the lesson the hard way! lol
$140 for that coin is way too overpriced
it is very important to be knowledgeable when buying these coins
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