If you are a coin collector, how do you categorize yourself?
There are various ways to collect coins as well as the specialties of collectors. Here is how to differentiate the variety of coin collectors.
The Casual Coin Collector: The Most Common One
You will know that you are a coin collector if...
- you collect coins no matter what your age
- you collect coins randomly just for the fun of it
- you do not pay much money for the preservation and purchase of coins
- you will collect some coins that are already obsolete, those that have been modified and are used my magicians, commemorative coins, those with errors, or those that are out of circulation
- your collection is made more interesting because of the coins given to you as gifts
The Curious Collector: The Second Level
You will be able to recognize yourself as a curious collector if...
- you are more interested in coin collecting than simply collecting them because you received them as gifts
- you don't mind buying coins, especially if they are inexpensive
- you are more interested in browsing coin shops than a casual collector
- you spend time surfing the net looking at coins sold on eBay or other coin sites
- you collect coins without a clear-cut objective
- you are inclined to increase your knowledge of coins and might soon contemplate becoming an advanced coin collector as you establish contact with more serious collectors who might inspire you
The Advanced Collector: The Extreme Collector
You can categorize yourself as an advanced collector if...
- you find yourself smitten by the "Hobby of Kings"
- you are either a “generalist” (a collector who wants to obtain a wide variety of coins) if you can to obtain an amazing collection you’re your available resource; a “completist” (a collector who wants to collect a complete set of a specific type)
- you lack resources and will opt for a smaller number of coins to complete a set, if you are a “completist”
- as a “completist”, you prefer collecting coins from a certain historic period, nation, or you prefer collecting tokens or coins with errors.
No matter what level of coin collecting specialty you choose, it is your choice. What is important is that you find it rewarding and fulfilling.
So, have you found your category yet?
Friday, April 18, 2008
Thursday, April 10, 2008
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.
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.
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.
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.
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