Should I be upset?
 

There was an auction on Ebay for 90 1921 Morgan Silver Dollars. There was like no bids and the price was set at $1,500. I didn't wait till the very last moment because I figured since the auction was ending at an odd hour, no one was watching it like I was. So with like 20 seconds left, I placed a bid for $1,500. At about the 9 second mark, some guy outbids me at $1,525 and with shipping costs it all comes to $1,550 for 90 Morgans (which would mean each Morgan costs a little over $17 each). Should I be upset? Did I miss out on a great deal?

http://cgi.ebay.com/ws/eBayISAPI.dll...m=300225618109

Thanks for the feedback guys. This is my first post.

Re: Should I be upset?
 

Unfortunately, bid sniping like this happens all the time, and it's becoming especially sharp right now with PM prices and inventories. Sorry to hear you lost the auction, but welcome to GIM!

Re: Should I be upset?
 

Nope, That price ($17.22) is well above spot ($14.07) for a common coin. It would have been nice to win, but no big loss. Sniping on E-Bay is always a risk so make your best bid and don't worry about it. Welcome home.:D

Re: Should I be upset?
 

+1

Plus this guy only have 35 feedback of which 15 is from one person and all the sales are private something may be fishy.

no love loss...... plenty around to had


T

Re: Should I be upset?
 

Oh yeah,


Welcome to GIM........ You are among good friends.



T

Re: Should I be upset?
 

Thanks for all the quick feedback guys! Having spent a lot of time looking at prices on Ebay, I have noticed that the public is willing to pay a premium over spot. It sometimes seems so absurd that I don't know what baseline to use. I've read on some posts here on GIM that some members regard spot prices as irrelevant. Anyone believe that maybe Ebay is a good baseline on what true silver/gold prices are?

Re: Should I be upset?
 

Ebay is for selling silver because of the premiums people pay there.
It is more likely to get good deals on gold on Ebay.

I had pretty good success buying generic silver from APMEX, selling most of it (the odd stuff) on Ebay and use my PP balance to buy gold, sometimes below spot, especially "odd stuff" like Austrian 1 and 4 ducats :D:D and other fractionals.

I've had one big Ebay seller write me "*sigh* I had hoped to get at least spot for these coins" when I scored two 4 ducat coins below spot.

Re: Should I be upset?
 

$17??? hells bells, man, that's high, unless the coins are AU or UNC....I just bought F-VF Morgans and Peace dollars from a local coin dealer at $14.50 each plus tax (total being about $15 per).....look around, there are deals to be had..

Re: Should I be upset?
 

Try a local dealer. Nice Morgans can be had for $12-14 easily. Plus no shipping.

Re: Should I be upset?
 

Notice that all of his feedback is also as a buyer. Most of the auctions he won were fairly cheap. In addition, a look at the other items this seller has to offer makes me not want to trust him at all.

Example: http://cgi.ebay.com/ws/eBayISAPI.dll...2BSI%26otn%3D3

To the OP: Consider yourself lucky you were outbid.

Re: Should I be upset?
 

Yup, this has been my experience as well. I almost never get a good deal on silver on ebay, except 90%. Gold is a different story. I STILL do good there.

Re: Should I be upset?
 

+1


Yeah that one was SCREAMING SCAM AS WELL.


You expect me to put up almost HALF A MILLION DOLLARS based on one 4 line paragraph of information?? with only 35 "feedbacks"??

WTF ARE YOU SMOKING ??

Please pass some of this way I would like to experiment.


T

Re: Should I be upset?
 

But, guys, you are not taking into consideration that Paypal trusts the seller all the way up to $200, so if the seller takes your $1,500 on a one way trip to Central America, Paypal will cover up to $200 of it. What could be better than that? :sarc:

Don't ever worry about being outbid on FeeBay. You should always decide in advance the maximum that an auction is worth to you, and then set your maximum bid to that amount. Just because someone else wants to pay more than you do does not make the item worth more to you. Another good guideline for bidding on FeeBay is to only bid on items from sellers with more than 100 feedback and better than 99% positive. That rule will save you from many possible scams. For the rare occasions when you are willing to break the rule, you should carefully look at the feedback history and the other items the seller has up for sale, and then consider the risks. If anything doesn't look right, walk away. There will always be another buying opportunity on FeeBay. :wink:

Re: Should I be upset?
 

When bidding on EBay you could enter the highest price you want to pay .. in this case let's say $1700 ... then the person 'sniping' would have gone all the way up to 1700+ to get them, and may not have even got near that with so little time left on the clock. You may have gotten this for 1551 dollars. Figure out the max you want to pay and then you can put that as your max value, you don't necessarily have to pay that max value... but you pay like a dollar or so over the last highest bid.
It is a little scary spending that much on EBAY though as there are so many scammers. It is best to deal with a person that has good ratings to be some what safer.