Tips on finding and buying collectable coins and bank notes on eBay

Searching for collectable coins and bank notes:

To search for collectable coins and bank notes on eBay, you can use the categories to narrow your search. From the home page, you can select the Coins & Stamps category. Then, you can choose the Coins subcategory, and from there, search for key words in the Coins subcategory category by clicking in the search dialogue box on this page. Key words that you might want to search for include: the denomination of the collectable coins and bank notes (such as penny or £1 note); country of origin (for example, Germany); the material from which the coin is made; the year or period in which it was produced; and special distinctions of the coins (such as errors). For more tips on how to do searches, see "eBay Search Tips."

Because people list items differently, you may want to be creative in your searches. For example, if you are looking for a 1960 peso from Cuba, you may want to search "peso," "1960," "Cuba," or some combination.

If this search does not produce the item you are looking for, try broadening the scope of the terms you are using. You will often get the best results from searches if you search the larger Coins subcategory and include the option to search the text as well as the title. This way, you'll find items even if the key word is only in the description or if the item is in a different category.

Viewing your search results:

You can view the listings that your search finds in many ways: featured auctions first, only the auctions that are ending today, or all the auctions in order of the day and time the auction ends. If you are looking for something specific, you may want to browse through all the listings, but if you are looking to bid and buy as soon as possible, selecting only auctions ending today will be helpful. If the listing has "PIC" after the title, that indicates the listing includes a picture. "NEW" listings are auctions that have been listed in the last 24 hours.

Reading the auction listings:

Every hobby has its own jargon, and coin and bank note collecting is no exception. Take a look at the terminology for listing and buying that people often use when describing collectable coins and bank notes. For example, it is helpful to understand common terms used (see glossary) and terms to describe the condition (as is, mint, and so on). In addition to the "Terms for listing or buying" section in "Tips on selling and listing collectable coins and bank notes on eBay," you may want to refer to a reference book for more terms and more extensive definitions.

Deciding how much to bid:

Once you find a an item you like, consider what it is worth to you and compare it with the amount it is currently selling for. Be prepared with knowledge of the approximate value of the item you want. To do this, there are many numismatic publications, such as Numismatic News by Krause Publications, Coin World by Amos Press (these are weekly publications). Monthly publications include Coin Age Magazine.

Price guides can be a helpful reference, however, remember they are only guides. You can also do a search of completed eBay auctions for similar coins and bank notes to see what people have paid in the past. Read the descriptions carefully. Details about the condition can help you decide how much to bid. If you have a question or are unclear about something in the coin description, you may want to email the seller for more information before placing your bid, especially for more expensive coins and bank notes. Ask specific questions - most sellers are happy to answer them. In particular, you may want to ask what the item's flaws are so that the burden of disclosure is on the seller, and you are not unpleasantly surprised when you receive the item.

Placing a bid:

Once you have decided what you are willing to pay, place a bid! You can set your bid for the maximum you are willing to spend. eBay will then place your bid at the lowest amount that ensures you are the high bidder, up to your limit. If someone bids against you, eBay automatically raises your bid so that you remain the high bidder until the bid amount reaches your limit. You can also place a low bid and decide on a case-by-case basis whether you want to raise your bid when someone outbids you.

Note: It is also a good idea to look at the feedback the seller has received before placing your bid. The comments will help you decide if this is someone you would like to transact business with! If there is a lot of feedback, at least glance at the recent responses and any negative feedback to see if there are any comments of concern or issues you would want to clarify with the seller.

Completing the transaction:

eBay will notify the seller and high bidder at the conclusion of the auction. The seller will then contact the high bidder to arrange for payment and shipping of the coin. Typically, the seller will ship the coin as soon as the payment has been received (if a money order is sent) or, when a cheque received has cleared the bank. See "After the Auction" for more details.

If the seller was prompt and courteous, give positive feedback so that others will know this person is a good seller to work with. This is all part of the community spirit at eBay. And who knows, the seller might give you positive feedback, too.

For more helpful information, refer to "Tips on Buyers".