You have probably heard that you can easily set up a business on the
internet and make boatloads of money quickly.
Based on the growth of the internet over the past few years, it is definitely
true that the internet offers many opportunities for businesses,
entrepreneurs and consumers. It is also true that businesses and
individuals are selling coins on the internet.
Some merchants are honest and reputable. Other sellers are shady with
the goal of maximizing their income and minimizing any product costs. On
the other hand, internet sellers also have to be careful of dishonest
As an individual, you have many options to set up an internet store. Some
of the most recognizable sites offering internet storefronts are eBay,
Amazon and Yahoo! for helping people set up sales sites.
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Selling Coins on the Internet - Should You?
Alternatively, you can set up your own web site with a web hosting service and add the necessary shopping cart
functionality using other web tools. The do-it-yourself approach takes more time and involvement to accomplish.
Of course there are other worries such as making sure the shopping experience is secure in order to protect your
customers’ information and meet federal and state laws. Plus, you have to make sure you do not keep any records of
their credit card information.
For the purchase, you have to make sure you follow the tax laws for the internet for each state in which you do
business. Much of these worries can be solved by an experienced internet storefront; but you are ultimately
responsible, so make sure they are done correctly.
Various how-to books for internet businesses talk about
landing pages, squeeze pages and email lists. These have
worked well and helped people become very successful on
Should you choose to use similar sales techniques, you must
make sure you follow the email/spam laws. As a seller, you
cannot send solicitation emails unless you have the
Perhaps because selling coins on the internet is perceived
as easy, people can be careless in how they do business on
the World Wide Web.
Just be careful. There are certain laws - not many, but a few -
that can be a problem if ignored. And ignorance of the law is
generally not accepted as a valid excuse for errors and
Now here you are, an honest person, set up with a business
and selling coins on the internet.
The good news is many honest people enjoy internet buying
and will search for collectible coins and numismatic supplies.
The bad news is criminals also frequently search for valuable
items such as coins that they can easily acquire preferably at
little or no cost.
Many stories exist where sellers shipped their product but did not receive payment. Or, they received payment, but
the customer claimed the product was not satisfactory and must be returned for a refund.
In good faith, the seller refunded the money, but the product was not returned. When challenged, the customer
claimed the product was lost in the mail. Many variations of this story exist where the seller has neither the product
nor the payment and where the buyer is the problem.
Even otherwise honest people are sometimes less than honest in
their buying experiences on the internet.
There is a different expectation, maybe even lack of respect, for
The coin buying experience in a coin shop or at a coin show is
more knowledgeable, personal, and professional.
For example, people have purchased coins on the internet and
returned them for a refund; however what they returned was not the
same coin the seller sent them.
The buyer may return the same type, date and minted coin but use
the one they received as a way to upgrade their collection.
This is wrong, and they would never do this in a face-to-face interaction, but they may justify their actions due to the casual
nature of the internet.
The ease of the internet also makes it easy for people to be criminal or deceptive for monetary gain, but the internet still
offers wonderful opportunities for potential sellers.
If you are selling (or buying) coins on the internet, enjoy, but only sell (OR buy) an amount you are willing to gamble and
potentially lose. Be knowledgeable and be careful when selling your coins on the internet.