When choosing to buy silver rounds online, some investors prefer the unique experience that Ebay and other similar sites provide over that of dealers. One of the cool features that Ebay and online coin auction sites offer is that collectors can place bids on an item which will then drive up the going price by only a few cents per bid. This means you can sometimes get a good deal on precious metals in some auction style listings. Though there are some advantages to buying your silver rounds on Ebay, there are also some drawbacks.
Coin and Rounds Selection
On auction sites like Ebay, there is often a large selection of unique bullion coins and rounds available for sale. This is great for collectors who are looking for a specific rare coin or round that they may not be able to find elsewhere. Not only is there a large selection of unique items but you can also find more common rounds and coins as well. Many online dealers such as JM Bullion also sell some silver bullion rounds, coins and bars through Ebay.
Avoiding Fake Silver
Since anyone can post an item for sale on sites like Ebay, this means there is usually some fakes out there. You should always read the full description of every item you bid on and avoid anything which is “clad” or contains a purity calculated in “mills”. These types of bars, rounds and coins are not pure silver. Most of these items contain a base metal center and are plated with only a small amount of silver. Also note that some of these bars will still say “1 troy ounce” or “.999 silver” but should contain the words “100 Mills” somewhere on them.
Pricing and Payment Options
One of the downsides to buying silver rounds on Ebay is that for fixed price listings at least, you will usually see higher premiums over spot. This is mainly due to the seller fees that Ebay charges its users. That being said you can occasionally find a good deal on some auction style listings if you really do some looking around. Ebay offers a few different options in terms of payment. Two of their most popular methods are pay pal and debit/credit cards while there are a number of other options available. When paying by one of these two methods there are no additional fees.
While insurance is usually included on most shipments which include precious metals, it will depend upon the specific merchant you are buying from. Ebay also let’s you know the shipping charges before completing payment so there will be hidden fees. You can also save some money by finding some coins and rounds for sale with free shipping.