Welcome to part two of my blog series where I try to educate people on the dangers of purchasing your precious metals, or numismatic collectibles through large internet resale websites like eBay, the less regulated message boards like Craigslist, and overseas discount retailers like Aliexpress.

Due to the ongoing Covid-19 pandemic the hobby has seen an influx of new online shoppers that previously would buy their bullion in person from their local coin shop, meet up at the library with their neighborhood coin club on a Monday night, or simply phone their order into a trusted bullion dealer like the US Mint.*

While these may still be an option for some people, for places like the United States it all depends on where you live.

*( At the time of this writing the US Mint is not accepting phone orders, and all purchases must be made through their web portal ) . 

One of the biggest scams out there right now is dishonest eBay shippers purchasing bulk lots of imitation silver, or copies of United States government minted coins, or bullion from overseas discount retailers like Ali Express, and then listing them for sale where they show up in the feed of unsuspecting shoppers.

As you can see from the image above, people are drawn in by the cheap price. Some scammers even have a third party bid on their items to make the auction seem legit. 

You can compare the screenshots I took of Ali Express, and the listings on eBay to see what is going here. Most of the products on Ali are labeled as real .999 silver until you read the description.

That is where you will find "nickel silver, German Silver, silver plated, copy, etc ( none of which contains any elemental silver ). This is how they can sell government minted coins, bullion, etc. while avoiding prosecution.

Some eBay shippers are honest and list them as imitation, while others make no reference of them being copies, or imitations whatsoever. This is where you have to do your due diligence, and always click on the description section to read the fine print.

Check out the image below. I clicked on the description , and it is so small you can hardly even see it! This is not by coincidence. 

Here are a few things you can do to protect yourself while shopping on eBay for precious metals : 

Number one is to always check the sellers feedback, make sure it is 100%.

Next, check to see what other items they have for sale. If they have one listing for silver bars, and everything else they list are Chinese plastic toys, you can move along.

You should also look to see where they ship from. If the shipper is listed in China, it's probably a good idea to avoid that seller.

You can pretty much eliminate 98% of the fakes on eBay from your list by doing these simple tasks before buying any precious metals through online websites like eBay, or Ali Express.

I hope this post helps someone. Please feel free to share this. This is by no means the only scam on eBay when it comes to selling precious metals. Stay tuned for my next post where I will cover another rampant scam that is 100% legal! If we can stop one person from taken advantage of then it's worth it.

Don't hesitate to leave a comment below, and add any advice you may have that can help others avoid being ripped off while shopping online.

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