On The Black List: Key Date Coins

Key Date Coins. https://www.kdcauction.com. Key Date Coins’ sales policies raise concerns and include onerous terms and conditions. The terms and conditions state that the company accepts credit card payments, but in my case, it refused and insisted on a bank transfer, which does not provide the same consumer protections as a credit card payment. I informed the company that I was canceling the transaction because it violated the terms and conditions, and I have not heard from them since. Even if Key Date Coins accepted credit card payments, the terms and conditions purport to prohibit the buyer from disputing a purchase with the credit card company.

In its terms and conditions, Key Date Coins advises buyers to make their own judgment about a coin’s grade and condition based on the images provided, but then notes that the images may not reflect the coin they will receive. Key Date Coins also informs buyers that it reserves the right to send a different coin if the one depicted is unavailable.

Key Date Coins’ dispute resolution provisions mandate binding arbitration but do not specify the rules and procedures governing arbitration. The dispute resolution provisions do, however, provide that Key Date Coins selects the arbitrator, that the arbitration will be conducted in New Jersey, and that the arbitration proceedings are limited to a one-hour presentation. The terms and conditions state that the buyer has agreed to these dispute resolution provisions as the buyer’s sole remedy, and should the buyer seek another remedy, such as filing a complaint with the bank, the credit card company, PayPal, the online auction platform, or any other third-party, that such a complaint constitutes fraud on the part of the buyer.

Since I canceled the transaction, I can’t confirm whether I would have received the coin I purchased. However, collectors should not transact with any online seller on terms such as these – terms that attempt to place the buyer at a severe disadvantage should there be an issue with the coin.

LiveAuctioneers. https://www.liveauctioneers.com. LiveAuctioneers is an online auction platform that allows an auction house, such as Key Date Coins, to conduct its own auctions. Each auction house specifies its own terms and conditions, such as those above for Key Date Coins, as well as the buyer’s fee. Under Live Auctioneers’ Guarantee Program, Live Auctioneers vets auction houses, accepts payments on their behalf, and guarantees refunds for misrepresented items. Under this program, Live Auctioneer is not that different from eBay. Unlike eBay however, some auction houses, such as Key Date Coins, do not qualify under this program but are still allowed to conduct auctions. Successful bidders must pay the auction house directly, and the transaction is not guaranteed by Live Auctioneers. Here, the fact that some auction houses do not qualify for the program caught me unaware and may explain, but not excuse, my complete lack of due diligence.

Disclaimer: The opinions provided here are based on my personal interactions with LiveAuctioneers and Key Date Coins and may not be representative of other purchasers’ experiences.