The $5 coupon is a gracious gesture, but you still need to check PayPal to see if the transaction has been refunded.
If you received a full refund, the matter is resolved and you can move on.
If you do not receive a full refund, ask the seller for clarification.
Ultimately, if you don't receive a full refund, and you don't receive the item after eBay's estimated delivery date, open an "I haven't received it yet" case.
Go to the Resolution Centre and follow the directions.