4 Helpful Tips On How To Find The Right Coin Dealer
Finding a coin dealer is very easy today, but finding an ethical, honest and experienced coin dealer is much more difficult. By purchasing a coin, everyone wants to get the best deal. However, if the coin dealer is honest and decent, he will offer you a honest and fair deal with a good price. If the deal is based on too comfortable conditions, you are advised to exercise the utmost care.
Criteria for Finding a Good Coin Dealer
Most likely, you will need a coin dealer who not only has skills in numismatics but also financially resistant, respected by partners and has demonstrated good ethical principles. You can contact such a person in case of any problems. Luckily, there is an association of coin dealers that requires stringent criteria to enter. The next 4 questions you must answer will help you navigate your business in this direction and choose the right coin dealer.
Does The Coin Dealer Have Experience?
A coin dealer usually specializes in one area of numismatics, like these:
Modern US coins
Classic silver dollars
Early American copper coins
Those who buy coins, for example for investment goals, will need an experienced and competent coin dealer who can advise them on all possible issues in this area. In addition, such a dealer will be informed about the current situation on the market. The coin market is not other from any market. There are always either downward or upward trends. A qualified coin dealer who knows the current market events can save you several thousand dollars on investment coins.
When first meeting with a new coin dealer, tell him what areas you are interested in. Then ask him a few questions to find out what kind of dealer he is:
- In what areas do you concentrate your activities?
- How many years have you been trading coins?
- Do you have a regular coin store or are you just exhibiting?
- Are you a member of associations – PNG or ANA?
- Could you recommend a partner I can deal with?
Having received answers, you can get a better understanding of who you might be working with. If a coin dealer started attending themed events such as coin shows some ago, his skills of the area may be poor. If he tries to convince you that he specializes in many areas at once, you might conclude that he is exaggerating the truth. Membership in official organizations demonstrates the dealer’s loyalty and ethical relationship with clients.
Not always coin dealers have regular shops, and their absence does not inevitably mean they are dubious people. They may not have the resources to open their coin store and visit coin presentations all over the country.
How Well Is This Coin Dealer Known Among His Colleagues?
One of the best guarantees you can get is to choose a dealer who has been verified by his colleagues before he was allowed to join the association. Ultimately, if a coin dealer has a bad name, and is not respected by his peers, he is most likely not the best choice for running a business. A collector certainly cannot know the reputation of every coin dealer. This is why it is good to know if he is a member of one of the nationally recognized association. Especially good if you are a member of the coin club. Then you can also ask other club members if they have worked with this particular coin dealer. Be sure to find out if someone had any issues with him and how they were resolved. Don’t be influenced by the large boxes of gold coins. This is not an indicator of a reliable and trustworthy coin dealer.
What Assets Does The Coin Dealer Own?
While most of the coins on the market are true, altered, counterfeit, or forged coins sometimes appear. You probably want to be sure that the coin trader will continue to operate in 5-7 years if your coin investment today turns out to be just a fake.
While independent certifiers have helped to partially address this issue, the financial stability of a coin dealer is a reliable indicator that he will work a long time and be able to provide compensation when needed. Just make sure he has enough gold coins and bars, and he uses them as a loan for business purposes, or sell gold coins on consignment and does not own those coins.
What Is The Ethics Of A Coin Dealer?
There is nothing more discouraging than dealing with an unethical or dishonest coin dealer. Such a merchant is easy to recognize – he hopes to score points and thinks little about the welfare of customers. Do you need to deal with one who treats their customers this way?
In addition, the use of stress tactics to make a deal is equally worrisome. Both parties must exit the deal with a sense of fairness. If coercing a customer into a deal is the coin dealer’s way of doing business, you should avoid him.
If coin dealers adhere to a code of ethics, show their customers enough respect to take the extra 5 minutes to pay enough attention to every customer issue, agree to present their products honestly, value coins honestly, and treat people ethically, then it looks like traits that you expect in any case, right? Unluckily, this is not always the case, so consider this before starting work with a coin dealer to run your business.