Numismatics is a common hobby. When regularly collecting, there is some chance of coming across a rare coin. For some people, they inherit valuable coin from their ancestors. Regardless of how you get your coins, when you want to sell them, you need to look for a reputable coin dealer.
Some people like to collect rare coins to keep, and they also need the service of a coin dealer to help them acquire coins from people that are willing to sell. There are a lot of fakes and it will be difficult to differentiate them from the good ones. This article will give you some clues on how to find a reputable coin dealer and also how to distinguish a fake coin dealer from the reputable coin dealer.
Word of mouth
The most important thing to do when looking for reputable coin dealers is to ask for referrals from people you know. If you search in the right place, there are good numbers of people that sell or buy coins. You can get one of them to refer you to where they sell or buy their coins. Chances are, they are dealing with an honest coin dealer, and you won’t have to go through the trouble of looking for a reliable dealer.
The internet is also a reliable source for information. There are reliable coin dealers that have created their platforms online. Although the fakes and dupers have camouflaged themselves among the honest coin dealers, you can read customer’s comment and review to decide for yourself if the coin dealer has a good reputation or not.
However, despite all these precautions, you will still need to confirm for yourself whether or not you are dealing with a trusted coin dealer, especially when you are planning on acquiring or selling high valued coins. You can attend coin shows where you will be able to meet a good number of coin enthusiast that can direct you to a reputable dealer or be a member of a coin club.
How to tell if you’re dealing with reputable coin dealer?
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There are certain things you should take note of when dealing with a coin dealer. This little information can help you decide if you are dealing with a reputable coin dealer or not:
How experienced is the coin dealer: experience is an essential aspect of any businesses. How experienced a man is in his profession will tell you a thing or two about his integrity. A trustworthy coin dealer will have a good number of customers that will be willing to vouch for him. Also, dealing with an experience coil dealer will help you sell or buy your coins at an excellent value. To know how experienced the coin dealer is, you can ask him the following questions
- How many years have you been in coin dealing business?
- Are you a member of any association that is related to coin dealing?
- Do you have a standard office or you are a freelancer?
These questions will help you decipher whether or not you are dealing with someone with a good reputation. They may seem irrelevant but they are very helpful. A coin dealer that is a member of a renowned coin dealing association shows commitment in the business, something you won’t find in most fraudsters because they can’t afford to stay in one place for long. Also, if he has a standard office, there is every chance he is honest because most fraudsters don’t own an office, and even if they do, they don’t stay there for long. However, not all honest coin dealers have a standard office.
Does the coin dealer have any asset? Dealing with coin dealers is very risky especially if high valued coins are involved. Most coin dealers that have asset don’t deal with low-value coins, so this is more important to people that are dealing with high valued coins. Most local coin dealers that deal with low-value coin don’t have many assets to begin with. However, a coin dealer that deals with high valued coin should have one or two assets. This will ensure you he will be around for a while and if he dupes you eventually, you can get his assets as consolation.
The coin dealer reputation among his peers: competition among business rivals can be fierce sometimes. You may find out that coin dealers say negative things about one another to dissuade potential customers from patronizing. However, if more than one person has a negative thing to say about the coin dealer you are trying to do business with, there is every chance you are not dealing with a reputable coin dealer. Honest coin dealers usually have a good relationship even with their fellow coin dealers.
The coin dealer’s ethics: some coin dealers give customers the value of their coin collection without even going through the coin collection. This can be attributed to laziness, but also, there is every possibility the coin dealer is trying to dupe the customers. They don’t want to go through the coin collection in the presence of the customer in case there is a rare coin among the coin collections. That is why people are advised to know the value of their coins before taking it to any coin dealers. A reputable coin dealer will take his time to go through every coin to give his honest appraisal of the coin collection. When dealing with coin dealers, look out for their level of professionalism in the manner with they carry out their business.
Appraisers can help
After doing your research and you eventually decide to sell your coin, one important thing you also need to do to get maximum value on your coin collection is to take it to reputable coin appraisers to help you evaluate the worth of your coin. A coin evaluator will examine your coin thoroughly and tell you how much your coin is worth in the market. Having an idea of how much you can sell your coin will help you avoid been ripped off or cheated by unreliable and dishonest dealers who might want to offer you an amount way lower than what your coin is actually worth. If the dealer you’re doing business with is honest and reputable, the difference between what he will offer you and the estimate you were given by your appraiser will be minimal.
These are few of the things you can look out for when dealing with any coin dealer. It should give you a hint on whether or not you are dealing with a reputable coin dealer. You can always start with small low-value coins and see how the transaction goes, from there you will have a good idea if you are dealing with an honest coin dealer or not.