While finding a coin dealer is much easier, finding the right one who is honest and experienced can be an uphill task. Finding the right coin dealer requires a lot of research so that to determine their experience level and reputation. Remember that many people advertise themselves as legit dealers, but sadly, they are only after their own interests. You must do your due diligence when looking for a coin dealer.
In this article, we take a look at tips to help you choose the right coin dealer. Let’s delve into them.
- Choose a coin dealer with extensive experience.
When looking for a coin dealer, it is best to work with coin experts, especially if you are buying coins for investment purposes. A knowledgeable dealer such as JD Rarities will be able to give you accurate and relevant advice. In addition, they will be familiar with the current market conditions. The coin dealer should also be a member of professional coin organizations like the Professional Numismatists Guild [PNG] or the American Numismatic Association [ANA]. To gauge the experience level of the coin dealer, ask them how long they have been in business. The more the number of years, the more experienced they are.
- Research the dealer’s reputation
Now that you have determined the coin dealer’s experience, next is to research their reputation. Before you sign any contract with the dealer, you need to gauge the dealer’s reputation. Of course, the last thing you want is to get involved with a dealer known for shoddy deals. How can you do that? Well, by searching for customer ratings and complaints against the coin dealer. There are also websites such as the Better Business Bureau that can help you obtain all the details on the coin dealer’s current status and past transactions.
If you notice that the coin dealer has more negative reviews than positive ones, you should look for another dealer. Remember that it is crucial to only do business with a reputable coin dealer when selling or buying coins.
- Focus on longevity
If you are looking for a coin dealer, choosing a coin dealer who has been in the business for a very long time is important. Coin dealers who have been in the business for quite some time have endured a lot in the market. This increases the chances that they will continue to be in business for the foreseeable future. Selling coins becomes quite easy when dealing with a reputable dealer you have built a solid relationship with.
If you do business with coin dealers with a solid track record, you are less likely to get scammed, unlike companies that are relatively new in the business with no guarantee that they will stand the test of time.
- Make sure that the coin dealer has good ethics.
Good ethics is also another essential thing you must pay attention to when choosing a coin dealer. How can you determine the car dealer’s ethics? How they deal with their customers can give you a hint into their ethical standards. For instance, if they are making an offer to a customer without paying attention to additional details such as the rarity, mintage, and condition of the customer’s coins, then chances are that they lack good ethics. A good coin dealer should inspect the coins in your collection. This way, they will be able to perform a thorough and accurate evaluation before they make you an offer.
- Look for the best offer.
Finally, you need to get the best possible price for your coin collection; that’s also part of selecting the best coin dealer. The first thing you need to do is understand your coins’ value so that you can know what offer to expect. Do a bit of research before choosing the ideal coin dealer. For instance, you can obtain the current price of the valuable metal used in the mintage of your coin or bar and then compare it to the offer you are being offered. If you are selling your coins online and you notice that the dealer is offering to overpay you, you should be wary of them and avoid them as plaque.