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Learning How To Deal With Dealers

Jul 1, 2008
Dealers tend to purchase their stock by grading and evaluating their coins offered to them, then naming the price in which they will pay.

Some dealers focus the majority of their business on running advertisements in leading coin periodicals by issuing printed catalogs and price lists. The problem with this is that the collector has no idea exactly what they are getting in return. It is much more suitable for the collector to purchase their coins in person so they know exactly what they are purchasing.

Dealers purchase a large majority of their coins in bulk, but any item that they have that may be especially rare or in truly exceptional condition are usually marked-up ten to thirty percent. If you know the exact value of the coin your are purchasing, then dealers like this will not be able to take advantage of you. You will be more prepared to negotiate the price of such a rare find, because of your vast knowledge.

A collector should get to know their dealer and gain a familiarity with their prices, because this is also a good negotiating tool when making purchases. You can even check the reputation of a dealer by checking with the Federal Trade Commission. This organization will let you know if the dealer has been the subject of past or present action that were made public.

There are over six thousand dealers within the United States alone and the most popular way to be able to acquire coins is through direct purchases from a dealer. Again, it is always a good idea to have a general idea of what to pay for any coin before actually purchasing it, because prices are never precise and they are always negotiable. Remember that top grade specimen do not come along with great frequency and your purchasing decision might have to be made quite quickly, but you still need to know a reasonable pricing range.

By building a relationship with your dealer so they will know that you are informative about the a variety and denomination of coins you are purchasing. If you do not, then the dealer may try to tell you what you need to buy feeling that you do not have enough knowledge to make your own decisions. It is extremely important to build a relationship with more than one dealer. A relationship of mutual trust and friendship can be established and chances are the dealer will give you more chances to purchase better coins from his inventory. This relationship is an absolute must for any collector.

As you collection continues to grow, you will notice that certain coins that are needed to complete your collection set are difficult for you to find and locate. This is another time when your relationship with your dealer will come in handy. By informing your dealer of what you are seeking you will find this to be an effective way to locate those hard to find items in the condition and even price range you are looking for.
About the Author
Victor Epand is an expert consultant about rare coins, stamp collections, and rare collectibles. Follow these links to find the best marketplace for: rare coins, dealers, and collectibles.
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