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Selecting A Dealer To Buy Coins From

Jul 1, 2008
Collecting coins is a wonderful hobby, but you must build networks between yourself, other collectors, and dealers. Your relationship with your dealers will enable you to trade for valuable coins that may be missing from your collections or sets, which is one great reason why you need to select a dealer and build and relationship with them.

The question is how do you determine which dealer would be the best choice for you and your individual needs as a collector. The dealer you choose should have specialized knowledge and be able to provide you with valuable, informative advice and even be able to network you with other collectors that are specialists with your type of collection.

You may want to know what the credentials of the dealer. You may also want to know the reputation of a dealer, which will give you an idea of their abilities and performance in comparison to other dealers. Another thing you want to know about a dealer is how aware of the happenings within the collecting world they actually are, which includes supply, demand, and current prices.

Ask dealers how knowledgeable they are about local trade shows or auctions and if they participate in those. You do not want to deal with a dealer who specializes in wholesaling, because they will not have the time to provide you with personalized services. Locating the right dealer for your specialized needs requires patience, research, and interaction with several dealers before being able to make a choice that will be sufficient for you.

Once you locate a competent and reputable dealer, then you can be confident when purchasing coins for your collection. When working with your new dealer determine which coins you would like or need for your set and the ranges of grade you desire. Once you have done this, then you need to determine a reasonable pricing range for each grade and variety of coin on your list.

Now you can start working with your dealer to help you locate the coins you need for your collection. If you are purchasing an unslabbed coin, then gain a general knowledge first of the grading. Check to be sure that the coin has been struck well and on a good blank, plus that it is well centered and pleasing to your eye. Once you had decided that you are satisfied with the coin then insist on a return guarantee. However, if a money back guarantee can not be given, then do not purchase the coin not matter how badly you may desire it. Your dealer will respect this and honor your knowledge of coins.

When purchasing a certified coin make sure as a starting point you use the technical grade. Do not purchase the coin if it is ugly, struck poorly, or stained. Never purchase a coin that you do not find attractive, because you will not appreciate it as you really should and will continue to search for a replacement for it in your collection.

When dealing with your dealer ask them to give you a written receipt and a guarantee of authenticity that does not have a time limit. Unsuspecting buyers constantly purchase many fake coins from dealers that insist only on a one time cash deal promising to give an extra special bargain price. However, many counterfeit, stolen, and over graded coins have been sold this way, and the buyer ends up being the victim.

Make sure you know the reputation of your dealer and how long their company has been in business. Be sure to research the dealer out completely before doing business with them.
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 collectors.
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