Collecting coins is a fun and financially smart pastime. However, it can be tough to decide between purchasing your coins online or at a physical coin dealer. Here is a look at the pros and cons of both options.
Buying In Person
Purchasing rare coins in person is the easiest way to get a good look at what you are purchasing before the transaction. When purchasing in person, you can either go directly to a coin dealer or attend conventions that are centered around rare coins.
Pros of Buying In Person
- Seeing the Coins: The best part of purchasing in person is being able to physically examine the coins before actually spending money on them. Seeing the coin beforehand makes for a more informed purchasing decision since you are able to know exactly what you are paying for.
- Talking to the Dealer: Purchasing coins in person means you will be able to interact directly with the seller of the coins. This allows you to talk to them about the condition of the coin, ask them questions about the price, and to ask about their policies and protections.
- Having the Coin Immediately: A transaction taking place in person means that you will be immediately able to take the coin with you after paying. This is a simple luxury -- less waiting means more time to look for other rare coins to add to your collection.
Cons of Buying In Person
- Dealership Availability: Some cities may not have as many coin dealerships available as others. When purchasing in person you will be restricted to where coins are physically being sold.
- Restricted Selection: The coins that are available to purchase from any given location will be determined by which coins they have purchased. This restricts your buying power to only what the dealer carries, though some may be willing to order certain coins for you.
- Tougher Search: Even with a restricted selection, you can usually find the coins you are looking for. However, these coins may take a long time to find if you are only purchasing in person.
Buying Coins Online
A quick internet search will bring a large selection of businesses selling coins online, and purchasing is as easy as a simple click. The ease of purchasing coins online is the biggest benefit of this method, though there are some drawbacks as well.
Pros of Buying Online
- Large Selection: Sites will often have a much larger selection than physical stores. Because they do not have to have the physical coins in a particular storefront, they are able to show you all of the coins they have access to.
- Lower Price: Online coin sellers may be listing their coins at a lower price. This is again tied into the issue of availability. Since their entire stock is in one location, it is easier to find buyers and they are able to lower their prices.
- Price Comparisons: Shopping around is prudent when buying rare coins. Web sites allow you to compare prices easily from your own home.
Cons of Buying Online
- Not Seeing the Coin: When buying rare coins online, you will not always be able to see a picture of the product. Even when a picture is provided, there is no way of knowing if the coin you receive will be exactly like the picture.
- Waiting for the Product: After buying a coin online, you will have to wait for it to be shipped and delivered before you can add it to your collection. This may be a minor inconvenience, but for avid collectors, it is a hassle to deal with.
- Dangerous Dealers: Online dealers may have different credentials than physical locations. It is much easier to be drawn in by a website and purchase from a dishonest coin dealer.
