When buying rare coins, it can sometimes be difficult to find a reputable dealer who will not overcharge you. However, finding a reputable dealer is easy if you know what to look for. Here are some tips to keep in mind.
Check the dealer’s experience.
When looking for a rare coin dealer, you want to find someone who is an expert at what they do. Becoming an expert takes time, so be sure to take a look at what your dealer’s experience in the business is. Look up online reviews of your dealer. You will want to focus your search on whether or not the dealer gives knowledgeable and accurate advice. Keep an eye out for dealers who are a part of the Professional Numismatists Guild (PNG). The PNG has strict standards dealers must meet before they are allowed to join. Additionally, if a dealer claims to be a member of PNG then be sure to verify.
Prepare for the worst.
If you happen to encounter problems with your coin dealer, you want to be able to handle the problem without spending a lot of money. Paying legal fees against a coin dealer is an expense best avoided, so look for dealers who offer other courses of action. For example, members of PNG are required to submit to legally binding arbitration through PNG, allowing any disputes to be handled quickly and cheaply by the customer.
Avoid over-zealous dealers.
An over-zealous coin dealer will try to pressure you into a decision quickly or attempt to win your business with promises that they will buy back your coins at cost or higher. These types of actions from a dealer are usually a red flag that they may not be an honest dealer. Take your time when deciding on a coin dealer, and don’t be afraid to say no to a dealer you are not confident about.
Compare your options.
Comparing different coin dealers is a good way to get an idea of which one will be right for you. Do some research into coin publications to check common prices for the coins you are looking for. Any dealer who is misrepresenting the prices of coins should be avoided.
Don’t rush.
Rare coins are an investment, and like any investment, you should take your time when considering it. Don’t allow a dealer to rush you into a decision you are not ready to make. Carefully think about your plan of action before doing anything with a dealer. Take your time to consider various dealers by looking into each one and verifying their credentials.
