How do you ensure that you’re buying or selling coins with a reputable dealer?
From the June 7, 2024, Numismatic News E-Newsletter Readers’ Poll. Readers agree that buyers must do their homework. Membership in a professional numismatic group is a plus.
I deal with two local coin shops close to my house, for one. I also buy from dealers listed in Numismatic News for two. I do buy coins from eBay by looking at the number of sales and read the reviews for dealers. I buy quite a bit from the U.S. Mint. I feel like I do as much to protect myself as I possibly can. If it sounds too good to be true, I don’t buy it. I feel that there are as many reputable dealers out there that I can choose from that I cut down on my odds of making a bad decision.
James Faulkerson, Hillsboro, Mo.
In 1962, my brother decided to take me for my 11th birthday to a coin shop. I was so excited. I was looking to find a 1931-S penny because I could not find one roll-searching. My eyes were so big entering the shop; there was every type of coin on display in 2x2 cardboard with a grade and price listed. As I was looking at everything, I walked an old woman who went to the counter and said she would like to sell some coins. She pulled them out of her purse and lays them on the counter. They were Morgan dollars, and she put up two stacks. The dealer, without even looking at them, tells her they give so many dollars for each one. I saw her face, and you could tell she knew they were taking advantage of her, but you could see she needed the money, so she accepted their offer.
I left with my brother and asked why they were dishonest. He said that’s the way it is. So, my whole life, I’ve avoided most dealers until they have proven themselves.
P.R., Florida
Buyers must do their homework. Do not immediately accept at face value any claim made as to scarcity, current value, or future appreciation. Engage the seller in conversation to get a feel for his/her likes and/or dislikes, listening for self-promotion and braggadocio. Avoid falling victim to greed (a great deal) and “FOMO” (fear of missing out).
Gary Burhop, Address withheld
Their membership in the American Numismatic Association, Professional Numismatists Guild, and regional numismatic groups is a first line of defense. Your personal experiences with past and present dealers. Supplement this by joining a coin club. Members will gladly share their experiences. Then, test the waters with initial low-level purchases and sales.
Lorne Lavertu, Herndon, Va
You may also like:
