Picture a situation where you have bought a rare coin for your collection only to find that the Morgan dollars that you requested are fakes.
If you’re an inexperienced coin collector, your first thoughts after reading this is how you can avoid this situation that many collectors have fallen prey to.
Some of the experienced collectors will tell you that the Professional Numismatists Guild, which is an association of professional coin dealers, will be where you can find a coin dealer who is ethical enough to strike you an honest deal.
In addition to this, there are three things you should consider when evaluating coin dealers:
#1: What if you get ripped off?
While most dealers associated with the PNG agree to binding arbitration in the case of a dispute, you have to make sure that the dealer has agreed to conditions such as these or you might spend a lot of time, energy, and money in lawsuits. It makes sense especially if you are purchasing coins of great value as a collector or in the form of gold bullion coins.
#2: The experience of the coin dealer
It is absolutely imperative to do business with a coin dealer that has done his time in his profession, especially if you are investing in high value coins. His knowledge of the market and the coins you need can play a crucial role in providing you with accurate advice. Check the dealer’s credentials before you do business.
#3: Is the coin dealer reputed amongst his peers?
It’s obvious that when a dealer is recognized by his peers, it is only then that he is given the right to join a guild (the PNG, for example). Conversely, if he isn’t respected amongst his peers, it’s more likely that the coin dealer in question isn’t good to do business with.