How do you ensure that you’re buying or selling coins with a reputable dealer?
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. 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 rollsearching. 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, in walks an old woman who goes to the counter and says she would like to sell some coins. She pulls them out of her purse and lays them on the counter. They are Morgan dollars, and she puts up two stacks. The dealer, without even looking at them, tells her they give so many dollars for each one. I saw her face, you could tell she knew they were taking advantage of her, but you could she her need 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, 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 are 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.