As coin collectors, we might consider selling our collection one day. Perhaps we need the money for an emergency, or maybe we’ve just decided that it’s time to let go. Whatever the reason, we want to get the best possible price for our coins. But where can we find honest and qualified coin purchasers?
You’ll want to find a coin dealer who is well-versed in numismatics, has financial stability and credibility among his peers, follows ethical practices, and from whom you can seek help if something goes wrong. Here are the five questions you should answer before doing business with any coin purchasers.
5 Questions To Ask Before Doing Business With Any Coin Purchasers:
What is Their Coin Specialty or Focus?
You’ll want to know about a coin dealer and what type of coins they specialize in. Some coin dealers only sell certain types of coins, while others may deal in a wide variety. For example, some coin dealers may only purchase gold coins, while others may deal in numismatic items, including paper currency, medals, and tokens. It would help if you remembered that it’s impossible to specialize in everything. Of course, this is true in any field.
Is The Coin Purchaser Experienced?
You’ll also want to find experienced coin purchasers with a good reputation. The best way to do this is to ask around. Talk to other coin collectors or purchasers to see if they have any recommendations. You can also check online forums and review sites. Some questions to ask the coin purchasers when you meet him:
- How long have you been in business?
- Can I see your references or testimonials?
- Are you a member of any coin associations or clubs?
- Are you a PNG (Professional Numismatic Guild) or the ANA (American Numismatic Association) member?
- What is your Better Business Bureau rating?
These are just some questions you can ask coin purchasers to get an idea about their experience and expertise.
Is The Coin Purchaser A Reliable Trader? Do Others Trust Them?
A coin business is built on trust. If others do not trust a coin purchaser, you should be very careful about doing business with him. There are a few ways to determine if a coin purchaser is trustworthy. Ask around; an online forum or coin club is an excellent place to start. Also, check their references and testimonials.
Check out Yelp, Google reviews, and Better Business Rating reviews. A coin purchaser who is a member of a coin club or association is usually more trustworthy than one who isn’t. Some coin associations include:
- PNG (Professional Numismatic Guild)
- ANA (American Numismatic Association)
- NCBA (National Coin & Bullion Association)
What Are The Coin Purchaser’s Payment Policies?
Here are some popular payment types of coin purchasers:
- Usual Payment – Most coin purchasers will pay you immediately after inspecting and verifying your coins.
- Consignment – Some coin dealers may offer to place your coins on consignment. This means they will try to sell your coins for you and then give you a percentage of the sale price.
- Advantages and Disadvantages of Consignment
- The advantage of the consignment is that you don’t have to do anything. The coin dealer will cover all the details, including marketing, pricing, and selling your coins.
- The disadvantage of the consignment is that it may take a long time to sell your coins, and you may not get the full market value for them.
- Advantages and Disadvantages of Consignment
- Payment Plan – Some coin purchasers will also offer to buy your coins on a payment plan. This means you will receive payments over time instead of all at once.
- Trade – Some coin purchasers offer an option to trade your coins for other coins.
What’s the Best Payment Option?
- It depends on your situation. If you need money quickly, then you should ask for immediate payment. A consignment or trade might be a better option if you’re not in a hurry to sell your coins.
How Do The Coin Purchaser Handle Disputes?
Disputes are bound to happen in any business. The coin business is no different. This is important, especially if you buy an expensive coin for investment. So what is the coin purchaser policy with disputes and returns? Some coin purchasers have a no-return policy, so you must be sure you’re comfortable with that. Others may have a return policy but only for a limited period. For example, I saw some coin purchaser has 3 days return policy which is too short, in my opinion.
The best coin purchasers have a return policy that is reasonable and fair to both parties. These are just some tips to help you find an honest and qualified coin purchaser. In addition, PNG, ANA, and NCBA have a coin purchasers directory for you to find a suitable purchaser for your coins. You can check the directories here.
Before you go…
So there you have it! These are just some tips you can consider when finding a qualified coin dealer with whom you can build a relationship! It’s up to you! I hope this article has helped you in your coin-collecting journey! Happy Collecting!
Check out my next article: “The Ultimate Beginner’s Guide To Buying and Selling Coin and Collectibles.”