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The following article was published in our article directory on January 14, 2012.
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Tips on Evaluating Good Coin Dealers

Article Category: Recreation

Author Name: chickie maxwell

For the serious coin collecting hobbyist, finding a good coin dealer is an essential skill. First of all, he must be well-versed. The old saying in coin collecting circles states that before buying the coin, one should buy the book. This means that a reliable and knowledgeable dealer is necessary in acquiring accurate advice. One goes to an expert stock market analyst for advice. Correspondingly, in the arena of coin collecting, this is also true. The coin dealer with good background credentials is preferable to the novice.

Secondly, it is always ideal to have a dealer with solid assets, because fake coins occasionally make their way into the market and into the collector's unwitting hands. Buying expensive coins not only from reputable dealers but also from those which could still be likely in the business after a long time is an advantage, because one can still return the fake coins and ask for a refund. High-tech fakes do exist and flourish, despite the existence of services for certification and slabbing. It is thus sensible to have a financially stable coin dealer.

Another good indication of a reliable and safe dealer is his standing among the numismatic community. If the dealer is not respected in the community, or is badly reputed, then he is a bad bet in doing business with. It is worthwhile to ask around and research on a particular dealer before entrusting to him the security and future of one's coin investment.

Look at his ethical practices as well. It is so disgusting to see a dealer treat clients unfairly. It is common enough to see dealers in a coin show treat an old little lady asking for an appraisal for her jar of old coins with this dismissal: "I'll offer you ten percent over face value, take it or leave it. It's all they are worth, and it is quite a generous offer already." This behavior cannot be attributed to simple laziness; the dealer is instead more likely hoping for a big break. He is praying that that jar may have that occasional valuable piece that will provide a windfall. In other words, the behavior is plain sleaziness.

Lazy or sleazy, however, this is not the attributes of a good and honest dealer. An ethical dealer will treat his clients honestly, using his experience to garner a fair deal instead of cheating his customers. Novices or casual sellers like that old lady will come out of that transaction with a sick feeling in their stomach and would be averse to and distrustful of coin dealers in general because of such an experience. Unethical practices in any trade ruins that trade.

A good dealer should respect his clients enough to peruse that lady's humble collection for at least a few minutes in order to provide her a fair appraisal. Besides, this is a basic tenet of any relationship, business or otherwise. All dealers subscribing to a moral and ethical code of standards are a candidate for a good dealer. The Professional Numismatists Guild or PNG, a directory of coin dealers, is an institution setting such standards for the profession. They set guidelines which ensure fair representation, fair grading, and ethical behavior. PNG members are safe to deal with should any dispute arise.

Keywords: coin collecting

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