If you need to see a coin dealer either for appraisal or selling of your coins, asking him or her right questions ensures that the process goes smoothly, and allows you to demonstrate due diligence, ensuring you are dealing with someone in good standing. Here are some questions you might want to take note of:
- What is your dealer’s experience? One very important affiliation your dealer should have is the Professional Numismatists Guild (PNG). Inquire about the years they have been working as a coin dealer, do they have references, and do they have a positive history?
- Is the coin authentic? It’s crucial to know if your coin is authentic. A trained appraisal expert can help determine your coin’s authenticity either through personal knowledge or third party grading/authentication. At B and G Coins, we provide professional insurance valuations, in addition to domestic collector enquiries. Contact us to find out more.
- What is the market price? You need a trained eye to determine the subtle differences. Make sure your appraiser has the experience to find “hidden value” in your collection. The price you are offered will also vary dependant on age, condition and rarity, amongst other factors.
- Is the Coin Dealer Known Among His Peers?
- What Are the Coin Dealer’s Ethics?
One of the best safeguards you can get is using a dealer who has been vetted by his peers before being permitted to join a guild. After all, if the coin dealer has a bad reputation, and does not have the respect of his peers, he is probably not a good choice to do business with. It is impossible for a coin collector to know the reputation of every coin dealer. That is why it is important to know if he is a member of a nationally known Guild or Association.
If you are a member of a coin club, ask other members if they have ever dealt with that coin dealer. Find out if they have had any problems with the dealer and if it was resolved to their satisfaction. Don’t be swayed by large cases filled with gold and silver coins. This is not an indication of a trustworthy and reliable coin dealer.
Coin dealers who subscribe to a code of ethical standards, such as that espoused by the PNG, have enough respect for their customers to take that extra 2 or 3 minutes to look through the coins on offer, to provide an honest appraisal. They agree to represent their merchandise fairly, grade coins honestly, and treat people ethically. These sound like traits you should expect anyway, right? Unfortunately, this isn’t always the case, so think about this before choosing a coin dealer to do business with.
