Unfortunately, not every coin dealer you work with, online or off, will be particularly good at what they do or honest about their business. As an investor and a collector, you have a right to expect that your money will be well-spent and that you’re not going to be ripped off by someone unscrupulous. While there are ways you can go about protecting yourself, all of these methods are, ultimately, your responsibility. The characteristics of legitimate coin dealers, however, are easy to spot and, once you understand them, you should do fine making purchases and sales.
A good coin dealer will have certified coins among their stock. Examined by a numismatic expert from a third-party organization, these coins are verified as being authentic and are graded by the organization. This ensures that you don’t pay too much for them, or sell them for too little. Look for coin dealers that advertise having certified coins for sale. It’s a good sign that they know what they’re doing and that they deal in real coins that you can have trust in. Sometimes, the variety of stock also plays a part in determining if you’re working with a good dealer.
Not all of the coins you find at a coin dealer will be particularly valuable beyond their bullion content. In some cases, coins are more or less a very easy way to store bullion. As an example of this, some years of the US Morgan dollar are not priced much above the cost of their 1 troy ounce of silver bullion. These coins are sold because they do have the potential to become very valuable, though there are not-too -expensive versions available among them. They’re great for beginning collectors or for those who want some bullion in a coin form.
There are a number of coin dealers who operate online. These businesses provide a good option for those who want a broader selection from which to choose. They also tend to have a selection of rare and valuable coins; something a brick and mortar dealer cannot always guarantee. The ordering process on these sites should be something you watch. Make sure they use a secure server. Usually, your coin will arrive via a shipment that requires your signature to receive. If you’re not going to be home, you may want to ship to your office or workplace.
A good coin dealer can be a tremendous resource. Make sure, however, that you make the effort to find a good one. A good coin dealer oftentimes sells and buys, which allows you to have what amounts to a one-stop source for all of your needs related to collecting and investing. If you’re ordering online, make sure that the site uses a secure server to process payments and that their bullion prices are based on the spot market. There will usually be a markup on coins above spot to account for their intrinsic value, which is sometimes quite high.