5 Tips on How to Identify the Best Coin Buyers

 

Coins Buyers
Gold & Silver Coins

If you are searching for the best coin buyers for your collection, we have some tips to offer which will help you get the best price for your coins and bullion while at the same time avoiding becoming the victim of an unscrupulous coin dealer.  There are plenty of people who advertise themselves as legitimate “coin buyers,” but unfortunately some coin dealers are only looking out for themselves; not their customers.  Of course, all buyers have their own bottom line to watch out for; but there are reputable coin dealers who can be trusted to make a deal which is fair to the seller, as well.  The following are five tips on how to select the best coin buyers:

1 – Research the Dealer’s Reputation

Before finalizing a deal with a coin buyer, conduct a diligent search for customer ratings and complaints against the dealer.  Besides conducting a general online search, check the following two reliable sources:  the Better Business Bureau and RipOffReport.com.   Enter all of the information that you can on the Better Business Bureau’s website to obtain details on the coin dealer’s current status and prior dealings. RipOffReport.com is a newer resource which helps consumers identify companies that have earned a reputation for taking advantage of customers.  This site allows individuals that have been treated unfairly to provide a detailed account of their dealings with the company. When selling coins, it’s important to only do business with reputable coin dealers.

2 – Choose a Dealer with Experience

It’s best to contact dealers who are coin experts, a distinction which is never gained overnight.  It also helps if the dealer’s experience is related to the type of coins that you are trying to sell.  A gold coin dealer, for instance, may not have interest in a rare penny collection.  One identifying credential you can look for is whether the coin buyers are members of reputable coin organizations, such as the American Numismatic Association (ANA) or the Professional Numismatists Guild (PNG).  PNG, in particular, will only accept as members individuals that have been in the industry for five or more years.

3 – Look for Longevity

Try to find a coin buyer who has been in the business for quite some time.  This means identifying coin dealers that have endured in both up and down markets, increasing the likelihood that they’ll continue to remain in business for the foreseeable future.  It simplifies the process of selling coins when you can find a reputable dealer with whom you’ve established a relationship.  Coin dealers want repeat customers, which provide s them with additional incentive to offer fair deals.  If you stick with companies that have an established track record, you are less likely to be burned in a scam.  Financial stability is a good sign of longevity, which is another reason to consider looking at PNG members; they are required to demonstrate numismatic assets of more than $175,000.

4 – Seek a Coin Buyer with Good Ethics

The way in which an expert deals with potential customers provides a glimpse into their ethical standards.  If a coin buyer, for instance, makes an offer without considering additional details, such as the mintage, rarity and condition of your coins, then they probably aren’t operating above board.  An ethical coin dealer will inspect the coins that you have in your collection to make sure that a thorough and accurate evaluation is conducted before making an offer.

5 – Seek the Best Offer

Of course, getting the best possible price for your coin collection is an important part of choosing the best coin buyers.  It’s essential for you to understand the value of your coins and bullion, so that you can know what to expect in the way of an offer.  Do a little homework before seeking the best buyers.  For instance, obtain the current spot price of the precious metal used in the mintage of your coin, bar or round and compare it to the offer that is being made for your items.  It can be suspect if an online buyer is offering to overpay you for your coins, so be wary of transactions that involve mailing your items to unknown dealers and locations.

Selecting the best coin buyers to deal with isn’t terribly complicated.  The recommended course of action is to take your time and follow the above-mentioned tips to help you identify the cream of the crop.  For further information regarding the type of characteristics that you should be looking for in a coin dealer, please see our short video presentation on the 10 Essential Qualities of a Coin Dealer.

Tony Davis
Tony Davis