Off time - no update What to Look for When Evaluating Atlanta Coin Dealers

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What to Look for When Evaluating Atlanta Coin Dealers

Even though it is simple to locate Atlanta coin dealers, discovering a well qualified and honest one is much more difficult task. It’s important that you identify a coin buyer who has a strong grasp of numismatics, is financially stable, respected by his peers, has high ethical standards, and from whom you will have recourse in the instance of a dispute. Thankfully, there exists the American Numismatic Association, a coin dealer association which has stringent guidelines that must be met for membership. Let us look at some of these key standards for Atlanta coin dealers.

(1) How much experience does the Atlanta coin dealer have? There is a saying about numismatics which goes, ‘Buy the book prior to buying the coin.’ This is great advice, and it is recommended that you follow it, but the truth is that not all people can be experts. If you’re purchasing coins, particularly for investment reasons, you desire reliable and knowledgeable Atlanta coin dealers who will provide you with unbiased and sound advice. Would you visit a beginner for advice about investing in the stock market? If not, then you shouldn’t trust your coins with an inexperienced or unqualified coin dealer.

(2) Does the dealer possess any assets? Even though most coins in the marketplace are genuine, replicas, duplicates and outright counterfeits exist. It’s important that you conduct business with established coin dealers to improve your chances for restitution in the event the coin or coins that you bought end up being less than you bargained for. Even though slabbing and certification services have greatly reduced this possibility, a coin shop that is well capitalized is likely to remain in business for a while and will have the financial means to make you whole in the event you encounter any issues.

(3) Is he well-known and respected among his peers? A good way to help insulate yourself from potential issues is to conduct business with coin dealers that have been vetted by their peers.  Only coin dealers that have solid references are able to join the ANA.  Another highly regarded coin dealer membership society is CoinNet, which is exclusive to well tenured coin dealers in the industry.  Coin dealers that have no affiliation with professional societies, such as those previously mentioned, as well as the Better Business Bureau, likely don’t possess the same commitment to ethics and continued learning as their peers.

(4) What kind of ethics does the dealer practice?  Being ethical doesn’t just mean that there’s a commitment to treating individuals fairly.  The second component is spending the necessary time to properly evaluate coin collections so that the individual selling their coins receives a fair price.  While it takes more time to thoroughly evaluate large and diverse coin collections, Atlanta coin dealers that conduct proper coin appraisals will earn a reputation among their peers and customers as an ethical dealer.  This can oftentimes be seen by reading reviews left by previous customers on social media and directory sites.

(5) Is there any recourse available for customers who have been taken advantage of? Atlanta dealers who are members of the ANA, the Better Business Bureau, as well as other professional memberships oftentimes are subject to the oversight and authority of the organization.  This can greatly reduce any possible chances of being taken advantage of by a coin dealer.  Not only are Atlanta coin dealers that are members of these organizations much less likely to take advantage of their customers, but their customers likely have valid recourse through one of these organizations. It’s a vital consideration especially if you’re purchasing rare or numismatic coins that may be valued in the hundreds or thousands of dollars.

Tony Davis
Tony Davis