Coin Week recently reported that Merit Gold & Silver, one of the nation’s largest online coin dealers, has closed its doors. This is the second national online coin dealer to shut down operations in a matter of months. Fortunately, thus far, there have been no reports of consumers being defrauded, as was the case with Tulving, but it’s still concerning that a company that has been in business for 28 years has decided to cease operations without any advance notice.
This is one reason why we advocate the importance of establishing a relationship with a local coin dealer. Few, if any local coin dealers shut down operations without some type of notification. Additionally, doing business with a local coin dealer allows you to take possession of your coins at the time of the transaction or receive immediate payment for any coins that you may be selling. In other words, your risk is greatly reduced by conducting business in person.
We’ll continue to keep our readers posting of any major changes in the coin industry, and as always, welcome you to contact us if we can be of any assistance.