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Coin collectors: how to buy coins from dealers you can trust

June 05, 2012231 view(s)

Becoming a coin collector can result in years of accruing fascinating knowledge along with a considerable amount of wealth but have you thought about how you will choose the right dealer? It is certainly not difficult to find a dealer since an internet search will review thousands of them from around the world, but not all dealers of coins have your best interest at heart. Anyone buying gold coins needs to do their homework due to the amount they will likely end up paying to build their collection.  No matter what you choose to collect though, it is a smart idea to do your homework.

Some collectors start out by looking for silver coins because these are considered to be made from a metal that is a genuine investment asset. You need to know the coin dealer you are working with has a good reputation. One of the first things you should do is try to choose one who has been in business for quite a while. There is no hard and fast rule here, but the importance of choosing a dealer with a substantial history of a decade or more goes up if you are buying gold coins simply because there is more money at stake. Unfortunately, it makes sense to remember that the higher the value of the coin you are considering buying is, the greater the motivation is for someone to cheat you financially. Of course, this is not necessarily common, but it does still happen.

Dealers do have reputations, especially if they have been in business for a few years. You should take the time to research. There are many online resources available to you today which cost nothing to make use of. Keep in mind that reviews submitted by the general public can sometimes contain false information, but by reviewing how a dealer of silver and silver coins is looked at by the coin collecting community will give you more information to work with when making your decision.

What matters most is that you choose a financially stable dealer who has solid ethics. While this is not always easy to determine, coin dealers who belong to a respected association of dealers are most likely to give you fair deals on the coins you buy and offer recourse if they accidentally sell you a fake. The nonprofit nature of the Professional Numismatists Guild places it at the top of most trusted associations for dealers among many of today's coin collectors. Members of this guild agree to a rigorous set of standards that can offer collectors some confidence that they are buying a fair priced coin every time. Should they ever need to sell their coins, they will be offered fair compensation that reflects the real value of the coin in question.

Since PNG members must have numismatic assets that are valued at a minimum of $175,000, the level of trust they are able to wield is considerable. Typically, these dealers will also be focused on the fast delivery of items they have sold. While this is not the only choice out there, considering a PNG dealer is worth doing.

The bottom line is no matter which way you go, you should strive to find someone with a solid history and who is recommended by other coin enthusiasts.

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United States Gold BureaubyUnited States Gold Bureau
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