Finding a Trusted Coin Dealer
Finding a trusted coin dealer can be scary. Sometimes you get lucky and meet a trustworthy dealer at the first try. Sometimes a friend knows a friend who knows a good dealer. However, this is not always the case. Most of the time for novice collectors, it is difficult finding a dealer you can trust.
Photo: Coin dealer merchandise with primarily French and British coins
Rule number one.
Don’t look for a dealer at your direst time of need. This clouds your judgment and ability to sense a predator even one who’s already standing right in front of you. People in dire need are always an easy target. So watch out. Better to look for another option to solve your money problem than to sell your precious silver coins to the first dealer you meet. Selling your coins at a time when you don’t really need the money gives you leverage. If you have a feeling that the dealer’s offer is too low, you will have the luxury of time to look for another dealer. The more dealers you talk to, the more options you will get, the better chance you have to the best deal.
Rule number two.
Always have your silver coins appraised first before talking to a dealer. Find an objective appraiser. Preferably, one who is not interested in buying your coins. This will help you in your negotiations with dealers.
Rule number three.
Beware of overzealous fawning dealers. Don’t let the sweet tongue fool you. Sweet talks are nothing but that—talk. They flatter you, confuse you and before you know it, they already have their greedy claws around your precious coins. So, be wary of this kind of person. Some are so good at their craft that they can persuade you to hand over your coins without paying you first. They might tell you that they will keep it for a while and have it appraised. Don’t you ever do that!
Rule number four.
Don’t trust dealers who offer a price without even seeing the coins first. Placing an offer just over the phone should raise an alarm. It might be that he senses you’re a newbie collector and you don’t know the worth of your coin so he’s taking advantage.
Rule number five.
One safe approach would be to go to dealers at their stores. Dealers with an established place of business are almost always reputable. For one, they have a history in that area and you could ask around about him or try his name in Google and see what comes up. You will have then some references. And in the worst-case scenario, like if he scammed you or something, you would know where to find him at least.