Why do I Need a Coin Dealer?

It is very difficult to build a collection of rare coins without a connection to a good coin dealer. If you are an investor hoping to make a profit with your collection of rare coins, building relationships with good coin dealers is vital to your success. If you are interested in making the highest profits possible with your coin collection, you will need to find a merchant partner who is experienced in the specific rare coins that interest you, and who will sell them to you at a good price. Most coin dealers will charge a lower premium on the sale of coins to their best customers. After all, it makes good business sense to get the most profit possible from a person who will do business with you only once. If you have a long-term relationship, however, the margin does not need to be as high for the coin dealer to make a good profit.

Because coin dealers are experts in their chosen fields, they will also have better connections than individuals who buy coins on their own will. Finding the right vendor or wholesaler can be a long and difficult task for someone new to the coin collecting trade. Coin dealers will also be more likely to recognize a counterfeit coin, have a higher chance of hearing about the sale of the specific rare coins that interest you, and will recognize an asking price that is over- or undervalued. As an investor, these are all critically important points for your success.

Building a long-term relationship with a knowledgeable coin dealer is the best way to protect the money that you invest into rare coins. All too often, new coin collectors who try to go it on their own without professional help end up being scammed out of hundreds or thousands of dollars.

What Do I Look For in a Coin Dealer?

All coin dealers are not created equal, and it is nearly impossible to specialize in every area when it comes to collecting rare coins. Therefore, it’s important to know what to look for before you select a professional for your coin collecting needs.

The first vital piece of information that you’ll need when considering coin dealers is his or her professional qualifications. Some important questions to ask include, does the coin dealer belong to any professional groups? How long has he or she been in business? Can the coin merchant provide references from other satisfied customers? One of the best indications that a vendor has a high level of professionalism is a membership in the Professional Numismatists Guild (PNG). This group includes the most reputable coin dealers in the business thanks to an emphasis on ethics.

The second most important question to put to a prospective coin dealer is the area in which he or she specializes. There are so many different kinds of rare coins to collect, ranging from gold bullion coins to ancient Roman coins, that it is impossible to be a true expert in all of them. You’ll want to find a merchant that specializes in the particular area that is of interest to you. A trader might be able to recognize every rare American coin at a glance, but that won’t do you a lot of good if you really want to collect legal tender from medieval times.

Finally, you should consider the motivation of the coin dealers you are considering. A highly motivated coin merchant will go to shows and retailer auctions, keep abreast of current prices and trends, and will generally keep up-to-date with the current coin market. Any investor will recognize the impact of current information on profit levels. A coin trader who is highly motivated will also be more likely to provide you with excellent service and the best rare coins.

Once you have selected a coin dealer, it is important to reward him or her with your loyalty. You are likely to get the best prices and service from coin dealers who know that you are working exclusively with them.

Charles Roman

Coins and Coin Collecting http://www.coinsandcoincollecting.com/ :your guide to getting the very best from your coin collection.

Coin collectors use a numbering system to give collectors an accurate measure of the condition a coin is in. This numbering system ranges between 1 and 70. “1″ being the worst possible condition of a coin, and 70 meaning flawless.

The numbers tell collectors many things, like how much wear is on the coin and if there are any damaging marks on the coin. There are very few coins out there with a 70 grade on them. It is very rare, and most coins minted have flaws, even if they are ever so slight.

Grading coins is a science, and once you learn that science, putting a grade and a value on that coin will become much easier for you. Plus you will be able to accurately grade coins at auctions, coin dealers, and private collectors, so you will not get ripped off if someone is trying to sell you something at a higher price than it is worth.

So, coin grading is very important in the hobby of coin collecting, and learning this practice will greatly enhance your skills in the hobby and make you much more aware of current prices and rates that certain coins are going for.

How to Grade US Coins is a great starter for hobbyist trying to learn the art of coin grading. This book will go over all the different aspects of coin grading, and all the different grades of coins. It is a great reference to any hobbyist, and comes highly recommended.

Professional Coin Grading Service is a great service for those who either have had a hard time learning the fine art, or need a professional grading service to grade a particular rare coin. They also come highly recommended, and for some of your more finer specimens, a professional coin grading service is the way to go, to get a more accurately graded coin.

So check out our coin grading button, and learn the different types of grades for your coins, read the recommended reading on grading your US coins, or have a professional coin grading service do the work for you. Either way, accurately having your coins graded will easily put a value on your collection, and could quite save you a lot of money in the buying of coins for your collection.

Jon Gammon is the author and webmaster at The Coin Alley, visit the website to learn all about the wonderful world of coin collecting.