April 10, 2009, Newsletter Issue #164: Four Myths About Buying Coins From The Coin Dealer

Tip of the Week

In the world of coin collecting, buying coins from the coin dealer can be a tricky transaction. Some folks regard dealing with a coin dealer as a business deal which requires proceeding with caution. With so much controversy surrounding one of the main sources you can go to for buying coins, how much care do you really need to take? Here, we’ll dispel some of the myths about buying coins from coin dealers.

Myth #1: All coin dealers are shady.
Truth: While there are coin dealers who maintain unethical business practices, a great deal of coin dealers are simply legitimate business people operating in the coin collecting industry. When in doubt, check a coin dealer’s membership affiliations and reputation within the industry.

Myth #2: All coin dealers are looking to rip off their customers.
Truth: Coin dealers run a business and do need to make a profit. Unfortunately, coin dealers are also targets of coin thieves and collectors attempting to make a less than honest transaction.

Myth #3: Coin dealers exercise high-pressure sales tactics.
Truth: When you’re buying coins from an unscrupulous coin dealer, you may encounter the problem of facing high-pressure sales tactics. However, many reputable coin dealers who belong to a professional organization adhere to a code of ethics. Avoiding the use of any form of hard sell is part of their professional responsibility.

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