Is it Safe to Sell Coins to a Dealer? -- Bella Online - The Voice of Women
Arizona Coin Collector
http://www.bellaonline.com/articles/art60409.asp
Bella Online - The Voice of Women
Coin Collecting Site (01/18/09)
Gary Eggleston - BellaOnline's Coin Collecting Editor
Is it Safe to Sell Coins to a Dealer?
Coin collecting can be a lot of fun. This hobby which
dates back to 2500 BC is much larger now since
people are now able to collect currencies from other
countries.
If a person decides to dispose of some of the coins
in the collection, it is necessary to know its value
by looking at a coin catalog or price guide. There
are many ways to do this and one is looking for a
coin dealer to do business with.
There are a lot of coin dealers around. Some can be
found by asking the local coin club or a numismatist
who can give a good referral while others can be
found at an auction or in a coin exhibit. These
people frequent such events looking for a good buy
to add to an existing collection. A lot of these
individuals can also be found on the web.
To be sure that the person is getting a good price
from a coin dealer, it is an excellent idea to
visit more than one place to find out who is
willing to buy it at the highest price. If the
person feels that the price is too low, then
perhaps it is better to wait until another time
since the value of coins depends on scarcity,
condition and demand.
Some people think that doing business with a coin
dealer isn't a good idea since this person will
offer to buy the coins at a lower price. This
notion however is wrong since there are ways to
ensure that this person will be honest.
To avoid by being conned by someone who claims to
be a dealer, it is necessary to determine that
this person is a member of the Professional
Numismatist's Guild. This organization is
composed of the world's renowned collectors of
antique coins and paper money. Since there are
strict rules that members abide by, one can be
sure that the transaction is safe.
Coin dealers are not just there to buy something,
these people may also offer for sale a coin that
is valuable to the other person. By getting to
know the dealer, an agreement can be reached that
will benefit both parties, which does not always
end mean buying, but also trading or bartering.
Everyone has the potential of making money even
if this starts out with only a few coins. By
knowing where to find these rare collectibles
and doing business with a reputable dealer, one
can be sure of making a profit - if not a small
fortune.
..
Mr. Jaggers
Well, yeah, PNG dealers and all that, but what's the ratio of PNG dealers to
non-PNG dealers? 1 to 1000? 1 to 10,000? Do they come to a show near you?
The brick and mortar shop of the closest one to me is 100 miles away, plus
tolls, plus about a $25 parking garage fee. His overhead in the downtown
area of a Great American City is going to be factored into each and every
coin lot he buys from the public.
I know several dealers to whom I occasionally sell coins, as I know from
experience that they are on the level, and they are not PNG members. This
is not to disparage PNG dealers in the least, but to suggest, as the author
suggests, that they are the only ones that can be trusted, is quite
dishonest in and of itself.
James
Bruce Remick
"Arizona Coin Collector" <nos...@nospam.com> wrote in message
news:0r-dndNr5d30Te7U...@earthlink.com...
> FROM:
> http://www.bellaonline.com/articles/art60409.asp
>
> Bella Online - The Voice of Women
>
> Coin Collecting Site (01/18/09)
> Gary Eggleston - BellaOnline's Coin Collecting Editor
>
> Is it Safe to Sell Coins to a Dealer?
>
> Coin collecting can be a lot of fun. This hobby which
> dates back to 2500 BC is much larger now since
> people are now able to collect currencies from other
> countries.
>
> If a person decides to dispose of some of the coins
> in the collection, it is necessary to know its value
> by looking at a coin catalog or price guide. There
> are many ways to do this and one is looking for a
> coin dealer to do business with.
Like someone who already has amassed a coin collection then ought to check a
price guide to see what she has.
>
> There are a lot of coin dealers around. Some can be
> found by asking the local coin club or a numismatist
> who can give a good referral while others can be
> found at an auction or in a coin exhibit. These
> people frequent such events looking for a good buy
> to add to an existing collection. A lot of these
> individuals can also be found on the web.
Coin dealers frequent coin shows looking for good buys to add to their
collection? Hey! What about me, guys?
>
> To be sure that the person is getting a good price
> from a coin dealer, it is an excellent idea to
> visit more than one place to find out who is
> willing to buy it at the highest price. If the
> person feels that the price is too low, then
> perhaps it is better to wait until another time
> since the value of coins depends on scarcity,
> condition and demand.
>
> Some people think that doing business with a coin
> dealer isn't a good idea since this person will
> offer to buy the coins at a lower price. This
> notion however is wrong since there are ways to
> ensure that this person will be honest.
This notion is wrong because selling your coins to another collector at book
is unfair to the coin dealer. Honest dealers deserve the right to pay you a
lower price. Shady ones don't.
>
> To avoid by being conned by someone who claims to
> be a dealer, it is necessary to determine that
> this person is a member of the Professional
> Numismatist's Guild. This organization is
> composed of the world's renowned collectors of
> antique coins and paper money. Since there are
> strict rules that members abide by, one can be
> sure that the transaction is safe.
Sure, cruise your local strip mall in search of one of the world's renowned
collectors (and dealers?). Everyone else will surely con you. Stay away
from eBay bidders who might bid more than your coin is worth. They most
certainly must be dishonest and are probably not world renowned anyway.
>
> Coin dealers are not just there to buy something,
> these people may also offer for sale a coin that
> is valuable to the other person. By getting to
> know the dealer, an agreement can be reached that
> will benefit both parties, which does not always
> end mean buying, but also trading or bartering.
My. My. Occasionally a coin dealer may offer to sell something. Even
something that someone else might want. But if you don't get to know the
dealer, you won't reach any agreement that will benefit you.
>
> Everyone has the potential of making money even
> if this starts out with only a few coins. By
> knowing where to find these rare collectibles
> and doing business with a reputable dealer, one
> can be sure of making a profit - if not a small
> fortune.
A few coins suddenly evolve into rare collectibles which evolve into a small
fortune. And everyone can do it.
This whole piece reads like something aimed at a non-collector woman -- and
written by one about 12 years old.
Peter
>
> - Show quoted text -
It is a little too conclusive on other points, as well (e.g., "By
knowing where to find these rare collectibles
and doing business with a reputable dealer, one can be sure of making
a profit - if not a small fortune."
Being sure of a profit from trading requires the intervention of some
sort of Ponzi-like ingredient.
Mr. Jaggers
You're getting awfully cynical here, Bruce. Is it from hanging around with
me so much? 8>)
James
Bruce Remick
"Mr. Jaggers" <lugburzman[at]yahoo[dot]com> wrote in message
news:gl0li...@enews5.newsguy.com...
Y'know, I read the piece before I sent it and I agree with you. But you're
not typically cynical in your responses. I don't know how you do it
sometimes. I suppose I should chill out and wait until I have something
constructive to offer. But then I may not have that much time left. And it
can get so tempting........