In the past, we ’ ve written articles on how to identify reputable coin dealers. These have been some of our most popular articles, based on the sociable media activity we ’ ve seen, so we thought that we would take a slenderly different approach to the subject. All of the information that we ’ ve previously shared on how to identify reputable mint dealers however holds true, but we thought that we ’ five hundred provide you with some inside cognition as to how we identify coin dealers with whom to do business. You may or may not be mindful, but the coin dealer wholesale market is a huge commercialize. All of the major mint dealers in the state use the market to sell excess inventory and to fill orders. We ’ rhenium members of the two largest coin dealer networks in the nation, CoinNet and Certified Coin Exchange, which combined sum approximately 800 members. We ’ ve deal with hundreds of these dealers over the final few years and would like to parcel with you how we go about evaluating early mint dealers. If it Sounds Too Good to Be True… We ’ ve all heard the saying “ if it sounds besides good to be true, then it credibly is. ” This applies to life in general, but besides to the coin dealer market. Over the years, we ’ ve worked with some coin dealers who offer above grocery store rates for coins. In fact, some of them closely offer market rates ( the prices at which we sell coins ). In our experience, these coin dealers cherry pick the coins that they will purchase at their stated rates. In fact, they reject about all of the coins in the grade at which they ’ re put up specified prices, and only leverage coins that grade out higher at the lapp price. In other words, they ’ re truly not offering above commercialize rates at the end of the day. There ’ south a large mint dealer in the industry, who shall remain nameless, that has a reputation for doing fair that. We ’ ve personally dealt with them, and have had a big dowry of our coins rejected, which we subsequently sold to other dealers at standard wholesale rates. It ’ s not our intent to call out any finical mint dealers in this article, but rather to bring to your care that if an extend sounds excessively good to be true, then it credibly is.
Overly Critical Coin Dealers While it ’ s a given that coin dealers who offer above rate prices for coins are going to be highly critical, there are many other mint dealers in the market that pay standard wholesale rates for coins that are excessively critical. These dealers will look for any argue to try and lowball you on coins, such as light toning, minor rim issues, contact marks, etc. While there are valid reasons for offering reduced rates for coins, some mint dealers take this to an extreme. We have worked with several coin dealers in the past with whom we ’ ve agreed on prices, entirely to receive a moo ball offer upon acknowledge of the coins. On a couple of occasions, we agreed to sell slightly off timbre coins, such as those that have been cleaned, entirely to hear back from a mint dealer that the coins have been polished and could only be purchased at a reduce rate. It ’ randomness clear which coins have been cleaned and polished ; particularly for experience coin dealers, so this was an obvious bait and switch tactic, which is not well received in the diligence. Granted, on occasion, some slenderly off quality items will slip through the cracks, but by and boastfully, if the coins are as advertise, the agree price should be honored. This is important to remember from your point of view on coins that are primarily bought and sold for their argent subject, such as 90 % silver coins. If the coins have average tire, then the quote price should be honored. We ’ ve besides done clientele with individuals who have met with dealers that claimed that their amber coins have been polished, only to realize that that wasn ’ t the encase. We recommend that you stay aside from this type of coin dealer. Coin Dealers with a Checkered Past
Read more: How to Make Money as a Coin Collector
As we ’ ve recommended to our customers and prospective customers, we conduct on-line searches of coin dealers with whom we ’ re considering doing occupation as part of our evaluation work. We view Better Business Bureau ratings, look for companies that have been fined or cited by authorities or third party mint organizations, and conduct an on-line search of the principals of the company. This survive sharpen is one that we failed to mention in our previous article, but is one that shouldn ’ t be overlooked. In fact, when we first joined one of our coin dealer networks, we assumed that all of the participating dealers had been in full vetted and were reputable companies. While the networks may conduct condemnable setting checks on these individuals, at least in one sheath, they accepted as a member a coin dealer that previously filed for bankruptcy and opened under a different company name. We unfortunately ran into issues with this coin trader after shipping some coins, including failing to respond to our call calls, electronic mail and conduct communications through the coin trader networks ; entirely finally receiving payment as a resultant role of our continued efforts. needle to say, we won ’ metric ton be conducting business with his party again. The moral of the fib is that you should conduct an on-line search of the principals of the company – not equitable the company. Slow to Pay or Ship
We avoid mint dealers that are decelerate to pay or ship intersection and recommend that you do so excessively. This is typically only a electric potential publish if you conduct business with a coin dealer through the mail, as most local coin dealers will pay or deliver the trade at the time of the transaction. As we ’ ve discussed above, an on-line search should help you to identify any potential payment or delivery issues with the coin dealer that you ’ re considering. We have personally put mint dealers on our banned list that are slowly to pay or deliver coins. In fact, we regularly forfeit a higher payout to conduct business with coin dealers that we know will promptly fill our orders or issue requital. We besides monitor our mint trader networks for issues that coin dealers have encountered with early dealers. With respect to filling order, we thought we ’ d take this opportunity to inform our readers that many online coin dealers don ’ t have the stock in broth when you make a purchase and issue payment. Rather, they take your funds and leverage the coins through coin dealer networks. This is why there are occasionally delays of weeks or evening months until you receive your order. We operate a piece differently in that we don ’ t take your money to place an order through the wholesale commercialize. preferably, we merely require a 10 % deposit to cover our carry costs and to make us whole in the event person decides to back out of the transaction. Summary In compendious, we ’ ve identified respective ways in which we vet coin dealers with whom we ’ re considering doing clientele. Through our experience, we ’ ve come to realize that above market offers typically aren ’ t what they appear on the surface, and avoid these opportunities unless we have had anterior positive dealings with the coin trader. second, it ’ s not worth dealing with excessively critical coin dealers. These individuals often employ bait and switch tactics to lure you in to their shop only to offer first gear musket ball prices when you arrive in person. third, remember to conduct an on-line search of the principals of the party – not just the company. This will help you to identify individuals who have been previously cited or that may be operating under a raw party name due to past issues. last, debar coin dealers who have earned a reputation for being slow to deliver or issue payment. This causes unnecessary try, which can be avoided if you choose a reputable dealer. We hope that you found the above information helpful and welcome you to contact us if we can be of any further aid .
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