What is a Coin Dealer



A coin dealer is a business that deals with the buying, selling and trading of coins for coin collectors. Not all dealers will handle the same types of coins. Some will deal exclusively with rare coins. Others will deal with normal-issue currency coins. Yet others will deal with bullion set releases and even coins from around the world. Coin collectors should try to find a dealer that meets their needs. Most collectors will stick with that dealer and build a working relationship for many years to come, once they have confidence in the dealer.

If you are new to coin collecting and trying to find a coin dealer, there are some important things you need to know. Once you find a possible dealer, the first thing to do is to spend some time doing a little research on that dealer. You should find out if the dealer is well known in the coin collecting community. A call to the Better Business Bureau will let you know if there have been complaints against the dealer. You can also check the local newspaper to see if there are any articles on the dealer.

The next thing you should do is make sure the dealer has decent assets. If all you see in display cases are pennies, nickels, dimes and other small currency, then you may want to steer clear of this coin dealer, if you are considering investing in more expensive coins. If the dealer tells you that they need you to give them your money to invest in whatever gold or silver bullion coins you want, then you may want to decline. Your money could be on its way to Mexico, never to be seen again.

Another thing you should do is find out how much experience the coin dealer has in the area of coin collecting in which you are interested . Some dealers will be experts on specific series of coins, time periods or bullion sets. This one is easy to determine, by how long the business has been around. Take the time to do some research on the business itself. If the business is fairly large, find out if the employees are bonded. Remember, it is your hard earned money that you are investing with a coin dealer. Before investing any money with a dealer take the time to observe how the dealer interacts with customers. If the dealer acts like he does not have the time of day for beginning collectors, then you may want to find a different dealer.

 

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