Since the internet has become more commonplace, the business of rare coin dealers has changed as well. In the past, the only way to purchase rare coins would be to go to specialty shops. Today, however, you can buy them online from a range of sources.
Finding Rare Coin Dealers
You can still purchase rare coins from actual dealers. In fact, those dealers that still have physical stores tend to focus specifically on the real rarities. However, people who will collect any coins because they see their collection as an investment are more likely to go online, which is a lot more convenient – and affordable.
The problem is, however, that the internet will give you so many choices and so much information, that you don’t know what’s true and what’s not. It can be hard to determine whether an online merchant is trustworthy and, if they are, whether they are giving you the best deal. This is why you need to spend some time reviewing their track record.
Good companies, whether online or not, have excellent business relationships. They also only market specific things. Any online shop that sells anything from the Lincoln Penny to the 1913 Liberty Head V Nickel (worth $4,408,650), is one to be avoided. You should also look at how many years the company has been in business. It takes a long time for someone to truly become an expert in their field, so new shops are to be avoided unless their owner has a lengthy background through other stores. Finally, use the internet to your advantage to find out online reviews about the company and by checking their listing with the Better Business Bureau.
Once you believe that the dealer is a trustworthy one, you need to do a price comparison. Competition is strong, even in the world of numismatic collections, and this affects prices. Similarly, you need to make sure that the coins they have that are less rare are also less expensive. If you find a dealer that charges a price that is wholly different from another one, you need to wonder why that is. One of the two in your comparison is going to be wrong and should therefore be avoided.
It is also for this reason that you should speak to an expert. A good coin dealer should be able to give you lots of information about the process of buying coins, how to store them, how to insure them, and more. They should be able to provide you with highly valuable advice and guidance. This is particularly important if you intend your collection to be an investment later on in life, as you then need to find coins that are likely to become more valuable, something that a good dealer will know about. Last but not least, the dealer should become a trusted partner. You should be able to tell them which coins you would like to add to your collection and they will then contact you if they find them.
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