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Rare Coin Market Update

Rare Coin Market Update #25 (Archives)

7 Important Rare Coin Buying or Selling Rules

by James DiGeorgia 2015-03-20 14:40:43

What I do know for sure is when it comes time to buy or sell rare coins or precious metals, there are a few very important rules to follow regardless of whether you’re a dealer, collector or investor.

Buying and Selling Rule #1:  Always get paid immediately when selling rare coins.

Never accept a post-dated check. Make sure the terms of sale are immediate. If possible, get paid when selling by bank wire. Many dealers like myself, can and do arrange payment by wire. If a dealer asks you deposit a check in a few days so he can transfer funds, fine but do NOT get strung out. Terms of sale = immediate payment or delivery.

Buying and Selling Rule #2:  When buying rare coins always take possession immediately.

Over the years I have preached to collectors and investors just like you, to be careful not to give their rare coins and or precious metals to ANY dealer or broker for storage.  TAKE POSSESSION OF YOUR RARE COINS or PRECIOUS METALS!

Buying and Selling Rule #3: When buying or Selling Rare Coins and Bullion check out the firm.

Regardless if you are purchasing a single coin or making a large investment your first obligation is to assure yourself that you’re dealing with an honest company who actually has an interest in you.

  1. There are many reputable coin dealers for you to choose who carry out their business responsibility with moral and ethical principles.  These coin dealers normally have long standing affiliations with numismatic associations and can give you references.  An example you can rely is the American Numismatic Association's (ANA) dealer directory.   
  2. Better Business Bureau (BBB). Locating a coin dealer who has an A or A+ Rating with the BBB tells you that there is a history of previous coin buyers and sellers that had positive experiences.  Finest Known, LLC is proud that we are recognized as an A+ Rated company.
  3. Pick up the telephone and make some calls.  There are many coin dealers who are passionate when talking about coins and welcome any opportunity to share that passion with new or experienced coin enthusiastists.
  4. Word of Mouth speaks for itself.

Buy and Selling Rule #4: Insist on either personal delivery or U.S. Post Office registered insured and restricted delivery when buying.

This way your coins are insured for their full value and the restricted delivery means only you can sign for the coins.

Quite often I deliver expensive rare coins in person, right to my clients at his or her bank. I like to develop a long term relationship with my clients. Over the years I have discovered the better a client knows me, the better the client they become.

If they cannot be hand delvered or picked up require that your investment coins are shipped by registered, insured U.S. mail  the safest method available. The service can be slow but the tracking is almost infalible.Ensure that your assets are insured for full value and that delivery is made to you or an assigned person with a signature required.

I love rare coins and believe and hope that they are a part of your investment portfolio.

Buy and Selling Rule #5: Work with a dealer that has a deep knowledge of U.S., World and Ancient coins.

  1. Selling: A dealer that really has a broad knowledge of rare coins will likely pay you a stronger price when you decide to sell.  Find a dealer who is well versed and experienced in the specific coin market you are dealing.  This has become an industry of specialization.  As an example if you were selling a Kingdom of Macedon, Alexander III 336-323 BC coin it would be to your advantage if the dealer has experience in the ancient coin market. Your coin would then carry real market value instead of subjective value.
  2.  Buying a coin from an experienced dealer who has the patients to listen is equally valuable.  Many of our customers purchase ancient or rare American coins for the personal pleasure and to satisfy a passion to be part of a time in history or specific event.   Working with a knowledgeable person who shares your passion helps to ensure that you get the right type of coin. Working to fulfill a passion doesn't mean that you need to sacrafice the endgame of buying a magnificant coin that will  also appreciate in value over the next 5-10 years. A knowledgeable dealer can help you to get both value and a very meaningful specimen of man's ancient history.

Buying and Selling Rule #6: Get the dealers personal cell number and insist that they pick up your call right away or call you back promptly.

I always give clients my mobile phone number.  I always call back promptly. My firm has an A+ rating with the Better Business Bureau and has thousands and thousands of positive comments and ratings on EBay.

Buying and Selling Rule #7: When it comes time to buy or sell rare coins or precious metals,  there are no free lunches or opportunities to double, triple or quadruple your money in a matter of weeks or months,

A frustrated lawyer trying to protect one of his wealthier clients confided in me saying his client was pitched right in front of him that he could turn $2.8 million into $8 million in just 30 days.

“I lost it when I heard that promise”

“I told my client this is insane.”

I asked him… “How can you believe such nonsense?”

“Despite every warning I could provide my client I couldn’t persuade him, he was being set up for a terrible loss.”

There are no free lunches in the rare coins and precious metals market. 

Fantastic promises of huge profits in short periods of time are the stuff of fantasy and delusion. Such predictions are providence of scam artists, not professional numismatists.

If you want a dealer to help you build a US, World or a ancient rare coin collection or help you buy precious metals, you’ll find education is the most important part of the process every step of the way.

Bottom line: The more you know the more likely you’ll suceed and avoid pitfalls.