What to look for in a coin dealer

If you are looking to purchase or sell a rare coin, it is important you find a coin collector that is fair and honest. If the deal seems too good to be true, it typically is. It is important to you find a coin dealer well versed in numismatics. Numismatics is "the scientific analysis and study of money and the way people have used money throughout history," according to Sprucecrafts. It is also important the coin shop is owned by a dealer that is financially stable, well respected in the coin dealer community, and has positive reviews online (including with BBB!)

Questions to ask a coin appraiser

Coin dealers typically specialize in one area of numismatics such as rare coins, early American copper coins, classic silver dollars, gold coins, and so on.

Once you believe you have found the right place, ask the dealer these questions from Sprucecrafts:

How long have you been a coin dealer?
Are you a member of any professional associations such as BBB or the Professional Numismatists Guild?
Do you have a brick-and-mortar shop, or do you set up coin shows?

More tips to find a reputable coin dealer

It is also important to research coin collectors online. Use online review systems to ensure the coin dealer is reputable and reliable. Look for answers to these questions:

Is the coin dealer financially stable with a large inventory of assets? Unfortunately, some coins on the market are counterfeit, altered, or doctored in some way. You want to be sure the coin dealer has an inventory that will stand the test of time.
Does the coin dealer have a good reputation within their peer group? Reputation is everything, especially when dealing with rare items.
What happens if you are not satisfied? Make sure the coin dealer is willing to submit to arbitration, especially if you are buying an expensive coin as an investment.

For more information

Find more consumer resources and tips on BBB's consumer HQ.

Go to BBB.org to look up business profiles, file a complaint, or write a customer review. Visit BBB Scam Tracker to research and report scams.

Read more about BBB Accreditation Standards and BBB Standards for Trust. Learn how to become a BBB Accredited Business.

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