If you are relatively new to collecting, it is a good idea to look for a trustworthy coin dealer you can turn to for appraisals, selling, and purchasing. Unfortunately, there are many dishonest dealers who may try to take advantage of inexperienced coin collectors, so you should learn which qualities to seek out and what to avoid. Here are some tips to help you on your search for a reliable dealer.

A Guide to Finding a Coin Dealer You Can Trust

1. Ask About Experience

The first qualifier to check off is expertise. While a newer dealer is not necessarily untrustworthy, being in business for a longer period of time generally gives someone more knowledge and experience with rare coins and appraisals. Your go-to coin dealer should be a renowned numismatist who follows the market and can offer you honest and accurate advice on your investments. When meeting a new candidate, be sure to ask how long they have been a dealer, their experience with certain rare coins, and if they have any awards or memberships to numismatic organizations, such as the American Numismatic Association (ANA) or the Professional Numismatists Guild (PNG).

Most reputable dealers will specialize in certain types of coins, so anyone who tells you they are experts in everything is most likely not being honest. Additionally, organizations like ANA and PNG require a certain set of ethics and experience to join, so membership is a good sign.

2. Research Their Reputation

A coin dealer with a poor reputation who lacks respect from their peers is not someone you would want to do business with. They may gain this notoriety for being unethical, deceitful, or even just unpleasant to work with. 

If you are in a coin club or know any other collectors, ask about their experiences with local dealers. There are many groups on Facebook and other social media apps where you can ask your questions and swap advice.

3. Observe Their Practices

Watching a dealer work is one of the best ways to assess their honesty. Whether you are at a coin show or their place of business, observe how they interact with customers. If they make an offer after barely glancing at a collection or seem to pressure people into buying or selling coins, it is best to walk away. These types of coin dealers are more interested in making a big profit than offering a fair and accurate price.

When you need a professional coin dealer with a reputation for fairness and accuracy, come to Coins Plus in Cincinnati, OH. Since 1972, these partners have built a name for themselves as industry experts, earning numerous awards, publications in trade magazines, and accreditations. With over 100 years of combined experience, they are the premier source for coin appraisals and the purchase and sale of rare coins, paper currency, bullion, and other collectibles. Visit their website for more information about services. To speak with a knowledgeable partner, call (513) 621-1996.