20 May 2021
Choosing a trader is an important part of collecting coins. Find a trusted, knowledgeable dealer to work with and your collection and knowledge will grow. Find out more in this guide from the Professional Numismatists Guild.
How to select a reputable coin dealer
1. Check their reputation
Ask the trade organizations, such as the Professional Numismatists Guild (www.PNGdealers.org). Consult the hobby press. Ask other dealers and collectors. Don’t be simply fooled by fancy brochures and flowery advertising. A few phone calls or emails could be the best insurance you’ve ever purchased.
2. Consider dealer longevity
Examine very carefully any dealer who has been in business for less than five years.
3. Take a step back for a moment
Before you agree to buy anything over the telephone, ask yourself if what you are being promised could objectively be true; then think again. Anyone who promises you a 20% return in six months or less is unlikely to be able to deliver it.
4. Ask about guarantees
Reputable dealers are likely to show how they back up a guarantee since they are interested in developing long-term relationships and not a one-shot sale.
5. Check organisational memberships
Often these organisations will intercede if there is a problem with a member dealer. PNG members, for example, must adhere to a strict Code of Ethics (www.PNGdealers.org/code-of-ethics), and must agree to a binding arbitration process for any disputes involving numismatic merchandise. PNG’s primary mission is to make the hobby safe for collectors and investors by maintaining rigid standards for its member dealers.
6. Ask for and check bank references
7. Attend a major coin show
While there, get to know some of the dealers on a personal level. Above all, ask questions.
For additional information about the Professional Numismatists Guild contact the PNG at 28441 Rancho California Road, Suite 106, Temecula, CA 92590 USA. Phone USA: 951-587-8300. Email: [email protected]. Online: www.PNGdealers.org
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