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 Replies: 8 / Views: 1,413 |
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Valued Member
United States
155 Posts |
Being 2 weeks into this hobby I would like some advice on warning signs that will help me stay away from coin shop personnel that would try to take advantage of me. I have inherited a few coins, found a few and even purchased a few on ebay (brave I know). I would like to have the lady that owns the coin shop grade my coins and I would even entertain possible trades on some of them. I guess what I am asking is; Are there any tell tale signs that a coin dealer is taking advantage of you? I'm guessing a lot of it is gut feeling. But you guys are educated and I am still just learning so any thoughts that you have would be great. Thanks in advance to this forum for letting me pick your brains! it is by far the friendliest forum I have come across. |
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Valued Member
United States
214 Posts |
on ebay, stay away from anything china, or that is way to good to be true. you wont find a real 1 ounce gold coins worth $1400-$1500 for alot less. my girlfriend just asked me today about the coins they sell on tv. shopping networks and commercials. I told here shopping networks are way to overpriced and the tv commercials or reproductions are a waste of money. and will never be worth anything. that's my thoughts. welcome to collecting. rob |
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Valued Member
United States
265 Posts |
Hi, welcome to the forum. First and foremost as you have already mentioned, trust your gut. Also see if there are more than 1 coin dealer or coin shop around. Go to a local coin show, educate your self. For the most part I believe you'll find that people will generally be helpful. Coin people just like to talk about coins. Coin dealers in general will always offer you less than what you think it is worth. But they are in business as well to make a buck. But KNOW what you have and again educate yourself.
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Pillar of the Community
United States
1231 Posts |
It comes down to you learning how to grade your coins and knowing their value. It takes time.
With this knowledge you will then be able to know if someone is trying to Con you
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Pillar of the Community
United States
3592 Posts |
One thing you can do is find a coin you know is valuable,take it and some lesser coins in and see what they will offer.If they lowball you,chances are they aren't trustworthy or aren't knowledgeable.
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Pillar of the Community
United States
759 Posts |
In some ways, it's not different than how you would evaluate any other business. Your first time in there, you'll get a read on their customer service. If I own a shop and a new collector comes in, unless I'm swamped, it's conversation time. What do you collect? How did you start? What do you have with you? Etc. If you get something close to this, good sign. They should not be dismissive to the new collector. They should not be pushy or judgmental. They should be willing to show you their inventory. They should answer questions. With some research, you'll be able to judge their pricing. Before long, you'll have the gut feel you need to decide if you want to do business with them. Just don't haul in 100 coins and ask her to grade them for you, take a few to discuss and be patient if there are others in the store. Note that 70% of shops I've been in, I've never returned. The business just doesn't seem to produce the happiest proprietors I've seen. Hopefully, you find a good one right of the bat.
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Bedrock of the Community
United States
20753 Posts |
Quote:
One thing you can do is find a coin you know is valuable,take it and some lesser coins in and see what they will offer.If they lowball you,chances are they aren't trustworthy or aren't knowledgeable.
Actually it is about as easy as that. This is true with almost any buisness. If you really know what something is worth and you are offered much less, then that is the place to avoid. Think of it like this. You have a car and know a new tire installed should be about $50. You go to a place and they tell you $100. Typically a method to determine for sure who is and who isn't a crook. |
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Bedrock of the Community
United States
19931 Posts |
I would put the brakes on buying until you learn more. Most new collectors make some pretty big mistakes and nothing sucks worse than learning with your wallet. The best thing for you to do at a B&M coin shop is to learn how to grade. Ask to look at slabbed coins, take notes and ask questions. The key to being a good collector is to understand grades and values using Grey Sheets.
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Pillar of the Community
United States
5604 Posts |
Welcome to this site, Check out this site and read the archives on topics related to you and your interests, left side of this screen see menu, click and learn, Good luck...PS, Like mentioned before, STOP buying till you have a better understanding of the world of Numismatics.......
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Replies: 8 / Views: 1,413 |
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Posted 01/23/2011 2:12 pm
