The emergence of the internet has brought both advantages and disadvantages to the coin collecting market. The web has made buying and selling coins more convenient and easier.
With just a matter of search and clicks, you can already find coin catalogs and coin price guide provided by online coin dealers. Members of coin collecting clubs, networks, and communities communicate and participate in forum websites. Online auctions are also becoming popular among numismatists.
All these developments have created a more active and growing numismatic market.
However, online transactions have also created apprehensions to coin collectors and investors. The lack of physical presence of buyers and coin dealers make numismatic transactions through the web risky to fraud.
How to find a reputable coin dealer online
1. Search in coin dealer directories
Coin collecting websites post a directory of coin shops, dealers, sellers, etc. This contains a list of links that will direct you to the sites of coin stores found in the internet. For example the complete Coin dealer directory above this article.
2. Background Check: look for the About Us or Contact page of the coin dealer’s site
The About Us, Contact, and other equivalent pages of a coin shop website will tell you about the background of the company – how it started as a coin buyer and seller, how long has it been in the numismatic market, what type of collectors are its owners.
Prefer coin traders who publish their address and contact number on their websites. This is an assurance that the dealer is not just a phony; provided that the home or office address exists. Check the authenticity of the address and other contact information.
3. Look for authorized dealers
Always prefer coin dealers, buyers, and traders who are authorized by the Professional Grading Service, American Numismatic Association Certification Service, and other top institutions dedicated to numismatic authentication.
4. Return Policy and other guarantees
Return policies and other guarantees are ways to assure customers that the numismatic dealers offer authentic collectable coins; and that the company takes responsible should there be defects on the products they deliver.
If your coin dealer hesitates to give you such guarantee, then his commitment to the quality of products and services he offers to his clients can be questionable.
5. Choose the coin trader which is recommended by most coin collectors and experts
Ask your numismatist friends or consult coin experts when choosing reputable coin shops online. If a trader has a lot of loyal customers and are suggested by coin professionals, then you may decide on transacting with this coin dealer.