TRUST what is your OPINION The average dealer wants to pay the minimum to the seller for his coins and the consumer who many times is not informed expects the maximum price knowing the dealer has to make a profit. In the UK I am not sure in the USA the dealer has a duty of care as he is deemed to be a professional. If the seller asks for advice and wishes to sell his coin/s and says he does not have knowledge then he sells say for 100’000 then later he sees the coins selling for 900’000 then the dealer has breached his duty and can be sued for damages. Then by reading this – it is advisable to go to a dealer who is well recognized and a member of a trade organization.
Your first point I agree with. Your second point I disagree with. As a card carrying Capitalist, if deemed to be a professional and the potential customer is seeking advise and wishes to sell, then morally (not "duty", you make it sound socialist), it incumbent upon the merchant to educate the novice or the merchant will soon go out of business when word gets around of their deceptive practices. Third point still sounds Socialist... become a "member of a trade organization?" How about becoming a member of Coin Talk or the American Numismatic Association and display those credentials as evidence of being a potential professional. I have been a fool and been parted with my monies in the past. Lesson learned. Those that did get my money through deception eventually went out of business... the American way. My .01 cent opinion
It may help to leave political labels aside. What is wrong about coin dealers being members of such organizations? I don't know about the US, but in Europe, if a dealer is a member of the IAPN member (or, country specific, the VDDM in Germany for example), I know they will guarantee the authenticity of a coin. Sounds good to me. Admittedly I may still prefer to buy from a dealer who is a little more expensive but has been very reliable from my personal experience. The part about selling a coin at a much higher price - well, I am not familiar with the legal situation in the UK, but that sounds difficult. One would have to prove that the dealer knew the price he paid to the first customer was unrealistically low. But in the six digit range it may be a good idea anyway to try and get a second opinion ... Christian
The solution to selling coins at that level is to consign them to major auction houses. Anything else would be downright foolish.
great I enjoy the democratic way of everyone having their own opinion - i am not a socialist and before you say it even further left wing . There is the responsability of goverment to protect those that are unable to be as creative as we are, I hope u do not find this to Socialist minded.
I'm not of the feeling that the government has any business in protecting the foolish. When I was a kid, I found a liberty nickel ( i do not remember the year of the coin). I knew it was old and it was worth more than a nickel; however, I went to the corner candy store and spent the five cents it represented on candy. Now, by your statements, the store owner should have warned me first that the coin was worth more than five cents. I suspect the owner took the coin to a coin dealer and sold it for whatever it may have been worth. "A foole & his money, be soone at debate: which after with sorow, repents him to late."
I 100% agree with that. If you are going to a dealer, you will get straight away the money you deserve. Afterwards, one should not complain about everything you received being as good as nothing. Maybe I am bit socialist minded, but I feel sense of personal responsibility to clearly instruct my wife not to go the coin dealer with my items. On top of my coin case, inside the coin case, there are everywhere notes saying: "Don't go to the coin dealer!". And even if there would be a government law that states that coin dealers are obliged not to be sly, I would not count on that law.
