I'm wondering if anyone can comment on their experience with the various dealers who advertise in CoinWorld and such publications... I mean the ones who offer "5 BU Peace Dollars for $100" and "3 large cents for $30". Usually they have 2 page spreads and offer a dizzying array of type sets, date sets, etc. As a new collector with a 9 year old partner who wants to start a Morgan Dollar, Walking Liberty 1/2 dollar, Buffalo nickel and a Barber Dime collection all at once (whew! especially since I am his chief financier!) the idea of getting a group of decent coins to start off with is attractive. Are these dealers reputable?
The advertisments that you mentioned are from dealers who have been advertising in CoinWorld, Coins and Coinage for a long time although I dont have any experience buying from them. There may be someone else in here that may have. From my experience Jack Beymer has fair prices as well as Har-mans Coins and they both have a decent selection.
My rules for buying sight unseen are simple: If it's on eBay, I'll only buy it if it's PCGS or NGC slabbed. If it's from a dealer in Coin World, only if they're a PNG member.
From experience I would suggest you avoid Chattanooga Coin. I got burned a bit on a large purchase with them before I knew better. They sell stuff in IGSGrading.com holders -- which I think are in-house grading that they do or are someone close to them.
Everybody has their own rules, especially for sight unseen. However, I have some serious qualms with "PNG only". Something that some people see as a point of comfort, I see as a stepping stool to corruption. The PNG requires a minimum of $100k verified numismatic assets to become a member. Some would see this as signifying in some way that because a dealer has the finances to hold and maintain a significant inventory and thus holds some form of demanded respect and trustworthiness. I view it more that the dealer has the financial ability to thwart and/or adversely affect what should be disinterested investigations and observations regarding the dealer. The PNG takes complaints against their member dealers and makes the decision on the outcome of any complaint. However, what many fail to understand, the PNG is run BY constituents of those very same dealers you will be complaining about. Many times, also, these dealers will have enough revenue from those that DO NOT complain, either because they feel it is too much trouble, or because they do not know any better, that remedying the situation by "making it right" costs them little to nothing. A dealer that has to rely more upon his own reputation in the community rather than on a guild endorsement, in my opinion, is more likely to have more scruples, though, because of the fact that there is no apparent "accountability" as with PNG members, when the unscrupulous do pull one on you, it will most likely be a much more costly transaction for the buyer. Yet, there are still legal remedies, both in tort as well as criminal law, that are there and available, but too many feel it is just "too much trouble". Whether it is a used car salesman, time share hyper, or coins, it is always caveat emptor, and when you do get taken, TAKE THE TIME AND EFFORT, and remedy the situation with the proper authorities. Trusting the kettle to remedy grievances against the pots is like allowing dowsing a fire with a fifth of vodka. It may look like water, but the results may very well in the long run be far from what you expected. That's not to say that Soda Ant's suggestion is wrong in any way. If you are not sure, it is always better to take whatever form of "protection" is necessary until you are used to the waters and know how to swim. All in all, however, the OP has already did the best thing they could ever do by asking first for advise before making any transactions. :thumb:
Of course, you're kidding, right? You've got a 9 year old who is potentially interested in things such as the Walking Liberty ---> How did that come about? Ok. So if it's true, WHY, WHY, WHY are you talking about buying by the Internet or by mail? You are so lucky. For gosh sakes, take the kid to a COIN SHOW or at least a COIN DEALER and let him pick out his coins. If you're the big, fancy financier for his collection - surely you can afford a few gallons of gas - even if you're not close to a coin dealer or a coin show. HOW BORING WOULD IT BE for a 9 year old to buy coins that are basically sight-unseen. Sounds like you're buying for yourself! Just MHO. Best of Luck
I have had good luck with Millers Mint and Jack Beymer, granted the prices are high,( a phone call or in person at a show will work wonders ) but you can count on the authenticity and the grading. I used them both for want list coins on more difficult items and would buy again.
I would agree with Pocket Change to a point, coin shows would be the best to find coins. You can also find a good dealers or two in your area that can help you and your son find good deals on coins. As far as buying coins from a dealer in the magazines no matter who you buy from I would make small items purchases first to fine out how they do business, but that is me. To find the next coin show in your area look here: www.coinshows.com. By the way Pocket Change have you bought a gallon of gas lately?:smile Good Luck and I hope you and your son enjoy the hobbie.
interestingly enough we do haunt coin dealers and shows. The range of experience at dealers is interesting. There is a dealer in Brooklyn who could not be less welcoming or interested in the fact that my son is a new hobbiest... just come in with your want list, suffer the grumpy grudging service, buy, leave and leave quickly. Sheeh. Meanwhile, we go to Stacks, which I would expect to be hoity toity, and they sit with him, spend time helping him select his massive $20 purchase, show him tray after tray of coins, discuss, and somehow a Buffalo nickel shows up in his change!
Coins should be purchased one at at time, except for bullion. So any ad that offers multiple coins for a single price is suspect. Coin shops and coin shows are great, but I disagree with the folks above that say that buying coins sight-unseen is boring for kids. I had some great times with my son buying coins from Ebay [which I no longer use] and certain internet dealers. All of these purchases were based on photographs of the coins, so I don't know if that qualifies as sight-unseen or not - depends on how you define it. Have fun, but be careful. Collecting is fun but enormously dangerous in the financial sense because there are numerous predators out there.
i don't know about your kids, but my son makes out like a bandit at coin shows - always gets stupid great deals and usually a free coin or two - he was even given a completed 1941-1974 Whitman folder for some guy walking past us. the Whitman shows have a Kid's Corner and you get all sorts of free stuff donated by various dealers. while the free stuff might not be the stuff "he" is looking for, it will be free and a good way to break him into the hobby. -Steve
As for coin shows, I agree 100% about kids being catered to by many dealers. We were at WESPNEX recently and he found a dealer with an odd bin that had Barber dimes, 2 cent pieces, shield nickels and all sorts of very cool coins that he would never have thought to collect. He spend $20 and got a great handful. The dealer said he specifically puts the bin out for kids... but of course it gets decended on by us grown ups looking for good deals. Since his eye for grade and quality is much better then mine I was able to hand him $20 and let him roam around the place. He got his share of 'kid' discounts, freebies, and such. But most of all, and maybe because he is very serious about his collection and collection skills, he got respect and serious attention from many of the dealers. I'm sure this will contribute to him being a lifelong collector.
That is great and I would recommend doing that on a regular basis. The dealer I go to will take all the time a youngster needs because they realize that the youngster will grow up to collect coins and still come into the store. As it is I would not go with one of those offers - $30 dollars for 3 large cents is just asking for the worst possible coin you can get. You can get the really bad ones on ebay for 5 or 6 bucks. Now if you want choice coins(not talking MS, whatever you determine is choice) then I would recommend taking your time and finding a couple of online dealers to also work with. For large cents I would rather spend $30 on this coin here than run the gamble through coin world. To me the extra money you might spend with a dealer is worth it. Just my opinion.
