Good or Bad Coin dealers

As we all know there are both good and bad dealers in the hobby. Overall, what percentage of current Coin Dealers which you've met would you consider to be honest and trustworthy. Not surprisingly, the majority I've dealt with in the past 3-5 years are refreshingly honest compared to those 25 years ago. This includes both Brick & Mortar and Internet.

 

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The majority I have dealt with have been honest...I have only been burned a few times out of god knows how many.

 

I think competency is a bigger issue than honesty.

When a current or potential client has a problem outside an attorney's "comfort zone" he/she is ethically bound to either learn about the subject, or refer the client to a specialists. I don't have personal knowledge, but I believe the same principle would apply to a doctor, accountant, engineer, or other professional.

On the other hand, coin dealers who know nothing a particular numismatic subject will frequently give an opinion about something despite knowing as little as the inquiring customer, and sometimes even less.

 

I think there are more postal employees arrested each year in the numismatic arena than coin dealers.

Clinker

 

Wow, there is someone on the forum that will definately take personal issue with you on this. That is, without his thinking about all of the postal employees who are found with years of mail buried in their back yards.

 

Had to laugh myself when I read this comment. Trust is earned and should not be just given, especially when you could have a lot to lose.

How can you not be skeptical unless you know enough to protect yourself?

I went into a local dealer a couple weeks ago with my son. First time visit. It was just he and I in the store and it was almost like they were anxious to see me go. I asked a general question about an ancient Roman I had with me and received an off the cuff answer without any examination or explanation. Bought some 2x2 plastic binder sleeves and paper covers.

Was very surprised by the reaction, as they had no idea what kind of potential customer I might be to them down the road. Would just assume to go somewhere else next time.

 

Competency

Ethics for the named professions are also controlled by law. I am not sure that coin dealers are tested for any type of competency,and need only a resale number to open shop. Are there rules and laws governing any activities of dealers ? If you take the group of professionals named and look at their competency after being schooled and regulated, where would you start with all dealers ? Self interest is a large driving force in business, we as customers and share holders let it happen.

 

so far the highest is 20% or less honest!! Talk about cynics I must be lucky to have had such a good track record!!

 

Most that I've dealt with are lying, cheating, no good, dirty rotten crooks! They are only looking out for themselves and will eagerly take advantage of a beginner without the blink of an eye.

It's a dirty, dirty, profession. I can't wait until Dateline goes undercover to expose them. WHat I hate most is that most look like my grandpa. You used to be able to trust grandpa ..now, retired and living hand to mouth most dealers take what they can get feeling some sense that the world owes it to them.

If I could find an honest dealer, I'd be more than happy to give him my business. I buy $15-20,000 a year and you would think that woul be worthy a little honesty. Instead all they see is a deep pocket ...burns me up ...if you couldn't tell ...lol

 

Andrew:
I sure am glad that you don't have strong feelings on the subject!
:goofer:

 

Wow - And this is why the community should agree to one set of standards.

I have limited experience so I will not pick a number but based on Andrews experience I am a little scared.

Andrew - if dealers are so bad, where do you buy your coins?

Darryl

 

I've only had a few bad dealers---but I guess some aren't really bad....when I think of a bad dealer I may think of one that was rude, high priced, only sold world coins (haha ) etc....but I don't really know any dealer that fit into all of those things...
One dealer who I bought some coins from at a show was pretty rude (AFTER I bought the coins) but he priced right---then there was another dealer who priced his coins a lot higher than normal but he was pretty friendly....

Speedy

 

Of the dealers I have personally met and dealt with only one sold a coin (actually to a friend of mine) that came back body bagged (altered). The fact that the coin was doctored didn't upset me as much as the fact that he refused to make it right with the buyer who dished out $1000 for it. I understand that it was almost undetectable and he may not have known it was altered but you would still think he would want to keep a buyer willing to dish out a grand for one coin very happy!

 

sound like he must to have bought from one of those guys on tv. not sure you would call them dealers. Man i watched one of those end of year blow outs on one of the shows and i honestly believe they would have sold their kids if they could. it was halirious. Still have it on tvo. will watch it again when i need a good laugh

Have only bought from one dealer and he has done exactally what he said he was going to do. He even sent me a christmas card, he should have with what he has made off of me.

 

Agree, I based my experience on only encountering a couple of bad dealers over almost a 5 year period and did not take into consideration the guys selling the odd coin or two on the net. But to some the guy with one silver dollqar and 300 Herbal-Viagra tabs on ebay is a dealer

Take Care
Ben

 

I have to agree with Roy. Competency is the greater issue. Some of these coin dealer just buy and sell coins. Some dealers have never collected coins or read a numismatic book except for the gray sheet. Most dealers are just trying to sell their goods at what ever price they think the items will sell for.

Lou

 

I would think most people want to sell their goods for as much as they can get regardless of the business...of course there is a line one crosses. I tend to think more know what they are doing and indeed are trying to get as much as they think they can and of course on ebay, they might set the price low and the bidders themselves knock the price up...I know I have paid more than a coin was worth in the book because I just wanted it that much and had a hard time finding it elsewhere....I find it hard to imagine a seller that doesnt collect him/herself...but I guess they are out there.

 

Define honest and coin dealer? There were only a few true dealers on Ebay that I have dealt with - no problems from them. I use one in town(tends to be a little pricey) and two off the internet. I can not seem to be able to determine what a dealer actually is - I did not vote 81-100 simply because of people (mainly on ebay) that sell graded coins that do not meet ana standards(everything is MS70 or MS67). So we know some of the people I am referring to and these people proclaim to be dealers.

 

I am very lucky I have been going to the same dealer for years and he is one of the most honest men I know. He has a small mom and pop shop and has been in the same place for many years he just likes to talk about coins and share his knowledge. He is over seventy now so don't know how much longer he will keep his shop open. I don't think I have every had a real bad deal had some trades I was unhappy with but not bad enough to return them. And I do not do e-bay because of all the bad info here about bad e-bay sellers.
And the five or six dealers I have met over the years have been fair maybe a little high but never tryed to rip me off.

"THE FRANK GROUP"

 

I voted 20% because it is closest to my personal experience. However, I think the poll should really have been split into two questions: one for buying coins from the dealer and the other selling coins to the dealer.

I suspect but cannot prove with any data that the average buyer of coins is probably more knowledgeable than the average seller. So dealers are probably forced by circumstances to be a bit more honest when selling because the buyer frequently knows as much or more than they do. So maybe I'd give them a 33% on that question.

Sellers of coins are frequently selling coins they did not collect, or feel forced to sell regardless of the bid, and they are basically sheep waiting to be sheared. I think the vast majority of dealers prey on these folks. I'd give them a 5% rating on that question [one out of 20 honest dealers].

On other aspects of the question, I'd say internet dealers selling coins are probably slightly more honest than B&M dealers on the sell side. On the buy side, they are probably close to the same.

There is also the questions raised by others about whether some of this might be related to competence, which is probably true. There is also the issue about whether it is honest or ethics, which is pretty much the same as searching for an excuse to cheat others.

Anyway, those are my thoughts on the matter -- all opinion, no fact.