The overwhelming consensus is that new collectors should study diligently and establish a relationship with a good dealer. How do people go about sizing up dealers? What do I look for if I'm not an expert?
You need to learn about what you're looking at. A "good dealer" as you say is what? Someone who gives you really good deals on coins? Or is it someone who gives you fair prices and good info? The only way to know if the dealer is ripping you off or not is to know the coin. The best way to know coins is to read, research, and look at a LOT of coins. Ask questions, but don't buy a coin until you have some knowledge of that coin. Look at several examples of that date and mint mark. Learn about the general nomenclature of coins. Learn about luster and depth of strike. Learn to grade coins in general. Do all of these things for a long time and you'll be able to tell the good dealers from the bad ones easily.
Think of buying coins from a dealer as if you were buying a house, watch, car, boat, pencil, etc. If you just buy one without knowing about the product, almost any dealer or salesperson may take you for and excess of what you are buying. Remember although there are numerous price guides out there on coins, the same is basically true of used cars, houses, watches, etc. Any item could, may, might, should or would have a suggested manufactureres price listed but with coins and many other items, no such thing. A coin price guide is just that, a guide. Back to your question. Attempting to find a good, great, rotten, myserable coin dealer may be just on how YOU go about that. First really get to know coins enough to know if and when your about to be taken for an excess of money. With this in mine, try several dealers and if possible, in person. Coin shows and coin stores are so much better than places like ebay or other sites where you can not see who or what in person. A decent trick is to find one coin you like, Really get to know that coin. Then start asking dealers for prices on that coin and in the grade you want. Not the best method but better than nothing.
I think a lot of it is a matter of comfort. After you visit 3 to 4 dealers and buy a few things, you'll probably notice that you are more comfortable dealing with one of them who has a similar way of thinking to yours and prices that are competitive to other places including internet dealers.
Right-o. Learn as much about coins themselves. Part of this is asking lots of questions; a good dealer is quick to answer questions. Be slow to pass judgement if the show is busy. Most dealer tables are staffed by only one person, no more than two; if they're busy, come back when they can reasonably spend time with you. Don't ask more of them than you could reasonably do for them if you were on the other side of the table.
I like this answer the best. I assuming we are talking brick and mortar shop - go in and just talk with them and see how things work. And to me, if they spend time talking and helping me I usually buy something(does not have to be expensive). Let me tell you at my local shop - I was there for over an hour one day just talking. I asked him what he would recommend - the dealer picked out two buff nickels for a total of $30. And these guys know what I like to collect. I enjoy talking to them and it really makes this hobby more fun. Just keep in mind you need to know what to look for and dealers are not perfect.
The best way I know of is to ask for recommendations from other collectors. Your going to get a lot of names, but the ones that pop up repeatedly are probably the ones you want to deal with. Start there, deal with them and establish a relationship with a few. Over time, you'll settle on 1 or 2 or 3. And - if you ask questions as you go, you'll also learn more about the hobby and the coins.
Great post. I think the best way to learn your dealer is to study his mannerisms. Feel how he treats you. If he treats you with respect and you feel he educates you with the right info(and it will feel right regardless of experience), then that to me, is a winning dealer.
Here are a few more ways to tell if your dealer is a "good" one... Offer to sell back a coin you purchased from them. Offer to sell to them a coin you did NOT purchase from them. Try and find a coin the dealer has purchased in auction, and what price they have marked on the coin. What is their return policy? Here are a few things you should consider, but not put too much weight on: How long they have been in business? Are they members of the ANA and/or PNG? Are the approachable and personable?
In my experience, the above couldn't be more wrong. Some of the biggest ripoff dealers are some of the most personable and approachable (and well known). Be careful.
Isn't that the truth!! Like others have said you need to ask questions. People who truly love the hobby will take the time to properly educate you about what you are asking about. Some questions are harder to answer then others and may take more time... try to catch them at a slow time if you have a lot of questions. Personality only has a little to do with it... Sometimes it takes a while to warm up to people. Pricing, education, flexibility, and ethics are much more important then personality.
Here's another thought. If you are considering a dealer, post his/her name here. I, for one, will call a spade a spade. No "happy talk" here.
OH we are.. I'd argue we are some of the most helpful you'll find.. Anyway, thanks for asking that question. It was a good one!
