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Support Your Local Coin Dealer

By: Charleston Voice

-- Posted Sunday, 23 April 2006 | Digg This ArticleDigg It!

By now we're all experts at buying our gold and silver coins. Some of us will live in dread that we paid too much. Most of us will live to see the day that we didn't buy enough! That will be your greater reluctance. That's wonderful, but how will go about shopping for the best buyer when you go to sell - or swap the Ratio? What do you do run a six-day auction on eBay, wait for payment, and hope gold doesn't get an updraft on you while you await the proceeds from your silver sale? What if you're outbid?

In the rapidly advancing hunt for gold and silver coin value your local coin dealer will be the one the "little guy" turns to. Coin dealers in your city will be the modern day moneychangers. Not only that, but they know the market in your locale better than anyone. Dealers have a network among themselves. If your city is large enough to have several dealers, one or more of them is the de facto "marketmaker" in gold and silver bullion coins.

You should be ingratiating yourself with local dealers right now. Be aware though that they make their living selling and buying numismatic items, but they won't drape all over you about it. They are a wary lot, not wary of you, but of government snoops. It's his trust of you that must be earned. Find out what your state laws are regarding coins. But, once they know you they'll share all the news about the precious metals market at the local level. Foot traffic, increasing or decreasing interest, what's selling, and what venue. I recommend a smaller shop if you can find one. He'll be connected to the local pipeline. Most are family businesses. They've probably moved up from the days of a jingling bell hanging on the door when a customer enters. Don't be dissuaded by a seemingly lack of an indifferent manner in his greeting. Tell him straight out in a friendly manner that you're thinking about putting together a date set of the Silver Eagles, "raw", not "slabbed". Sure, you'll have to pay a premium for a couple (1986 & 1996), but so what? Drop a few bucks in his pocket. Pay in cash. "Tax included in your price, right?" Tell him you'll keep checking back. Next trip ask him what he's asking for a roll of eagles. How much for Gold bullion eagles? Even if he doesn't have them he'll work his local network, and maybe have them for you by the end of the week. You get the idea. Build trust. After a couple of visits bring him and his help (if he has any) coffee and donuts. Visit other shops, too.

The main benefit to being a coin shop owner is the buying end of the business. Inherited coin collections will come in whereby the customer only wants to get rid of them. Dealers pay cash right then. That's how America's coin supply originates. Whatever numismatic coin you see for sale on eBay at one time sat in a retail coin dealer's display case. The old retail refrain of "If we have it for sale, a truck brought it here" holds true.

Attend local coin shows . Take your son or grandson along. Check out the dealers' wares. Get the pulse of what's moving. Is there a main bullion dealer there? What's he asking? What's he paying? Summer is traditionally a slow month for shows, but with silver and gold booming who can say what 2006 will be like. You might surprise yourself by coming to realize that you are among the best informed on the precious metals markets than other dealers! Many won't realize it, but their businesses will morph into that of a moneychanger. Numismatics will be set aside - temporarily. As it is, you can see what little margin there is on buying and selling strictly bullion coins. They need volume to live as bullion traders, or premium to live as numismatists.

If you've staked your future economic well being on precious metals coins why not learn it from the ground up. What if eBay falls under greater regulation or tax restrictions? If push comes to shove you may need that local coin dealer network, afterall. You'll see.

- - CV

-- Posted Sunday, 23 April 2006 | Digg This Article

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