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What is some of the Best advice you ever received from a coin dealer?

Multiple answers Ok. Naming the deler if they are dead should be allowed by the Mods, right?

I need to think of my answer so someone please go first.

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Comments

  • SurfinxHISurfinxHI Posts: 2,322 ✭✭✭✭✭
    edited February 4, 2024 12:34PM

    Let's get that graded/authenticated.

    Know the programs.

    Think toward future you.

    Buy the coin.

    Buy the holder.

    Dead people tell interesting tales.
  • cladkingcladking Posts: 28,202 ✭✭✭✭✭

    The best advice I ever got was really just an obvious truism. "If you see a coin [token or medal] it most probably is not truly rare". Of course this applies while picking through junk boxes and random accumulations rather than museum pieces.

    And it isn't a hard and fast rule as even rare coins have to be somewhere.

    Tempus fugit.
  • FrazFraz Posts: 1,496 ✭✭✭✭✭
    edited February 4, 2024 4:41PM

    “I don’t trust your uncle Wes any more, you ought not either.”

  • JW77JW77 Posts: 438 ✭✭✭✭✭

    Buy the best coin you can afford; you will be rewarded by stretching yourself in the long run.

  • hfjacintohfjacinto Posts: 734 ✭✭✭✭✭

    Don’t collect, buy what you like.

  • CoffeeTimeCoffeeTime Posts: 90 ✭✭✭

    When I was just getting started a Dealer said “here, read this” and handed me a book on grading.

  • Cougar1978Cougar1978 Posts: 7,402 ✭✭✭✭✭

    When first setup at show, dealer friend advised me:

    Buy it right if they walkup with something to sell. Don’t let them talk you down when selling from your table. When their BS starts it’s time for them to leave

    Coins & Currency both US and World
  • Project NumismaticsProject Numismatics Posts: 1,267 ✭✭✭✭✭

    @goodmoney4badmoney said:
    Many years ago I walked into a coin shop as a total noob. The dealer quickly figured this out. I asked to buy a fairly cheap coin and he said "I don't want to sell you that, instead I would like you to buy this book". It was a Red Book and about half the price of the coin. He told me to read it, decide what I like, and then come back and buy something. I realized a little later what great advice he gave me.

    Fantastic - that’s a dealer that wants to build long term relationships with informed customers.

    What did you end up buying?

  • pursuitoflibertypursuitofliberty Posts: 6,490 ✭✭✭✭✭

    Was buying, doing some vest pocket stuff selling, and generally wandering around in the very late 80's/early 90's. I handled some nice coins, but didn't really have a solid overall direction, and often sold what I bought by the next show.

    My dealer friend says ...

    If you want to be a dealer, do that. In fact, come to work with me.

    But if you're going to be more of a collector maybe you should focus on buying what you can afford to keep for a while.

    This lead to a much different approach to buying, and ultimately to a much greater enjoyment from the hobby.


    “We are only their care-takers,” he posed, “if we take good care of them, then centuries from now they may still be here … ”

    Todd - BHNC #242
  • TwoSides2aCoinTwoSides2aCoin Posts: 43,746 ✭✭✭✭✭

    " If your coins aren't becoming to you, they shouldn't be coming to me. "

  • BStrauss3BStrauss3 Posts: 3,015 ✭✭✭✭✭

    Mustard stains don't wash out of white shirts. Wear colors.

    -----Burton
    ANA 50 year/Life Member (now "Emeritus")
  • natetrooknatetrook Posts: 608 ✭✭✭

    Leave the gun. Take the conolli...

  • cmerlo1cmerlo1 Posts: 7,888 ✭✭✭✭✭

    Learn what problem coins are, and don't buy them.

    You Suck! Awarded 6/2008- 1901-O Micro O Morgan, 8/2008- 1878 VAM-123 Morgan, 9/2022 1888-O VAM-1B3 H8 Morgan | Senior Regional Representative- ANACS Coin Grading. Posted opinions on coins are my own, and are not an official ANACS opinion.
  • jkrkjkrk Posts: 945 ✭✭✭✭✭

    You can generally tell how serious a buyer is by his first counter offer to a dealers asking price.

  • Manifest_DestinyManifest_Destiny Posts: 2,940 ✭✭✭✭✭

    Spray-And-Wash will remove mustard stains.

  • Glen2022Glen2022 Posts: 832 ✭✭✭✭

    Not to me, but overheard at a coin show some years ago. In response to a purchaser's question regarding what coin would be a good investment, the dealer responded, apple stock. Truer words may never have been spoken.

  • I think it was Tom Reynolds who told me...
    Don't buy a "but" coin. That's kinda' what @seatedlib3991 already said.

  • tradedollarnuttradedollarnut Posts: 20,133 ✭✭✭✭✭

    Oops. Jinx

  • Insider3Insider3 Posts: 118 ✭✭✭

    @Married2Coins said:
    Multiple answers Ok. Naming the deler if they are dead should be allowed by the Mods, right?

    I need to think of my answer so someone please go first.

    Great discussion! One of the CAC graders started a similar discussion over there. There are really good comments in both places.

  • ctf_error_coinsctf_error_coins Posts: 15,383 ✭✭✭✭✭

    1) Keep the best, sell the rest.

    2) If you want to become a coin dealer, then you must put up your entire collection as inventory.

  • DRUNNERDRUNNER Posts: 3,788 ✭✭✭✭✭

    Limit your downside risk.

    Drunner

  • winestevenwinesteven Posts: 3,966 ✭✭✭✭✭

    @Insider3 said:

    @Married2Coins said:
    Multiple answers Ok. Naming the dealer if they are dead should be allowed by the Mods, right?

    I need to think of my answer so someone please go first.

    Great discussion! One of the CAC graders started a similar discussion over there. There are really good comments in both places.

    Welcome back! Your expertise and willingness to share will be greatly appreciated!

    Steve

    A day without fine wine and working on your coin collection is like a day without sunshine!!!

    My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
    https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
  • LiquidatedLiquidated Posts: 110 ✭✭✭

    Strike & Surfaces

  • knovak1976knovak1976 Posts: 200 ✭✭✭

    My own advice: if you see something you really like then buy it, because it may not be there when you go back to get it.

  • HATTRICKHATTRICK Posts: 2,090 ✭✭✭✭✭

    If your looking for an offer better than spot, don't waste your time talking to me.

    " If you push something hard enough, it will fall over. " The 1st Law of Opposition from The Firesign Theater
  • My best advice was, "you will learn when you go to sell not the buy"

  • OKbustchaserOKbustchaser Posts: 5,429 ✭✭✭✭✭

    Best advice? Don't just buy the book first...READ the book first.

    Just because I'm old doesn't mean I don't love to look at a pretty bust.
  • Klif50Klif50 Posts: 654 ✭✭✭✭

    Dealer I bought a 1916-D G dime from (raw, before TPG) back in the 70's told me it was a solid G and I went with it. 3 years later I went to sell it back to him and he took out his loop and after looking for a while said "I don't think this is good". I said "it better be since I bought it from you" and showed him the original invoice.

    He admitted it was fine and said, "always beware, even your friendly dealer might try to get over on you given a good opportunity" and "stand your ground when you know you are right".

    That advice has stuck for a really long time.

  • renomedphysrenomedphys Posts: 3,468 ✭✭✭✭✭

    “Buy what you like”
    “It is what it is”
    “That’s why they’re called “Rare Coins”

  • PerryHallPerryHall Posts: 45,173 ✭✭✭✭✭

    @renomedphys said:
    “That’s why they’re called “Rare Coins”

    The problem is most "rare coins" aren't.

    Worry is the interest you pay on a debt you may not owe.

  • SmudgeSmudge Posts: 9,152 ✭✭✭✭✭

    Popularity trumps rarity.

  • TyrockTyrock Posts: 287 ✭✭✭

    I read in one of Bower's books "common coins are common today and common tomorrow." In looking back at my years of collecting, I've noticed that my scarce and too few rare coins did well financially, while my common coins are not worth more than what I paid for them years ago. Numismatics is about more than money, but a fair return on an acquisition is always welcome.

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