DEALER RESPONSIBILITY IN COMBATING DOCTORING

Higashiyama

Am I naive to expect leading dealers to undertake careful examination of coins prior to purchase, thereby protecting their customers against the work of doctors?

Surely anyone dealing in multi-thousand dollar coins can afford to spend more than the PCGS 10 seconds examining a coin before making a purchase?

I acknowledge that the buyer's first line of defense is their own expertise. At the same time, I am perfectly happy to pay a strong price from reputable dealers for quality coins, and in doing so, expect to benefit from the dealer's expertise.

In any service, there are quality providers and budget providers (and some in between). In the coin market, there are a dozen or so dealers that clearly present themselves as top class. If there is a serious problem with doctoring of coins in the high end market, shouldn't we expect the high end dealers to lead in the defense, with their own resources?

darktone

Higashiyama- I agree! the big dealers should also stop buying from the coin doctors and the different outlets they use to get rid of these coins. Also if the big dealers all know who the largest coin doctors are why not try to stop them through the PNG, ANA and just use pressure by not dealing with them or dealers that deal with them? Also if these doctors are brave enough to submit coin at the special dealer show it tells me they don't care if they caught by NGC and will keep submitting until NGC cuts them off. mike

Julian

Dealers who intelligently purchase coins certainly examine them. After all, they are spending their money. It is totally a matter of dealing with someone who has the experience and integrity to be able to stand behind the sale of a coin. Purchasers, whether dealers or collectors, need to examine their purchases before paying for them. For that matter, no coin is worthless, and even doctored coins have a value. It is all about the amount!

mrfred

Julian -- I absolutely agree. If there were a secondary market for declared doctored coins, I would suspect that such coins would be sold at a lower price. And I'd gladly go after a few to fill some holes!!

Jamericon

It is true that a collectors first line of defense is his own knowledge. Buy what you know and know what you are buying. As for unethical dealers, it is up to the collecting community to stop buying from these people and supporting their habits. Know who the good ones are, the ones who sell quality, and support them instead.

Just as in nature, the weak will be weeded out.

DCAMFranklin

Complete agreement. This is a dealer issue and they are looking for the collector(s) to pay for it.

gsaguy

ttt

GSAGUY