Are coin deals really "loose", or is there some structure to them?
Longacre
Posts: 16,717 ✭✭✭
I always hear that a lot of coin deals are done over a scotch or two, or are sealed with a handshake. To me, that is a totally unusual situation. I work on a lot of "deals" in my day job (I'm talking about my other job, not the one posting to the boards 
), and although the numbers that I deal with are bigger (usually billions or hundreds of millions), the concept should be the same. A typical deal of mine takes literally months of negotiations, research, analysis, etc., etc. involving a large group of people. Granted, buying coins is not really the same, but I would think there is some level of due dligence done by a dealer on a transaction, some sort of written agreement, agreement on terms, etc., etc. But I always hear of ccktail napkin deals. Is this how things really work in the numismatic world, or do the dealers really have some tight processes in place and they just don't want us to know about them (out of fear that collectors will think they are part of the Establishment)?
), and although the numbers that I deal with are bigger (usually billions or hundreds of millions), the concept should be the same. A typical deal of mine takes literally months of negotiations, research, analysis, etc., etc. involving a large group of people. Granted, buying coins is not really the same, but I would think there is some level of due dligence done by a dealer on a transaction, some sort of written agreement, agreement on terms, etc., etc. But I always hear of ccktail napkin deals. Is this how things really work in the numismatic world, or do the dealers really have some tight processes in place and they just don't want us to know about them (out of fear that collectors will think they are part of the Establishment)? Always took candy from strangers
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
0
Comments
Dealer to dealer transactions can be even looser, because many of us have grown old together and we don't need more paper.
Every now and then a problem arises, but most get fixed pretty quickly.
I firmly believe in numismatics as the world's greatest hobby, but recognize that this is a luxury and without collectors, we can all spend/melt our collections/inventories.
eBaystore