Getting My Fix

KlectorKid

So, I've been away for several years and I haven't thought much about collecting. I caught the bug again recently and I'm looking at adding to my modest collection, but I'm not sure how. I'm a college student in the midwest and, although I would love to, I am unable to travel to every major show in the U.S. (with rare exceptions). I've never bought anything through the major auction galleries because I would have to do so sight unseen over the internet.

Enough rambling, onto the questions. I've been told a solution to this problem would be to talk to a dealer and have them look at and acquire coins on my behalf, but I'm not sure I understand the process.

Obviously the dealer is being compensated, but to what extent and in what manner?

I assume the dealer is simply bidding in my place and I am buying the coin directly from the auction house... is this correct or am I off base?

What if the coin doesn't meet my expectations?

Is there a price at which it's not worth the dealer's trouble to acquire coins on their client's behalf?

My next question would be who, but if I'm clueless about my previous questions (and it's certainly possible) it may not matter.

I'm sure this varies from dealer to dealer. I'm not looking for specifics, I'm just trying to gain a general understanding of the process. Any input you guys and gals have would be much appreciated.

VAMSKY

Welcome back. The answer to all your questions can be revealed in a face-to-face discussion with the dealer. They all have different modus operendi with the bottom line of making a profit for themselves. Tell him/her what you are looking for, what grade you will accept and what you're willing to pay. As the relationship progresses and your standing with the dealer improves they may go out of their way to meet your collecting needs. The best of all scenarios is finding a dealer who shares your specific interests and the two of you hit it off on a personal level. I had one like this in years past. He called me first for the choice picks and really knew what "floated my boat". He passed away many years ago and I'm still looking for a replacement. It's great having another set of eyes out there looking for you. Good luck.

KlectorKid

I was afraid of that answer. It is good advice to be sure, it's the only way I'll be able to get specifics. I'd rather not talk to a dealer and come off completely clueless or I'll be treated like a widow selling her husband's collection, however. My goal is to understand the process as it usually occurs before I worry about details.

dorkkarl

<< <i>I'm a college student in the midwest >>

where exactly?

K S

KlectorKid

UWisc-Madison

BECOKA

I am all over the dealer front. There are a couple that I really trust their judgements and they know exactly what I like. As far as premium I do have to pony up but I would rather pay a good percentage extra for a coin I like vs. paying minimum for a mediocre place holder.

KlectorKid

<< <i>I am all over the dealer front. There are a couple that I really trust their judgements and they know exactly what I like. As far as premium I do have to pony up but I would rather pay a good percentage extra for a coin I like vs. paying minimum for a mediocre place holder. >>



I feel exactly the same way. I'm planning on keeping these coins for decades; I'm not worried about paying a premium for the most appealing coins. That said I'm not made of money.

golfer72

Use Teletrade

KlectorKid

I'd really like to see a coin myself or have someone look at it for me before I purchase it. The type of coins I'm looking for also don't come out to auction very often... at least not appealing examples; I'm more likely to find them at Heritage or another major auction house.

yellowkid

When I was in college I barely had beer money......

KlectorKid

<< <i>When I was in college I barely had beer money...... >>



I don't drink. Coins seem to keep their value better.