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What are the Tell-Tale Signs a Dealer is not Trustworthy?
abcde12345
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From your experience and from what you have witnessed.
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Like anything else if they don’t look you in the eye or they rush you. I let them play it for a while. Then I will say something that gives them a hint I’m not that dumb. Being a women unfortunately gives some the impression you can’t be that smart. I am the last person to pull the card out but in a male dominated hobby I have seen it first hand. Like buying a car. Don’t show me the turn signal and radio. Pop open the hood first!
Best place to buy !
Bronze Associate member
Ask the dealer what his buy back price is. If you get anything other than a reasonable number, walk.
You mean when you buy a coin that's a variety and when you get actual coin in hand it is the variety, but not noted on the slab? Not knowing ahead of time you have to shell out another fee to get said coin into an FS holder after you spent a whopping 3x's PCGS book price?
Ya that's a T.T. sign!
Later, Paul.
Usually if they have their Eyes open and no Buzzards are perched in Trees nearby............... just keep moving backwards away from them.
Was at a show a dozen years ago. Common GSA CC Morgan's had just jumped from $100 to $200. A dealer had a decent selection. Asked the price and he said they were $300 each. Said they would be worth that in a year.
Guess he is still waiting.
Some people throw off a 'vibe' that you can just sense, good or bad.
Other than that, I look at how they have priced and/or graded their raw coins.
If I see gross over grading or pricing, or obvious problem coins listed and priced as problem free, I assume the person may not be trustworthy. I say "may not", because I've seen a few guys that mark their coins this way, but when negotiating, knock the price way down to where it should be. Strange business model, but I guess it works for them
When they speak in an overconfident and slick manner. They eagerly wait for your responses while staring you in the eye. They are more interested in reading you than talking about the coins.
A good dealer will enjoy chatting with you about the coins, not in a rush, and it may seem like an educational experience.
In simple terms, if they sound like a used car salesman...... run.
When he pleads guilty to "continuing a financial crimes enterprise" out of his shop.
http://www.chicagotribune.com/suburbs/evanston/chi-evanston-coin-dealer-gets-probation-for-stolen-goods-20130208-story.html
I bought my first two cent piece from this guy. Well before I learned to identify a haaaarshly cleaned coin.
ANA LM-6166
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Ask your mentor.
LOL. I was about to ask, "What would Bryce say?"
Lance.
Offer them a group of low priced coins with one nice coin mixed in and see if they try to take you for a ride
Mustard stains are not disqualifying, thankfully.
I’ve had a few dealers in the distant past who graded the same raw coins a few points higher when selling vs. buying. That was disqualifying in my book.
Know what you are buying and selling before you pull the trigger. Start with cheap stuff first, don't buy the big boys until you absolutely know what you are doing.
bob
I have had several encounters with the "not so trustworthy dealers" in the past, even a few of the dealers that are suppose to be trustworthy according to our forums.
Everyone has their own agenda (including me), but some of these "people" are just there for the money and not worried about screwing their fellow man.
Maybe I should stop trusting people, or....?
I'm an idiot and I tend to trust people, maybe I'm the one that needs to change?
I know this is profiling but if the guy has any of this guys characteristics, I'm outta there
Nyah Ah Ahhh
Steve
If he describes everything as "great". This is a great coin. Oh that one, that's a great one too. Whatever you happen to look at is "great".
The best way to learn is to go to shows with an experienced mentor.... also, learn what you can about grading and pricing...This takes time, it is not an inoculation. Cheers, RickO
Try and buy something from them, their honesty there almost always carries over to the sell side as well
11.5$ Southern Dollars, The little “Big Easy” set
If they tell you how much they fleeced another customer, run for the hills.
When they try and hype up and sell gold plated or platinum plated state quarters.
Do a test drive . I Walked into a coin shop with a few Raw Morgans .This was about 6 years ago.I knew what they were worth and I wanted to test his honesty.I said are these worth anything? He said they were only worth $3 apiece.At the time silver was at $32 oz melt. I called him on it and walked.Guess he thought I was easy pickings.
Well, when you sell a nice PCGS coin to a dealer and they say to you: " well, they must have been loose when this was graded... I think its a 63 not a 64" and then offer you a low 63 price... for a nice PCGS 64 graded coin.
I don't buy from them or even look at their coins ever again.
When used car salesmen, aluminum siding vendors, and Personal Injury attorneys worship his picture.
There are dealers I trust because I trust them as individuals. Same skills apply in the coin hobby as in real life.
Latin American Collection
When he has ketchup stains on his shirt and not mustard.
A well known dealer that I have come in contact for the past several years (major show...Central States) had a coin that I was interested in that was in a PCGS 64 holder.
He was asking a 65 price and I said, "Have any wiggle room?" and he said NO! "I'm sure it should be in a 65 holder!"
Different story if I was selling?
It''s the general assessment to the dealer to see if he is the type you would want to deal with; reasonable prices, good buy sell spreads, offers an assessment of how he assesses grades on coins. Hopefully he had a professional life before the coin hobby.
Hope that person burns in............
I really like 2 Cent Pieces!
When I hear the phrase "this was bought from an old estate and longtime collector and was freshly graded", when the coin is in a holder that is not new. Makes me cringe every time I hear that. I simply say WOW, and walk away.
When he’s always talking down your coins and talking his up. And he has that used car salesmen vibe like my local guy.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
When he struggles like any small business person does and has many potential personalities like eveery small business person does, then accept it is your choice to buy, sell or not.