Where are the Safest Places to Buy?
Kirk222
Posts: 477 ✭✭✭✭
I'm new to this Forum, but very old in collecting US coins and currency. I go all the way back to Whitman albums. When third party grading came out, I hated the slabs. I like the feel of the coins(using gloves), especially MS coins when you hold the rims. Anyway, I have bought coins from local dealers, by mail, by internet, and on Ebay. I never trust that source. I've also heard nightmares about fake Chinese slabbed coins, cracks outs, fake mint marks...etc. So where are the best and safest places to buy?
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Depends on what you collect. Direct from the Mint is probably the safest if you're worried about fakes. Heritage/Legend/dealers are probably just as safe. Personally, I buy from eBay, dealers' websites, and bullion shops like APMEX all the time and have never received a fake (of course with eBay, I verify the certification umber before bidding/buying). Unless you're making shady too-good-to-be-true deals, I'm sure you're going to be fine buying from anywhere.
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I am turning 58 this year. There is a dealer that I first purchased from over 40 years ago, that is still around. Several years ago, while I was there buying bullion, an agent from the Treasury Department showed up. He was referred there. He brought a large collection of Morgan Dollars in a notebook of sleeves. He clarified why he was there, a local jewelry store owner purchased the coins thinking they were real. The owner opened the notebook and immediately pointed out how easy it was to identify the coins on the first page were counterfeit just by sight. They both moved to the back room after that.
Years before, the same dealer paid me premiums on several Morgan and Peace Dollars I was selling, plus premiums on several well circulated pre 1900 coins, though I thought they were only worth melt value.
So, I will only purchase investment grade unslabbed coins from him. I prefer to purchase bullion from him as well. Otherwise bullion, including US circulated 90% coinage, directly from the major producers or sellers on eBay or their websites. Sometimes 90% from random eBay sellers less often.
I generally buy from local coin shows, from better known sellers on eBay, places like Heritage and David Lawrence, and I’m considering the PCGS auctions that I get emails from. Certainly lots of other good dealers like Julian, Northeast Numismatics, Pinnacle Rarities, and many others.
Welcome to the forum!
Whatever the source, your safer buying slabbed coins than raw ones. Most sellers on ebay accept returns so if
your not happy for any reason, you can return the coin. I find ebay safe and have found many beautiful, genuine coins there. Your coin shops or dealer friends are the safest way to buy raw material as you can inspect them in hand.
Lots of safe places above. Enjoy.
A few recommendations
David Kahn
Brian Greer
Liz Coggon
Northeast Numismatics
All have good web sites. Can’t go wrong with this group
Good luck
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Shows, eBay, GC
They are hit and miss.
There's probably a reason their non-slabbed coin pictures on ebay can't be enlarged, but somehow the slab shots can be.
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Northeast Numismatics is great. Also some awesome opportunities on Buy Sell Trade (BST) on this site.
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There is no place to buy that is absolutely safe. So try to identify businesses and venues (auctions, ebay) that you feel have a tolerable level of risk. At the end of the day, if you want to know what a dealer really thinks of a coin he/she sold you, try selling it back to that dealer in a year or so. Sometimes the results can be very revealing.
RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
CJ: 'No one!' [Ain't no angels in the coin biz]
LOL. _ was going to write the exact opposite. In my experience, Every place that I have bought any of my tens of thousands of coins from, that every single venue was super safe.
If you by a slabbed coin from an established dealer (i.e., not shady folks on eBay) chances are slim you will get a counterfeit or altered coin. If by chance you did, the dealer or grading service should make you whole.
If you like your coins raw, I would buy a slabbed coin and a hammer.
LIBERTY SEATED DIMES WITH MAJOR VARIETIES CIRCULATION STRIKES (1837-1891) digital album
You are looking for errors, and that makes a lot of difference. Fake errors that I have seen wouldn't fool anyone. I have seen plenty of coins in auction catalogs and in dealer inventories that I am certain were altered (and yet they got by the graders...). As for making a buyer whole---that doesn't always happen without a fight with the seller. There have been a number of discussions on this Forum and the one ATS that make these points clear. There is no such thing as absolute safety unless you buy straight from the U.S. Mint (and then you get to deal with iffy quality at times). Think of the micro-O Morgans---how many experts did they fool? Think of slabs and beans as exercises in risk management.
RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
CJ: 'No one!' [Ain't no angels in the coin biz]
I enjoy the challenge of grading and seeking varieties.
Some major shows offer ANA educational classes which are helpful.
At the shallow end of the pool looking for high grade coins via modern mint, proof sets, and quarter rolls it's not much of an issue.
When looking for varieties it's a specific die marriage with known pick up points so it eliminates most fakes.
Whenever I buy something slabbed outside my limited circle of competence, I almost always confirm via PCGS the serial number.
Probably the one group I shy away from are toned coins.
For me, those are much trickier raw or slabbed.
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Large auction companies are recommended - Heritage/Stacks Bowers you can not go wrong in terms of authenticity and like.
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Coin shows are pretty safe. You can avoid many expenses such as shipping and you get to see the coin in person before you buy it 👍
Safe places to buy coins? Often, there is a fine line between buying a counterfeit coin and buying one which is grossly overpriced.
Ask people you trust for referrals re sources. An honorable source will buy back a problem coin. This is different from an overgraded or overpriced coin. Again, sometimes, there's not much difference between them.
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"Sou Mangueira......."
Go to your local bank. I used to do this when I was a teenager, many decades ago. When my turn came at the window
I said “give me 10 dollars worth of nickels” and I exchanged 10 paper dollars for 5 rolls of nickels. At that time there were about 30 percent buffalo nickels in circulation. I kept one roll out to keep the good coins I found and then went back to the window and said “give me 8 dollars worth of nickels”. Wash, rinse, and repeat. No real risk here. And it was fun. Fast forward to today no matter where you buy a coin you have risk. Learn as you go along and most of all try to learn from the mistakes of others and not yours.
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