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What is the dealers responsibility - Gold coins
Windycity
Posts: 3,612 ✭✭✭✭✭
I have been helping a friend of a friend evaluate his "collection" of gold coins. He is a novice who has been investing based upon the advice of a dealer who has sold him twenty to thirty gold coins over the past couple of years. Upon viewing the collection, I was highly skeptical of the grades given to the raw coins by the dealer but rather than give up the dealer I decided to send the coins in for grading. As a suspected, many of the coins were a full grade below "advertised" grade and, worse yet, the rarest coins were cleaner or in the case of a 1907 High Relief Liberty, damaged. These coins are worth about 1/3 of what was paid... and it's a fair amount of money. I will not mention the dealers name but they are a regular advertiser in the trades.
What advice should I give my friend's friend? Is this a case of buyer beware???
Another black eye for the business and the loss of what might have been a very well funded new numistmatist.
What advice should I give my friend's friend? Is this a case of buyer beware???
Another black eye for the business and the loss of what might have been a very well funded new numistmatist.
<a target=new class=ftalternatingbarlinklarge href="http://www.mullencoins.com">Mullen Coins Website - Windycity Coin website
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Comments
Only buy certified gold and by pcgs or ngc unless they can grade and spot problems.
Is this a case of buyer beware???
Yes there are a lot of less than reputable coin dealers out there.
Coin grading is just an opinion and a dealer can give whatever opinion they want.
At least none were fakes.
Robert
Excellent advice and recognize most of us cannot grade accurately. There are no bargains in coins only lessons to be learned.
I remember a coin shop 20 years ago who had a very consistent grader. When ever I sold a coin I bought from him back to him, it was always 1 grade lower than when he sold it to me.
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