THere are several major themes presented in this thread: "I paid much more for the coin than the dealer would buy back at; I was cheated" "The initiation process for a collector is to learn by losing" " Dealers are in business to make money; that requires buypng low, selling dear" "Caveat emptor" "Not all dealers are bad"
Intermixed is the usual forum language: "You are a jerk" "I'm not a jerk;you are a jerk"
<< <i>I have found that my cadre of six or so boutique dealers is outstanding regarding buying back coins that they sold me. I have also found that this is far from the industry standard.
As someone who likes to churn my collection for personal enjoyment, it is critical for me to have an exit strategy in place. >>
From what I have seen of the types of coins YOU purchase, I am not at all suprised that you have no problem selling back your coins.
Most 90% silver Barbers and on do not carry much of a premium under a certain grade, with the exception of rare dates. I bought $10 face in 1930s Washington quarters from a club member last week @ 23X face, there were no 1932s but a fair number of 1934s. Consider collectability--if the coin(s) are not attractive or have problems they may not be worth much over the metal. There have been a number of Coin World advertisers in the past who sold raw coins with impunity, overgraded at high premiums. Coin World received many, many complaints. Now many of those dealers are selling certified coins because they were forced to in order to survive.
One of my first coin purchases was a page 2 ad in the Wall Street Journal--"Numisgroup". Google them--they were convicted after trafficking in over-graded and problem coins that "investors" were buying and then finally woke up to how they had been cheated. Last year a Mr. Romano and Kearney of a Long Island coin boiler room were convicted after fleecing collectors out of tens of millions of dollars.
If you have a business relationship with coin dealers they will offer reasonable buy/sell spreads and will buy back what they have sold you. If their mark-ups are too high, look elsewhere. If they are really unethical, report them to the state consumers affairs department or attorney general. If they get enough complaints they may take action.
Comments
"I paid much more for the coin than the dealer would buy back at; I was cheated"
"The initiation process for a collector is to learn by losing"
" Dealers are in business to make money; that requires buypng low, selling dear" "Caveat emptor"
"Not all dealers are bad"
Intermixed is the usual forum language: "You are a jerk" "I'm not a jerk;you are a jerk"
All are true ; sometimes.
<< <i>I have found that my cadre of six or so boutique dealers is outstanding regarding buying back coins that they sold me. I have also found that this is far from the industry standard.
As someone who likes to churn my collection for personal enjoyment, it is critical for me to have an exit strategy in place. >>
From what I have seen of the types of coins YOU purchase, I am not at all suprised that you have no problem selling back your coins.
One of my first coin purchases was a page 2 ad in the Wall Street Journal--"Numisgroup". Google them--they were convicted after trafficking in over-graded and problem coins that "investors" were buying and then finally woke up to how they had been cheated. Last year a Mr. Romano and Kearney of a Long Island coin boiler room were convicted after fleecing collectors out of tens of millions of dollars.
If you have a business relationship with coin dealers they will offer reasonable buy/sell spreads and will buy back what they have sold you. If their mark-ups are too high, look elsewhere. If they are really unethical, report them to the state consumers affairs department or attorney general. If they get enough complaints they may take action.
2 Cam-Slams!
1 Russ POTD!