Are you a Coin Broker or a Coin Dealer?

By: Muna wa Wanjiru

You might wonder why the issue of a coin broker should impact you in any way, and you might be right. Not everyone will mind if the coins they're being sold aren't part of the dealer's inventory.

The only problem I find with this is that although the dealer might be fair, the collector for whom they're acting as coin broker might have a different idea of the true condition of the coin. You see, in most cases, the dealer who is brokering won't have set eyes on the coin.

This can be alright if they know and trust their coin broker but the problem is that you don't know their client. So you need to take your dealer's word for it that what you'll be getting is a good coin.

And that's where you need to know your dealer to be able to trust their judgment and know that they know your views on a given coin.

In other words if you don't know the dealer very well, or are just starting in the coin collecting world, you might want to hold off buying coins that aren't part of the dealer's inventory but from a coin broker. The main thing here is for you to be satisfied that you'll be getting a good deal.

If it's part of the dealer's own inventory, then they know what their coins are like and in what condition they're in. They also know that the coins are the real thing, and ultimately they, and you, won't be trusting a potentially unknown coin broker to be truthful.

Remember that everybody's truth varies, and what your dealer might believe is true might not be if they're dealing with someone they don't know very well. And that's why I always make sure that the coin broker is from one of their own clients whom they know and trust. If it's from a source they don't personally know, or someone they haven't dealt with all that often they'll tell me so.

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