How To Buy Valuable Coins Online
There are various reasons why people like to buy valuable coins. One, coin collecting is a well-known hobby for those who appreciate its art and historical value. Others keep them as a form of long-term investment. As proof, American Eagle gold bullion coins were hailed earlier this year as a good investment for investors who want to add precious metals to their portfolios. Whichever you are in the two, one thing is certain: buying valuable coins isn’t as simple as walking to the bank, especially if you want to purchase them online.
You can find almost anything on the Internet, and that includes coin dealerships. Sadly, if you follow where the money is, surely enough scammers will also be on its trail. It’s impossible to tell if the coin you see on a website is authentic. Appraisers need a hard look on a coin to examine its features, which is impossible if the coin is miles away from you.
Safely Buy Coins From Online Dealers
There are hundreds of coin dealerships online today because of the wider reach it can give. Many have gone international and can serve overseas buyers looking for valuable coins from other countries. For the beginner who wants to start collecting and investing in coins, here are ways to begin your journey:
- Check The Legitimacy Of The Coin Dealership
The best way to save your money from scams is to check first for information about the business. Here’s what to look out for:
- Always look for the licensing information of the dealership you’re considering. Legit online dealers display the business and precious metal dealer license numbers on their website, and they typically have their own page. These requirements authorize the business to buy and sell bullion coins made of precious metals. They are issued by the state, city, and county.
- Check for the physical address and contact details of the website. If the business has a brick-and-mortar location, it can be reached physically. You can also contact them over the phone if you have questions regarding a specific coin you saw on their website. However, if the website doesn’t contain this basic information, it’s a sign to move along.
- Head over to the Better Business Bureau website, or call your local business registry to check if the business name is registered. Businesses under such authorities operate under strict laws to mutually protect both dealer and buyer. If the business name is not registered, you will have to find another dealer.
- Testimonials and reviews can also be found on the website or on other websites that feature coin collecting. Some websites would also list the best coin dealerships online for various positive factors. Some will be featured in more than one article, and that’s a good sign to delve deep into an online dealership under a specific name.
- The website itself could be a scam if you know how to spot signs. Shady individuals may use it to phish for sensitive personal information such as credit card details or your email account. Avoid websites with pop-up ads and various spelling and grammatical errors. If you look at the address bar, you can spot a key or a padlock icon. It means that encryption is in place and that your information is safe.
- If, after registration, the company sent you an email asking for more sensitive information such as your credit card or social security number, abandon the site and take your money elsewhere. Legit dealers will never ask for your personal information as this has nothing to do with buying the coins.
- Find out how long the business has been around. Dealers with years of experience are knowledgeable about the bullion coin market and might give good advice. You will not need to doubt their honesty, especially if they have an established online footprint.
- Consider the dealer’s communication style. List valid questions and contact them for product details. Take note of the way they answer questions, and if they keep making promises that are too good to be true to convince you to buy from them. Legit dealers are patient, and they don’t have to push you into giving them your money.
- Register For Free
Various reputable websites will ask for registration, such as The United States Mint. It will ask you to create your name, username, and password. Remember only to do this once you’re sure that the website is a real business. Others won’t ask you for any information. By reading at the homepage, you are likely to find a link that leads to their shop.
- Browse Through Categories
Do you already know what type of coin you want? If so, you can start using the search bar to see if they do have what you want in stock. Online dealers like Infinity Coins typically have a wide selection because of its wide range of customers. Observe the available coins and see which one appeals to you best. Sometimes, you may need to search other websites as well so you can cover more ground.
Several types of coins may appeal to you: gold, silver, rare, or ancient, single, sets, and more. However, if you want coins that have worth in money, you’ll source coin bullions primarily. Experienced investors prefer gold coins, and some are prepared to pay the premium for them. Aside from gold, you can purchase silver, copper, and platinum coins. Many dealers specialize in specific coins. If you can be a bit more patient, take your time to look through the products.
- Take Note Of Specifications And Pricing
Online dealerships always include the pricing, type of metal, finish, and even the production facility at times. This information will help you decide what type of coins you want to own. For example, you may want to consider buying gold coins since gold is the primary choice of major investors due to its steady value. It’s also known as a hedge or boundary against inflation.
You may want to start buying now but know that, like any product, online dealerships also offer specials on coins, and you can get the one you like at a discounted price. They often buy in bulk to save, so they’ll pass the savings onto you.
- Compare Prices
You can still browse other coin vendor websites to compare prices. Compare discount rates so you can find the best deal for you. If you’re a beginner, you’ll want to keep doing this so you’ll get accustomed to the do’s and don’ts of buying coins, and which coins have a high market value. One thing you should learn is to avoid coins that have a numismatic value (rare). Those looking for collectibles are aware that they’re overpaying because the subjective value outweighs the precious metal it contains. Bullion, however, is money itself and worth investing in if you’re pining for growth.
Another thing to remember is to avoid dealers who use television ads and even celebrities to entice buyers. The truth is, you’ll be paying for much more because these dealers are marking up prices higher than expected to earn back the expensive advertising budget. Good online dealers typically don’t need that much overhead because online shops are not paying expensive brick-and-mortar upkeep.
- Read The Terms Before Checking Out
Not everyone would do this, but reading the website’s terms will help inform you of what you might expect. Terms and conditions contain the agreement between the customer and the vendor when the former purchased coins. It covers areas from registration to the time the orders are shipped. Once you bought a product, it automatically means that you fully understand the guidelines well. It’s also why you must make sure that you’re dealing with a legitimate business that won’t try to cheat you out of your hard-earned money.
- Buy The Coin Using A Secure Method
Legit dealers will include various payment options for customers to order coins. You can purchase your order with a major debit or credit card, and some are even allowing PayPal payments. You may also use personal checks, cashier checks, business checks, and by mail order. Before pushing through with your purchase, be sure that there will be no cancellation fees and other surcharges. Pick the option that is the most convenient for you.
- Waiting For Your Order
If you have read the terms and conditions, all that’s left is for your package to arrive. However, you can always call the dealer or customer service if you have any more questions, such as which courier is delivering the order and how soon you can expect it. Delays may happen due to the weather and other factors. It’s still safe to have contacts with both the seller and the delivery company.
While it’s tempting to invest in valuable coins, you need to be vigilant with the type of dealer you stumble upon. Realize that buying coins online is risky, which is why you need to ask questions and research information. Even more so, it would help if you had an understanding of how the bullion coin business works. Keeping yourself and your investment money safe may mean learning from those who have the experience and knowledge about bullions or collectibles. Both types of coins have value, but you need to look to the future and how they will serve you depending on the purpose you intend for them.