- It is wise to get a second opinion from another source
about grade and value as soon as you receive your coins...
- Be cautious about grading certificates, especially those
furnished by coin dealers. Have the grades of any coins you buy checked by an
independent source... Grading is not an exact science. A certificate represents
no more than the opinion of the certification service... As grading standards
vary, coins certified by different services will be worth more or less than
other coins of the same grade...
- Comparison shop. You need to be concerned not only with
grades, but with prices as well...
- Take possession of any coins you purchase to ensure that
they exist and to be sure they are properly stored...
- As with any consumer purchase, be wary about giving your
credit card number to strangers...
"Fraudulent sellers frequently have elegant offices in
the financial districts of major cities, employ `account executives' or
`investment counselors,' and produce glossy, attractive brochures on coin
investment strategy. They may claim to have leading coin experts on their
staffs, or claim to be the largest or finest dealers in the business. Because
fraudulent sellers often appear to be reputable, it is particularly important to
check the information that you are given... Be particularly careful about
committing yourself to a purchase from an unsolicited caller..."
Advice from Kenneth E. Bressett
Kenneth E. Bressett, whose credentials include membership
on the ANA Board of Governors (and election to the vice-president's chair in
1993), the conducting for many years of the "Consumer Alert" column in
The Numismatist, and editorship of A Guide Book of U.S. Coins, devotes a page to
coin investment in the Guide Book. Much of the information parallels that just
quoted from the FTC and ANA. An excerpt:
"Investing in rare coins can be a rewarding experience
for anyone who approaches the calling armed with the right attitude and
background knowledge about this exciting field. It can just as easily become a
costly mistake for anyone who attempts to profit from coins without giving
serious thought to the idiosyncrasies of this unique market.
