Where Not to Buy Silver Coins

When you decide to begin to invest in or collect silver coins, it can be difficult to know where to start. Buying silver coins can be fun, exciting, and very lucrative, but only if you are careful about what you purchase and from whom you purchase them. Though many people and businesses are upfront and honest, it’s always best to only purchase silver coins from trustworthy silver coin dealers. Here are a few locations you should not trust in general.

Craigslist Ads

Most people are very honest about what they are selling, but people who sell their silver coins on Craigslist may not even know what they actually have. Perhaps someone gave them the coins and told them that it was worth a certain amount when in fact it may not be. Buying silver coins from people who have not had their objects appraised and evaluated by coin experts may not be a safe bet.

A Dealer without a Physical Address

Any dependable coin dealer is going to have a physical address so that you can walk in and conduct business in person. Beware of any dealer that does not have a physical address to visit, as they may not be an established or reputable business. You should also avoid online dealers that only take cash or bank wire transfers, as this type of transaction is not guaranteed by your bank and cannot be reimbursed or tracked in any way if you were to encounter a problem.

Buying Silver Coins

Pawn Shops

Most pawn shop owners are legitimate people who sell legitimate coins and bullion; however, it’s still wise to double check any items that you purchase from these locations, as they’re not coin experts and may accidentally be selling items that are replicas or counterfeit..

What You Should Look for When Buying Silver Coins

When you walk into a coin dealership where you intend to buy silver coins, make sure that it’s safe, has a  professional staff, and that the employees are willing and able to answer all of your questions. Ask questions that only a professional dealer will know the answer to, and inspect the coins they have for sale. If for any reason they seem untrustworthy, look elsewhere when purchasing your silver coins. Remember that in the end, it’s your responsibility to make sure you buy silver coins from legitimate coin dealers.