Characteristic of an Excellent Coin Dealer in Oklahoma City
Although it’s easy to find a Coin Dealer in Oklahoma City, finding an honest, qualified one is quite difficult. You need a coin dealer who knows his subject well, is financially stable, is respected by his peers, has demonstrated care for ethics, and from whom you have recourse in case of a dispute.
Here are two different types of dealers. They can either be wholesalers or retailers. The wholesalers try to aggressively bring in new materials in the marketplace using coin shows or local auctions. They are generally sold in bulk to private buyers or retail sellers.
The retailers get their coins from the wholesaler, which means that the price per item is higher. For collectors, retail coin sellers are their only option to get new pieces for their collection. The value of the coin is usually closely related to its rarity, the quality of the materials used and its design.
This causes a slight discrepancy when it comes to profit margins; for example, they will pay 2 cents for a coin and sell it for 5. That means they make more than 100% profit on the sale, but the only problem is that they take a long time to sell. Their profit margin for rare coins is much smaller as they sell much faster. The general rule that is applied here is the higher the value of a coin, the smaller the profit margin is.
Another important aspect that needs mentioning is that the prices can vary from one dealer to another. In some cases, the difference is so big that it can exceed 50%. This means that it is easy to get a bad deal if not enough time is dedicated to research and getting some price checks done with multiple dealers.
These price differences are usually linked to the volume of coins sold. Smaller dealers tend to add a bigger profit margin while the ones who have a lot of transactions prefer to offer lower commissions, but rely on high volumes. Finding a decent Coin Dealer in Oklahoma City involves mainly a big check and trying to get the best deal.
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