Silver coins have become a very popular investment product. If you have been thinking about hedging your stock market plays with tangible assets, there are few items that are as broadly available and easily accessible as silver coins. On the other hand, as a popular investment item with serious profit potential, silver coins do attract an unsavory element.
The biggest threat for silver coin buyers comes from a silver coin dealer who is dishonest, unscrupulous, or selling counterfeit coins. Counterfeiting for silver coins is rampant, which means you will need to do a bit of extra legwork up front to ensure that your silver coin dealer is 100% fraud free. You should check their background, check their credentials, and check your gut to be sure you are working with a silver coin dealer you can trust.
Check Their Background
A part of the fraud problem among silver coin dealers comes from new silver coin dealers who don’t have an extensive background in the marketplace. They are either new to the world of coin investment and distribution, or they are springing up to replace non-compliant organizations that were shut down. Either way, in the coin investment industry, youth is not necessarily an asset.
You will want to do an extensive background search on your silver coin dealer before you trust them with any part of your personal savings. In particular, you should be able to ascertain how long they have been in business, where they are based, and who their affiliated suppliers may be, if any. Commission structures should be clear, and you should be able to trace their business practice back for decades.
Check Their Credentials
A further method for finding a fraud free silver coin dealer is to be sure to check their credentials. Don’t just stop at your local Better Business Bureau for this, either. You will want to look at industry watchdog reports and take the time to truly understand what you are getting into when you partner with a silver coin dealer. If they are truly experienced, they should be in good standing with the major watchdog organizations.
Check Your Gut
Finally, you will want to be sure to check your gut before you make any major investment with a silver coin dealer. You don’t want to pass your savings off to a fraudster, but you don’t want to miss out on the quality investment opportunity represented by silver coins. Therefore, you want to be sure that you hit the happy medium between risk and reward when it comes to your coin partnerships.
By taking the time to check out the background of your silver coin dealer, run through their credentials, and do a deep gut check on your confidence in the investment relationship, you should be able to avoid most fraud situations. You will be able to sleep soundly knowing your money is safe, and that the silver coins you have are the real thing and not counterfeited.