Using a Want List Service to Your Best Advantage

Like most other numismatic firms, my company actively solicits want lists. A staff of diligent expert numismatists quickly match the requests of customers to new purchases. Based on the amount of repeat business we receive, I think we do a good job servicing those want lists. If you have not supplied a dealer with a list of the coins you want most in your collection, I suggest you give it a try.

Here are a few tips to help you achieve your goal.

1. When possible, list the coins you are seeking in priority order. Limit your want list to coins you're sincerely interested in purchasing now. There's a huge difference between a want list and a wish list!

2. Clearly state grade requirements. If a range of grades is acceptable, make that known to the dealer. Take the time to inform the dealer about specific preferences such as strike, lustre, and coloration.

3. Set reasonable spending limits and inform the dealer. If the perfect coin comes along, many dealers will finance the purchase. Don't mislead the dealer into thinking you are prepared to spend $5,000 a month when $1,000 would be more comfortable.

4. Submitting a want list doesn't obligate you to make a purchase, however simultaneously sending the same list to many dealers is usually a poor and ineffective practice. Give the dealer a reasonable chance to meet your expectations. Set a fair time limit. Tell the dealer that he or she will be given 30, 60, or 90 days to begin supplying the coins you've requested. If nothing productive happens seek another source.

5. If you obtain coins independently, promptly inform your want list dealer that certain items are no longer needed. If you intend to continue hunting on your own, tell the dealer who receives your want list.

6. Be prepared to communicate. Specify when you will be available to receive calls, or if your preference is to communicate in writing. Don't expect a dealer to regularly play telephone tag or talk to an answering machine.

7. Be ready to make a decision. Our active want list customers are given "first shot" at new purchases. In many cases we may have numerous collectors seeking the same coin. It's understood that time may be needed to ponder the purchase, but unreasonable to expect a dealer to hold the coin beyond three or four days.

Enough for now about want lists, except to say that some of the greatest collections were assembled through the cooperative efforts of a conscientious and knowledgeable dealer and a motivated collector.

James Halperin is co-chairman of Heritage Rare Coin Galleries and Heritage Numismatic Auctions, of Dallas, Texas, the world's largest rare coin dealer and auctioneer. Jim has been one of the top coin traders in the world for the past 25 years. He is also the author of two best-selling futurism novels, The Truth Machine and The First Immortal. Send your coin questions for James Halperin to [email protected] or visit his Web Site.