How Cellphone Photos Took Over the Coin Market in 2020
Beginning about three or four years ago, I noticed an ever-increasing amount of my business involved cellphone pictures of coins. This was especially true from the aspect of buying. And as the coin market had to re-invent itself in 2020 due to COVID-19, a significant amount of business became cellphone-driven. If I had to guess, I would say that close to 50%–if not more–of all dealer-to-dealer business is now done based on cellphone images.
This is both great and terrible.
The “great” part is that dealers found a viable way to quickly move new coins. The “terrible” part is that these transactions tend to be sight-unseen, and unless a dealer is very sophisticated and knows how to read a cellphone image of a coin, he or she is going to get stuck with some low-end coins.
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