My "Coin Shop" Experience

Just a suggestion and I know it's probably one you already know but don't spend all your money on coins. Save most of it for college...and girls. One day you'll have a big time job and a wife. That's when you can spend it on coins!

Chesterb thanks for the advice. I have never spent so much money on coins before. I'm a cheap collector but I just couldn't pass up the deal he gave me. I paid about 2$ a penny. When I sell the coins I don't want to keep I should easily make my money back and still have a lot of really nice coins in my collection. I'm very smart when it comes to buying coins for example almost all the silver coins I have I managed to acquire WAY below melt value. aside from some corroded draped bust cents, The coins I have in my collection are problem free. College won't be an issue for me for I'm in the top 20(possibly top 10) of my graduating class and with the grades I get I'm not too worried about getting into a good school with plenty of scholarship. Don't worry Chesterb how could I forget about the ladies? ;)

All you need to learn is right here on CCF. If you're looking for a dealer 'buddy', chances are slim to none that will find one willing to spend time with you. The dealer's profit margins are being eroded by the net. At this stage, I suspect most are questioning the feasibility of operating a bricks and mortar store. I understand why they are grumpy but their indifferent attitude doesn't help their problem and only sends more customers to the internet.

I've had similar experiences in Kansas City with grumpy store owners. So I stopped making trips. Never knowing what mood you will catch the owner in isn't worth the half hour or 45 minute drive. Now I rely on the net.

For questions I come here and ask fellow CCF members. For acquisitions I use Heritage, Great Collections and David Lawrence.

Stick around here, young man. Ask a lot of questions. You get multiple opinions from experienced collectors. I'll take that any day over a mean old man desperate to make a buck.

Oh my, that would be a great signature.

Anyway, I read this thread.
I thought to myself how I wish I had learned a lot of lessons much earlier in life about people.

Coins aside, the scenario could be about anything, a restaurant waitress, people in traffic, car dealers, even a girlfriend.
I learned at a ripe old age, that if somebody does not treat me with respect and if they are rude, aggressive, obnoxious, arrogant or put out any negative vibes, it is best for me to just do a complete 180 degree turn and move on leaving my feelings behind with them.

The deal with negative people is to just let them go and don't stay focused on any of them in particular.
There are no shortages, and don't worry, when one opportunity to get peeved off about one is passed, another opportunity will surely come along.

A lot of local coin shops these days are just operations to purchase collections on the cheap from elderly widows & unsuspecting heirs. Not many stock collector coins and want to interact with collectors. Luckily I found a few good shops in my city and a great coin show mostly through trial and error. There are many more LCS that I won't patronize than the ones I will, you just have to try them out one by one until you find a dealer that is fair. It is hard to be young and be taken seriously in this hobby, I'm in my late twenties and there are still some dealers that ignore me.

For one important thing is you said you used the Red Book. For pricing, that is possibly the worst thing to use. For prices, simply use the internet. Even ebay for example. And remember that all dealers make money selling coins so they really must give you less than what they will eventually sell them for. And too, remember that it is normal for older people to think as a kid, you don't know a lot. Look up coin shows on the internet. Much better way to buy and sell coins.

Agreed. RedBook is HIGH RETAIL prices (and out of date at that).

So... guess where all the money goes then? The answer's already written there...

Anyway, if I can play a bit of Devil's Advocate here...

First, when selling stuff you're in a process of negotiating. Coins are tough things to negotiate, as their price is highly subjective. I don't recall anyone ever willingly offering you the jackpot at first. It's a game. Don't get mad if you don't get a good offer at first. Don't take it personal. Stay calm, learn from what they're doing. You don't have an obligation to sell to them. And it's perfectly fine to advertise your wares a bit. It's perfectly fine to point out the highlights and tell them they can't be serious by offering 2 cent for a VDB. Of course they won't be teaching you anything then, you're negotiating, not partners or friends at that moment, in that situation. You bet that at least one dealer saw the 1914-D and knew it's a (relatively) low-mintage coin. That's how they make their money: buy cheap, sell for top premium. It's a game, learn to play it.

Second, I see that you've visited a jewelry shop that also has coins and a collectibles shop where the coin guy is 'on vacation'. Then you know you're not dealing with experts or people who know this trade. Don't get mad at them or disappointed. I don't think it's because of your age, they would have treated me the same. In fact, I've done a bit of coin shopping in the US in the past, not much, but when buying something non-American, I might just as well have started talking Norwegian to the average dealer when negotiating a good price, as no one cares about non-US coins and thus no one knows anything, except what the Grey Sheet or Red Book or average ebay price tells them.

Third, you got an excellent price for those coins and found someone who took you seriously, without doing any negotiating. He won't be making a big profit on those coins, which is what he does for a living: earn money with coin dealing. He also seems to have given you a very good deal on some other coins you bought. It's ok if he's not that talkative or the biggest comedian of Long Island. I bet things will get better if you just visit every now and then and talk to him and show your sincere and long-term interest in coins, show that you're not just there to make a profit (trust me, the average coin shop gets more uneducated visitors every day trying to hit a jackpot than experts who know what they're doing). Be there in another situation than that of negotiating actors working on a deal. It takes time to build a relationship with a coin dealer. He took you and your coins seriously, which is an excellent start. He probably also knows that you'll have a good job one day and, as long as you don't have the aforementioned wife, some money to spend on coins. So to him it's also an investment for the future.

Fourth, I also recommend that you visit coin shows and try to find a coin club. It's an American privilege to have such things around, as we don't have them. And then learn from the senior members how things are done.

Fifth, the Red Book is an indication at best. It's not a law book and the price of a coin is highly subjective, not written in stone. There are many more companies publishing coin price indications, but every coin is different...

Again, I'm sure your age plays a small role, but it's more about where you went and the whole trading and negotiating game which I assume also played a big role here. Anyway, good luck in the future!