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Coin Shops During The Pandemic & Unrest

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Pillar of the Community
United States
3794 Posts
 Posted 07/04/2020  11:46 pm Show Profile   Bookmark this topic Add Joe2007 to your friends list Get a Link to this Message
Hello All,

Wanted to get the forum's thoughts on how the pandemic and the current protests/unrest is impacting brick and mortar coin shops during these crazy times. In my area a few of the more urban coin shops had to board up their storefronts and I hear of a shop in Cleveland that got looted. If large urban areas defund law enforcement can we expect many of the remaining coin dealers to vacate their urban locations and possibly reestablish themselves in suburbia? Several antique shops, malls have closed in my area Ohio and I hear that several coin dealers might decide to retire and close up shop soon if the pandemic drags on too much longer.

Your Thoughts?

Edit: Added Article Link

Colonial Coin and Jewelry owner: 'Our store was totally destroyed'
https://www.clevelandjewishnews.com...592f557.html
Edited by Joe2007
07/04/2020 11:48 pm
Pillar of the Community
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United States
3597 Posts
 Posted 07/05/2020  08:13 am  Show Profile   Bookmark this reply Add tdziemia to your friends list Get a Link to this Reply
Interesting question, and my heart goes out to the owners and employees of that store..
I know we have members "in the trade" in urban areas, so it will be interesting to hear their take.

I work part-time in a different kind of retail store in an urban center just down the road from you (Columbus). The protests here ended just 5 blocks from our store in German Village, a mom n pop place that would never re-open in another location for historical reasons (the store's identity is wrapped up in the neighborhood). We boarded the store up each night for nearly two weeks.

If that were my store in Cleveland, I doubt I would have any appetite for re-opening. But I suspect every case is unique.


Edited by tdziemia
07/05/2020 08:14 am
Pillar of the Community
United States
779 Posts
 Posted 07/06/2020  7:28 pm  Show Profile   Bookmark this reply Add Ballyhoo to your friends list Get a Link to this Reply
I've noticed an increase in coin dealers listing on EBAY to offset their short term losses. I would think that they will reopen once things blow over, but then again that may depend on how well they do online. Which would be disappointing as I love the brick and mortar dealers.
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there's no problems only solutions - the late, great John Lennon
Bedrock of the Community
Australia
17159 Posts
 Posted 07/06/2020  8:02 pm  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
My coin acquisitions over the last six months have come to a complete zero.
The first time like this over 50 years of collecting.

On-line buying is never any good for me, because I always like the see the item in hand, before deciding to buy. Access to public auction view days, visits to bricks and mortar shops, or coin shows is completely denied to me, due to COVID-19.

Fortunately, my collection is of an advanced mature sort, and now I use my collection for purely research purposes, being as it is, covering all cultures and periods since the beginning of coinage, and numbering perhaps 1,500 significant pieces.

Access to the internet and here in the CCF is now of very significant value to my keeping my sanity, living as I do, home alone as a widower, and my married kids very happily living their own lives, with very secure jobs.

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United States
88634 Posts
 Posted 07/07/2020  10:57 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
I would think that they will reopen once things blow over, but then again that may depend on how well they do online. Which would be disappointing as I love the brick and mortar dealers.
The effects can certainly be lasting. If their net income is the same or higher, why would they return to the store?
Bedrock of the Community
Australia
17159 Posts
 Posted 07/07/2020  7:35 pm  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
COVID-19 is not going to blow over.
Second wave infection rates are evidence of that.

So the only way your collection is going to expand is if
you acquire your new acquisitions on-line.

That's too bad for me, as explained in my previous post.

The World needs herd immunity. That won't happen until an effective vaccine is found.

That could? mean that bricks 'n mortar coin shops and public auction view days and coin shows could end up being a thing of the past.
Especially if the Law enforcement services are defunded, and anarchy reigns supreme, and social distancing is completely ignored.

We heap scorn on ourselves.
Bedrock of the Community
United States
19401 Posts
 Posted 07/08/2020  11:05 am  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply

Quote:
My coin acquisitions over the last six months have come to a complete zero.
The first time like this over 50 years of collecting.

Same for me. And I see no improvement in the near future.
just carl
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United States
88634 Posts
 Posted 07/08/2020  12:00 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
You two will just need to give up and send me all your coins.

Yeah, I stole that idea from you, just carl.
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United States
5350 Posts
 Posted 07/08/2020  1:20 pm  Show Profile   Bookmark this reply Add westernsky to your friends list Get a Link to this Reply
I bought some stuff a couple of weeks ago at a local shop. They wanted me in and out so fast it would make your head spin. At least they were open......for now! I also buy stuff online and have been happy overall with the items.

Shows, if/when they come back, will be an adventure.

Hard to practice social distancing in a venue where everybody is elbow-to-elbow and wall-to-wall. Same thing at gun shows, too.

You wear a mask into a coin (or gun) shop 6 months ago you risk getting shot coming in the door. Today they just yell at you if you don't have a mask on.

It's a crazy world right now!
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21 Posts
 Posted 07/08/2020  1:33 pm  Show Profile   Bookmark this reply Add Dino Dosenbier to your friends list Get a Link to this Reply
Hi everyone,

from the German, Berlin-based point of view: brick and mortar coin shops were beginning to suffer long, long before Covid-19. I remember a few stores here in the area that had to give up for various reasons (age - no follower, go bankrupt, etc.) My personal opinion on this: Covid-19 is not the root cause, but it's the accelerator in this process.
We all have to deal with this - and surely there is a way out of the crisis (and please, tell me if you know it already, because I don't have a clue).
Dino.
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United States
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 Posted 07/08/2020  3:05 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
Shows, if/when they come back, will be an adventure.
I will miss the shows more than the LCS.

I am glad the local spring show moved from March to February many years ago. The one I attended this last February may have been my last show for a long time, if not for all time.
Pillar of the Community
United States
6413 Posts
 Posted 07/08/2020  4:38 pm  Show Profile   Bookmark this reply Add Earle42 to your friends list Get a Link to this Reply
I think lot of this depends on where you are. I see some areas of the US seem to be terrified with the epidemic. Yet other places, such as where I live, are wondering what all the fuss is about!

In some places we have things like churches and other social activities being shut or limited to 100 or so, yet protesting in masses is fine (good thing the virus is intelligent enough to know the difference and stay out of groups who are protesting).

I think, as is typical, the news we typically get is hyped up (better safe than sorry - or - "fantastic" stories "sell papers" - or a little of both). I am glad that the better safe than sorry approach was taken.

The coin shop I like to do business with is in southern OH. The owner has a youtube channel and has been doing a good business during all of this - likely from his Youtube following. People adapt.

I believe, as with the many, many certain doom and gloom scenarios declared in my lifetime that this present crisis, too, shall pass. History repeats itself - never let a good crisis go to waste.

My own personal experience with this virus?
My brother (near Erie, PA) had the virus and went online to find out what to do. He is cured and said he just took massive doses (massive!) of vitamin C three times a day.

My son's brother-in-law had it quite some time ago now and recovered fine. It seems people with pre-existing conditions are the ones who have the most trouble with it. Hence elderly in nursing homes etc. have a bad time.

A good balance of common sense and being cautious helps.

I also suspect sometime around the start of next year, or before, things will be clearing up.

Right now our area is pretty much back to normal with a few precautions still in place like our teachers in our schools will likely be wearing masks in September.



- When I value " being right" more than what IS right, I am then right...a fool.
- How much squash could a Sasquatch squash if a Sasquatch would squash squash?
- Prosp long and liver.
Pillar of the Community
United States
1836 Posts
 Posted 07/08/2020  4:41 pm  Show Profile   Bookmark this reply Add snowman to your friends list Get a Link to this Reply
The local mall near me just closed a few months before Covid-19 took hold. As Dino Dosenbier alluded to, brick and mortar stores have been on life support before everything went crazy. Covid just put them out of their misery. Investing in a physical location to house your shop is a significant expense that many are no longer willing to commit to. I think that we will see a many more store closures in the next 12-24 months as leases expire and are not renewed.

I have three categories of sellers that I buy from online:

1) Sellers who take good pictures. There are a handful of these out there and I will buy from them without hesitation. To be honest, a well executed photograph is better then my loupe assisted eyes any day.

2) Sellers with good return policies. Understanding that I may have to return the coin, I typically am not willing to pay top-dollar.

3) Everybody else. I have found some ridiculous deals on Ebay from sellers who could not take pictures, had no idea what they were selling or just plain listed the coin wrong. Twice I have bought old collections that were worth more than 10x what they sold to me for.

I think that the collectors who are not willing to buy online are missing out, but I'm okay with that. I don't need any more competition.
Pillar of the Community
United States
3794 Posts
 Posted 07/08/2020  6:05 pm  Show Profile   Bookmark this reply Add Joe2007 to your friends list Get a Link to this Reply
Thanks for the comments everyone!

@Earle42 - I know who you are talking about, I've purchased a few things from him as well. He is doing very well indeed helped by his rabid online following and ability to sell without making it sound like a sales pitch. I saw him at the last show I was at, he was buying inventory in bulk from several other dealers there.

I think there will always be a place for the LCS. Though likely in considerably fewer numbers since there has to be a place to buy collections from estates and walk-ins looking to sell without a lot of hassle or time invested. These are the people supplying the online sellers, and if they close up for months on end the availability of new inventory dries up.
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3597 Posts
 Posted 07/08/2020  10:23 pm  Show Profile   Bookmark this reply Add tdziemia to your friends list Get a Link to this Reply

Quote:
I think lot of this depends on where you are. I see some areas of the US seem to be terrified with the epidemic. Yet other places, such as where I live, are wondering what all the fuss is about!


True indeed. Ohio's COVID epidemic is strongly focused in nursing homes which account for 20% of the cases, and 70% of the deaths. The 95 bed nursing/rehab facility at the end of my street is up to 87 cases (residents + staff). That's 30% more than your entire county. I don't think I can remember a day when I didn't see an ambulance in the parking lot.
So, it's pretty real to me.



Valued Member
United States
217 Posts
 Posted 07/08/2020  10:33 pm  Show Profile   Bookmark this reply Add Ariette to your friends list Get a Link to this Reply

Quote:
I believe, as with the many, many certain doom and gloom scenarios declared in my lifetime that this present crisis, too, shall pass. History repeats itself - never let a good crisis go to waste.


Thank you for being a voice of sanity amidst all the senseless prophesying. Things will inevitably return to normal at some point - the only question is when.
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