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Coins Taken/Sold To A Coin Store?

 
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Author Previous TopicReplies: 10 / Views: 3,737Next Topic  
Valued Member
United States
55 Posts
 Posted 01/21/2021  11:07 pm Show Profile   Bookmark this topic Add Reedbeard08 to your friends list Get a Link to this Message
Hello, metal hoarders!

In the age of internet, (or perhaps before...) what reasons have you all found to show and sell your coins at a local coin store? Also, any ideas about how to navigate a coin store effectively (and efficiently, in this time of Covid) as a prospector or seller would be helpful.

Of course, if anyone drops interesting or humorous stories about their coin store experiences, I'm glad to read 'n' chuckle

RB
Pillar of the Community
United Kingdom
8081 Posts
 Posted 01/21/2021  11:45 pm  Show Profile   Check NumisRob's eBay Listings Bookmark this reply Add NumisRob to your friends list Get a Link to this Reply
I have hardly ever sold any coins to a coin shop. Occasionally I've sold junk silver (worn pre-1947 British coins), and, when I used to travel abroad frequently for my work, my local coin dealer would sometimes ask me to bring back coins or currency from certain countries, which he would then buy off me for a small percentage over face value.
Pillar of the Community
United States
801 Posts
 Posted 01/22/2021  07:54 am  Show Profile   Bookmark this reply Add hcmusicguy to your friends list Get a Link to this Reply
When I sell it is usually just junk silver. I look up his trading sheet online so I know what to expect pricewise going in there. Have been to the LCS a number of times since covid. Don your mask and you'll be fine.
Oldest circulation finds: Cent 1902; 3CN 1867; Nickel 1930; Dime 1914; Quarter 1876; Half 1936; Dollar 1900; Banknote 1928 $2; Foreign 1917 3d (United Kingdom)
Edited by hcmusicguy
01/22/2021 07:56 am
Valued Member
Korea, Republic Of
443 Posts
 Posted 01/22/2021  08:01 am  Show Profile   Bookmark this reply Add Lembafc to your friends list Get a Link to this Reply
Personally, I would stay away from selling coins to coin stores. They resell them for profit and need to buy coins at a much cheaper price than you would get selling collector-to-collector. I did this one time when I was in Korea. I send three coins off to get graded that I bought on ebay for $100. They were the 1966 1, 5, and 10 won. ALL three came back MS-65, which is a darn good grade for those coins. I wanted to show my wife that coin collecting can actually be profitable so I took her with me and got around $750 for the three. They were probably worth around a grand at the time though, but I knew the dealer had to flip them.

My wife left me alone after that and I haven't sold much since. LOL If you want to sell and get a good price for them, selling amongst collectors seems to be the best bet.
Bedrock of the Community
United States
20079 Posts
 Posted 01/22/2021  08:02 am  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply

I never sell or even try to sell to a coin store. In most instances they give you very little and sell for really high prices. However, that is their business and that is what they do.
just carl
Pillar of the Community
United States
3817 Posts
 Posted 01/30/2021  9:54 pm  Show Profile   Bookmark this reply Add Joe2007 to your friends list Get a Link to this Reply
I would strongly suggest you do your due diligence and get multiple offers before you consider selling your coins to a local shop. I see too many people take the easy way out and just take a bunch of stuff down to their LCS and they usually get a very low, sometimes insultingly low, offer. You may be better off selling to a dealer at a coin show where they might offer better prices due to more competition for the goods. Always state that you are getting offers and that the best offer wins the coins.
Pillar of the Community
United States
2876 Posts
 Posted 01/30/2021  10:14 pm  Show Profile   Bookmark this reply Add ijn1944 to your friends list Get a Link to this Reply
I've only unloaded a modest amount of junk silver--I believe I was treated fairly. Have bought a few select items from the same shop. Did snag a well-toned cent and Eisenhower dollar in a '75 uncirculated mint set for $6--the entire set, P & D, was in mint packaging. Long ago picked up a few bags of 5,000 count wheat cents for a great price, and went on to find several strong examples of cracked skulls, woodys, lamination peels, some RPMs. and a few DDO/DDRs.
Valued Member
United States
100 Posts
 Posted 02/15/2021  11:28 pm  Show Profile   Bookmark this reply Add EDM to your friends list Get a Link to this Reply
About ten years ago I took a few coins to a coin shop. The owner of the shop offered me $1500. Then he said a good friend of his would be in the next day and I might get more. The next day his friend offered me $300.
Moderator
Learn More...
United States
95713 Posts
 Posted 02/16/2021  10:21 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
The owner of the shop offered me $1500. Then he said a good friend of his would be in the next day and I might get more. The next day his friend offered me $300.
Ouch.
Pillar of the Community
Canada
548 Posts
 Posted 02/16/2021  1:51 pm  Show Profile   Bookmark this reply Add Cdncoins to your friends list Get a Link to this Reply
I echo what others have said. If you are looking to maximize your income, sell on eBay or at a coin show once they are up and running again. If you are looking to sell fast, go to a coin shop. Coin shops have a lot of overhead expenses, so can't offer too high a price. Also best to get a couple of offers before selling if possible.
New Member
United States
46 Posts
 Posted 02/22/2021  02:29 am  Show Profile   Bookmark this reply Add TinyRetreat to your friends list Get a Link to this Reply
Coins shops are a profit center ... they will not buy for an amount that inhibits that goal. They do have a good handle on current market conditions but with many "buy opportunities", they can be picky and lowball to a certain extent.
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