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 Replies: 15 / Views: 2,114 |
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Pillar of the Community
United States
4008 Posts |
I spent a very delightful half hour today in one of the best coin shops in the town where I live. The place is downtown, so not the best of areas for sure. The store itself looked a bit run down but inside is where the real action is. I talked with the owner a bit and found some interesting info. He only takes cash for one thing. I did not have a lot of cash with me but still did some looking. He was OK with that and was helpful. Although he specialized in numismatic coins of all kinds, he also has some bullion coins. He had some ASEs but was asking $5 over spot. I raised an eyebrow at that and he chuckled and said that he could sell all he can get at that price. I dunno, maybe he can. Anyway, he also let me look through a mixed bag of 90% silver US coins. He had a number of Kennedy and Walking Liberty half dollars in the bag. Many of them were in good to very good condition. A few were in fair to poor condition, so I would probably skip them. His prices seemed decent. He was charging 27.7 times face value for these coins and the usual 7.8% sales tax on top of that. I didn't do the math on that but am thinking that APMEX could come very close to this and the sales tax vs. shipping could be a wash at the lower end of my buys but not at the upper end. For that, the sales tax would definitely be more than the shipping cost. Still, it would be worthwhile to develop a local contact for buying any silver or gold bullion coins that I might want for my collection. Having him as a place to sell to could also be useful. I told him that I would be back and fully intend to do so... after a brief stop at the local CU, of course. 
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Pillar of the Community
United States
1150 Posts |
He isn't lying about selling the ASEs for $5 over spot. My dealer has about the same premium on his and he can't keep 'em in stock. As a matter of fact, he only sells his gold and silver eagles to the customers that he knows and likes best.
My opinion is it must stink that you are in a state that thinks it is ok to tax MONEY! How ridiculous is that? Luckily my state has tried, and failed, numerous times to tax coins and bullion.
You should be able to find bullion for sale on this site. People are pretty good about their prices on this site and when you factor in shipping you still may save money...however sometimes even I'm willing to pay a little more for the coin shop experience and the ability to take coins home with you the minute you pay for 'em.
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Valued Member
United States
307 Posts |
Im new to Coin collecting but I can already appreciate the old time coin shop. The local one I've been to a few times is really a "classic coin shop" with all different types of coins but not many high-end slabs. Compare this to a "coin dealer" I also visited in which the owner didnt know what he had in the shop and said to check his ebay store to see if the coin was there. I sold my local guy some silver and I feel like I basically just gave him $60 bucks(because of the under spot), but now when I go in I know he will always help me out in any way he can. So I figure it was kinda like an investment for his future time and help. He told me he has no problem with me just coming in to get his opinion on coins bought on ebay or elsewhere. |
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Pillar of the Community
United States
2049 Posts |
I went to a coin show this past weekend, and dealers were buying ASE's at anywhere from spot to spot plus $1.50, so $5.00 over isn't horrible. Most of the coin shops around here are $3.50 - $4.00 over spot and like you, we get taxed for purchases (5.5%). |
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Valued Member
United States
341 Posts |
I think it would be good to have a local contact. Once he gets to know you a bit you may get a better deal or some valuable help. It doesn't hurt to try. Internet shopping will always be there.
Plus, you can't beat having something in hand when making a purchase.
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Pillar of the Community
 United States
4008 Posts |
Quote:
He isn't lying about selling the ASEs for $5 over spot. My dealer has about the same premium on his and he can't keep 'em in stock. As a matter of fact, he only sells his gold and silver eagles to the customers that he knows and likes best. - Mitch No, I didn't think that he was. He seemed like a decent fellow but that was my first time meeting him. Also, while I used to collect a few odd coins many years ago, I have only recently rekindled the flame for it. I really like the ASEs and some of the 1/2 dollar coins. Even the Kennedy half has a great design on its reverse side. Quote:
My opinion is it must stink that you are in a state that thinks it is ok to tax MONEY! How ridiculous is that? Luckily my state has tried, and failed, numerous times to tax coins and bullion. Mitch I agree, Mitch. It does stink to have to pay a sales tax on these items. Then again, such coins are not legal tender here, so are in the class of collectables, which are taxable. The good news is that in WA state, a law has been proposed that is similar to the laws in CO and more recently UT. If that can get enough support, perhaps coins will become exempt from sales taxes. That would be good! Quote:
So I figure it was kinda like an investment for his future time and help. Nick Indeed so, Nick. Creating a solid business relationship with a good coin shop, which this one appears to be, is something that could be of considerable benefit down the road. For one thing, when supplies of popular items get short, he has to allocate them in some manner and that is likely to be to his best customers. Quote:I went to a coin show this past weekend, and dealers were buying ASE's at anywhere from spot to spot plus $1.50, so $5.00 over isn't horrible. Most of the coin shops around here are $3.50 - $4.00 over spot and like you, we get taxed for purchases (5.5%). - CoinHunter Oh, man... I would LOVE to go to a coin show but don't know of any around here. I will do an Internet search to see if any are coming to this area. That would be sweet. Quote:
I think it would be good to have a local contact. Once he gets to know you a bit you may get a better deal or some valuable help. It doesn't hurt to try. Internet shopping will always be there.
Plus, you can't beat having something in hand when making a purchase. - General Tso
I agree, General. There are times when a guy just wants to buy something and have it NOW... and not 2 weeks later via an Internet purchase. Not that good deals can't be found on the net but having multiple sources for the things we want is usually a good idea. Good comments here... thanks to all who contributed.  |
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Pillar of the Community
United States
3670 Posts |
There is a new chain of shops opening up in an around the south (I live in east T.N., west Knoxville basically), and I like their shop, Southern Bullion. Very helpful, and they only charge a couple bucks over spot an tax for silver eagles, and they have nice selection, an some real nice 1/10 gold eagles at a real nice price, even though that just went up, as gold is hovering just over 1450 now....
Edited by Silverhawk74
04/06/2011 01:49 am
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Pillar of the Community
United States
1126 Posts |
Makes me feel very lucky
One local coin shop where I live sells
Silver Rounds and Eagles $1.00 over spot
as their usual price
Edited by stewart
04/08/2011 3:41 pm
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Pillar of the Community
United States
4008 Posts |
Sounds great, Silverhawk. I hope that you do your part to keep these fine folks in business. Sounds as if they deserve it. |
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Pillar of the Community
United States
4008 Posts |
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Makes me feel very lucky. One local coin shop where I live sells Silver Rounds and Eagles $1.00 over spot as their usual price Wow! That IS some good luck. Support that place and keep them in business. |
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Pillar of the Community
United States
4008 Posts |
Silverhawk... I just looked up Southern Bullion on the web. They have quite a web site but do not seem to have their inventory on-line so customers can buy from them. They seem to sell locally out of their B&M locations only. One funny thing was an error in their FAQ page. They state that gold has been sold for thousands of years using grams as a weight. Actually, grams are from the metric system that was first adopted in France around 1800 AD. So, hundreds of years would be correct.  |
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Pillar of the Community
United States
1064 Posts |
Agreed, a relationship with your local dealer is a great asset; my younger son, who particularly likes Mercuries and Peace dollars, got to know our nearby coin store owner, Monty. Monty had a small shop in Tewksbury, Mass, and later in Lowell; he also originated the monthly Westford, Mass coin show (86 tables, pretty big for New England), and was a pleasure to deal with, and always threw in a free coin or two. A lot of the old timers are not out to make a fortune at any cost, are great with the young people, and really enjoy seeing new collectors for collecting's sake. |
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Pillar of the Community
United States
7196 Posts |
My local dealer when I was young encouraged me. He let me search bags of silver coin to find the holes in my set. I completed most of my walking liberty, Franklin, mercury, Washington, and Roosevelt sets due to his notice of the young numismatist. I still hold the xf 1921 d mercury and the 1880 s proof like Morgan he gave me for spot price. Last year in returning to my home town I dropped by the shop and he was still there! 20 years had easily passed but he was still at it. I wish I lived closer to that shop but now I'm 1,000 miles away in another state.
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Pillar of the Community
United States
3670 Posts |
Good eye Ed, I noticed that they did not sell via online, an thought that was a bit odd. Seems a bit old school to me to not use the Internet as well as another tool for moving your product, but that is just me. I am sure they have their reasons for not selling online, maybe they plan to but don't have that part of their site up an running yet....
They did seem very friendly when I was by there last, as I bought two oz of silver for 83 total, this being a good month back, it would be more around 90 plus now. Said they could get me anything I needed at a great price, just a bit above spot, so that is good thing. Hey they gotta get paid to, keep the bills paid and the doors open eh.....
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Pillar of the Community
United States
4008 Posts |
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A lot of the old timers are not out to make a fortune at any cost, are great with the young people, and really enjoy seeing new collectors for collecting's sake. - JackB Exactly so, Jack. Those are the people who are into something for the sake of doing it and who aren't trying to milk every penny they can out of their customers. They are also the ones who tend to be around for a long time. People can sense this kind of thing and will return for more business over the long run. Loyalty is one of those truly great things that only works when shared. |
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Pillar of the Community
United States
4008 Posts |
Quote:
Good eye Ed, I noticed that they did not sell via online, an thought that was a bit odd. Seems a bit old school to me to not use the Internet as well as another tool for moving your product, but that is just me. I am sure they have their reasons for not selling online, maybe they plan to but don't have that part of their site up an running yet. Thanks, Silverhawk. I was hoping to find that they do sell on-line so was looking for that. When I saw their comment about how "our inventory changes daily", I knew that they were setting us up for no on-line selling. To do that, they would need to post their inventory. As you say, though, perhaps they will get into that when they realize that there are a lot of potential customers out there who cannot come into their stores. It seems to work for APMEX! Quote:
Said they could get me anything I needed at a great price, just a bit above spot, so that is good thing. Hey they gotta get paid to, keep the bills paid and the doors open eh. Sounds good to me. Glad to hear that you have a nice local source for buying and perhaps selling as well. Yes, they do have to make money. That's what keeps the doors open and the lights on. |
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Replies: 15 / Views: 2,114 |
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Posted 04/05/2011 02:22 am
