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 Replies: 17 / Views: 2,903 |
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New Member
United States
49 Posts |
So I went to my two local coin shops for the first time since I stopped collecting in the mid '80s. WOW was I in for a rude surprise. To preface this, I decided to start a registry set of slabbed Lincoln's from 1909-date in grades of MS 60-63ish, depending on the price. So I went to the first place, explained my situation, and he looked at me like I had two heads. He said he couldn't help me and directed me to a coin shop about an hour away. I then asked him if he had any raw Lincolns I could look at, and he said that he had nothing I would be interested in. I thanked him and left.
The second place was even stranger. I also explained what I was looking for, and he said that he had quite a few slabbed Lincolns. He went in the back and brought me an MS 66 RD 1909 plain. I asked the price, and when he said $600, I almost fainted. I politely said that it was bit out of my price range and asked if I could look at Lincolns in the 60-63 grade range. He said he also had quite a few of those, and when I asked to see some, he looked at me and told me he was swamped and that I would have to come back another day. I looked around and saw that I was the ONLY person in the shop. I told him that I would rather spend my money online than spend a penny in his store. I then left. Good lord, is this what I can expect at brick and mortar coin shops? I've never been treated so rudely before, and it really left a sour taste in my mouth. Since those are the only shops within an hour's drive, I guess I will deal with online shops.
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Pillar of the Community
United States
3540 Posts |
Wow. Regardless of the business, that is bad manners period.
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Pillar of the Community
United States
1903 Posts |
I have noticed many of the current coin shops today are little more than gold/silver shops. Seems that if it isn't gold or silver they don't want to be bothered.
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Bedrock of the Community
United States
10045 Posts |
Quote:
He went in the back and brought me an MS 66 RD 1909 plain. I asked the price, and when he said $600 Huh. I've seen a few slabbed 09 VDBs in MS66 go for $200-275. That dealer just doesn't want business. I much prefer buying at shows, because if one dealer isn't helpful, I just move on to the next. Edited by DVCollector
11/29/2011 12:24 am
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Pillar of the Community
United States
1302 Posts |
Seems to me what happened is that you strolled into the second guy's place and he figured that you either had more money than sense or was wasting his time. The $600 ask was either a chance for him to take your money or to get you to leave. A CAC'ed MS66+ is worth $600 or more- but maybe not a run of the mill 66RD. Maybe you would have been better off just asking to see his selection of TPG'd coins and then after a few minutes you could explain what you were looking for. I also agree with unholyroller, most so called "Coin" shops these days are silver and gold melters. I stop by there to cherry pick things before they melt them. |
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New Member
 United States
49 Posts |
Yes maybe I should have just asked to see his collection of TPG first. And the coin was a run of the mill MS66, and fortunately I was actually studying the prices of 1909 Lincolns just this day, so I had a price of around 350-400 in my head for that grade. I had a ballpark price for all grades 60-67 in my head, and that just seemed way too high. Live and learn I guess. |
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Valued Member
United States
123 Posts |
Wow! They just blew a great opportunity to move some inventory. The rudeness of some sales people blow me away. When you have a customer who knows exactly what they want, that I the easiest type to serve. Absolutely ridiculous!
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New Member
United States
26 Posts |
I stopped by coin shop last Wednesday half hour before closing and guy didn't want to even let me in. I don't know how some of these places stay in business!
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Bedrock of the Community
 United States
12815 Posts |
Yeah, probably mostly bullion dealers these days, because that's what's making money, not onesey-twosey coin sales (That's what ebay is for). I frequent such a place, and they have a nice display case of numismatic coins, but 95%+ of their business is buying/selling bullion. Great proprietors, really like them and their store, but it's mainly a precious metal buy/sell place regardless of what's under the glass. ebay and coin shows/auctions are the place to get your coins these days. For better or for worse, ebay is keeping the coin (and collectible) market liquid. Of course there are always exceptions. |
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Pillar of the Community
United States
1150 Posts |
At the beginning of 2011 I had 5 coin shops within 60 miles of me that I frequented. The guy furthest away quit business around May. Then Bill died. Then Mike (my favorite shop and dealer) died in July. Now I'm stuck with a shop where the owner is almost never there and another shop down the road that specializes in jewelery and has mostly cleaned coins in bad condition.
My point is that our circumstances are different but I feel your pain.
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Pillar of the Community
United States
1903 Posts |
Lest us not forget......for those of us suffering from a lack of a good coin shop. Open one up! Do it yourself, or get you and a couple buddies to go in together. Seems like an opportunity to me!
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Pillar of the Community
United States
1302 Posts |
since we are on the topic of terrible coin stores. I did get lucky and get a Cameo 1961 Franklin half in a proof set for melt (I actually talked him off of his ask price). This was just sheer luck, and lunacy on my part to bicker over it. But the guy does have a number of spectacularly bad deals, such as five coin DEEP MIRROR CLEANED Morgan dollar set that has an 1885-CC that would have been been XF had it not been dipped into a gallon a jewelery cleaner. He also has a handful of basement slabbed Morgan dollars that somebody sold to him. These are every bit as ridiculous as those SGS slabs on ebay. AU to MS-63 coins labeled MS-66. It's enough to almost make me feel sorry for the guy, that is until he offered me $3000 for my Rolex Daytona. |
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Pillar of the Community
United States
4989 Posts |
Very unlikely large dealers are actually melting gold or silver coins. The market for them is too hot right now - much more profitable to just bag them up and sell them as investment lots at a premium over spot.
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Bedrock of the Community
United States
20753 Posts |
Quote:
I looked around and saw that I was the ONLY person in the shop. And that alone makes me wonder just what was really going on in that place. Maybe not but around me there are many similar types of buisnesses that are there, never any customers, seldom open, yet there for a long, long time. One restaurant by me was there for at least 20 years that I know of. Never open, parking lot always had a few cars there. One day the lights were on so I stopped in at Lunch time. Guy came out of the back and said sorry we are closed so we can have Lunch. A pawn shop near me is always closed yet has been there for a long, long time. Found it open one day, walked in and was told sorry, nothing is for sale and we don't buy things either. And he was a scarry lookiing person. We have a lot of coin shops around me that too are usually empty. So if no customers buying or selling, what is going on?  |
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Valued Member
United States
421 Posts |
I agree that most of the small time coin shops are now more into gold/silver coinage, bullion, and jewelry. I go there to sell gold jewelery and silver chains I pick up at local auctions. Here is my point: all the silver coins they have in 2X2 now have a little blank white sticky over the price. I guess with the up and down silver price they dont and to commit to a price and lose a penny. No they don't sell them for melt or by the grey or green sheet but not sure since most aren't graded correctly. I check the pick your own silver cups. ie dimes, quarters, halves and dollars. Seems they have the run of the mills stuff and the semi and keys end up on there bid board. As far as non-silver coinage they have a few large cents and LWC's but nothing to write home about. Oh and slabs forget it. Nada! So your not alone. |
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Valued Member
United States
297 Posts |
I live in a decent size city but I have only found one coin shop that actually stocks old coins. The others pretty much just have silver along with a few other coins they purchased as part of a lot. The problem is the guy with the good shop is about 25 minutes away and it seems like he could care less if he made a sale to me or not. I haven't made any big purchases from him, but I always get the feeling like I am wasting his time, even though there is no one else in the store.
After being in his shop 4-5 times, I decided just to do most of my purchasing at coin shows. Thankfully, there is a coin show about once a month in my area so I can get my fix when needed.
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Replies: 17 / Views: 2,903 |
Posted 11/28/2011 11:18 pm
