Store Front Newbie Looking For Advice

to the forum!

Congrats on opening your new store!

You are on the right track for learning about precious metals and numismatics. Read as much as you can to educate yourself before you start shelling out the bucks. The education will prove to be priceless.




Assuming they are all common dates in circulated grades, $17.50 each for Peace dollars is a little on the low side in my opinion. They can be sold very easily right now for around $22-$25 a piece (maybe more depending on date and condition).

That sounds like you got a good deal on the Peace dollars.

Also let me say Welcome.

As far as buying and selling coins in your shop it can be difficult at first for sure. Not sure how much you are interested in getting into the coin sales part or what may be brought in but I might suggest sticking with coins at first whose value is the melt.

Theres a lot of fake coins out there and it can be difficult to tell on some of the real good ones especially for the higher end ones. Personally I would probably stick to slabbed TPG graded coins over a certain price number. Itll help prevent fakes and they are always easier to resell then trying to convince people they grade what you say they grade. It also helps protect you. If you get a fake 20 dollar coin it sucks but wont break the bank. A fake 500 dollar coin on the other hand.

Good luck with your shop though hope everything works out

Scuba, it sounds similar to a pawn shop, where anything can be bought or sold. Coins are very common to come through them.

NO. Look at the original post. He has a buy/sell store. Not a coin store.
As to suggestions, DO NOT BUY any coins until you know about fakes, counterfeits, replicated coins. Many realize you are new and not a coin dealer so they may well try to sell you fakes. Many people I've known in the past got stung by someone selling coins to them and they did not know about them.
DO NOT BUY COINS until you learn how to spot fakes well.
Even some that accidently purchased fakes are now trying to find a way to resell them to get their money back. Silver Dollars are some of the most counterfeited coins on Earth.
Find books on coins and fakes and study them prior to buying any coins. Even dealers are occationally burnt with those fakes. Even the ones in slabs since many fakes are now in fake slabs too.
I strongly suggest if anyone approaches you with coins for sale, just don't buy unless you really know those people and have a way to contact them later.

Sorry I should have clarified. I opened up an online video game and toy store a coupe years ago because I owned a chain of video game stores. Then I started dealing in electronics etc online. I then sold my video game stores and opened this essentially pawn shop without the loaning part. I don't even advertise I buy coins or metals by they come in all the time that's why I'm trying to learn.

I did buy the Peace dollars at $17.50 each so I'm glad I did good on those. I talked to a refiner by me and he will pay me 95% on coins. Is it better tO sell to him, or jus sell them outright?

For instance say I have a generic Peace dollar and it scraps out at $22. How much above spot would you sell something like that for?

Also should I purchase the grey sheets and the 2012 red guide to start learning? Any other must have tools off the get go? (I have a scale and magnet already)

Thanks again!

This is what I received. 1884 Morgan dollar O mint mark, 1921 Morgan dollar no mint mark, 1884 Morgan dollar no mint mark, 1924 Peace dollar S, 1924 Peace dollar no mint, 1935 Peace S, 1924 Peace no mint, 1924 Peace no mint.

So when I go to sell stuff like this, whats the best way to price it? When selling coins, do you usually negotiate or is it a more set in stone type of thing?

This should help with finding out spot prices...

http://www. (124) Not Allowed - Auto-Removed .com/