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 Replies: 13 / Views: 2,136 |
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New Member
United States
4 Posts |
I'm new to collecting and would like to find a local coin dealer/coin shop that won't take advantage of my lack of knowledge. What are some things I should look for? What things should I ask? Any suggestions would be helpful. Thanks
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Pillar of the Community
United States
538 Posts |
 to the community! I'm still looking for a shop near me as well but I would suggest, to help you feel more confident so you won't get taken, that you pick up some books on coins to help you learn better on how to grade coins so you can come up with your own idea on what a coin should cost. I currently only have a Red Book to help me with grading coins but I know there are several others out there that other more knowledgeable members could point you toward. You could look around here and on ebay for what certain coins at certain grades are going for to have a frame of reference. Hope you find a good shop that will fulfill your needs! Edited by Williamsonj320
07/16/2012 10:26 pm
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Valued Member
United States
223 Posts |
Either tell us where you are and maybe a member can recommend a shop for you. Or, do a search and start visiting shops in your area. Don't take more than a couple bucks with you. That way you can't be talked into a bad purchase. Find someone you like and then make them your LCS.
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Pillar of the Community
Canada
1411 Posts |
to CCF! |
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Bedrock of the Community
13014 Posts |
Unfortunately in most places coin shops are the luck of the draw. Some places only have 1 or 2 to pick from where others have a lot. Personally I would get the price of a couple different coins and go in and check out what kind of prices they have for those coins to see what they are charging. Some shops only deal in certain kinds of coins and sell others real cheap they dont usually deal in others will deal in everything. For pricing I use http://www.numismedia.com/fmv/fmv.shtml and completed ebay listings. If the shops prices are close Id be comfortable dealing with them. Theyll probably be a bit higher since they have bills to pay which is understandable but some shops like the one near me will be very high priced and I stay away from those. Basically the best advice is to just know what you want to buy and what the fair market value is. If you dont know things will see like a good deal only to find out later you grossly over paid. |
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Pillar of the Community
United States
619 Posts |
There's nothing like shopping around. It's like anything else; go where you find the best service, price and selection. Sometimes you have to compromise between the three.
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Moderator
 United States
23522 Posts |
Quote:
I'm new to collecting and would like to find a local coin dealer/coin shop that won't take advantage of my lack of knowledge. The best solution to that is to quit lacking knowledge. I'm not trying to be facetious here, just real. Unless someone you know can personally vouch for a specific dealer (we might be able to help with that), you simply won't know if you're being taken advantage of. Anything you say will only make it worse if the dealer is unscrupulous. Unless you know how to grade what you're looking at, how to determine if it's been cleaned, and what it's worth in the grade you're seeing. You can help yourself by sticking to slabbed coins initially, but there are dogs in reputable slabs as well. Knowledge is king in this hobby. |
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Valued Member
United States
212 Posts |
I would suggest finding a coin club in your area. This would provide a great place to be around other collectors that have been involved in the hobby for awhile. Besides developing frienships at a club, it's an opportunity to learn. You can get recommendations from members there where the good coin shops are located. They'll know.
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New Member
 United States
4 Posts |
Great advice everyone. Thanks so much!
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New Member
United States
4 Posts |
By the way, I'm in Central Illinois. There aren't many coin shops in my area. I'll try to find a coin club to join. Thanks for the Welcomes! It's nice to find such a friendly group.
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Valued Member
United States
212 Posts |
I found clubs in Oak Forest, Round Lake Park, Hazelcrest, Gurnee, Elgin, South Elgin, New Lenox, Springfield, Plainfield and Loves Park. Wow. Think I'll move to Illinois.
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Bedrock of the Community
United States
20753 Posts |
As well as coin clubs, try to find a coin show in your area. At coin clubs, just ask about a decent coin shop. If you can find a coin show, you may find that many of the dealers there also have coin stores and do the shows on weekends. The problem with either is they have to get to know you. As far as many dealers are concerned, they may never see you again so why be nice. Contrary to that though is some dealers do just the opposite thinking you could be a potentially great new customer.
If you do find a coin store, go in and just ask, ask, ask. If the people there don't want to discuss anything with you, I'd forget that place. You have to remember too that some coin stores just hire a person and they may work on an hourly basis so really don't care about you. Some of that kind of hired help may know as little as you about coins.
I would still highly recommend finding a coin show first.
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Bedrock of the Community
United States
19935 Posts |
Welcome to CC!  SuperDave is right on....as usual. Before you run around buying coins, it's best to first decide a specific series that interests you and then study it. For example, Lincoln cents, Mogan dollars, etc. After you pinpoint your starting interest, begin to study that series which should include the internet AND books. Also, I hope you're collecting and not attempting to "invest". Coins are something to be enjoyed. As a collector, you're bound to lose money when you sell for the most part. Every once in awhile you'll make a little profit....but for the most part coin collecting is like any other hobby....expensive.  Lincoln Cent Lover!VERDI-CARE™ INVENTOR https://verdi.care/
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Valued Member
United States
198 Posts |
Buy the book before the coin (or banknote)
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Replies: 13 / Views: 2,136 |
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Posted 07/16/2012 9:51 pm
