| Author |
 Replies: 9 / Views: 5,477 |
|
|
Pillar of the Community
United States
3540 Posts |
Of note, there are only two coin shops listed in Billings, MT....via google.
I have been to the other previously - kind of remindgs of the show "hoarders".
Stopped by the one on Grande Ave today. Of course, there were three customers selling silver items. I patiently waited my turn. While waiting, I was able to peruse the "buy ticket" being handwritten for a lady selling several raw Morgan, Peace, and two GSA holder CC dollars. Price for these were 105 and 115. The 1883 CC was EASILY an MS64 coin. Find that rather dubious to pay half, at best, of market value. Of course, I did not say anything, but knew what I was dealing with at that point.
Asked for high end Lincoln wheats. After 30 minutes of waiting time, one box, with approximately 80 2x2's was placed in front of me. I hand picked a variety from 1930 to 1955. Total of seven...nothing rare...but had grades of MS64 to MS65+ written on them. Price was $133. THEY ARE DREAMING!! The couple of 65+ coins in the lot would grade 64 on a great day. I finally diced it down to a single 1930 P, toned, that is probably a MS65 coin on a good day. Price was $15.
Offered a 1912 D (also in a 2x2) and was quoted a price of $425. After showing them, at best, this MS62/3 RB coin was worth $125, they lowered the price to $375. Again, dream on.
Billings would be a GREAT place to open a real coin/gold/silver shop....with realistic buy/sell prices. No reason to hit a grand slam on EVERY deal.
Felt very sad for the people that were being FLEECED by this place.
In the cases, was junk and more junk....don't bother to stop.
*** Moved by Staff to a more appropriate forum. ***
|
|
|
|
Pillar of the Community
United States
4897 Posts |
I hear you, definitely sounds as if the were "dreaming" .....but.... Quote:
The 1883 CC was EASILY an MS64 coin really?....did you handle it? Look at it with a loupe? Realistically, $115 was probably a fair wholesale price for an ungraded GSA 1883 CC. MS63 (high retail is $225, 65 is $300) $115 is a reasonable gamble (for a shop) based on a few second evaluation. I would wager that if you spent some time and a few $'s at the shop their prices would fall closer to greysheet. Edited by amida17
09/01/2012 12:22 am
|
|
Pillar of the Community
United States
1704 Posts |
Quote:
. . . and two GSA holder CC dollars. Price for these were 105 and 115. The 1883 CC was EASILY an MS64 coin. You didn't buy them? Even if both were just MS-63 you could have made a decent profit on the pair. Even if the person who they bought these two GSA CC's from got ripped there's no reason to feel guilty by buying them at those ridiculously low prices. Perhaps with a little effort it's possible you could find and buy some reasonably priced coins amongst their overpriced inventory it just might pay off in the long run if they see you as becoming a regular customer. Then you might get more reasonable prices on the ones they're in love with. Ed ANA LM-3175 |
|
Moderator
 United States
23534 Posts |
Interesting posts keep watching the forum as this is my unofficial announcement that we are soon going to be listing Coin Shops that are recommended by members.
|
|
Pillar of the Community
United States
1903 Posts |
One thing you are forgetting when you say "in the cases was junk and more junk" is that the showcases are usually an accumulation of inventory that HASNT sold for whatever reason. If you say all you saw was junk, that is usually a good indicator that they sell their "good stuff" at the right price, otherwise it would be on the shelf too. They are likely moving their good inventory so fast that it doesn't sit on the shelf long. To me this is a good indicator their prices are probably better than your first impression might have gotten. The only mistake they are making is that they arent learning from their lessons and repricing inventory they initially thought was more valuable.
|
|
Pillar of the Community
 United States
3540 Posts |
ALL of the items in their display cases is junk. Not picking on them because they did not have anything that I collect. But, there were NO Lincolns, Mercs, Buffalo, Standing Liberty, Barber, IHC's, etc, etc....above VG. No, they did not just get back from a coin show either. Is a gold and silver shop disquised as a coin shop. I FULLY realize EVERY dealer should be buying and selling gold and silver, but at the buy prices, owner should be retired by now....a multi millionaire. They wholesale any and every item they can.....I asked. Where is the better grade, raw or slabbed, ___________ (pick your favorite series and insert there). ...and the grading....oh my. Would you pay $28 for a "MS65+" 1941 Lincoln, that would only grade as an MS63Red? Yes, the 1883 CC was 64, at least, all day long. I asked to check them and asked how much...reply was $300 and $325. I said, does that include the NGC grading fee? "No, we grade these". I asked...so...what grade is the 83? "MS65...and probably a +". Please, stop by and view for yourself. |
|
Valued Member
United States
73 Posts |
You should open a shop there. It sounds like they need competition. Just rent a storefront, remodel, buy a huge safe for the back room, display cases, signage, licenses, permits, security systems, Oh and then you'll need maybe one other employee. Darn, forgot about inventory, something a little better than pocket change to display and impress. Once all that is set up you will be able to pay everyone 5% over spot for whatever bullion they bring in. You will quickly have all the business.
|
|
Pillar of the Community
United States
3540 Posts |
Come on.....wholesale is $140 on GSA CC dollars.
Just riles me when a "coin shop" is not much better than the hotel buyers.
Sorry I posted a negative.....I guarantee, every one of you would have had a hard type biting your tongue watching this happen.
|
|
Bedrock of the Community
United States
20753 Posts |
Hate to be on the opposition side but if you read many of the posts here about coin shops, you would see why the prices are what they are. A coin store is NOT in buisness to make you happy, just take your money. In many instances they will never see many of the customers a second time. And if so, so what. They are there to make money, not friends. Friends can be made anywhere but not money to pay all the bills that are necessary for a store of any kind.
Try opening a coin store. You'ld find soon enough that you need a lot of profit to pay all the bills and being a nice guy will not pay those bills either.
And in many instances the owner of a coin store only has the profits from that store to pay for his house, family and all their bills too.
|
|
Pillar of the Community
United States
3540 Posts |
JC - very true. Thanks to EVERYBODY for your opinion. As always, we can have different opinions, but still get along.
|
| |
Replies: 9 / Views: 5,477 |
|
Posted 09/01/2012 01:30 am
