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 Replies: 14 / Views: 1,607 |
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Pillar of the Community
United States
521 Posts |
I have been active for only about 1 1/2 months but I have tried to go to as many coin shops as possible. So far my tally is about 8 in the area.
Here are some observations from a new coin collector.
1. There is a huge difference in the atmosphere of coin shops; some are very clean, neat and well organized while others are a hodgepodge of collectibles. I like both.
2. I have found that people love to talk about coins, especially when they are telling me something I don't know. I find this great and it has been a great source of info though conflicting at times.
3. Yesterday I was in a shop for about 3 hours. The owner had lost power but gave me a flashlight and allowed me to take the coins outside to view them. Finally the power came on and when he discovered I was interested in large cents and capped busts, he broke out his private collection to show me. He was excited, he said, because fewer and fewer people come in to shop for these coins. He said he got mostly investors looking for slabs.
4. The precious metals buying market seems very busy. Many people are selling their stuff.
5. I liken going to coin shops and talking to the owner to going to a bar and talking with the bartender. There is definitely camaraderie there. However, I leave with a coin instead of a buzz.
6. Finally, I fear that coin shops will eventually cease to exist. The online market it huge and I don't see how the individual physical store can compete: perhaps with a balance of online and in person. I hope this is not the case but it seems inevitable.
Sorry for the long post but I'd love to hear your comments/insight.
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Pillar of the Community
United States
615 Posts |
Sounds like you had a fairly pleasant experience. I prefer the less organized shops, I've always found the dealers to be a bit more down to earth.
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Pillar of the Community
United States
919 Posts |
I hope coin stores do not go away. I don't buy anything online. I shop at stores and shows. I want the coin in hand. I hate mailing things back. Most of the time I would end up keeping things even though I was not 100% happy. That's just the way I am.
The 3 stores I go to are all very nice. I can easily spend 2-3 hours talking. I feel sorry for those that can't experience that.
Yes the market is busy here too. Almost everytime I am in a store someone is selling or buying. I see a lot of 90% silver coming in and a lot of bullion and 90% silver going out. I have not seen too much bullion being brought in lately. Very little gold bullion or coins being bought or sold.
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Pillar of the Community
United States
7840 Posts |
I know of three coin shops in OKC;
1. The one that I used to frequent a lot turned into a "gold & silver exchange" when the owner sold out due to his decreasing health. Thanks for the memories Delmer! The place got remodeled over and now looks like a jewelry store complete with armed guard in the corner.
B. I visited this one store a long time ago and the neighborhood is really run down over the years, I don't even bother with them anymore...perhaps a mistake.
3. The most recently discovered is kind of a hybrid of the described in the OP. There are the usual cases with coins in 2 x 2's, the good stuff is in the "strong box" in the back, which could be looked through a prior arrangement.
Good times from many years ago, but I am afraid that they are soon to follow along with the "gold & silver" exchange shops before too long.
Edited by oih82w8
12/13/2012 2:02 pm
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Pillar of the Community
United States
1510 Posts |
the last show I went to one dealer said "its all bullion sales--i havent sold a collector coin all day" The one advantage of a local coin store is you can dump bullion fast--because they are always buying--maybe not the greatest deal, but its quick. The 2 stores I used to frequent are both closed now--there is one left and some "ham and egg operations" Mostly with people peddling bullion to people that dont know what "spot prices" mean. which is too bad.
Retired USAF 1983-2003
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Bedrock of the Community
13014 Posts |
I think like all retail coin shops wont cease to exist, though their will be fewer of them, but the smart ones will expand their market and also have their inventory listed online.
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Valued Member
Germany
138 Posts |
There are three different coin shops I frequent, and each has a different atmosphere. Though I do not think I have been to a very disorganized shop yet.
From my experience, some dealers are quite eager to chat, while others not so much. It really varies quite a bit.
These dealers (as well as the shows I have visited) have been buying and selling a lot of bullion lately as well. I think that with precious metal prices so high, there is just a lot of action with bullion these days.
I think I more or less agree with basebal21. The brick and mortar stores will always be around, they will just become less numerous. There are definitely advantages to physical stores as opposed to online stores (and vice versa).
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Pillar of the Community
United States
1339 Posts |
Coin shops can be a great experience....They're only as good as their owners...It's easy to tell wich ones really love coins! I've made some great friends at the local shop I go to,,hardly ever miss their auctions...Most make their real money buying/selling bullion...Small local shows are a great way to buy also...Like them much more than online buying
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Valued Member
United States
344 Posts |
Quote:
5. I liken going to coin shops and talking to the owner to going to a bar and talking with the bartender. There is definitely camaraderie there. However, I leave with a coin instead of a buzz. Great comparison. You forgot to mention how much trouble you can get into with the Mrs for visiting either. |
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Valued Member
United States
84 Posts |
I would second Wilhelm and basebal that as long as coins are around, there will still be physical places to go buy/sell/trade. The net and technology has taken alot from them in terms of business, but nothing takes the place of actually seeing the goods in person. For me, it's also like good CD shops. Ipods and such have pretty much taken over the business, but nothing takes the place of a good music shop packed to the gills with real, physical material. I'm like a kid in a candy store.
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Pillar of the Community
United States
655 Posts |
I haven't visited a coin shop since I was a teenager. At that time I wasn't afraid to ask about inexpensive, low grade coins. You know, the kind that teenagers can afford.
Now I'm way older but my interests are still more or less the same. I generally like less expensive circulated coins.
I'm convinced that if I go to a shop and start asking about less expensive coins the owners are going to think I'm wasting their time.
Somebody please tell me I'm wrong.
Bob
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Valued Member
United States
77 Posts |
I don't think they are going any where. The better ones, that have already gotten accustomed to business in the present marketplace at least. There are a lot of really nice coins that simply don't see online only auctions or the like.
There are a lot of bad coins that do. If a dealer gets an good date coin in really good shape, it will go to the shows where people see it. Long Beach, Baltimore, FUN, where ever.
If a dealer gets a coin that is slabbed high, or just doesn't look appealing, guess where it goes.
I'm not saying there isn't anything good online, not at all. I've sold some nice pieces that went at a price lower than they should have, so I know there are deals to be had.
IMHO - the pieces that would bring extra money if you saw it in person, they go to those places
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Valued Member
United States
255 Posts |
I have a newly discovered coin shop which I just went to for the second time. The owner is a collector who used to buy from the shop and later purchased the shop. He had six people in the shop first visit and two today. Nice guy, hope he does well. The other place I just visited for 1st time today. Did not buy anything as prices were very high.
I like to buy coins that I have handled. Very rarely, do I buy from Internet.so as long as there are some of us who visit b& m stores, there'll be a need for them.
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Pillar of the Community
Canada
1411 Posts |
NJ Some teens can afford nice coins  |
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Pillar of the Community
United States
1704 Posts |
Quote:
Somebody please tell me I'm wrong.
Bob You are wrong. Many times the dealer will have to buy low grade coins he would rather not because they are part of the larger collection he is buying. He is actually grateful someone would be interested in buying them and once the dealer gets to know what you like and become a regular customer you'll probably be able to get the types of coins you prefer at very reasonable prices since he knows he has a buyer for them. It's a win-win for the both of you. There is only one "coin shop" within 40 miles of where I live that I'll actually do business with, he's located in an antique collective, the other coin shops in the area are all crooks so I get most of my coins at club shows or dealers online who also have a B&M shop with coins listed on Collector's Corner and or on their own website. Ed ANA LM-3175 |
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Replies: 14 / Views: 1,607 |
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Posted 12/13/2012 1:45 pm
