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 Replies: 30 / Views: 6,241 |
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Valued Member
United States
456 Posts |
mds308, that sounds like a great shop to be at. It's great to hear how you run your business. I'd imagine it keeps a lot of people coming back and a lot of new faces coming in.
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Pillar of the Community
United States
1080 Posts |
My local shop buys ASEs for about $1 OVER spot and sells them $2-$3 over.
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Pillar of the Community
United States
919 Posts |
I have to move to one of those places. I would buy every Morgan offered for $20. Those sell back to my area LCS's for $35 min (Bu for $40). ASE sell back for $1 over spot, some years even more. |
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Pillar of the Community
United States
1721 Posts |
Keep in mind that I may only see 1 ASE a week. The tube of 20 I bought from a regular customer. I don't get volume like the LCS. I have a friend who knows this guy and he claims that he has multiple bank vaults packed with coins. I'll bet he's an over 6 million dollar man. This coin dealer has been doing this since the 1960s. He's been hoarding since. |
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Valued Member
United States
200 Posts |
wow! Multiple bank vaults filled with coins. I hope I also reach within sight of such a stage although I will need to make much more money than I am right now to be able to afford it.
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Pillar of the Community
United States
3184 Posts |
Good to know mds offers a good price.......most pawn shops rip people off and give the fair ones a bad name.
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Pillar of the Community
United States
1721 Posts |
What I don't understand about my LCS owner is why he stays there? I realize it is part of his life and he enjoys what he does but he's about 80 plus in age, hunched over and looks miserable. I'd be enjoying my wealth but if being couped up in a small building all day waiting for the Grim Reaper is your idea of fun, then so be it.
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Valued Member
 United States
148 Posts |
Quote:
What I don't understand about my LCS owner is why he stays there? I realize it is part of his life and he enjoys what he does but he's about 80 plus in age, hunched over and looks miserable. I'd be enjoying my wealth but if being couped up in a small building all day waiting for the Grim Reaper is your idea of fun, then so be it.
Many successful small business owners are that way. They never developed any hobbies because they spent all their time at their business. Their friends are their customers. They have nothing else to do and nowhere else to go. They just can't...give...it...up. I worry about that being me in 35 years. |
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Pillar of the Community
United States
1721 Posts |
Berk,
I guess my question was more of a rhetorical one. I knew/know many people who do the same thing only in a different business. I don't like being confined. I'd rather be on the road. I'm looking forward to leaving my business.
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Pillar of the Community
United States
3789 Posts |
just a couple thoughts-
1- many pawn shops are going to offer a price that because folks just want whatever they want. period and people will take it, something is better than nothing.
2- the local shop could do the same. Depends if they know you. Depends on how much demand they have. some coins shops will work with you, some will tell you thats all they will do.
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Pillar of the Community
United States
4008 Posts |
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But wow, seriously $18 apice from the Pawn Shop? Let me guess. The guy running that shop wears a big gold earring, a patch over one eye, and says "ARRRH, matey!" a lot.  |
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Pillar of the Community
United States
4008 Posts |
Quote:
Not all coin shops are fair, not all pawn shops are fair but most of all, life's not fair. Exactly right, MDS. Stereotyping coin shops and pawn shops usually leads to some mistakes that can be easily avoided by judging them on their merits, if any. The best shop I visit is a pawn shop and I can buy US 90% coins there for spot. Some of them are real junk, some are really nice, and most fall somewhere in between. The guy running this shop is a good guy, so I do more business with him than I do at the local coin shops. Most of them have high prices and a take it or leave it attitude. A lot of being a successful buyer is timing. Being in the right place at the right time can make a lot of difference in whether a good buy is made. |
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Pillar of the Community
United States
4008 Posts |
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My local shop buys ASEs for about $1 OVER spot and sells them $2-$3 over. That sounds like a pretty decent deal, whether buying or selling. A shop like that is quite an asset for a coin / bullion collector. |
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Pillar of the Community
United States
4008 Posts |
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Many successful small business owners are that way. Indeed so. In fact, habits acquired over a life-time can be very hard to break. I was a ferocious saver all my life and now that I no longer need to be such an aggressive saver, I find that it is nearly impossible to break the savings habit. Good thing I discovered silver a couple of years ago. Without it, I wouldn't have much of anything to spend money on. Of course, it's not really spending money, it's more like converting paper into something that is beautiful, lasting, and a great store of value.  |
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Pillar of the Community
United States
1721 Posts |
Ed B,
You are so very correct. I had shopped pawn shops long before I ever ran one. Many treated me like crap immediately after I entered their business. One guy had half of one arm. I nicknamed him 'The One Arm Bandit.' When you walked into his store he'd yell at you "WHAT DO YOU WANT?" I wanted to spend some money but evidently, you'd rather I didn't.
When I think of a pawn guy, the image I get is a man like Mr. Burns. But that's another stereotype and Hollywood doesn't help. There is a Peter Lorre movie called Crime And Punishment. In the movie a pawnbroker gets murdered. She treated her customers like garbage.
It has been my experience that people born into the pawn business treat people worse than a new pawnbroker. The pawn business tends to deal with a lot of folks who are down on their luck, drug users and thieves. Fortunately, my area does not provide me with a large number of druggies and thieves. I lose very little to the police but when it happens I'm out the money.
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Replies: 30 / Views: 6,241 |
First Page
Posted 01/12/2013 8:11 pm
