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 Replies: 35 / Views: 3,988 |
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Pillar of the Community
United States
1261 Posts |
I went to a long-time LCS to look at their coins for sale and the owner started talking about how there seems to be no more collectors anymore. I asked him what people are doing then and he said it's all about bullion. He said no kids ever come in and he is reluctant to buy nice type coins because thre doesn't seem to be a market anymore. Anyway, I thought that was interesting. I know we are all collectors but I could see what he meant. The short time I was there everyone came in looking to buy or sell junk silver.
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Moderator
 United States
23522 Posts |
I'm thinking it has more to do with the advent of the Internet as a place to browse thousands of coins instead of dozens at a local shop.
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Bedrock of the Community
Australia
21788 Posts |
I agree. He should modernise his business approach. If he already has a good reputation he should do well. Experience and honesty matter.
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Pillar of the Community
United States
3843 Posts |
I have noticed the same thing at the coin shops that I frequent. There are rarely other customers and the few that they have are either selling or buying bullion. Perhaps I visit them at non-peak hours but the lack of collectors is a bit disheartening. SuperDave is correct that a lot of business has went online but I do think we are seeing a decline in the sales of collector coins.
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Pillar of the Community
United States
1511 Posts |
 with SsuperDdave and everyone else. Modernise and selling online will increase buisness. For me I live an hour from the closest coin shop... Or any store with even a single coin... So online is my best bet unless I want to spend a fortune on gas.. So when I do go to the shop every 3 weeks- month I really want to browse... I've encountered the same thing at one of my (former) regular coin shops.. there more interested in buying and selling bullion that they rish me out... which I HATE! The last time I was there (autumn) I asked to go through a bunch of Morgan's and had my loupe in hand and they told me they "didn't have time for me to look" because they had to buy scrap silver from the line of people out the door... I was MAD! And besides myself I've never seen another person checking out coins, just people walk in and say "any gold/silver maples, ASE's... Etc" and they run out back, give it to them and their out the door in 2 minutes... The store I am devoted to now is great, nobody really even knows he sells coins (it's an art store....?) so it's basically mine... And he has ALOT of coins, lol. I bring my 10 month old daughter in and she crawls around the store and he just hands me bags of morgans in flips/2x2's and lets me go through them.. Doesn't even count them.. So needless to say I'm now his #1 customer! I love the personal service, kindness and the fact that I can just talk to him about whatever.. It's really great! |
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Pillar of the Community
Australia
2830 Posts |
I live in a small (100,000) but very isolated town. We have one coin shop. THe next closest coin shops are at least 3,000 km away (Adelaide or Brisbane). He has baskets of world coins, all very circulated, and low-value. He has old Australian coins - mostly lower grades. Mostly, he displays recent releases of NCLT from R.A. Mint. He has branched out into inexpensive "jewelry" of the type favoured by teenagers (quick turnover; good profit). But he has been on ebay for years, and does a roaring trade there. I think that there are plenty of us collectors, but most of us now understand computers, the internet, and digital photography. And we are in a world-wide market place, with dealers who have understood that. |
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Valued Member
United States
112 Posts |
I am young so I can't attest to the past, but I do almost all my collecting through the internet. I grew up with it, so I know it well and can navigate to find what I want for a fair price. I also don't have a good coin shop locally within reasonable driving distance, making the internet even more appealing. Lastly, the world is geting pretty small and I do a lot of international traveling. I don't let this stop me from collecting and therefore at times MUST use the internet if I want to make a purchase.
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Valued Member
United States
362 Posts |
There is definitely truth in what you are saying. My LCS has a 90/10 business model, with 90% being silver oriented business. The rest is 5% coins and 5% junk silver and he is doing like gang busters. Sel_691 has it right, sounds like the fellow needs to re-assess his business model and is already behind the 8 ball. Sounds like just another poor soul who hasn't factored in ebay and the internet in his business model.  |
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Bedrock of the Community
13014 Posts |
Quote:
I think that there are plenty of us collectors, but most of us now understand computers, the internet, and digital photography. And we are in a world-wide market place, with dealers who have understood that. I dont think its a collector issue, though some may be spending less on coins with the economy, but rather just an issue of the internet taking away sales. Shops can be fun but theres no assurance theyll have what you want. You can get on ebay and find many examples of anything your looking for where at the shop there may only be 1 or two. Some shops seem to understand this and have a website where you can buy or browse at least their higher end coins and those are the shops that will continue to be successful going forward. Other than maybe some small town shops I dont think we are too far off from the days of shops having to have online retail as well to survive |
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Pillar of the Community
United States
1116 Posts |
I agree with chesterb. In my area I have access to 5 different shops. In three of them there is a lot of activity in silver and gold. However in one of them (which I don't go to much) there are long lines of people trying to sell their silver and gold treasures for crazy low prices. In fact it got so bad that they had people literally standing like cattle waiting to sell. I couldn't believe it. You can't approach the counters to brouse because people think that you're either cutting in front of them or are there to do a grab and run. In fact, I saw a couple of silver service sets that I know was basically bought for a wink. I asked if they would be willing to sell it to me (not mentioning price). Their answer was that they don't sell those items boughts but sell them to a refiner. I got so frustrated with them that I haven't been back in over 8 months. In fact, the real frustrating part is that if you wanted to purchase a Morgan or Peace dollar, they expect you to buy the coins that are given to you. I finally walked out. That business model seems to work for them but as a collector and bullion purchaser it doesn't for me. I wish them well but not with my dime. |
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Valued Member
United States
223 Posts |
At one of my LCSs, I stopped in last week and they finally had some Silvertowne bars. I haven't ever bought any but normally they have plenty of 10/5/1 oz bars. They hadn't had any since late Nov and in talking to the one owner he said hat they were finally caught up with customer orders and had moved over 3500 ozs in Dec.
The LCS is definately bullion based. They sell generic at $1.25 over. I did buy an old pour Gold Standard 10oz bar. I just can't get interested in the new bars.
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Valued Member
United States
461 Posts |
One other thing to consider is the new collector (and hopefully future collector) is getting started by stacking silver. The stacker may develop the coin bug. Its just all they hear right now is the bullion buzz. So naturally many new to this hobby are starting there. They have to start somewhere. I started with pennies... Wish I would have started with silver eagles.
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Pillar of the Community
Canada
1411 Posts |
I started due to three events... one of which was my grandfather telling me about silver, and me subsequently starting to stack silver (most of that is sold now, but still part of my start) |
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Pillar of the Community
 United States
1261 Posts |
Quote:In fact, the real frustrating part is that if you wanted to purchase a Morgan or Peace dollar, they expect you to buy the coins that are given to you. That's very true at my LCS. They want you to buy but don't want to take the time. |
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New Member
United States
29 Posts |
I'm 19 years old and I have never bought anything online nor do I plan to. I am lucky to have a coinshop I like and trust very much about 16 minutes driving distance away. I do stack some silver but mainly collect coins. I am a coin collector not a silver bug. I also attend coin shows in my area (Southern California) and enjoy buying the old fashioned way.
Edited by George8789
01/20/2013 01:16 am
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Valued Member
United States
456 Posts |
It's easy to see that the shops in my area are moving more towards bullion. Everyone there seems to be buying or selling junk silver and/or bullion. To be honest, buying bullion is what led me to these shops in the first place. However, in my time there waiting to check out their gold/silver, I've had a lot of time to browse through their coins and gain a new appreciation for them. It led me to start my first Dansco for Mercury dimes which then led me to start working on a 7070 type set. |
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Replies: 35 / Views: 3,988 |
Posted 01/19/2013 4:22 pm
