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Not Quite Sure How I Feel About This....

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phankins11's Avatar
United States
355 Posts
 Posted 05/08/2014  3:56 pm Show Profile   Bookmark this topic Add phankins11 to your friends list Get a Link to this Message Number of Subscribers
So coin shops around here where I live are few and far between, and when one is found it's either just a bullion dealer who buys junk silver and never really has any good numismatic coins in stock, or its grandpa's place to get away and smoke cigs all day with his coin collecting buddies and all he has for sale is all the junk he never really wanted.

I digress...

For a while now I've noticed a Pawn Shop in a part of town with a worn out old sign up, kinda like no one is there to take care of it...like it was opened and then went under...every time I go past it there are no cars and no one is around...the building just looked empty from what I could tell driving buy. So today I find my self driving home past this place and I see cars in the parking lot. I think to myself...stop in and see if they are indeed legit and see if they have coins...They were open and as I walked in I saw a show case with graded silver eagles, silver bullion, etc..... So I ask the guy, hey do you buy coin collections? He answers, "Yes, I've been buying coins for almost 50 years" . I though fantastic...so I asked him, where are they coins you sell? His answer is, "Oh, I don't sell coins" So I say, "oh?!, are you a collector?" He say's, "No, not at all!" So I say oh...so do you just flip what you sell to other coin dealers? He says, "No..i just put it all back in my three vaults." "So you're not a collector, you don't sell, do you just consider your self a hoarder?", I asked...He says well...no I don't hoard, I just supposed one of these days when I decide to retire, I'll get the stuff out and start selling it..., I say, "well great...here's my number and name...can you call me when you get ready to do that?" He says, "Well I could lie to you and tell you yea...but I won't, I don't know when that will be and I think the bottom is going to fall out from underneath the coin collecting world just like it did baseball cards. The Chinese fakes are just getting to good and rampant, PCGS is now being fooled by them...i think that just gonna blow the whole coin collecting world to smithereens in the next 5 to 10 years."

Then this guys tells me about some of the collections he's purchased...mint state Seated Liberty halves by the roll, rolls of BU whatevers...V nickels out the wazoo...all just sitting in the vault...but he's not a collector and doesn't give a rat's you know what about "having a specific coin, like a 1909 S VDB or this coin or that coin" (his words not mine)

So you have this hoard, that is worth a whole bunch of money, in a genre of collecting that you feel is going to have the bottom fall out of and you don't plan on selling until after that happens? Mean while guys like me are struggling to find really good stuff we can touch and feel before we buy because folks like you are just buying it and hoarding it for no reason apparently

Rant over...

The guys was really nice, and of course I kept my disproving and disappointment to myself and actually had a long conversation about coins and coin collecting. Joked around with him and told him I was just going to have to figure out how to pry his mind open to selling to me. Some of the stuff that he said he has is crazy...i just want to see it.

Help me out here...I'm not trying to feel or come across as entitled to this guys coins...I guess if I keep dropping by to visit and chat with him, and bothering him...if I strike up a friendship with him maybe one day he'll call me...but all I can keep thinking is A) those poor coins...no one to enjoy them, all boxed up and bagged up...are they protected...are they going to look ok when they finally come out of the vault one day? and B) why hoard them if you don't care about numismatics, don't want to sell...and don't have faith in the sustainability of the hobby?!

Anyone ever come across this kind of thing?
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edweather's Avatar
United States
7375 Posts
 Posted 05/08/2014  4:22 pm  Show Profile   Bookmark this reply Add edweather to your friends list Get a Link to this Reply
Haven't exactly come across that situation, but the old timer at our LCS one day suggested that I open my own store if I wanted to come across good buying opportunities. He has a point, but I'm not willing to open my own store.
Valued Member
phankins11's Avatar
United States
355 Posts
 Posted 05/08/2014  4:28 pm  Show Profile   Bookmark this reply Add phankins11 to your friends list Get a Link to this Reply
edweather, I've actually thought about this..not necessarily a B&M store, I've placed adds on craigs list offering to buy coins...the problem as I see it here is that guys like this have the market cornered...everyone's going to him because they automatically associate a pawn shop as the first place to sell. This guy has way more money than I do, has a better reputation that some dude on craigs list advertising to buy coins and coin collections.

I more frustrated with the attitude towards the coins...he doesn't really care about them or numismatics...but at the same time doesn't want to let any of them go...for reasons I can't figure out...I dunno.
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keepcalmandcoinon's Avatar
United States
865 Posts
 Posted 05/08/2014  4:34 pm  Show Profile   Bookmark this reply Add keepcalmandcoinon to your friends list Get a Link to this Reply
Sounds greedy and selfish to me. I understand they are his but he makes no sense with his argument. If your sitting on a literal mine of coins, don't care for them, and think the bottom is going to fall out soon, why not sell them while you can get good money for them. And especially to people who will actually cherish them. Sounds like he probably has a zombie bunker ready for the zombie apocalypse too.
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phankins11's Avatar
United States
355 Posts
 Posted 05/08/2014  5:03 pm  Show Profile   Bookmark this reply Add phankins11 to your friends list Get a Link to this Reply

Quote:
...why not sell them....especially to people who will actually cherish them.


EXACTLY!

I think that was the one thing that really set me off the most was this guys was almost making fun of people liking the coins they have so much...went so far as to say he wasn't one of those people...as if we're crazy....

well...i guess that's debatable LOL But still...
Edited by phankins11
05/08/2014 5:05 pm
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allranger's Avatar
United States
1391 Posts
 Posted 05/08/2014  9:19 pm  Show Profile   Bookmark this reply Add allranger to your friends list Get a Link to this Reply
Or more likely he may have been having some fun at your expense.
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52Raymo's Avatar
United States
8516 Posts
 Posted 05/08/2014  9:48 pm  Show Profile   Check 52Raymo's eBay Listings Bookmark this reply Add 52Raymo to your friends list Get a Link to this Reply
I had the same thing happen to me at a pawn shop. The guy had two big bank bags full of Peace dollars and Morgans but wouldn't sell a single one. Just wanted to keep em he said. It's like why even bring em out but I guess he just liked showing how many he had.
Oregon coin geek.....*** GO BEAVS ! ! ! ***
Valued Member
United States
439 Posts
 Posted 05/09/2014  08:21 am  Show Profile   Bookmark this reply Add TSOTL to your friends list Get a Link to this Reply
I'm with allranger, he was probably yanking your chain. If he expects the bottom to fall out he wouldn't hang on to them. What kind of businessman would?
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pcunix's Avatar
United States
58 Posts
 Posted 05/09/2014  08:39 am  Show Profile   Bookmark this reply Add pcunix to your friends list Get a Link to this Reply
Exactly what TSOTL said and never mind businessman - nobody would hang on to something they think will be worthless soon.
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