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 Replies: 9 / Views: 1,526 |
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New Member
United States
23 Posts |
I wanted to ask you guys on tips as to how to buy coins from a coin shop. I'm thinking of getting a 3 Cent Silver Trime. It's worth around 200.00.
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Pillar of the Community
Canada
1747 Posts |
Know before hand what the coins are selling for (including grade), not just "Book Prices" (check sold auctions on ebay). If the LCS is charging higher than auction pricing, ask for their best price. If their "best price" is still higher then offer them what you feel is fair. You need to know if you are dealing with the owner or just a staff member, because some times the owner (or manager) are the only ones allowed to haggle. If you trust/know the store staff/owners, and will come back then you might want to pay a bit above auction pricing because there is value in seeing the coins prior to purchase, not to mention value in their knowledge. Also if everyone came into shops and demanded auction pricing, then there would be fewer coin shops around. I live in a major metropolitan area, a city with close to a million people and we have 0 coin shops. So be thankful. |
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Pillar of the Community
United States
1158 Posts |
I take my phone with photograde and price guides on it and usually try to haggle a little bit, but reasonably. Make sure to look closely at the coins if they are not in graded slabs. Don't be afraid to take a loupe or whatever if you like and look under their lamps or lighting to check luster, etc. I love buying coins at the coin shop, though. You don't have to figure out if it's the coin or the photogaphy that you are judging like with an auction. And to be honest, the limited selection makes it less overwhelming for me to just focus and buy what I want. With ebay there is always another auction and you can get sucked in for days. We are a metro area of 1-2 million (depending on what you count) and we have probably 10 coin shops, but most of them are really just set up for bullion with limited numismatic coins. We do have 2-3 really good little coin shops though, that sell a nice variety of coins. |
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Pillar of the Community
United States
2368 Posts |
Quote:
Make sure to look closely at the coins if they are not in graded slabs. This a million times. When I was a newbie I repeatedly made this mistake. Good lighting is important, I remember almost buying an EF/AU 1883 no cents V nickel, but I checked it out under strong lighting and a loupe, and saw it had a rint bit of green stuff hiding next to one of the obverse stars. Pass. If I have an idea what coin I'm going to buy, I study the values beforehand. Let's say I want a common date Barber quarter in G/VG. I'll decide not to bring more than $7. Edited by wheatchaser140
08/22/2014 1:34 pm
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Bedrock of the Community
United States
20753 Posts |
Usually don't. IF you can find a coin show, much better. If not, take your time and learn as much as you can about the coins your looking for.
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Pillar of the Community
United States
1247 Posts |
if you find a coin shop, for the first time, don't buy, just look.
If the staff are impatient or seem irritated with you, then go find another shop.
It is important to form a relationship with an LCS, for the long term. there are two LCS in my town, one is a total ripoff who mostly just buys stuff from people at ridiculous prices and resells them for even more ridiculous higher prices.
The other is my goto shop, the two guys there are trust worthy and honest. I have gotten such good deals there, and they don't mind educating you in the process.
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Moderator
 United States
23522 Posts |
Know what you're looking for. Know. exactly. what. you're. looking. for.
That's the cardinal rule for anyone first venturing into the world of numismatic buying, whether the venue be online or brick/mortar. Be comfortable with both grading and pricing of what you're looking at, or know you're taking a risk.
This isn't really a hobby for the faint of heart - it requires considerable intellectual investment to practice successfully. Grading comes first, and the advice is to take a specific issue and specialize. Learn how to grade that issue, from FR02 to MS66 and up. Get an eye for varieties. Become good at it. Not to the exclusion of everything else, but the first issue you learn will be your blueprint for making all subsequent issues you choose to study all the easier. The fundamentals don't change, just the subtle differences of differing die designs.
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Rest in Peace
United States
10625 Posts |
 Great piece of advice SD. |
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Pillar of the Community
968 Posts |
In order to minimize risk, start with collecting from junk silver. Paying 15-16-17 times face cuts a lot of the cost risk out... and you can score some great deals. As you develop your eye and learn, start spending more. That's what I did.
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Pillar of the Community
United States
919 Posts |
Try to find a store where you are comfortable. Expect to pay more then what you see on ebay. When you become a regular you will get better prices. If you post coins here don't worry when people say they could have gotten the coin for $2 or $5 or $10.... less. Just enjoy it. It is a hobby. I often spend 1-2 hours at my local stores talking about more then just coins. Coin shows are fun too but it can be hard to connect with the dealers there. I agree with the junk or 90% start. If you like half dollars you can get Kennedy silvers, Franklins and sometimes Walkers for a small premium to melt. That can cover years of coins to start with. You can also ask to see silver quarters, and dimes to to expand. All are pretty cheap as silver keeps moving down. In the end just have fun. |
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Replies: 9 / Views: 1,526 |
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Posted 08/22/2014 1:09 pm
