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 Replies: 41 / Views: 6,571 |
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Pillar of the Community
 Canada
5400 Posts |
@west canuk..............it is harder to buy that is for sure. I have been around for a long time so some stuff does fall into my lap. I think that to keep getting new and interesting stuff the travel bill is about to get lots bigger though.
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Valued Member
United States
158 Posts |
The club. Shop about 30 miles away is usually pretty empty. Me and one other
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Pillar of the Community
United States
4809 Posts |
LCS A: They have a steady business and employ 5 FTEs and the owner/operator. Maybe 12-15 feet wide and 40 feet deep of which less than half is open to customers nestled in an a somewhat affluent township (downtown). They deal in everything and buy/sell silver and gold. They maintain large inventories of high grade coins and dump buckets/bags of common stuff onto online sellers. They also have a board for locals to post coins for sale collecting a small vig. This attracts a number of potential buyers as you can make some pretty good deals this way. Sometimes just me at closing, but most times 3-4 FTEs are engaged with customers while the other 2 sort purchased collections.
LCS B: About half the size of LCS A and have a reduced inventory. Owner/operator and one other. They also buy and sell silver/gold and maintain about 2/3 of their retail space for used jewelry for sale. Most of their revenue comes from bullion sales. Often times I'm the only one in the shop with the occasional seller coming to sell old jewelry/silver coins. That said, I don't hear any complaining about tough times.
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Valued Member
United States
61 Posts |
My LCS seems to be relatively steady but normally not more than 2 customers in there at the same time. I have noticed when I go in though that oftentimes a customer is already there, sometimes even sitting down on a stool and not really doing anything. I usually have some pleasant conversation with the shop keeper and typically only buy a couple ASE's or some junk silver. When I'm done, I thank the man for his time and products, and I leave. Of course the customer holding down the stool is still there, watching the whole transaction in some awkward manner. Not sure what he's doing but I wonder if the shop keeper would prefer his customer's not invite themselves to an extended stay. The keeper is there to work and attend to the needs of his shop. I'm sure the customer sitting there for an hour or two eventually buys something but it also seems to put the keeper in an awkward position. He can't be rude to a customer and suggest he leave, in turn risking the loss of business. So he has to sit there and wait the extended-stay customer out until he leaves. It's a weird dynamic in there and I can see why people pay premiums online so they can avoid these types of coin shop situations. Curious to hear input from LCS owner/operators on this subject. |
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Pillar of the Community
United States
606 Posts |
Given coin collecting is a hobby, I would assume some like to hang out more than other businesses. Hobby, game, and other collectable businesses seem to have more that like to hang out.
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Moderator
United States
16679 Posts |
Just fine. They have more money than they know what to do with it.
My guys can retire anytime and they are set for life.
swcoin.ecrater.com
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Pillar of the Community
United States
685 Posts |
My LCS is busy, the owner says this holiday season has been good. He also says that he has not retired because he is still recovering from $20-$40 silver.
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Pillar of the Community
United States
606 Posts |
west,
from 20-40? or from 40 - 20?
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Pillar of the Community
United States
685 Posts |
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Pillar of the Community
United States
606 Posts |
vermont, Where do you think your LCS made their money? I don't think our LCS makes a lot of money, and actually don't know what their speciality would be - although I would guess selling ASE. |
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Pillar of the Community
United States
4211 Posts |
The LCS closest to me in my same city closed right before Thanksgiving. Went out of business after 3 years at that location and 12 years at a previous location about 5 minutes away. There are 2 further away from me...30 to one and 45 minutes to another. The closest one I hardly can buy anything there because they are SO expensive compared to what I feel is a "fair" price, and the one 45 minutes away keeps his coins locked up and only puts his jewelry in the display cases. If you want to look at coins you have to tell him what you are looking for and then he sends someone to the back to see if they have any. So I have to wait for the May or October coin show to come around or buy on ebay. |
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Moderator
United States
16679 Posts |
Montana,
They started out as a general coin shop, then got into estate buying and oil paintings.. Pretty expensive ones.
Rare sculptures and jewelry too and of course, bullion and rare coins.
swcoin.ecrater.com
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Pillar of the Community
United States
3843 Posts |
Quote:Shop B: I was there for about twenty minutes. A customer came in looking for supplies and purchased a few dollars worth of air-tites and flips. Another customer was inquiring about the value of some old change she had (wheat pennies, Jefferson nickels, and Ikes). I think the dealer offered he two times face which she declined. Went back to Shop B today and was pleasantly surprise that they were quite busy. 3 customers in the shop at the same time mostly buying. |
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Pillar of the Community
United States
1132 Posts |
I typically hang out in the LCS for 2 hours at a time. It's amazing walking in looking for something in particular & it not being in stock. 20 minutes later someone comes in & hawks some stuff and viola! I'm a happy camper.  |
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Pillar of the Community
United States
1068 Posts |
I think my LCS closed....
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Replies: 41 / Views: 6,571 |
First Page
Posted 01/03/2015 02:02 am
