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 Replies: 15 / Views: 2,754 |
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Pillar of the Community
Norway
1358 Posts |
Something's happening and I'm not sure what it is. Maybe some of you know more about what's going on.
I have a few local coin shops. Some are abroad but visited frequently enough to call them 'local'. Some of them only accept cash and with those I have a deal that I pay cash up to a certain amount or do a bank transfer for larger orders.
I visited those shops recently and got very shiny, UNC and even proof coins in change. It turns out that -and trust me, they don't know each other- both of them found out that those coins are worth more to them when using them in the cash register than in mint or proof sets. Apparently no one buys those sets anymore, so they just end up on the shelves for a few years, which costs money. Strange enough, commemorative coins are apparently hotter than ever. And also individual coins by year still get sold. This seems to happen simultaneously in both Norway and The Netherlands. I'm a bit surprised and puzzled by this. Does anyone know what's going on?
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Valued Member
Canada
206 Posts |
No clue what is happening, but certainly interested in following this discussion!
How old were the coins you got in change and what do you mean by ''individual coins by year still get sold'' ?
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Pillar of the Community
United States
7375 Posts |
Maybe it's a bit of a marketing plan.
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Moderator
 United States
187702 Posts |
I have had this happen before at coin shows. Dealers break up mint and proof sets, separating out the gem coins for sale, but giving the dinged and otherwise damaged ones out as change.
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Pillar of the Community
 Norway
1358 Posts |
Quote:
what do you mean by ''individual coins by year still get sold'' ? Coins taken from a roll, for example. It's really funny, in a way: If I want a coin set from a few years back then I pay maybe 10% over face value, but if I buy the individual coins, taken from a con roll, then I pay about 50% to 500% over face value and I don't have a package to keep them in... Quote:
I have had this happen before at coin shows. Dealers break up mint and proof sets, separating out the gem coins for sale, but giving the dinged and otherwise damaged ones out as change. Sounds plausible. I haven't seen them break out the packages myself, I just noticed proof coins and MS-65+ coins in change. So that's what got me started. I'm just wondering if anyone will pay more for an individual gem coin than for a gem coin in a coin set? Probably only when doing proper marketing? Edited by UltraRant
09/24/2017 05:37 am
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Valued Member
United States
261 Posts |
There's a coin shop near me that I've made two purchases. I'm not in there enough for him to know me. Both times he gave me undated buffalo's, common wheats and a UNC 1964 LMC as change. In my opinion he's doing it to keep me coming back. Marketing tool for sure. |
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Pillar of the Community
 Canada
1768 Posts |
My local coin store does not go that far as to break up sets, but he does have high quality change, and I think he even holds the nice loonies to give to me. I like it.  Good marketing tool for sure. "We are poor little lambs...who have lost our way...Baa...Baa...Baa"
In memory of those members who left us too soon...
In memory of Tootallious March 31, 1964 - April 15, 2020
In memory of crazyb0 July 27 2020. RIP.
In memory of T-BOP Oct. 12, 1949 - Jan. 19, 2024
Edited by loonielewy
09/24/2017 12:39 pm
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Valued Member
United States
330 Posts |
Doesn't especially surprise me... when I was a kid a coin shop once gave me change in older (common) wheaties and an undated, mutilated Buffalo nickel. Nowadays I realize that mutilated Buffalo nickel was one that someone had just started turning into a hobo nickel, actually. |
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Moderator
United States
187702 Posts |
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I'm just wondering if anyone will pay more for an individual gem coin than for a gem coin in a coin set? Probably only when doing proper marketing? Individual coins always sell for more than they do as part of a set. I have no problem buying and breaking sets since I need them all, but not everyone collects all denominations. Someone who only collects half dollars may not want to have to mess with liquidating the unwanted coins. Sure, they could spend them just as easy as the dealer hands them out in change, but I think it is a mental thing. |
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Pillar of the Community
United States
8137 Posts |
He's probably doing that to free up space in his shop. We have the same problem at the shop I work at, where we have several large Banker's Boxes full of proof and mint sets that we can't sell because no one wants them or the boxes are in really bad shape. Our solution so far is to break them apart and make rolls out of them to sell on ebay. At the very least, they take up a whole lot less space when they're in rolls. |
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Moderator
United States
187702 Posts |
Quote:Our solution so far is to break them apart and make rolls out of them to sell on ebay. At the very least, they take up a whole lot less space when they're in rolls. That is a good idea. You will be ready if the modern proof market ever becomes more profitable. |
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Pillar of the Community
United States
509 Posts |
I've received proof and UNC coins, 2 dollar bills and even beat up silver certificate for change at the LCS I used to visit before he retired. I never received one, but I know he gave an IKE as change to a guy while I was there. I believe this was a regular customer, who came in to buy Ikes regularly
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Moderator
United States
187702 Posts |
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I never received one, but I know he gave an IKE as change to a guy while I was there. I believe this was a regular customer, who came in to buy Ikes regularly That would have made me happy.  |
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Pillar of the Community
Norway
1358 Posts |
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Individual coins always sell for more than they do as part of a set. Must be an American thing. Here, a 20 kroner from any of the last 20 years will cost you 30 kroner, no matter the quality. So even MS-70 would sell for that. Quote:Our solution so far is to break them apart and make rolls out of them to sell on ebay. At the very least, they take up a whole lot less space when they're in rolls. That sounds like a smart solution in the US. Here in Norway and Netherlands, bank rolls are usually only used and ordered by high cash turnover institutions, as bank rolls cost quite a bit of money (handling, shipping, administration, etc). As such, you rarely/never see an individual with a coin roll here. |
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Moderator
United States
187702 Posts |
Quote:Quote:
Individual coins always sell for more than they do as part of a set. Must be an American thing. Here, a 20 kroner from any of the last 20 years will cost you 30 kroner, no matter the quality. So even MS-70 would sell for that. I was speaking for mint issued sets. I can almost always buy a mint set in the OGP cheaper than individually buying each coin that is in that set. The question is do I need every coin in that set? If not, I will pay (relatively) more for the coins that I do need so that I do not have to worry about disposing the others (even though I could make some profit if I took the time ). |
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CCF Advertiser
United States
1533 Posts |
You can break up proof sets from the 60's and sell the nice Franklin halves for more than the set price. I do it all the time. The proof pennies and nickels are just a by product. I've tried to get creative and sell runs of them, like a date set from 56-63 or something to just get rid of them. I wouldn't fault anyone that would just give them away in change. As for Silver Certificates, if you want to buy at $1.10 to sell at $1.40, its your time to spend. Again, I wouldn't fault anyone that would choose to just give them away in change. |
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Replies: 15 / Views: 2,754 |
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Posted 09/23/2017 10:16 pm
