Local Coin Shop Loyality?

i go to my local bank every week

In my mind this has nothing to do with coins it has to do with money.

Not only my coin shop, but I support any local business I can (e.g. local pet store vs. petco, local gas station vs. Shell station, locally owned restaurant vs. mcdonald's, absolutly anything vs. Walmart, etc.) If I can keep the money in my community, than I am better off. I will pay more to keep the money in my community.

Am I changing the world? No. Am I saving the economy? Probably not. But, if I can put money in my neighbors pocket vs. some unknown person, then I will. If the guy sitting next to me in the church pew still has a job tomorrow, then I'll do what I can to help out.

If I can go to my local coin shop vs. the internet I will - even if I have to pay more. Sometimes, you can't. Sometimes, the only place you can get stuff is off of the internet or some huge Stuff-Mart store, but if at all possible, I would prefer to smile and shake hands with the business owner rather than the mail man.

Like you, I'm a member of both communities. Both have the same general moral attitude about buying locally, and like most people everywhere, both communities tend to buy high-ticket stuff more carefully and patronize locally for smaller, higher-margin stuff.

I'd say that there's a higher percentage of honest, upright, "good folks" in the bicycling community than the numismatic community, though. It's been my experience that almost all LBS's are run by riders, whereas many local coin shops are not necessarily run by collectors. The difference in passion is the difference in buying experience.

It's a rather different market. One has standards in pricing and inventory with a clear cut business plan. Coin shops however are ever changing with new inventory every day. Coins are graded by opinion and pricing could fluctuate day to day depending on supply and demand.

Tire prices don't instantly go up with rubber prices like silver does

I have three local stamp and coins I patronize occasionally.

Store Number One is run by a bunch of jerks. Why they still even have a store, I don't know, because the majority of their business is conducted online. They give the appearance of caring little for the walk-in customer, and the chick behind the counter has no personality whatsoever. I'll go there to sell junk silver, and maybe even pick up supplies (usually 2x2's), but that's about it. They really have little on display/available to buy, anyway, save for the latest RCM gimmicky junk. The place looks like it hasn't been cleaned in a dog's age, and they hardly seem to have any real time for the customer. In fact, they are more often back in the secured area of the store more often than they are in the area the public comes in.

They *used* to be a much better store, back in the days before the internet. In fact, they used to sell militaria as well, and I once picked up a bunch of WWII Stars from them, as well as a nice German helmet and a British helmet also. Back in those days (late 70s) they were in another location that was bright and airy, clean, with stuff well displayed, and a minimum of three staff behind the counter willing and able to talk to the customer.

You may know them as Gatewest Coin and Stamp. They advertise in the Canadian Coin News, and have an online store at ebay.

Store Number Two is run by a guy that is so inconsistent when he is talking to you, that most of the time, he can't remember prices he quoted you even a week earlier. I don't think he is doing all that well business-wise, because he seems to have more stock than income. He specializes in banknotes and ancient coins, the latter of which I have no real interest in. He has a huge stock of the former, though, but none of it is priced. His idea on pricing is to go through the latest Pick and charge the prices listed -- the full prices, at that, and if you think you are ever going to get a deal in bulk, forget it.

I once had a situation with him where I came into possession of a roll of 1991 Quarters. I called him on the phone to tell him that I was interested in selling, and I suggested that $400 was not an unreal price for them, considering that the roll had never been opened, although the plastic shrink roll had been torn on the side to the top of the top coin where someone checked the date of the top coin, and hence the roll. He was agreeable, and I told him that I would drop in after I got off work a couple of hours later.

I don't know what happened in those two hours, but when I came in, the price had suddenly dropped to only $200. I wasn't very gracous, and told him what he could do with his store. He does business as 4 Corners Coin and Banknote, and I haven't been back since.

Store Number Three is an old-time stamp and coin, run by an elderly couple. They are nice people, and keep the price of their supplies realistic, and will not hesitate to order in anything you want. I have bought a few stamp collections from him, as well as filled a few wantlists on occasion. The only drawback is that on his stamps, he goes at 100% of Scott Catalogue Prices. Coin-wise, he is reasonable, and under the counter, has no end to those little boxes of "3 Buffalos/$1.50" and the like. As well, he stocks nothing in regard to banknotes. The business is called North Main Stamp and Coin, and I would recommend it to anyone.

In the same vein was a store I used to patronize exclusively, until the owner got caught selling stuff that a friend of his that worked at the Winnipeg Mint would smuggle out: coins struck on the wrong blanks or drastically double-struck, etc. Last I heard, he was carring on business in Calgary. He might have been a little dishonest, but he was very generous to the bulk buyer, I'll say that.

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Wonderful topic!! Here's a newbies perspective. I have been interested in coins for 5 months now. I have visited the only local shop almost bi-weekly. The first couple of months were great. This is a high volume store (Jewelry and coins), with primarily internet sales. The owner isn't usually present, but his team is about 12 different folks. Only 3 coin people with adequate knowledge, the rest are let me go ask type of people. I don't like doing business there anymore. I'm in the grocery business, so I know and live off of customer service, but in no way do I require maintenance. But they lost their service somewhere. I usually emailed them a lot of questions, and usually got quick answers. But the answers never stuck. For instance (my question), I have been buying wheat cents by the bag, how much do you buy the unwanted ones back for. I got the answer of I would be willing to pay 4 cents a piece. So I take 2000 in on Monday,get 4 cents a piece and get another bag. I send my wife in 3 days later, the guy who quoted me 4 cents is off that day, no one knows anything about it, the price goes back down to 3 cents a piece. That is when I quit giving them my business. I go from time to time to get supplies but that's it. I have no dabbled in coin buying online. I bought a couple of cents from Coppercoins (great experience!), and have just ordered a few IHC from another dealer on another forum I lurk in. I do not know where I will be buying from in the future, but surely not my local shop.
BD

Great point that I failed to mention.

We have something close to that with regards to ebay sellers:

Recommended Sellers

Discouraged Sellers