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1st Visit To Coin Shop

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New Member

United States
12 Posts
 Posted 11/19/2009  9:59 pm Show Profile   Bookmark this topic Add hcspeed to your friends list Get a Link to this Message Number of Subscribers
I looked around at the local coin shop 4 the first time today it was a bit humbling.I saw coins that looked worse than some of my best commanding higher than expected numbers.and alot of coins way better than what I thought were my finest bringing little over face value ,the shop keeper was very nice and offered to look at some of mine for his opinion of what I have , but I hate to be a bother ,I bought some 2x2s ,but I feel like a good customer would get honesty over a tire kiker , should I go back and buy that stack of sequential $2clean bills before I take some coins in to be graded? ( really like those bill)but don't no what a fair price would be should I try to negotiate?
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daviscfad's Avatar
United States
4541 Posts
 Posted 11/19/2009  10:22 pm  Show Profile   Bookmark this reply Add daviscfad to your friends list Get a Link to this Reply
depends on the year and his asking price for the 2 dollar bills. Personally I would not buy 2 dollar bills from a coin shop if they are 1976 or 2003 series. I believe the bank can order you a brick of two dollar bills if you want a lot. I think a brick is 2000 worth but not sure. they even might have some in the vault the will sell you at face. Remember to always check at banks for modern money. you even find some good old stuff every now and again. Some things your bank might not be able to get, but some stuff they will.
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Saruma's Avatar
United States
968 Posts
 Posted 11/19/2009  11:01 pm  Show Profile   Bookmark this reply Add Saruma to your friends list Get a Link to this Reply
Make sure you are comparing apples to apples when you compare his coins to yours. If you have a 1909 VDB penny in an exceptionally nice condition, say MS-63, it should be worth about $30 ( Red Book value). If the coin dealer is selling a 1909-S VDB penny in "fine" (F-12) condition it will look MUCH worse than your coin, but is worth nearly $1000.

There are two primary features of a coin that determine its value, condition and rarity. Chances are the high priced, low condition coins were rarer than the less expensive but nicer looking coins.

It wouldn't hurt to have him take a look at your coins. If he is a decent guy it won't matter if you buy something from him then or not. He can probably tell you are new to the hobby and may want to help you out. Of course, he probably hopes that his good customer service will make you more likely to shop there, but don't buy something for the sole purpose of having him grade the coins.

That being said... if he offers to buy some of your coins after grading them don't do it then and there. Some unscrupulous dealers will take advantage of unknowing person with a valuable coin by lying about its worth. They might say you have a coin worth $100 and offer you $80 for it. That would be a good price, unless the coin was really worth $500. I'm not saying he will be dishonest, just that you need to independently verify any offer he might make as reasonable.

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John1's Avatar
United States
56855 Posts
 Posted 11/20/2009  08:50 am  Show Profile   Bookmark this reply Add John1 to your friends list Get a Link to this Reply
If you feel obligated to buy something when you go to this coin shop buy a reference book and then the next time you go there buy a price guide. Some shops sell out dated coin magazines, buy one of those or even buy some lower priced coin supplies. Newbies should take baby steps and yes you will make a bad buying decision , we all have, live and learn . Feel out this shop owner, your gut will let you know weather to trust this person or not. Hope this help some,
John1
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CoyoteMoss's Avatar
United States
116 Posts
 Posted 11/21/2009  06:07 am  Show Profile   Bookmark this reply Add CoyoteMoss to your friends list Get a Link to this Reply
Don't think I would take anything in for him to look at until I established some relationship with him. If you see things you want to purchase then by all mean do so and pay attention to how much educational information he provides on your purchase and/or on maybe the series your collecting. Not all coin shops or dealers are bad. He may be just attempting to find out your collecting interest so that he can be on the look out for things you need. Or he may be attempting to find out if your just someone who got bored and dropped in share tale tails about an non-existant collection. Buy low - sell high --the motto of every business and if your coin shop owner doesn't do that = then that may have been your last visit. Your job is to make sure you pay a fair price. Education is key! If he offers a lot of information on a potential purchase and your considering the item based on that information only. Don't buy it until you know the info to be true. Proceed slowly and build a relationship slowly.
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