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 Replies: 55 / Views: 7,218 |
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Valued Member
United States
327 Posts |
I started thinking about this after a recent purchase. This particular day, I needed an item immediately and could not wait for shipping. I went to my local coin shop for the first time since I had moved here. Fortunately, they had the item but as I assumed, the price was about 20% higher than I would have paid online and than another 8.25% for sales tax. But for that 28% premium, I met someone who is personable and has a lot of knowledge. Just in the few minutes I spent talking with him, he had already saved me a few dollars just in advice.
It got me thinking about another experience I had. A few years back, I got really into saltwater reef tanks. There was one local store owned by a guy who absolutely loved everything saltwater. But here again, his prices were high for both the fish and supplies. I began buying all of my supplies and even the fish online. Thousands of dollars on equipment, fish, etc. A couple of times I had emergencies and this guy would tell me what I needed to do to fix the issue. Occasionally, I would buy something but not much. Well, one day I had an emergency and called him up and the line was disconnected. Went to his shop and it was empty. It became almost impossible to keep the tank running without having emergency supplies and advice. I had to give up the hobby altogether.
That memory came back to me when I left this coin shop. I started to wonder if we, as collectors, have a responsibility to the local coin shop. Not a responsibility out of guilt, but perhaps a responsibility out of passion for this hobby we love. I have been to some coin shops where the owner is an unfriendly, arrogant, know-it-all. But that has usually been the exception and not the rule. Most that I meet are very friendly and it they aren't to busy, will strike up a conversation.
In the city in which I live, business's are closing down left and right. I wonder if every now and then, it's spending an extra $5 on a new proof set even if you knew your could have paid less online.
Just a thought.
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New Member
United States
12 Posts |
The knowledge that you get from people like the guy in the coin shop is worth the extra price, plus you don't have to pay for shipping and wait 3 days to get it!
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Valued Member
Canada
307 Posts |
Maybe it is just me but once you get to know a dealer and you have built up a rapport with them...after many purchases and lots of conversation I can now get most of my coins for the same price as ebay...remember dealers buy very low so they can deal if they want. plus as you say johnstac I met someone who passed on many words of wisdom and to this day any info I need from melt prices to putting an expensive coin on layaway is just a call away. as with any relationship usually you get out of it what you put into it |
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Valued Member
United States
397 Posts |
I see just the opposite with my local dealer. He's cheaper than most online sites - especially on bullion. Generally the shipping I would pay is equal to, if not more, than any tax I pay locally.
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Bedrock of the Community
United States
10284 Posts |
I can't say I ever had a warm and fuzzy feeling about any coin shop owner in all the shops I ever visited. None have ever earned my loyalty anyways. I know some people do have a friendly neighborhood coin shop in this forum but not me. I remember hearing stories about old timers sitting around and "throwing the bull" in places a long time ago but those days are gone. If you have a nice coin shop you can go to on a Saturday morning and talk about coins and have fun with the dealer and other regular customers, I think it is worth the extra bucks to deal there as often as you can. There are also a lot of advantages to visiting these shops even if they are a bit stuffy. You can see your coin in person before you buy and haggle ( maybe ) a little bit.
There was one coin dealer who owned a Grange building I used to go to on Sundays. It was really cold inside. I think he had some kind of portable heater in another part of the building but the coats were on inside. In the summer you baked. He was a talker and had lots of time and patience with me but he was so old that I only got to go there a couple years and it closed up. I think he got sick and died.
I think we are nostalgic people, us collectors as a whole, and we like to hang onto the old fashioned ways.
I think we collect to hang onto memories sometimes because things do and will change.
In a way, I sometimes wish the internet was never invented, it does have it's bad points. It is unfortunately Pandora's Box of technology. One day we will be helpless if the systems shut down for any length of time. I wish we didn't have to depend on it.
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Pillar of the Community
United States
2373 Posts |
I kinda like them cranky old codgers. It creates that warm and fuzzie atmosphere on the other side of the exit door(monster cherrypick in hand). He thinks he's got over on another newbie and you know he hasn't.  nlp |
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Pillar of the Community
United States
1213 Posts |
I have a local dealer I go to and I have found that, at least for bullion, he's less expensive that going online. He's also very patient w/ any dumb questions I have and has knocked off a few dollars here and there from my purchases. He's rapidly gaining my loyalty.
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Pillar of the Community
United States
2049 Posts |
Hard to put a price on being able to hold and feel what youre about to buy versus relying on 2D pictures on a computer monitor...just my 2 cents worth. :)
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Bedrock of the Community
United States
20753 Posts |
Quote:
In the city in which I live, business's are closing down left and right. I wonder if every now and then, it's spending an extra $5 on a new proof set even if you knew your could have paid less online.
A few such purchases would make little difference in the outcome of any such coin store. People that open a buisness and specialize in one product are asking for the end as soon as they open. With the massive competition of the internet and super stores like Walmart, the little guy just can't survive today. As an example many of the specialty stores that deal with renting or buying movies are fading away and/or going out of buisness. A Block Buster Video near me just closed their doors. Who goes there when you can today just download a movie free via the internet. The flea markets are full of DVD's of movies that are still coming out. Remember the Beanie Babies? Many small stores invested a lot of money on those and POOF, now worthless. There is a so called coin store in the center of Chicago that also sells stamps, antiques, coin supplies, books, stamp holders and on and on and on knowing full well they could never make it via coins alone. I've seen stores that specialize in popcorn, fudge, show shinning, etc also close their doors. Presently the coin collecting craze is at it's height but eventually if and when it slows down, the numerous small coin stores that opened just for this time will also fade into the past. Why drive to a store, use expensive gas, take a chance on an accident or flat tire when all you really have to do is turn on a computer. |
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Pillar of the Community
United States
2049 Posts |
Quote:
Why drive to a store, use expensive gas, take a chance on an accident or flat tire when all you really have to do is turn on a computer. Hmm...I can think of many reasons. -already mentioned the value of holding and feeling what you are about to buy -knowledge gained from talking to the dealer and other customers -not having to pay for shipping and possibly return shipping if the coin isn't quite what expected -there are plenty of risks when shopping online too (credit card getting hacked/id theft) which is far more serious than a flat tire |
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Pillar of the Community
United States
1304 Posts |
I have been buying online mostly. My local coin store is the only one around for a 100 miles. He knows that so his prices are on the high side. I go there about once a week and buy a few things, thinking I am helping him out. Never once when I have asked him if this is the best price he can give me on the coin, has he said, "Sure, since you are a once a week customer, I will give you a better price" I am not saying he has to everytime, but once in awhile wouldn't hurt. I am starting to believe that the only help I am giving him is expanding his billfold.
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Pillar of the Community
United States
581 Posts |
I always figured that loyalty gets loyalty
There are two dealers that come to mind that answer all my questions, look at all the coins I come with the question what do you think of this.
They also cut breaks and make deals. The one dealer sometimes gives prices off the cuff, that are incredible deals. These guys get My business. They are roughly 35 miles away from me. I do not mind the ride, as they are in an antique mall that has flea market outside and a farmers market as well.
On the flip side, there is another Market that the dealer fits the arrogant knowitall jerk.
Always miserable and surly, tossing coins on the counter, and ask for a deal or wiggle room on the deal, you get an adamant, arrogant, miserable, patronizing, snotty NO (with the pfft forcibly held back as well)
I no longer even look in his showcases as I walk past. Sad part about it, He is in such a location that He most likely won't go out of business because of all the ignorant people bringing in "Grandads collection" which he buys up for face and maybe a good percentage less than melt.
I tried to buy a coin from him once...ONCE. It was over graded and over priced and I got the aforementioned no.
If this particular dealer went out of business, I would laugh, giggle, sing, and dance semi nekkid in his empty parcel.
I buy from all sources if I can and I always look for the best prices...regardless.
I do also give consideration to the "nice guy" dealers
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Pillar of the Community
United States
4541 Posts |
i dont have any coin shops in my area. The closest thing I have is a flea market that doesn't have much and is always way overpriced. Most of the dealers are kinda arrogant like others have said. I remember going to flea Market in Raleigh and there is a guy up there that acts like he is doing you the biggest favor. I asked him one time what he was buying 90% at this is when it was at 13 times face. he said ill pay you real good. and went on for ten minutes about it until he finally told me 8 times face. I told him I was too if I could find it. I know he has to make money. but...
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New Member
United States
33 Posts |
I stil have a couple dealers that I am loyal to but for the most part I lost faith in them after I was hit by hard times a few years ago and tried to sell some coins. The way they lowballed me was despicable, I fully understand that they have to buy low and sell high to make a living but these arrogant dealers were offering less than melt on some $40 to $60 coins.
The whole experience taught me a lot as to what to do in case I have to sell and made me even more reliant on the internet to continue the hobby.
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Bedrock of the Community
Australia
21786 Posts |
There are two types of on line buying: 1) ebay and 2) from the website of a dealer. I am very wary of buying on ebay unless it is for a low priced item where the monetary risk is small. I really like to have the coin in my hand and look at it under a glass, before I commit to a big ticket item, where you can assess the coin for it's authenticity and grade. Can't do that on line, unless you are after NCLT, when close examination may not be needeed. Point 2) is the subject of discussion here. I will buy from a dealer on line, provided I know who they are. If they have advertised regularly in coin magazines, you should be able to bet that they have a good business reputation to protect, and so can be trusted on line. It is a good idea if you can to be able to attend as many of the big coin shows that you can, and speak to the dealers directly, you get a chance to look at some of their stock, and perhaps buy directly, but you can also establish some knowledge of them for yourself. It is then that I personally feel that I can subsequently deal with such people on line. However, the intending buyer is deprived of close examination of a coin he / she may be interested in. This is where the slabbing of coins becomes more of a cogent point, although I have seen reported that even the slabs in which the coins are enclosed have been fakes as well. |
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Bedrock of the Community
United States
20753 Posts |
Quote:
Hmm...I can think of many reasons.
-already mentioned the value of holding and feeling what you are about to buy
-knowledge gained from talking to the dealer and other customers
-not having to pay for shipping and possibly return shipping if the coin isn't quite what expected
-there are plenty of risks when shopping online too (credit card getting hacked/id theft) which is far more serious than a flat tire
All basically true. Basically only though since there are several other alternatives that produce even greater advantages. Coin Shows. Unfortunately in many places there are no coin shows or are not easily accessable to many for many reasons. However, if there are any coin shows in your area, they more than outdo any on line dealer or coin store. Many more coins, more competition means lower prices, more interesting people to learn from and many other advantages. Usually no taxes, no records of what you purchased or who you are. No postage, handling, insurances. The dealers only rent a small area for one or more days and that's it. A coin store must pay for rent or a mortgage, water bills, phone bills, gas bills, electric bills. Then they have building maintenance such as furnace or A/C, sidewalk shoveling or cleaning. Window cleaning and numerous other items and all out of profits from coin sales. Then there is that other one small item called food and supplies for their families and again, all from the sale of coins? This is why they MUST low ball you for purchases and sell to you for the highest possible price. The problem with a coin store is most people never stop and consider those factors. |
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Replies: 55 / Views: 7,218 |
Posted 08/10/2010 6:52 pm
