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 Replies: 55 / Views: 7,226 |
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Pillar of the Community
United States
2049 Posts |
Quote:
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. Agree with your statements. I'm lucky to be in an area where there are 3-4 coin shops within 10 miles, and another 2 within 20 miles from home. I can usually find what I am needing at any of those shops. We don't have many coin shows though. I think it's about one every 3 months here. I would love it to be more on a monthly basis but 3 months isn't too long to wait I guess. There are monthly shows in Milwaukee, Rockford, and Chicago so those are close enough to attend if I can't wait 3 months...lol. |
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Moderator
 United States
188513 Posts |
I prefer buying direct from dealers in person. Not including US Mint purchases, I have never bought a coin online and I do not think I ever will. However, it has been at least five years since I stepped into a coin shop. All of my recent coin dealer visits were at coin shows.
I believe their future may lay in the shows and not the shop. There are a few dealers that I see at the shows that no longer have a B&M presence; they are strictly coin show dealers now (however, I do believe that at least one of them has an online presence as well).
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Valued Member
United States
85 Posts |
Any business can survive if they can adapt to the needs of the client base. I thought my local dealer was way out of line on his silver buy price, about 30% below current melt. And he was double what I could get my supplies for on-line. But I am sure he met the needs of other collectors that are in a different postion than myself. I agree greatly in principle to what you are saying. I buy domestic cars, but learned my last Ford truck was actually assembled in Mexico ! If you don't support your neighbor, he cannot support you. Something more of us Americans need to consider if we are to survive as a nation. IMHO
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Pillar of the Community
United States
1801 Posts |
What a great thread. I have been buying coins from one coin store for over 30 years and have developed a great relationship with the owner. I get better deals than any online seller, get higher prices when I sell than any other dealer and in return refer lots of fellow collectors to the shop. It is a mutually rewarding situation. I think the best move a collector can make is to establish a strong relationship with one or more dealers that are willing to share information and help you with your collection. I buy from other dealers as well, attend several coin shows a year and even buy/sell with other members of our local coin club but the backbone of my collection has come from the one shop. This dealer knows what I collect, knows what I like and has even called me from auctions he is attending in other countries to tell me about a coin that he knows I would like so we can discuss him bidding for me. His fee is fair for buying the coin for me and I have always been happy with the coins he picks out. On another note, his shop is busy all day everyday with people buying and selling coins and he does the national coin show circuit as well. This hobby is going to be around for a long time and there will always be a place for the local coin store that provides knowledge, service and excellent coins at a fair price.
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Bedrock of the Community
United States
20753 Posts |
Quote:
We don't have many coin shows though. I think it's about one every 3 months here. I would love it to be more on a monthly basis but 3 months isn't too long to wait I guess. There are monthly shows in Milwaukee, Rockford, and Chicago so those are close enough to attend if I can't wait 3 months...lol.
Monthly shows in Chicago? If you can get to this area you may find there are a minimum of 4 coin shows a Month just outside the Chicago area. The 1st, 2nd, 3rd and 4th Sundays of every Month, all year long and even on Holidays. One is rather a large one at a Suburb called Countryside. |
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Pillar of the Community
United States
2541 Posts |
I have a feeling that B&M's are going to continue to decline as the overhead will kill them. I love coin shows because of the amount of inventory they have and also the fact that I prefer to hold coins and look at them before I buy them. I have a feeling that some dealers will end up going the model of solely attending shows and doing some internet business.
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Bedrock of the Community
United States
20753 Posts |
As to add one more thing about the Chicago area, occationally there are some rather real large coin shows in the area. An international one that is usually at the Rosemont Convention Center is a bit on the smobbish side though. That one really is lousy although very massive. You have to pay to park, pay to get in and the dealers are rather rude, snobbish people. There have been some addtional large ones at a suburb called Tinely Park too but never seam to know when.
Many of the dealers at the other standard repeat shows are repeats so you can get to know them very well and even order certain coins if they can find them. One dealer travels the entire country for shows since that is his only buisness. Usually has 3 tables just for his stuff. Parking at those shows is free, entrance is free, coffee really lousy and you have to pay for that. Supposed to start at 9AM but really crowded by 8:30AM. I keep asking people there if they ever use CCF and so far no luck or no one wants to have me know that.
If you want to know more about them just type in Illinois coin shows in Google.
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Valued Member
United States
397 Posts |
We get one coin show a year here in Austin. San Antonio has a few more - but that's a good 75 miles away. Theoretically, I suppose I could get to one every weekend in Texas - but I would be putting hundreds of miles on my car every month.
I was lucky enough to find a local B&M shop that I am going to continue to frequent. But I too know several people who are only doing the coin show circuit. Most of them have a website as well.
From what I'm seeing though - brick & mortar shops are far more into bullion than they are into coins. My local guy has maybe 20' of display cases, mainly holding silver dollars. Guess what he sells more of? Bullion. If you want coins, websites and coin shows are the place to be.
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New Member
United States
6 Posts |
Considering the shipping costs, the prices at my local coin shop are very reasonable. Just the other day I bought a roll of War Nickels for $0.80 a piece, $0.20 under their melt value! Its also fun to dig through the foreign silver coins bin (they are 10% over melt value). Overall its a fun experience going there. |
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Valued Member
United States
420 Posts |
i finally found a pawn/gun/coin shop in my area.. can't wait to go back and get the Browning... ummm look at more coins !  |
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Bedrock of the Community
United States
12437 Posts |
My local coin shop survives on its thriving bullion business. They are one of the largest buyers of gold and silver scrap in the St Louis area so that helps the coin side of the business to survive. The shop has an active bid board with 15-25 people present on any given Monday evening bidding fast and furiously  The shop has also been a family business for 40+ years, from father to son(mom still comes in to answer the phone, she in in her 90s). |
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Valued Member
United States
61 Posts |
I would respond as someone who has collected for 30 years, and worked in a shop with a dream of opening a store in the next year, that you stated it correct, there will be a number of expenses that I have to cover. You also seemed to complain that the dealers do many things, ie supplies, stamps, etc. Hopefully you see why. I disagree that I MUST lowball on purchases and sell for the most possible. I am not saying I can be the low cost provider worldwide (internet) but I think I can be fair, diversify into related areas, and remain knowledgeable and honest about coins. And remember: Customers can be jerks too, and there have been a few we've had at the store I at which I work that I wished would buy a oomputer. But I serve them with a smile because I'll never be rich enough to only wait on the customers that care about their community and have a personality.
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Pillar of the Community
United States
2049 Posts |
Quote:
Customers can be jerks too, and there have been a few we've had at the store I at which I work that I wished would buy a oomputer From working in a coin shop myself, I will 2nd this 100%. We had one guy in particular that wasnt really a jerk per se, but was constantly expecting deals on the buy side, and when he sold to us. The final straw for us was when he expected us to sell Engelhard Prospectors to him at spot price. Keep in mind, we sold NOTHING at spot price and certainly werent going to sell Prospectors at spot to a retail customer. We wouldnt even sell these at spot to another dealer. At that point we cut him off from any negotiating and put hard line prices into place for him. Some customers have an entitlement attitude which I didn't get, and eventually lost any and all priviledges for deals. |
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Pillar of the Community
United States
602 Posts |
I totally support the local coin shops. No franchises there that I know of. they are one of the last hold outs. Other than the pawn shops which are a joke. WOLF
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Valued Member
United States
61 Posts |
Thanks coinhunter. I appreciate knowing I'm not the only one that has these experiences. I had a customer just yesterday SHOCKED that we were spot + 90 on Gold eagles. Check Coinnet; dealer ask is spot + 45! If we can't make $45 on a $1200 transaction it will be tough to keep those lights on. I would like to have him check the markup on his tv. 4% will start to look pretty good.
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Replies: 55 / Views: 7,226 |
First Page
Posted 08/11/2010 10:15 am
