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What Do You Like About Your Local Coin Shop?

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Valued Member
coinshopworker's Avatar
United States
61 Posts
 Posted 08/12/2010  8:34 pm Show Profile   Bookmark this topic Add coinshopworker to your friends list Get a Link to this Message Number of Subscribers
Hello - I'm looking at becoming a coin shop owner vs. a coin shop worker. I saw on the "I love my coin shop" posting some great ideas. I'd like to know if you could tell me some more ideas that might help me make my store a positive experience for collectors. I see clean and friendly (I would have thought that was obvious, I'm sorry to hear it isn't) seem to be keys, but anything creative that your shop does that you like would be great.
Pillar of the Community
tumbleweedtrumpet's Avatar
United States
1418 Posts
 Posted 08/12/2010  8:41 pm  Show Profile   Bookmark this reply Add tumbleweedtrumpet to your friends list Get a Link to this Reply
Just friendly, and great prices.
Valued Member
United States
110 Posts
 Posted 08/12/2010  8:49 pm  Show Profile   Bookmark this reply Add Griffin Coins to your friends list Get a Link to this Reply
My favorite local shop has an electronic lock that doesn't buzz, and even though I know I am locked in or out, to me, it isn't as obnoxious as the ones that make a buzzing sound when they are unlocked.

Also, he has 2 comfy chairs in the corners. They are mostly so when his mom and dad (he bought the business from his father) come on (which they do regularly) they have a nice place to sit. But as someone who grew up with a father who hit the bid boards every sunday, and would spend hours looking through world coin boxes, I know what it's like to have to wait on someone spending an awful lot amount of time doing something he loved. While he could have been sitting on the floor, or an uncomfortable stool, and been fine because he was participating in his hobby, having somewhere comfortable for the tag alongs would be a good idea.

Third, he has a TV on the wall that is used for a.) watching of the markets, as people who invest in coins generally want to see how the economy of the stock market and bullion prices is going. He also uses it to make his regulars comfortable (one guy comes in to watch an inning or two of the padres games with him on an almost daily basis). Would again be good if you had a regular come in with his/her kid(s) to keep them entertained, instead of bored and hanging on their parent "When can we leave?"

On another note, if you are thinking about this, I would definitely get your gun license, and find out what your state's carry laws are. At this shop, the owner carries at all time when in the shop. While it was a bit of a shock the first time I saw it, it quickly made me think about the fact that he is serious about his work, will protect it, and if I am in there when someone thinks about robbing it, I have a retailer who won't let myself get robbed either. A definite advertisement of "Don't rob me." Makes me actually feel safer when I am in there than other shops in which I worked.
Edited by Griffin Coins
08/12/2010 8:50 pm
Valued Member
coinshopworker's Avatar
United States
61 Posts
 Posted 08/12/2010  8:57 pm  Show Profile   Bookmark this reply Add coinshopworker to your friends list Get a Link to this Reply
My daughter suggested chairs - I think that is a great idea and you helped me make up my mind, thanks! No buzzing door, I 100% agree. The TV is a great idea, I will be doing that once I can prove the business will be viable - keeping the expenses low to start. Finally, I appreciate the gun idea. My shop has been open 30 years and never robbed (the door is open in cool weather, low crime area SO FAR) so I think I might go with a bat under the counter for safety sake. Thanks a lot for your constructive comments!!
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specksynder's Avatar
United States
1080 Posts
 Posted 08/12/2010  9:01 pm  Show Profile   Bookmark this reply Add specksynder to your friends list Get a Link to this Reply
several tables for sorting through the bins of foreign coins or the boxes of junk silver.

The friendly, welcoming atmosphere is the big deal. They never make me feel like I'm in the way or taking up their time.
Valued Member
coinshopworker's Avatar
United States
61 Posts
 Posted 08/12/2010  9:25 pm  Show Profile   Bookmark this reply Add coinshopworker to your friends list Get a Link to this Reply
Thanks!
Valued Member
United States
110 Posts
 Posted 08/12/2010  9:48 pm  Show Profile   Bookmark this reply Add Griffin Coins to your friends list Get a Link to this Reply
ahh, another one what with the table comment for sorting through junk bins. All shops I've worked in basically had glass cases, and no where that I felt completely comfortable to sort on, afraid of scratching the glass and all. One dealer I worked for had a number of velvet trays for himself and customers to sort on, to keep the coins from being directly on glass, giving them a soft surface so they weren't damaged, and also, they had frames to make it just that little bit harder for someone with slippery fingers to slide something off the table and into their pocket
Bedrock of the Community
United States
20753 Posts
 Posted 08/13/2010  11:49 am  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply
To start with read the posts from the Future of Brick and Mortar coin shops now right here in this forum.
Also, read all the other posts about coin shops and sit down and try to figure out why they are good and why they are bad.
The main thing to remember is if your going to sell one item, make sure you have a really great cliental. Remember you will need a profit to pay for the store, A/C, water bills, phone bills, electric bills. Then too there is that thing called maintenance such as new lamps for light fixtures. Then of course there is the alarm systems, advertising, food, etc. And of course if this is to be your only income, remember you will need money for where you live also unless you plan on living in the store.
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Tim Stroud's Avatar
United States
2661 Posts
 Posted 08/13/2010  3:14 pm  Show Profile   Bookmark this reply Add Tim Stroud to your friends list Get a Link to this Reply
I love mine because Berry (shop owner) is very knowledgeable and helpful. I will go into his shop just to shoot the breeze with the guy. He has prices on most of his inventory. I went into the shop one day and he handed me a one gallon zip-lock bag about 3/4 full of darksiders and told me to take it home and pick out what I wanted and bring the rest back. How many people do you know that would do that? I did return what I did not want and also added to it with some of the 100's darkies I have in a large tub up on my desk. Lastly, if he does not have it in the shop he search high and low to find it. The guy searched for three weeks just to get me a 64D Kennedy.
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Napoleon31ft's Avatar
United States
528 Posts
 Posted 08/13/2010  3:21 pm  Show Profile   Bookmark this reply Add Napoleon31ft to your friends list Get a Link to this Reply
You want really good lighting and somewhere to sort coins.
Also pay fair prices but learn what the market is doing and pay by that. The market is flooded with proof sets so if you are paying %80 of bid on them you will have a hard time turning a profit.
Try and make sure there is always something new to look at and close the store and go to any LOCAL coin shows. Always be at the local ones.
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Scooby Due's Avatar
United States
4000 Posts
 Posted 08/13/2010  3:37 pm  Show Profile   Bookmark this reply Add Scooby Due to your friends list Get a Link to this Reply
How about if I tell you what I don't like about my local coin shop.

I have been collecting for a little less than a year now and started with my change jar. Looking for anything collectible even though I really didn't know what I was looking for. I spent my first couple of months collecting here at CCF, trying to learn what I could.

When I was finally ready to set foot into a coin shop, I went to the closest one to me. I guess through my first couple of dumb questions, it didn't take them long to figure out I was a newbie and they completely lost interest in helping me whatsoever. I even gave them a want list of several coins and a couple of books and have still yet to receive a call!

I kept going back a few times and even bought coins that I didn't even want or need, thinking that if they seen me spending money they would take me a little more seriously.

Well, that never happened. So, after that I only went there long enough to buy supplies only (which probably by now had only convinced them not to take me seriously). But, now I don't even do that anymore. I just order supplies online now.

It's a real shame, because even though I still have a lot to learn, I've learned a lot and have been spending a lot of money on coins. Money that could have been going to them.

So, I guess my point is, try spending as much time with the newbie as you would the seasoned veteran. The newbies are where the seasoned veterans come form.

Sorry, didn't mean to vent.
Valued Member
coinshopworker's Avatar
United States
61 Posts
 Posted 08/13/2010  6:38 pm  Show Profile   Bookmark this reply Add coinshopworker to your friends list Get a Link to this Reply
Thanks to everyone. And venting is ok, I'm amazed that customer service isn't a priority to EVERYONE that owns a business. I was aware there is little to no wholesale market on proof sets, but I appreciate the heads up. The space I'm looking at is well lit, nice carpeting, good traffic, and nice signage. And if you have a shop with a gimmick or idea you like that hasn't been noted in another string, just let me know!
Valued Member
United States
460 Posts
 Posted 09/05/2010  1:16 pm  Show Profile   Bookmark this reply Add dumprat to your friends list Get a Link to this Reply
My only local coin dealer is the Littleton Coin Company. And with their prices, NO WAY will I buy from them!
Bedrock of the Community
United States
20753 Posts
 Posted 09/06/2010  11:16 am  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply

Quote:

Thanks to everyone. And venting is ok, I'm amazed that customer service isn't a priority to EVERYONE that owns a business. I was aware there is little to no wholesale market on proof sets, but I appreciate the heads up. The space I'm looking at is well lit, nice carpeting, good traffic, and nice signage. And if you have a shop with a gimmick or idea you like that hasn't been noted in another string, just let me know!


Customer service may not be a priority to many, but sure can make people never come back even if prices are fantastic.
One thing to remember is to become a little versatile. By that I mean you should try to figure out what the people in that area might also be interested in besides coins, coin products, etc. Actually many coin only stores fail due to only one type of individual for a customer. Attempt to carry some other hobby type of items to attract others besides coins only. I've seen so many places attempt to specialize in one item and either fail or become more versatile. For example a place I saw tried to sell only Muffins but eventually added on Orange Juice, other juices, donuts, tec. One massively large coin store I know of also sells stamps, antiques, sporting cards, etc. Remember not everyone collects coins.
As to customer relations. A coin store I was in and while looking at coins in the display case I was told by the lady behind the counter, sorry, it's lunch time for me, and walked away. Eventually someone else came out from the back but I was now leaving. And never went back.
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Libertad's Avatar
Canada
3692 Posts
 Posted 09/06/2010  1:05 pm  Show Profile   Bookmark this reply Add Libertad to your friends list Get a Link to this Reply
Friendliness and know-how are factors. The more a person can tell me about it without resorting to cheap sales tactics, the more interested I am in obtaining a piece of history. Sometimes you have to sacrifice cost for quality.

I've never seen a coin shop with a TV before. Pretty fair and handy (Business updates)!

Also, I always respect a person who "saves" or protects their investments.

Friendly know-how is the takeaway. An extra buck or so goes a long way in terms of respect. You want to keep these likeable people in business, correct? You wouldn't want a " Walmart" of a coin shop. They just wouldn't know how to help you and they would flood the market with cheap knockoffs.

(Are 64D Kennedies that hard to find?)

Oh, and keep the showcases fresh. New arrangements and items keep the regulars hooked. Chairs are good, too, who doesn't like chairs?
Edited by Libertad
09/06/2010 1:13 pm
Valued Member
United States
460 Posts
 Posted 09/07/2010  5:34 pm  Show Profile   Bookmark this reply Add dumprat to your friends list Get a Link to this Reply
I remember one shop I went to had a table with a few loops so people could look at the coins closer. I agree that a TV would be good.
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