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 Replies: 37 / Views: 4,392 |
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Bedrock of the Community
United States
10635 Posts |
So today I made it to the main coin store in my area... I had not been there in about ten years. I went to the area they keep their coins on display... rows and rows of unstabbed coins in 2x2 cardboard holders in glass display cases. In the past, they had their prices on the holders, but now, none of them have prices. They had a nice range of grades and dates on their Mercury dimes, and I have a few hundred bucks burning a hole in my pocket... let's find a salesman. It's a good size store, and I see customers standing in line eight deep, all holding large bags. Come to find out, all these people are waiting to sell their old silver coins and gold jewelry... pounds and pounds of it! I love the sound silver coins make hitting a hard surface... these people had bucketfuls of it! The retailer was so swamped they were collecting all the coins from each customer and placing them large bins and telling the customers to come back tomorrow for checks! I would love to cherrypick all those coins! Holy cow! Other salesmen were helping people buy gold, mostly Maple Leafs from what I heard, mostly to first time gold buyers, so it was taking a great deal of time. When I finally got a salesman to help me after about an hour of waiting, he explained that their guy who usually grades and marks prices on the coins I was interested in hasn't been in for 3 or 4 months now, and as terminal cancer, so they don't expect him back anytime soon. The salesman said I could select the coins I was interested in, and he'd have their experts in the back take a look at them and give me prices on them, but it would take a few hours. A few hours? Really? So it seems that coin dealers are now only bulk buyers and sellers of gold and silver, and at least in this coin store, coins are not a priority any longer. ebay has it's drawbacks, but it seems to me it's more user friendly. If you find good pics and check out the seller's feedback and find fair shipping prices, well, at least for me, ebay is the way to go. -Les |
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Pillar of the Community
United States
609 Posts |
Where are you located? We have a local coin shop where I live that hardly anyone knows about. He's got a little of everything.
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Valued Member
United States
397 Posts |
I've found the same thing. Coin stores are really coin stores anymore - they're bullion dealers. We just had a new coin store open up close to me - it's so small though and located in one of the pricier strip malls...I'm afraid it won't last.
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Valued Member
United States
309 Posts |
That is sad. The wisdom that comes with being able to talk "shop" with an actual coin dealer professional is being pushed out by the quickness and efficiency of online shopping. It's that way with all business though. No more comic shops, no more real music shops or arcades. Heck, there isn't even a legitimate bookstore in this little town/city I live in, not to mention no coin shop. I have to drive two hours just to reach the door of a coin shop. It's online auctions and order online. Wish I had a shop to go to, even just to chew fat.  |
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Bedrock of the Community
Australia
21786 Posts |
From where you guys stand, you are looking the right direction. If a coin is offered without a price indicated, you have to have the same pricing skill as the dealer. Dealers are supposed to be professionals, collectors usually are not. That much of a dealer advantage in the shop as described would be too much for me. At least with a postal auction or ebay, you can take your time to consider what you are prepared to pay, and refer to price lists on the Net. I collect coins, not bullion. The shop as described can no longer serve MY needs. |
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Pillar of the Community
United States
4085 Posts |
I think there is a lot of truth to what you are saying. Last time I went to my local dealer he said the same thing - it's all about bullion now. Luckily they weren't too busy so he was happy to actually talk about coins for a change he said. I do a lot of shopping on ebay also and do like it for many of the reasons you said. |
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New Member
United Kingdom
29 Posts |
I'm buying most of my coins from ebay. There is also a good return policy if you are unlucky to have bought a fake. |
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Bedrock of the Community
United States
17884 Posts |
This is my second time seeing this. The same thing happened back in 1979 and 80. The run up wasn't as steep this time, but it is lasting longer.
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Pillar of the Community
United States
1391 Posts |
"I collect coins, not bullion. The shop as described can no longer serve MY needs."
In some ways it can serve you more now. If you know what you are looking for at least. I have been picking up a lot of things under spot and saving them from being melted down. Seems everybody is just thinking bullion. I'm finding all sorts of things come out of the woodwork.
Of course I understand not wanting to screw with it. I have a Linux friend who is always tinkering with his computer and is always talking about how great it is. By this point in my life I just want my computer to work. I don't want to tinker with it. At any rate, not a criticism, just saying there are a whole bunch of opportunities out there now that people are selling off coins their grandparents collected to pay the rent or even buy new iphones.
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Bedrock of the Community
United States
12437 Posts |
Quote:
So it seems that coin dealers are now only bulk buyers and sellers of gold and silver, and at least in this coin store, coins are not a priority any longer. It is currently almost impossible for a dealer to operate a fully functioning B&M store solely on the profits of retail numismatic coin sales. Gold and silver bullion is where the money is at and if your shop was not dealing in PMs, then you could have very well showed up at a boarded-up storefront after a 10 year absence. |
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Bedrock of the Community
United States
14454 Posts |
we have no coin stores anywhere near me so I have always had to rely on online sellers for my purchases. it really stinks because I would love to have a local guy I could get to know and them get to know me where they would know what I am looking for and call me when it comes in or what ever. Since day 1 I have bought ALL my coins online except for the one coin show I went to where I bought the 3ยข silver for my 7070 album and a few other odds and ends like a couple love tokens and a gold and silver panda and my very first Britannia
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Pillar of the Community
United States
830 Posts |
Just be glad they are still open at all, my local store is now closed and just runs a big internet business ( APMEX) |
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New Member
United States
48 Posts |
That wouldn't happen to have been SilverTowne would it? Sure sounds like it. I've been there twice and will never go back. It's a complete zoo in there. That said, they are very reputable and I wouldn't hesitate to buy from them; just not in person.
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Pillar of the Community
United States
2130 Posts |
I guess I'm lucky. I have 2 shops in my area within a 25 min. drive. I love going to either one. Both of the shop owners are old timers and like to answer any questions I have. I also like the stories they offer.
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Moderator
 United States
187702 Posts |
My purchases have been coming from coin shows. With the competition of so many dealers, there is always a good selection to satisfy my needs.
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Pillar of the Community
United States
1348 Posts |
I am close to the KC area and I can't find anyhting on coin shows in my area. on in St Louis.
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Replies: 37 / Views: 4,392 |
Posted 06/23/2011 10:56 pm
