Anyone Recall Joel Coen from Teachers Precious Metals during the 1979 Silver Boom!
oldslab
Posts: 15 ✭
I used to sell to Joel back in 1979 and 1980...he has based in New York...had some of the best buy prices on full bags...you would call in and he would give you a price and confirmation number..then i would snd registered mail...he used to send a check pretty quick....started buying silver in Akron in 1979....was a current version of Uber pick up...i ran ads in a goodyear employee newspaper and would get a couple buys a day....found out that Mad Money coins was selling to Joel, we had a mutual friend that told me...also had the big coin dealer in BU rolls in Akron at the time R & M coins, he ran full page ads in Coin World every week for many years...also had Stow Nut & Bolt and George Silver Company with multiple locations....most of these guys were making a lot of $$$$, heard won shop was netting over 100K a month 45 years ago! Those were the days!!!
Answers
It sounds like you had quite the experience in the gold and silver market back in the late 1970s and early 1980s! Selling to Joel in New York, with his quick payments and strong buy prices, must have been exciting. The connections with Mad Money Coins and the big dealers like R & M Coins and George Silver Company in Akron show how interconnected the market was. The money being made back then, especially with one shop reportedly netting over $100K a month, truly highlights how lucrative the business was. Those were indeed remarkable times!
I used to deliver my silver personally to his shop on 47th street. Travelled through New England hitting shops for flatware and brought it to him. He had a counter at the end of a long, narrow shop with several grey garbage cans a few feet behind him that he would toss the scrap into. I'm told that he had them emptied hourly during the crazier days by Wells Fargo.
Yes, those were the days.