Are coin shops going out of style?

dan1ecu

I find that I can do everything coin-related over the internet, including learning about and buying coins. Is it becoming more practical/lucrative for coin dealers to do business over the internet? It’s certainly more practical for collectors, I think. Do you find that fewer and fewer dealers are opening actual shops?

Dan

BigD5

I think the problem with a "shop", is the cost and time involved in operating the facility. Real Estate is, in my neck of the woods anyway, outrageous. When the potential operating costs are so high, it discourages smaller type operations from getting started, as the "hump" is seemingly too large. One local dealer I know is contemplating closing up shop, and just doing shows and wholesale stuff, and regular listings on Ebay. If a shop, and I guess this goes for any small business, is well run, and organized, it should do ok. In my area, the demand seems "high" for walk in customers, and long term relationships with those customers is one of the things that will make a shop successful.
The internet is definitely an excellent resource in collecting coins, but a local show or a local dealer with whom you can trust can prove to be invaluable.

LanLord

While there don't seem to be as many coin stores as I would like to see, I don't really know if there are any less than there were perhaps 30 years ago. I do agree that there is a lot that can be done over the internet, but the one thing missing is the face to face experience of talking to a dealer - expecially one you have worked with for a while and have a good relationship with.

Just my humble opinion.

2sharpeis

yes.. i collect franklins and i would buy the coins that i need at my local shop ,but he does not want to deal in franklins,so i have to buy almost everything over the net. ive never been to a coin show but im thinking about going to long beach,any info on where to stay if i go..

mact

lanlord stated it nicely as did BigD

matt

koynekwest

There's not nearly as many shops as there were 30 years ago-at least not here in the NE Ohio area. This has been an ongoing process for years. I think the internet is only going to accelerate the demise of more and more smaller shops.

kranky

I fear that the demise of the local coin shop, while it may go unnoticed by the experienced collector, will reduce the number of new collectors.

kieferscoins

Not out of style, but out of business because of the lack of business. Towns with a good coin club (active) fare the best and have a great shop. Those towns without a coin club or one that is diminishing most likely will be out of business or going to be. The collector base has to be there to keep repeat customers coming back. A club establishes good coin collecting habits among new collectors and in the long run keeps them in the hobby longer.

Cameron Kiefer

nucklehead

I never buy sight unseen, so coin shops will never go "out of style" for me.