What is your LOCAL coin market like?
291fifth
Posts: 24,710 ✭✭✭✭✭
Let's forget about the big auctions, big name dealers and big shows for a bit. How is the coin market in your locale? Is there much worth buying? Do the dealers pay anything? Is there any sign of the booming coin market we hear so much about?
In my market, the Detroit area, there is an active market but quality coins are hard to find. This is a market in which the dealers live by the sheet. If you want to sell you will almost certainly get less than bid, even for your nice material. It can be a good market for buying...if you can find anything to buy. The local shows tend to be filled with VERY stale merchandise and the store dealers stock isn't much better.
In my market, the Detroit area, there is an active market but quality coins are hard to find. This is a market in which the dealers live by the sheet. If you want to sell you will almost certainly get less than bid, even for your nice material. It can be a good market for buying...if you can find anything to buy. The local shows tend to be filled with VERY stale merchandise and the store dealers stock isn't much better.
All glory is fleeting.
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Comments
GSAGUY
Numonebuyer
There are collectors here, and a local association that sponsors a show, but no decent sized shops. Most of the dealers who attend the regional shows tend toward Segs and PCI slabs (or their own), and price the coins ASK. Finding a decent buy requires careful inspection and lots of patience.
and it sets us apart from practitioners and consultants. Gregor
i.e.
1. Sold 1878 7/8 TF VAM40 Raw BU for 100.00....bought it for 35.00
2. Went to Kuehl's Coin Exchange in Fairmont Minnesota. Went through about
20 differnt proof sets. Came home with......
1 1960 sm date proof set - 34.00
1 1970 sm date proof set - 13.00
2 1961 proof sets - 11.00 each
1 1976 clad proof set w/ the ike - 7.00
3. Got home....so far I've broke out the first 1961 and holdered the whole
set.....the penny was rainbow toned...a real beauty...the nickel is a
mixture of lavender and then some light rainbow toning.....the quarter was
deep cameo....the dime deep cameo and the half was cameo...all PF67 and
PF68's in the set.
4. Going through second set of 1961's.....found what might be the doubled
die franklin proof for that year....have had it at 2 dealers since
yesterday....both say the same...its to close to call...could be machine
doubling but yet there is doubling that don't fit for that....could be a
doubled die that brings the big premium...their advice....send it to pcgs or
anacs for comfirmation.
5. Sold 1 roll of 2003 nickels..P mint to my local dealer to butter
him up...within the first hour of having them he sold 2 of the lesser
quality coins from the roll for .50 cents each....no 2003 nickels in circulation or by the roll from the bank in this area...had to buy these from larryo on ebay. Price $4.75 a roll
All in all I would say its a buyers market and sellers market .... the booming coin market....I can feel it building.....you can see it in prices of keydates going up like they are.....its coming and when it hits...those holding the good stuff are going to make money like the stock brokers in the 90's did....buy it now cheap because I believe myself that 6 months from now...those 11.00 -20.00 proof and mint sets are going to be more like 30.00 and then the rarer stuff.....who know's.....individual coins.....I've been noticing a slow creep up in prices on ebay...I spend about 5 hours a day...disabled vet ... anyways I'm always checking auctions looking for the next special coin to add to my hoard and been noticing it going up......i.e. for the last 2 months....my 93 proof silver eagle has had a steady growth in value of my purchase price. I have a few other coins that are doing the same....on the other hand my 2000 silver mint proof set has taken a dive.....but then the 1999 silver proof sets has seen steady increases in value.
Personally I think the boom is coming because to many people took it in the arse when the market fell apart...corporate scandal has scared would be stock buyers into putting their money someplace safer where they can keep their eyes on it and are more in control of when it gets traded and then the fact that the stock market is still up and down like a roller coaster....there is not stability in the market but then your buying a piece of paper hoping that the company you gave the money to makes a buck so you can....coins is almost the same in theory but yet its not.....you can keep alot closer tabs on your investment when its in your hands than if you have a fortune 500's corporate officers trying to handle the company money good enough to turn a profit....therefore anything that is material in value is bound to get a spike soon.
heh...pretty long winded 2 cents worth eh! :-))
Matt
I am living in the Washington DC-Baltimore-Northern VA METRO area and there are TONS of coin shops.
There is one I always go to becuase I have been comfortable with the manager there for about 4 years now.
Its called Century Stamps & Coins.
The Manager, John is a great guy. Very fair prices.
Always cuts me special deals because of the constant repeat business I give him. Thats the key.
If you are always going to one guy it becomes easier and easier for him to give you 15-30% each time.
This is a heavy coin area so I am lucky.
I think most of the Dealers around here Ebay the Good Stuff and keep the Junk for the collectors that do exist. One guy does let me know when he gets something of interest for me but that happens about once a year. Heck the coins I have sold to him outrank the purchases atleast 10 to 1.
Coin Market around this area with 3 Million people.......Ask some of the other NorthWest folks. I have No Clue.
Ken
anyways if you want to the information email me...I don't want to spam the board anymore than I just did
matt
The Nashua N.H., Westford Ma., and Auburn Ma. shows all attract dealers from all of the N.E states, as well as NY on occasion. There's a smaller sized show coming up in Portland Maine the first Sunday in November, that I'm trying to clear my schedule for, also.
The cost of real estate, especially commercial real estate, is sky high around here, so there aren't many legitimate shops hanging around. There are a couple, but I see these dealers at the local shows, so I don't bother stopping in to the shop. There is one local dealer that doesn't do the shows (He does Baystate, which I avoid), but he likes to deal in bullion type items, and his "real" coins are so overpriced, it's not worth stopping in. He buys at levels below bluesheet, and sells at levels that aren't on any published price guides.
LSCC#1864
Ebay Stuff
roadrunner
<< <i>Louisiana is a numismatic wasteland.
GSAGUY >>
I think Bowers and Merena has just moved there - Any change yet?
“It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so.” Mark Twain
Newmismatist
Cameron Kiefer
I can think of a dozen reasons not to have high capacity magazines, but it's the reasons I haven't thought about that I need them.
Numonebuyer<<
Sounds like where I grew up... Mel-boring (I mean Melbourne, FL). I'm now in Newport Beach, CA, but I'm too new to know the local (or any) market. Although, I bet it's real good if you have the keys to David Hall's place?!
Mike
Lincoln Wheats (1909 - 1958) Basic Set - Always Interested in Upgrading!
Ebay
Several good dealers are close friends, but struggle to compete because of the influence of the scumbags. Overall its very robust and there are also alot of vest pocket dealers who have day jobs but play with coins at shows and/or through coin clubs.
Overall, my numismatic spending is allocated evenly among shows/dealers/Ebay, etc. The honest folks stay vigilent to keep the crooks at bay, but its exceedingly difficult.
This state is the home of ACG and NTC and there is a proliferation of NTC material in particular. This material is a stumbling block to retaining new collectors particularly when they try to upgrade and/or trade material with honest dealers who can only pay a fraction of PCGS/NGC/ANACS for ACG/PCI/SEGS/NTC ,etc.
Overall its very active here and there is always an influx of new material. Having dealer connections who are friends is great as I get a chance to always have first crack at it. Some of the dealers are old and have poor eye site, and I help them prescreen for PCGS/NGC/ANACS. They reward me with first crack at good coins.
Not much to choose from.
<< <i>Hey 291fifth! Where in Detroit area are you? What shops do you go? >>
Yeah yeah - what he said....
I have only been to one in Redford, they treated be very nice (newbie), and I was excited to be around many coins. I have since gone maybe 4 or 5 times, and I have noticed that there is very little turn around on the coins they have. It gets boring when you see the same coins everytime you go.
You are doing well, subject 15837. You are a good person.
<< <i>
<< <i>Hey 291fifth! Where in Detroit area are you? What shops do you go? >>
Yeah yeah - what he said....
I have only been to one in Redford, they treated be very nice (newbie), and I was excited to be around many coins. I have since gone maybe 4 or 5 times, and I have noticed that there is very little turn around on the coins they have. It gets boring when you see the same coins everytime you go. >>
Abbott's in Birmingham is probably the best shop in the area. It is on Woodward between 14 & 15 Mile Road. The shop you mentioned in Redford has a weak coin stock (in my opinion) as it is more a jewelry store. Unless you collect Morgan dollars you are likely to have trouble finding much to buy in the way of correctly graded, problem-free coins in major brand slabs.
<< <i>A county with a 150,000 should have at least one coin shop? should it not? >>
Well, that's about 1/4 of my whole STATE's population, so we should have at least 4 here in Wyoming? Right?
www.Numismatic-Playground.com
<< <i>Abbott's in Birmingham is probably the best shop in the area. >>
Thanks! - I wll check them out.
You are doing well, subject 15837. You are a good person.
In Northern Cal. there are about half dozen within about a 30 minute drive.
Several more within about an hour.
Most are good in their own way, I will go to one or the other depending upon what I am looking for.
One may have a wider selection, but not willing to negotiate, others are great with price, but may not have a wide selection or their
selection is very specialized (great ancients for example).
Down here if you had a 1909-s VDb in AU, you'd be something.
jim
GSAGUY
One should try Southern New Jersey for coins. Talk about WASTELAND! It's PATHETIC around this area.........THIEVES.....
Some are higher than the others but it is a good place to buy alot of the time.
John
siliconvalleycoins.com
Wow, lot of Detroiters here. We should meet at the Hyatt show after Thanksgiving.
I've been to Abbott's a couple times (I work in Southfield). The people seemed nice.
I've only seen the Redford guy at coin shows. Never been to his shop. Think I bought one
of my Walkers from him.
The only other shop I've been to around here is a little shop in Dearborn off Michigan Ave.
(next to Dearborn music). Pretty small, didn't have much I was looking for (high grade Walkers).
Any others that Detroiters have been to?
-KHayse
We'll use our hands and hearts and if we must we'll use our heads.
As far as activity goes, both the Parsippany and Clifton shows are busy - it has been hard to get down the aisles at Parsippany for at least the last year.
That having been said, as always, common coins are common and uncommon coins are hard to find - just try finding some Walkers and Mercuries from the '20s in VF and XF, or Barbers in F or VF, or VF - AU Seated dollars or halves, just to name a few.
Check out the Southern Gold Society
Shows are pretty good.
Retail shops are pretty poor.
Basic waste land that I know of.
Marc