Where's the WORST place to buy coins?

spoon · October 23, 2003 3:04AM

OK, this is a thread for broad generalizations.. rant away

We all know that slab prices are ridiculous.. let's try to stay away from that. This is more for the travelers, but I'm sure domestic generalizations can be made. So.. where is the worst place to buy coins?

I ask this because I'm annoyed at a lot of the prices I see here in Germany (my nomination). Sure, if you sit and haggle politely you can get good deals, but it is still a fact that prices here are generally higher than in America for the same material. Over here probably the most annoying racket is run by the banks. Here the banks deal coins. I don't mean currency exchange for circulating stuff, they sell old stuff and medals too. The ones I've tried to deal with (simply out of curiosity, would not list them as a regular stop!) hoard the good stuff for their cronies and overprice what they will sell. (I've heard this complaint from several others too.) So, inside Germany, I'd have to nominate the banks as the worst place to buy coins.

I've heard dealers in Scandinavia are pretty evil in their pricing too, but isn't everything expensive there?

[This thread doesn't have to be all negative. If someone wants to cheer us up with their list of best places it is also welcome.]

laurentyvan · October 23, 2003 3:22AM

Is it a trueism that you will pay more for coins in their country of origin? Also, banks are usually arrogant by nature-maybe they think they have a special position that allows them to charge more... how are the German dealers overall to deal with? I've never purchased coins in another country (from another country on e-bay, yes) so I have no good insights to share.

tlhoy · October 23, 2003 4:15AM

In the U.S. it HAS to be The Coin Vault on late night tv!

Rnealw · October 23, 2003 4:39AM

I'd say one of the most foolish places ( Second behind that TV show. ) would be a flea market.

MacCrimmon · October 23, 2003 4:42AM

<< <i>U.S. it HAS to be The Coin Vault >>

Yeah, like trying to SELL SUCKERS on buying 2003 SAEs in NGC MS68 for whatever stupid slabbed 'deal' price, and contrasting that to a 1903 Morgan in NGC MS68 and what it's worth today.....if it existed! LMAO - Sad, very SAD!

Oh yeah, buy 20 and get a better DEAL!!

tlhoy · October 23, 2003 5:03AM

And the Vaults stretch pay is even worse. I mean, they screw you so bad you have to pay in installments!

spoon · October 23, 2003 5:10AM

Flea markets aren't bad if you're looking for junk boxes.. plus, every now & then you come across something worthy

Laurent, yep, you're right on coins costing more in their homeland.. at least from what I've seen. I guess the demand goes kinda nutty just like in America. It still boggles my mind how things can be had so much cheaper in America though, when found. (Maybe I'm just still moaning over that recent one.

)

German dealers are usually very nice and friendly.. though many put on a tough face until you impress them with some numismatic knowledge (and language for a Yank like me

). Even so, you still get the crabby ones.. but my rant earlier wasnt against the people, just their prices

well the bankers, yes.. they suck.

Ahhh... good ol TV sales. They've got that crap here too now.

1jester · October 23, 2003 5:17AM

I'd have to say that online auction sites are among the worst possible places to buy coins. Of course, there are exceptions, especially if you know the dealer and have developed a relationship with them (even forcing them to properly describe their auctions). But I find the internet auction sites rife with poor quality scans, misrepresented coins, etc etc etc etc. You all know what I'm talking about. Plus you can't see the coin, and usually the feedback system sucks.

wybrit · October 23, 2003 8:21AM

I can't improve upon jester's comments.

Bruce · October 23, 2003 9:17AM

off any part of a tv show or promotion, shopping channel, etc comes to mind.

wybrit · October 23, 2003 10:18AM

Building on jester's comments above, now that I've had more time to think about it:

The ebay route has a hidden expense: shipping and return shipping. I have eaten a lot in nonrefundable postage sending poorly graded coins back to their sellers. There is one popular ebay seller in particular who annoys me that way. He has fairly good pictures, but they overrepresent what he is selling. The coins turn out to always be overgraded and almost always cleaned. I would foolishly buy some, then return them. This seller not only does not refund postage, he deducts the ebay final value fee from the refund. I will no longer do business with him, because the coins I have received from him have been 100% overgraded and are 100% c***.

(Please do not ask me here or by PM to name the seller - thx)

Askari · October 23, 2003 2:29PM

The German banks are something else. They're very inflexible and their fees for non-domestic transactions are appalling!

lordmarcovan · October 23, 2003 2:46PM

I see others already mentioned the TV shows. There are probably worse places than that, but that's pretty low on the food chain.

Lloyd · October 23, 2003 4:22PM

I agree about the online auctions. The feedback has to be high and good and the pics have to be pretty obvious. Any negs should really be the fault of the other party. When you have a very good experience mark it well. One online seller mentioned to me at a fair recently that I ought to reduce the size of my pics AND leave more background when cropping. (He's doing better than me!!!)

L

Where's the WORST place to buy coins?

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