Dealers: What % of customers are collectors?

Bothuwui

It seems like everytime I'm in a coin shop, the only people who come in are trying to sell off junk metal (jewelry they think is real valuable), cull coins, and silver rounds/bars. I feel bad for the dealers that have to keep telling customers that their items aren't worth very much. The next biggest group seems to be elderly women buying proof sets or silver dollars for theor grandson/nephew's birthday. It's not too often I meet other coin collector's in a store. Is this the norm? How do these percentages break out for you? How can you take constantly telling people their beat up coins and 14k gold is pretty much worthless? I'm not sure I would have the patience.

Bothuwui

Granted, I too go into stores just to buy a proof set and silver eagle for someone's birthday. I must have suprised the last out of town dealer I visited. I bought my proof set and eagle, was about to leave, but then went back to look at some slabs. I walked out with a 32D & 32S quarter, 21D Half, and a MS65 1879S Morgan with great toning. Ended up being some of the biggest impulse buys I've had in coin shopping.

BigD5

I'm not sure about in the shop, that probably varies from store to store, but when I've been setting up a table at the local shows, at least 80% of what I sell is to dealers. At least.

poptopsRus

Yes at a show you get a MUCH higher percentage of real collectors but in a show like mine about 60% of the people that walk in don't know squat about coins and are either buying state quarters or trying to find out if their coins are worth anything.

jdimmick

A freind of mine here that runs a small over the counter local shop see's about 30% of the people that are there to dump bullion, or sell coins that they inherited, were given, found, etc. On occasion, some have even took up collecting, but usually most are there for the money. He sells a lot of off-brand slabs to folks, which irretates me, but on the other hand he does pay very fair offers on just about anything. Many people trust him and know of him, and that brings more folks his way vs another place in town.

I have often watched him make offers on the biggest pile of nothing/junk you ever saw(type of pieces that would not even make the bargain bin). Stuff, I wonder how could I dispose of it, but he tells me he has to buy it all, because the next time this person comes in, they could have the good stuff and wants them to come to him.

mrearlygold

100% and every one of them hopes to make a profit when they sell.

Rgrds
TP

Bothuwui

The last shop I went to, I had to keep waiting for the dealer to finish telling people on the phone that he can't say how much their coins are worth without seeing them to about 5 different people, that most gold jewelry isn't worth melt because it is not "pure" gold, that their "valuable" collection of Ike dollars are worth about a dollar each, etc.

One interesting thing did happen, a kid from the gas station next door said a woman was a dollar short, but fished through her purse and found a SAE. She pulled it out, saw it said one dollar, and asked if he would take that. He did, and brought it right over the coin store to sell. The dealer gave him $5 for it. He then started asking a lot of questions about coins, grading, etc. I think he used the $5 to pick up a price guide. Maybe a new collector was created.