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Coins and Jewelers

MowgliMowgli Posts: 1,219 ✭
in U.S. Coin Forum
This afternoon I got to meet the owner of a Jewelry store I have done business with. I happened to mention that I was a coin collector and lo and behold he tells me that people periodically call him to look at their coins or bring them in to sell to him. The guy knows nothing numismatically and his business looks like it has absolutely nothing to do with coins.

The good news is that he takes my name and phone number and said he'll let me pcik out what I want next time he gets in gold coins. I have never bought a gold coin in my life but that might change. Secondly he told me one time a guy said he had coins but he wanted him to come to his house. He told him to wear old clothes. The guy has him dig up cans of gold coins he has buried in his yard. He goes back eight times, once for each can. I have no reason not to believe him but the interesting part to me is that he has twice had people with real live hoards of coins sell them to a jeweler. Furthermore, that people with gold coins take them to the jeweler instead of one of the coin shops in town.

My experience with coins in boxes and bags is that they rarely have any value over melt. He told me the dealers buy them from him based on weight as well and if they are lucky they find something with additional numismatic value. In the future, I'm hoping that someone is me.
In the land of the blind the one-eyed man is king.

Comments

  • DorkGirlDorkGirl Posts: 9,994 ✭✭✭
    Sounds like fun.image
    Becky
  • WalmannWalmann Posts: 2,806 ✭
    Sounds like a door may have just opened for you, good luck and good hunting.
  • 19Lyds19Lyds Posts: 26,491 ✭✭✭✭
    Sounds like fun and Good Luck!

    But...............whatever you do, if your jewelry buddy, with his non-numismatic knowledge, buys a 1921 St. for melt and offers it to you for $1,000, DO NOT come back and report it here!
    I decided to change calling the bathroom the John and renamed it the Jim. I feel so much better saying I went to the Jim this morning.



    The name is LEE!
  • BillJonesBillJones Posts: 34,218 ✭✭✭✭✭
    The good news you might have some fun.

    The bad news is he doesn't know coins very well, you, since you say you have never bought a gold coin, don't know gold. It's easy to get stuck with a counterfeit gold coin. Lots of them have been made through the years from all sorts of sources. You would do well to buy the ANA counterfeit guid. That is only a beginning, but what I'm saying is it's easy to lose money on this area.
    Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
  • fishteethfishteeth Posts: 2,252 ✭✭✭✭✭
    I have a deal like this with a jeweler a few doors down from my office. He calls me whenever anything coin related comes in.
    Last Friday was the first time anything really interesting came in (Proof Barber dime). Usually just bullion.
  • MowgliMowgli Posts: 1,219 ✭


    << <i>The good news you might have some fun.

    The bad news is he doesn't know coins very well, you, since you say you have never bought a gold coin, don't know gold. It's easy to get stuck with a counterfeit gold coin. Lots of them have been made through the years from all sorts of sources. You would do well to buy the ANA counterfeit guid. That is only a beginning, but what I'm saying is it's easy to lose money on this area. >>



    image I already use the counterfeit guide and know that I don't know squat about gold coins.
    In the land of the blind the one-eyed man is king.
  • ksteelheaderksteelheader Posts: 11,777 ✭
    My best coin shop is a Jewelry store.
  • NightHawkNightHawk Posts: 87 ✭


    << <i>image I already use the counterfeit guide and know that I don't know squat about gold coins. >>




    Knowing that you don't know, is the first step on the path to knowledge. image
  • derrybderryb Posts: 37,113 ✭✭✭✭✭
    my experience has shown that most jewelers and pawn shop owners are very much on top of the gold coin market.

    Repetition of ignorance is ignorance raised to the power two.

  • rickoricko Posts: 98,724 ✭✭✭✭✭
    Sounds like a great resource...especially if he only charges you melt.... Cheers, RickO
  • mrpotatoheaddmrpotatoheadd Posts: 7,576 ✭✭


    << <i>He told me the dealers buy them from him based on weight as well and if they are lucky they find something with additional numismatic value. >>

    That sounds eerily familiar. Wasn't there a thread here on this topic not that long ago?

    << <i>In the future, I'm hoping that someone is me. >>

    If so, you might want to think long and hard before telling anyone. The last guy who posted on this subject caused quite a stir. image
  • Raybob15239Raybob15239 Posts: 1,359 ✭✭✭
    I've bought many a nice MS63+ Morgan (including most of my VAM discoveries) from a jewelry store that buys for melt. Best source I've found and you can't beat the prices. I've bought MS63 and 64 1921 Morgans (P, D & S) for anywhere between $12 and $16 depending on where silver is. Got great prices on other years and mints as well. Any common date/MM was a couple bucks over melt.
    Successful B/S/T transactions: As Seller: PascoWA (June 2008); MsMorrisine (April 2009); ECHOES (July 2009) As Buyer: bfjohnson (July 2008); robkool (Dec 2010); itsnotjustme (Dec 2010) TwoSides2aCoin (Dec 2018) PrivateCoin Jan 2019

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