Changes in Bricks and Mortar Coin Dealers in Your City

Kalookan

The changes in what were called storefront numismatic dealers long ago are remarkable. My hometown of 725,000 is growing, yet the number of dealers in the past ten or 12 years has dropped from more than a dozen - when numismatic dealers also selling stamps are considered - to only one today.

The growth of Internet sales, while the obvious explanation, doesn't seem to be the only reason. Many coin dealers had lucrative sidelines like scrap bullion. The scrap bullion dealing, at least locally, has shifted away from numismatic dealers toward precious metal "recyclers" that have no numismatic business.

How have bricks and mortar dealers changed in the past decade in your state?

mrearlygold

The last coin shop I owned was in 1983 in NJ

A dear friend of mine who was in business in Queens NY in 1959 had relocated to the jersey shore and offered me the business when he was retiring in ( approx. ) 1989/1990. I asked him what the construction was going on across the street and as soon as he said kmart I said I'd have to pass.


Just went in a different direction

Wabbit2313

<< <i> I asked him what the construction was going on across the street and as soon as he said kmart I said I'd have to pass.

>>




Too much competition for the coin business?

ricko

No coin shops in this town..... none near here even.... would have to go to NYC.. maybe Albany (have not checked that city for coin shops)...Cheers, RickO

291fifth

I have four coin shops within walking distance of my house. I was last in one about six months ago. Another I was last in two years ago (this was the last purchase I made in any of them). The third I was last in about ten years ago. The fourth I have never bothered to visit as it appears to be mostly a jewelry operation.

fishteeth

There are still a 6 or 7 that would somewhat qualify as coin dealers in my area, however, I am stretching to call these the coin shops of my childhood.
These are more or less fronts to buy gold and silver scrap with an occasional coin collection, with anything valuable often sold off to large national dealers. Really
only one decent shop left and he doesn't display anything anymore. keeps it all in the safes and sells at the big shows only. He has been a dealer for close to 40 years
and he tells me the market for the average collector coin is dead locally, rarely sells a coin in his shop.

THIS IS NOT GOOD FOR THE HOBBY. The only reason I ever got into coins was that I had 2 very good stores close to where I lived and the owners spent a lot
of time teaching me about coins, their history and what nice original pieces look like. Children of today stand very little chance of getting introduced to this hobby
without good local dealers.

telephoto1

At one time this city had four B&M coin shops, plus two fulltime stamp-only storefront dealers. And just 2 pawn shops.
Today, we are one of two coin dealers left, the stamp guys are long gone... and there are probably 5 pawn shops and half a dozen gold buyers at any given time that randomly pop up and go under.

RedTiger

Keep in mind the bigger trend. There are fewer small anythings any more. Coffee shops are mostly Starbucks or other big chains. Hardware stores, Home Depot or Lowes. Book stores: pretty much all gone or withering, even the big box ones. Record stores (CD stores)? Same thing, almost all gone. There are fewer independent restaurants, more chains, more franchises. Sometimes the bigger players mask their influence by having different names, different styles. One player has over a dozen local restaurants. Each likely cost $3 million on up, to open and operate for the first year. At first glance, all seem like independent operations, but are all controlled by the one.

A big firm like Heritage could open up chain shops in major cities, or have dealers become affiliates. I'm not sure it would make economic sense, because the coin hobby is small in terms of dollar volume. However, it would be nice to have a major name, with standards, and training. Of course if done badly, it would be terrible.

RYK

Keep in mind, also, the trend of not going to stores for anything. I have purchased very few coins in person, let alone in a traditional shop.

I buy fresh food in stores, but otherwise, just about everything else comes by mail. Running shoes, clothes, electronic equipment, music, memorabilia, books (mostly electronic), hardware, and even energy bars and paper goods. People are going less to stores for durable goods of every kind.

The next generation of coin collectors will not be developed in coin shops.

telephoto1

<< <i>Keep in mind, also, the trend of not going to stores for anything. I have purchased very few coins in person, let alone in a traditional shop.

I buy fresh food in stores, but otherwise, just about everything else comes by mail. Running shoes, clothes, electronic equipment, music, memorabilia, books (mostly electronic), hardware, and even energy bars and paper goods. People are going less to stores for durable goods of every kind.

The next generation of coin collectors will not be developed in coin shops. >>





The next generation of coin collectors will be simply plastic and sticker collectors; you can see that trend starting already.
What's actually IN the holder will mean very little, soon enough.
There are already entirely too many people in this hobby willing to throw money at something they know nothing about simply because of a grade on a holder.

johnny9434

theres really not any shops any where near here anymore. theres just alot of travel time involved and/or we have to out of state now. what a bummer. we just wait for the coin shows to come around now