Coin shop visit
ricko
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I am in North Carolina for a week and today we went to New Bern. There is a coin shop there and I stopped in to see what they had. There were loads of coin supplies (albums etc.) and mint sets. There were several glass display cases of coins and even some currency. Unfortunately, the coins (both raw and slabbed) were, IMO, inordinately overpriced. I did not try to bargain at all since the marked prices were just too high and I did not want to even start the discussion. Left without making a purchase.
Cheers, RickO
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That's too bad that the prices were so unrealistic. Hopefully, you had some fun looking. Sometimes, chatting with dealers can be fun, too.
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Same experience here in Massachusetts, many "coins" way over priced according to the stickers and the 'dealer' was very interested in what I was looking for as he could "get it for me".
I gave him a few that I was interested in. Never heard from him in six months.
Tried again and his son was in charge and asked me, I gave him the same list......................no call.
I think maybe they were more into selling bullion.......or something else.
You would think, after a little conversation, and if they were numismatists, they would infer your intelligence and say "those prices are negotiable". Then you might make an offer.
Just my opinion, right or wrong.
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I've probable left more coin shops empty handed that the times I've purchased. Some are just terrible and some really seem to get it. I still seek them out while out of town, anything that looks a tad more than a gold buyers store.
Go to coin shops, shows, auctions, and you will probably find more artfully concealed traps than coastal Maine in lobster season. Rare, "original", great deal, etc. are just sales slop. I have a friend whose parents moved to New Bern, a lot of hog farms there? Usually the "good stuff" goes quickly and to those with deep pockets.
I'm with most of the above.....walk in, see TOO HIGH prices (or no prices at all and have to ask for each one), and then walk out with nothing.
Had a chance to go to one local B&M earlier this week. I went in with enough for 3-4 ounces of gold (cash) AND my checkbook. Asked about GAEs and premium over spot. $60+ over spot, was constantly steered towards non-GAEs (even when I said I wasn't interested in non-GAEs), and then shown an impaired GAE (scratched) a little less than the $60+ premium. Then asked for some supplies (snaplock holders for SAEs for some Christmas gifts I am putting together).
Out of all the books/supplies they had, they didn't have those.
I left...in and out in 10 minutes (also asked about toned silver but they had none), and empty handed.
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
Do not go to them much anymore
With the shortage of good coins at the major shows, it's not surprising that the B & M coin shops would not have that much on display. At some stores there are coins back in the vault that are only shown to regulars and customers "who look serious." It's tough to say what these items are like. I have a few shop dealers who had some serious coins tucked away.
Running a successful store given the overhead and security problems is hard these days. Those high prices are most likely a reflection of economic realities of the business.
I think I know which dealer you're talking about. Having grown up in southeastern NC, and with most of my family still living in the area, I've been to that shop several times. I know what you mean about some coin shops charging high prices, and this is one of them, especially on PCGS/NGC-graded items. I have purchased from him most times I've visited though, just as I do nearly every coin shop I visit... and I usually make it a point to find and visit a local coin shop every where I travel. I realize these folks are trying to keep a business going and I feel that even if I only spend $50 - $60 on a couple of XF/AU Morgan Dollars, I'm at least helping them feed their family and keeping their lights on. It's not a lot, but it helps, and I'm proud to say I still don't own a single Morgan Dollar, but my 8 and 12 yr olds sure have quite a few.
'dude
Thanks for the replies.... and all seem to be in the same area of my experience....the dealer did not even attempt to find out what I was interested in.... even after I pointedly spent a significant amount of time at the display counter he was sitting behind... and my wife and daughter and I were the only ones in the shop. Cheers, RickO
@CharlotteDude ... You posted while I was typing a reply.... I bet it was the same shop, did not see any others. He does have an awesome supply of accessories as I noted in the OP... I was looking at his Morgans....and may have considered a purchase, however, the prices were way out of line and he did not seem interested in making a sale. Thanks for confirming my impressions.... Cheers, RickO
im in Columbus ohio ths week and went to a b&m as well. some of his stuff was over priced but did find a nice xf45 seated half that I liked. (1853) we came up with an agreement and will when iget home (save on the sales tax and agrevation at the airport.
PLEASE TELL ME WHAT SHOP YOU WENT TO WANT TO SEE IF IT WAS THE SAME ONE I VISITED, YOU CAN PM ME THE NAME IF YOU DO NOT WANT TO GO PUBLIC
Rainbow Stars
@TONEDDOLLARS ..... PM sent... Cheers, RickO
Is any of your time in NC going to be further south, in particular the Wilmington area?
I am staying just outside of Jacksonville....not sure we will be going to Wilmington. Visiting my Daughter... however, if we do, I will message you.... would be great to meet.... Cheers, RickO
I would love to see ricko's reaction to a shop that specializes in toners. He walks right in glances at the case and walks right out while mumbling something about tarnish. The owners then scratch their heads and wonder if someone was casing the joint and what he meant by wanting a garnish
Good one Chris....
Cheers, RickO
Sounds good. You're only about an hour away right now. Do you live far from here?
You're lucky. Imagine having to pay admission to get in and look. Questions are also billable.
@MWallace... I live in the Catskill Mountains, NYS.... quite a distance away.... Cheers, RickO
I am amazed at how so many coin shop owners have virtually no motivation to sell or work with/engage with possible customers.
With the ease of selling on the internet, surely these outfits can't be surviving on deals walking in off the street?
Many may exist to buy right from a local populace, vs do much selling over the counter to anyone but regulars.
You'd be surprised of the number of people that do not bother with Ebay. With scammers,returns etc. I do not partake in Ebay for these reasons. When I decide to sell I will be content letting the AH deal with the headaches. As far as B+M shops go they get much walk in traffic from sellers looking to liquidate for various reasons-financial difficulties,inheriting of coins,flippers etc. who do not care to bother setting up on Ebay. People I know who have sportscard shop's do quite well with sellers coming in to unload. The dealers in turn have fresh mdse. to flip on Ebay. Collectible/pawn shops operate the same way. Walk in sellers also allow the shop to view mdse. hands on. These shop's also get alot of their mdse. setting up at shows as well. This is where I feel most dealers get their inventory to in turn post it on Ebay. I'm not sure the amount of inventory they buy off Ebay then relist (flip it) on Ebay. These are only my first hand views/opinion on this topic.
Well I happened to also visit a local shop...saw John at the WA Convention Center shop...he had a lot of nice stuff and I picked up a raw XF gold dollar just for kicks, well priced.
Sorry you blokes struck out!
That's too bad, especially considering I do not think you are normally close to coin shops or shows in your home town. I hope you have better luck next time!
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Coin collecting for the common folk is on the decline ... B&Ms face some challenges .. some B&Ms will adapt... some won't survive...On of the B&M coin shops I regularly visit ,has a big presence on ebay.....good enough for the owner to drop $60,000 on a new Caddy this year
I believe B&M shops only exist for the coins that walk in instead of selling.
But it is nice to hear they have their prices marked.
I certainly hope this is not true....Cheers, RickO
At our local B&M shops, one seems 90% about making purchases so they can make a profit selling to other dealers at shows, while the other is probably 60/40. The 60/40 shop has a big eBay presence.
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"I believe B&M shops only exist for the coins that walk in instead of selling. But it is nice to hear they have their prices marked."
+1
Yes, I was pleased with that feature... everything had a price on it......Cheers, RickO
I was at the Jewelry Mart here in Los Angeles this week. Among the thousands of jewelry displays was a small display of about 50 or so Gold Coins both US and World. There was not a single coin for sale in that case that I could not buy on-line right now for much less. It was clear he was trolling for suckers..
There is something to be said about being able to examine the piece before you buy it.
Excellent point Bill.... It is the way I prefer except for trusted forum members here.. Cheers, RickO
Even a bad day at the coin shop is better than a good day at work!
There are always a few places like that, jacked up prices and the stinkeye given if you dare to ask to look at more inventory that is 'in the back'. It's still in the thrill of the search that keeps me going to shops in other towns, even though many do turn out to be a total waste.
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There is a "pawn shop" I stopped at once in Bryson City, NC. I looked through the guy's coins, found a gold piece which was one of his better ones. We agreed on it he said cash only, traveled a good distance to get the cash and bring it back. He said he looked up the date and reneged on the transaction. I guess a fair number of buyers carry large amounts of cash?
Not many local coin shops in my area and the couple that are here are overpriced. But the pawn shops are even worse. One would think that they would buy at a price that they could sell quickly.
My son and I go on road trips looking for deals in northern Cal. All small towns without coin shops. But, all have antique shops, with coins, and pawn shops that most always have silver or some sort of coins. We have a coin shop in our small town but the guy is a total crook and rips off the old folks up here. It's always a blast.
If you are near Asheville, there's a few here.
I'm in Black Mountain.
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I've never had any luck with pawn shops. As soon as the owner smells you out as a collector who knows anything, They get beyond defensive. They think that every silver dollar they have in a junk box has something going on it makes it "a cherry pick."
I have to say though that one pawn shop dealer in my area was an exception. One of his employees loaned a counterfeit Proof ASE to me for photographing, and when I returned it, he was quite friendly.
Margins seem to be skyrocketing for many collectibles, not just coins. This is not a positive sign as it probably reflects the need/attempt to maximize profit in a declining market.
I don't see how coin shops make it in these times with the overhead, competition from ebay, and any personnel cost. Lots of stuff coming over the counter they can buy right?
Easy. Its more about a source to buy. You buy what comes in and sell on eBay or to other dealers or to regulars. Sure you get the occasional sale from the guy off the street but the bread and butter is in the buy and having other avenues set up to quickly sell. And the key is high turnover. Trying to squeeze every penny instead of taking quick profits is a killer for a shop owner. The good ones know it's all about the turn & burn
Many dealers are buying precious metals 10% or more behind spot and numismatic material 20-30% behind GS.
When I was dealer I never tried to squeeze the last dollar out of a sale. The best thing was keep my money moving with purchases and sales. It kept my inventory fresh, and the customer sometimes left feeling that he or she had made a good buy which had them coming back to buy again at the next show.
Dealers who have same stuff on display from one show to the next get boring. Dealers who always have to get the top dollar for everything often drive away repeat customers. One of the worst things you can have is a reputation that your prices are high relative to the rest of the market. I've known a few successful dealers who practice that with high prices on very good coins, or relatively high prices on so-so coins, but they are last dealers I go to see at the shows.
I totally agree Bill..... at shows in the Northwest, there were tables I just did not bother with....you learned that they were high priced and no negotiation. Other guys I knew did the same thing, we just walked by those tables... mind you, there were only two or three of those.... but we did our buying elsewhere. Cheers, RickO
The local B & M in my neck of the woods (I do not have one), a good friend of mine, has drastically cut back on what he will buy. I occasionally buy an estate and used to be able to dump all the Wheat cents, proof sets regardless of silver content or lack thereof, Ike dollars clad or silver, commemorative sets (modern Mint stuff), but no longer. He will still buy the silver goodies and gold of course, but he is absolutely awash in Mint sets, proof sets, and is no longer buying Wheaties or nonsilver proof/Mint sets. Can't say I blame him, that stuff is heavy and it's backbreaking work when you have a lot of it. But I find myself now with a lot of unpicked-over proof sets and Wheat cents nowadays. I need to work up an ad when I get time!
I have to say, however, that his posted prices on better stuff displayed in his cases never drive away good foot traffic, they are a trifle high but usually within the ballpark of a good deal.
Kind regards,
George
I agree with Bill Jones on his observations, why should shops go wholesale except for material they really want to move or with known local buyers? In the case of the Bryson City pawn shop/gold guy, I was upset the guy did not honor his price once I got him the cash. Fox News tv on all the time in the shop, years when it seemed gold would never go below $1600. I spoke with the late Gar Travis about it, who was from that area and gave me his perspective which was always top notch and egalitarian for the hobby. The good guys usually pass away too young.
I've driven past that place in Bryson City. Never went in though.
There's not a lot of shops in Bryson.
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