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I'm an ON and I work in a shop, ask me anything and I'll answer!! Please make 'em tough.
keets
Posts: 25,351 ✭✭✭✭✭
I'm an ON who was once a YN, but it's been a while so I may not know the answers to some questions about the old days. Just ask what you want and I WILL answer, I just don't guarantee you will like or agree with what I say.
Al H
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Just how many people wander in with sets of homeshopping platinum-plated quarters expecting to make at least a little bit of money on their investment?
I have a coin with a lady on the front and a bird on the back. It's in really nice condition! What's it worth?
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Why do the Browns always finish in last place?
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
**Just how many people wander in........................ **
more than I wish, but a lot of people got taken in by that kind of promotion. we typically pay face for that kind of stuff and we actually have a few in the change drawer right now.
As an ON myself, I need to know.....
How do you get anything done with the many, many trips to the bathroom?
I have a coin with a lady on the front and a bird on the back. It's in really nice condition! What's it worth?
that depends on what country it's from.
Why do the Browns always finish in last place?
because they refuse to heed my advice on draft day, though I apparently had a successful "channel" this year. past that, I would direct you to please go over to the Sports Forum or we will both be in hot water.
What coin do people bring in the most that they believe will lead to their early retirement? What series flies off the shelves? Which series seems like you can't give it away?
I'm a RON, I worked in a shop long ago. I'm forgetting most of what I thought I knew. So please don't bother me with your questions - ask an ON instead.
How often does someone (or his heirs) come in with a nice collection and you think, "this guy knew what he was doing? I mean, not an accumulation of junk silver, misc foreign, stuff 'sets' ordered from magazine or TV ads, but a well selected and organized collection?
Liberty: Parent of Science & Industry
Something like a complete, problem free advanced album, or a box of 20 nice certified coins, for example?
Liberty: Parent of Science & Industry
What coin do people bring in the most...........................
non-collectors don't understand the value of coins past what they see in news reports, scam ads and whatever they find on the internet. just this morning I had a guy walk in with a VG 1929 Lincoln, he told me he saw online it was worth $XXX, so when I told him we'd give him seven cents for it he was disappointed.
most recently everyone has been in about their 1943 copper pennies.
what sells and what doesn't sell is cyclical. a year ago there were several people working on Franklins and Roosevelt Dimes. today we had a guy looking for high end Classic Commems and selling Walkers.
I'm a RON, I worked in a shop long ago. I'm forgetting most of what I thought I knew. So please don't bother me with your questions - ask an ON instead.
I find that the best way around that is to not know too much to begin with.
How many old coin dealers does it take to shingle a roof?
Yep, and the proof of that is all around.
Baley, coins don't come in like that very often, but we do have several guys that we are working with to build nice collections. the last "sets" that we bought, nice quality stuff, happened about a year and a half ago --- PCGS/NGC complete sets of Buffalo Nickels and SLQ's.
Bajjer --- that never happens, they are always working so they hire roofers.
Oh sage one. What is the best way to make a profit in the coin industry/business?
Not so young grasshopper here.
I have a bunch of dark grungy silver dollars dollars I want to sell. Should I clean them with steel wool and soap before I bring them in to make them shiny?
How do you sleep at night having ripped me of this coin back when I was just a rookie?
I always thought you wuz an OF, not an ON.........
I am building a couple of VF to XF Date sets of IHC's.
Where would be the best place to go sell them once complete?
Using the online PCGS valuation what could I expect as a price a dealer would offer ?
What is the best way to make a profit in the coin industry/business?
that never changes, buy low/sell high.
I have a bunch of dark grungy silver dollars........................
if they are as bad as you describe that probably won't hurt them. first, check for better dates.
How do you sleep at night having ripped me of this coin back when I was just a rookie?
Don when I was a young lad we used to joke that you can't rape, er, rip, the willing. to be honest, I have tried to remain accessible and help you when asked. I cracked the coin, dipped it and still have it raw. would you like to buy it back??
....................as far as sleep, I toss and turn because of my shoulders and always wake well rested.
Dear Captain, yes, I am. I like to think of myself as middle-aged but realize no one lives to 120.
Is modern crap the way to go?
Here's a warning parable for coin collectors...
Are you having fun ?
Is modern crap the way to go?
kind sir, if I cold rub shoulders with you more often 3CN's would be the way to go. thanks for your help. as for Modern Crap, it is a way to go and requires study just as Classic coins do. the rewards are real and satisfying. I collect in all realms, old and new and esoteric.
to the thirdsideofacoin, yes I am, more fun as the days wind down. I'm at 57 days right now and we laugh a lot at work. I laugh even more at home with my Lovely Lady and the dogs, life is good. my joke is "If things were going any better I'd probably be doing something illegal."
What was the highest concentration of big dollar coins that you've bought over the counter? My local shop had 4 rare, raw MS gold coins walk in one day.....total value was around $80K-$100K. They all graded out PCGS MS64.
Sounds like you are looking forward to retirement.......believe me it is a wonderful thing.
What was the highest concentration of big dollar coins that you've bought over the counter?
it wasn't me who did the deal, but I would say the Buffalo Nickel and SLQ sets that we did about two months apart. the Buffalo's were really nice although some of the better dates were in circ grades or off brand holders, ANACS. most were graded MS63 and up, I think we still have a few.
Thanks for a great thread, keets. Very interesting to get your experiences and perspectives. As far as retirement you could always transition into it by working part time as a coin dealer. I know a couple of retired coin collectors that set up at the week end flea market and do the smaller coin shows in the area.
Worry is the interest you pay on a debt you may not owe.
The correct answer is, just one if you slice them thin enough.
If I walk in with a raw gold first spouse coin, what can I expect to receive? If bought, would you attempt to sell it in the shop?
If you were 36 again, would you make a career out of numismatics in some way?
Would you recommend this as a career choice for someone wildly passionate about coins and varieties?
What the best way to "make it" in the coin world?
http://www.pcgs.com/SetRegistry/publishedset.aspx?s=142753
https://www.autismforums.com/media/albums/acrylic-colors-by-rocco.291/
bullion coins - more profit on raw flips as bullion, 69 slabbed, or 70 slabbed? (PCGS slabs of course).
Best, SH
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Perry, my plan going forward and agreed to by my boss is this: effective July 9th I'm gonna take a month off and then start back working Thurs/Fri/Sat. also, I told him I'd be available 24/7 by the phone.
Bajjer, that made me laugh!!!!
kiyote, we would probably buy that $5-10 back of spot and sell it at spot + $5-10. those are tough to move and sit for awhile, nobody wants them.
Aspie, if I were 36 again it would be 1991. absent that, if I was 36 right now and armed with the knowledge I have I think I would do things differently, indeed. there is so much information available to younger people today that it is almost not fair, the opportunities are unlimited. I could see a career as a viable option for someone who wasn't afraid to work long hours and be away from home more than is reasonable in most occupations.
for myself, I have no regrets, my life so far has been full and blessed. I REALLY enjoy this field of endeavor and could have accomplished much more if things had been a little different. the key is knowledge, a willingness to sacrifice and reasonable goals.
if you can do that, make a plan and work, work, work.
bullion coins - more profit on raw flips as bullion, 69 slabbed, or 70 slabbed? (PCGS slabs of course).
the internet allows me to price for stuff like Kookaburas, Pandas, all the Canadian stuff and slabbed ASE's. I do that when we buy and double check when we sell. ASE's are pretty easy because it's a straight price except four the 1986-94-95-96 which we get a little more for. 69's and 70's I almost always use Apmex.
we do way more of everything raw.
What coins have come into the shop ,,,that you wanted to personally own?
In the name of full-disclosure, I also work in a shop and I have been making mental note recently of things customers do that let me know they are truly neophyte to the hobby. I have my own list, but in your opinion what are a few things that tip you off that a collector is green, despite their best efforts to try and hide this embarrassing fact?
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How many young ladies go into your shop and buy coins per month?
what do you offer for 90% silver?
Would you rather fight 1 horse-sized duck or 100 duck-sized horses?
How do you test your silver and gold to insure it is legit? How often do you see counterfeit coins?
That's a good question. After you answer it, how does it change your offer, if at all?
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Has anyone tried to distract you like this?
mark
http://www.orlandosentinel.com/sports/baseball/fl-sp-marlins-man-woman-flasher-051217-story.html
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
wow, after a good night's rest I can't believe this thread is still going. I shall endeavor to answer everyone and then catch up when I get to work. the boss is away at a show all day, but Saturdays are usually pretty busy. we still find time to joke around, though, and the customers seem a bit more relaxed!!
bestday --- to be honest, I have to be selective about what I buy from our store because the bills at home need to get paid!! we use what we call "the bucket system" for layaways and I always have something in my bucket. right now there are two coins in our inventory that I really like but resist, a raw 1802 Bust Dollar(VF) and a 1917 T.2 SLQ with pretty gold tone(NGC MS65). for a small shop we get some surprisingly nice coins.
savoyspecial --- that is easy, they don't really understand much about grading.
TurboSnail --- not many younger women stop in for coins, but we have a nice Jewelry counter which means their backs will be facing me as they peruse the trays.
davewesen --- right now it's probably around $11.25 x face. we use a sheet and multipliers, then stay back of that a little.
ShadyDave --- no doubt about it, 100 duck sized horses.
hchcoin --- right now I'm trying to train a guy who will fill in for me on my days off. I usually go off the customer, if I know them and if they are a regular we can be a little more casual at the point of purchase and check closer later. if things are wrong they square up next time in.
for the average customer I will first visually inspect, use a magnet, check for a hallmark, check electronically and then scratch with acid.
BruceS --- it really doesn't. I think it's important to engage people, treat them with respect and try to educate them if I can. absent that they never come back. customers will sell at a lower price to someone they like and trust rather than a higher price to some prick with a lousy disposition. with all that said, the easiest way to get a lower offer from me is to be disagreeable and argumentative.
--- we had a guy come into the store yesterday, he has a Harley on pawn. every time he's in to make a payment there's an issue and he's one of those guys that needs to be right. he informed us yesterday that he'll be in next week to reclaim his bike --- I immediately made a note in his file and we will do no more business with him. it's the same at the coin counter, there are some customers I won't even offer a ride on the lowball express, no matter what they want.
Mark, I actually got flashed at work maybe 35 years ago, her name was Terri, never at the shop.....................yet.
Thanks Keets - really appreciate the candid responses... many are very insightful. Your tenacity and spunk to address all questions are noteworthy.
'dude
good morning keets, what series of US coins or exonumia do you find it most difficult to put a price on, whether for purchase or for sale? What references are most useful for you (print or electronic)? thanks in advance...
Tough ones: Are you ready for thugs if they walk in fully armed trying to take you for all you are worth? And I see driving vehicles into the side of stores is another tactic by crooks.
What are reasonable terms of sale, for buying back later whether or not the coin is still in the dealer 2x2? What terms of sale are red flags for various sellers? How good or bad are your competitors in your area in ethics, honesty or sharing information for unknowledgeable sellers/buyers? What stories do you have of buyers around you ripping off sellers? Is online feedback on yelp or google reviews, etc. good or bad for business?
Great thread Al. Thanks for sharing.
What buy/sell spread (%) on coins (not bullion) do you need to maintain to support a B&M operation.
Joseph J. Singleton - First Superintendent of the U.S. Branch Mint in Dahlonega Georgia
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