Is there such a thing as a thriving local coin shop anymore?
bennybravo
Posts: 1,950 ✭✭✭
I remember going with my dad in the early eighties, and with my son in the late nineties, but are there still coin shops around that thrive and actually make a good living for their owners? Shout out your local coin shop if you still have a local place that does well that you still love over internet transactions.
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100%, but if you don't have an online/digital presence, you're doing yourself a disservice.
Whether its ordering groceries on Amazon, or watching a show on Netflix, society has shifted from brick and mortar stores/shops to online commerce.
There are many young people that collect and buy/sell on the internet, we just choose to not shop at coin shows or shops.
I have 4 local coin shops near me, 2 have a very heavy internet presence, 1 has a website, the other has 0 internet. All of them are doing very well.
My current registry sets:
20th Century Type Set
Virtual DANSCO 7070
Slabbed IHC set - Missing the Anacs Slabbed coins
I completely get that Hold the Mayo. Bill's Coin and Stamp exchange in Jackson.MS is a great place. I used to go there while I was going to college in the early 90's, and Bill would let me look through the morgan dollars in varying grades and give me fair deals. He was murdered in a robbery a few years back with a couple of other employees. He was in a horrible part of town, and I always thought man, what a great shop in a bad area. Wish he'd have shut down his shop and went internet or moved to a good part of town.
https://www.ebay.com/mys/active
Would still love to hear of great coin shops that are thriving if you live around one!
https://www.ebay.com/mys/active
I very much miss going to the local BM like I did back in the 1970's. Those were the days!
All have closed, but one and certainly not thriving. Too my knowledge, all the coin clubs have shut down also.
Southern WV.
Jim
When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest....Abraham Lincoln
Patriotism is supporting your country all the time, and your government when it deserves it.....Mark Twain
There were a couple of coin shops near where I used to work. I stopped in on my lunch hour to see if they had any US gold coins for sale. They said that all the gold that they buy is wholesaled out to another dealer. Never went back to either coin shop.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Yes, they do other collectibles and jewelry.
I think a moderately densely populated area can work with this business plan.
And of course business acumen.
In short.....yes.
I live in the Seattle area, and we have a fair number. Not as many as 30 years ago, but still enough to keeps things interesting.
'Bellevue Rare Coins' is fairly dominant in my area, and they're great folks. They have four locations within a 25 mile radius, and they do a huge business. Very professional folks. There seems to be an endless supply of folks walking in selling gold and silver, rare coins and old jewelry. Occasionally I see a buyer or two. I've sold huge amounts of 90% at their stores, and they are nice to deal with. Not a huge selection of certified material, but enough to keep me coming back.
I just noticed a new store recently opened (The Metal Shop), but I've yet to check them out. Seeing good reviews online, so I need to check them out soon.
https://bellevuerarecoins.com/
https://themetalshop.net
Dave
Which shop fathom? I think everyone here would love to support a place like that!
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Outstanding Post!!!!
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There are a good handful of shops here in the Portland, OR area. My favorite by far is Liberty Coin and Currency. It's the biggest shop with a great selection. I visit it very frequently and they are always pretty busy. I'd prefer to go to that shop before I start looking on eBay. Same goes for attending shows, I just wish we had more of those locally.
What @Dave99B said. Clairvoyant.
Most of what I sell online comes from local shops.
The local shop near me is doing incredibly well, both buying and selling as well as bullion and collector coins.
In honor of the memory of Cpl. Michael E. Thompson
Yes, but bullion sales help pay the bills.
There's a place near me that does a brisk bullion coin business. They also sell high grade gold and silver coins as 'investments.' Been there for a long time; I rarely visit.
"Seu cabra da peste,
"Sou Mangueira......."
All American Bullion ad Coins has a great shop in Cedar Rapids Iowa, They have a great selection of collector material, and a lively bullion business, Great owner, Alex treats his customers very well. Also has a solid Ebay presence.
My favorite LCS, always nice and helpful, great inventory
@basetsb_coins on Instagram
No coin stores of significance near me. Anecdotally I have heard that the vast majority of business, both in dollars and in number of transactions, at most remaining coin stores is bullion. I suspect there are still many thriving "local bullion stores", or Coin and Jewelry stores with an emphasis on jewelry. I haven't been inside a coin shop with a good selection of better numismatic material in 30 years.
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Ditto!!!
Tom
There are a few in the Phoenix area, but most of them are closed on the weekends. I don't understand this logic. Most working people like me work M-F 8 to 5. And these shops are open M-F 9 to 4. So I never get to give them my money. I get that the shop owners want time off per week, but take Mon & Tue off. I can't imagine how much business they're losing not being open on the weekends.
Closest thing to an LCS I have near me is a pawn shop, I've never bought any coins from them because they have them way overpriced but I have done some bullion trading and they have been a pleasure to work with.
."It's a dangerous business... going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to" -JRR Tolkien_________________________________________________________________________________________________________________________________________Outstanding BST transactions as a seller, buyer and trader with: ----- mustanggt, Kliao, claudewill87, MWallace, paesan, mpbuck82, moursund, basetsb, lordmarcovan, JWP, Coin hunter 4, COINS MAKE CENTS, PerryHall, Aspie_Rocco, Braddick, DBSTrader2, SanctionII, Histman, The_Dinosaur_Man, jesbroken, CentSearcher ------ANA Member #3214817
The only coin shop close to me without having to travel 35 miles relies mostly on buying coins not selling. I see him swindle people out of Silver Walkers, Benjamins, and "64 Kennedys all the time on Friday afternoons (that seems to be his best time when people come into sell coins - Go figure) - offers them 5$ apiece straight up no matter condition or date,
"When they can't find anything wrong with you, they create it!"
Hi guys, i do have a post about this , but it seems appropriate to add here as well.
Celebrating 50 years in biz!!!!
We are in charlotte NC
Ps , the party is tomorrow,
If your in the area, YOUR INVITED!!
Stop in and say hello
@Rob9874 I like C&C in PHX. They aren’t local to me but I used to get to go a few times a year on work travels. They seem to do a nice business and always had something worth buying.
When I get to El Paso (sort of local, 3hrs to the shop) there’s a shop that also seems to do fine.
I have two. One is great and is very reasonable. They are a good spot for raw coins. The other sells a lot of slabbed coins in NGC holders that are almost all terrible and very overpriced. I asked if I could go through their miscellaneous bag of loose Mercs the other day and they told me they would price each dime on an individual basis. To test out where they were going I picked out two well circulated 1940’s dates and the guy pulled out a redbook and told me the price would be $4 and $5. I said thanks, but no thanks. It appears that shop thrives on suckers.
No coin shops here... Just a couple of antique shops with overpriced, poor condition Morgans. One pawn shop, but no coins... There were lots when I lived in Seattle, evidently, from the post above, there still are. Cheers, RickO
Harlan J. Berk
31 N. Clark Street
Chicago, IL 60602
Store hours
M-F 8.30am - 4.30pm
First Class Operation!
Growing up, there must have been over a dozen small shops, booths at flea markets & malls, coin shows, and coffee cans full of "melt" silver coins on "Smelter's Row" in Philly. It was Nirvana for a YN like me!
Sadly, pretty much all coin shops & shows around me have closed down over the years. Some tables at flea markets, but usually overpriced or not what I need anymore. Same with pawn shops. I've used the Forum & eBay starting back in the '90's, but hardly ever use eBay anymore, as prices seem inflated from the get-go, and I'm not one to play the bidding game well.
Most stores that are still around are the "rare coin" or bullion-style, and I'm a waste of their time as a small-time collector. Junk boxes? They look down their noses at me & hit the buzzer for the door that they tell me not to let hit me on the way out.....Worse yet, as my eyesight fails, I can't drive around to stores/shows that are farther away, and I can't handle sifting thru any remaining "junk boxes" I find - - which used to be the most fun part of the hobby for me.
I can't remember the last "needed" coin I bought to fill older holes in our folders, as most of my collecting time/focus these days is just staying current with each year's new circulating issues. Getting "P" mints are relatively easy (eventually), but it's always hard to keep up with the "D" mints. Doesn't help that the USPS keeps upping its postage prices, either.
Years ago, my local guy in NJ was a huge collector/seller of top shelf stuff, but mainly Morgans. Visited him a couple of months ago after almost 10 year hiatus. I was shocked, he had nothing. Was 99% into bullion selling. Said he was sometimes doing about quarter million a week in sales of silver & gold bullion and making more then ever.
Shops close, others within driving distance start attracting more buyers and sellers. Anything is better than low ball buyers such as pawn shops and gold buyers.
ACSB Merrick New York- honest friendly. A large variety,
http://www.acsb.com/
I’m not aware of any LCS’ in South Orange County Ca.
Realistically, a successful B&M today probably needed to be started prior to the advent of the internet and then would have to have kept abreast of all the changes taking place in the last 20-30 years. There seem to be too many options today for someone to open a store-front shop, absent a well-earned reputation, with the expectation of succeeding. A successful B&M dealer today needs to have well a established reputation and a comfortable setting that makes buyers/sellers become regulars who enjoy visiting often and staying inside for awhile. Also, without having some sort of Bullion trade going on it might be hard and the market today almost insists that you do shows and cater to the TPG's influence. Carrying supplies is essential.
Oh, my! Someone must have read my post and acted very quickly!
https://www.greysheet.com/news/story/stack-s-bowers-galleries-announces-new-boston-gallery-at-84-state-street?utm_source=Klaviyo&utm_medium=campaign&_kx=ktNdUTF6BK6VYl-tdqDf8EKGteXoEyDnTjkklhnx6Yc=.TrdffQ
LIBERTY SEATED DIMES WITH MAJOR VARIETIES CIRCULATION STRIKES (1837-1891) digital album
Hallenbeck Coin Gallery is in Colorado springs. I don't have access to their financials, but they run television, print, and radio advertisements. They also lock the door and allow 1 group in the shop per employee with typically 3-4 staff working any given time. I have never been there recently and not had to wait in line to get let into the shop. From what I can tell the appear to be doing great. They are friendly, knowledgeable, and fair. I have bought and sold there with no issues. It's one of several in town, but the only one I typically go to, the others are "appointment only" or have weird hours that most working people could never visit the shops.
Congrats on 50 years in business! So why don't you tell us ... how does a brick and mortar coin shop stay in business nowadays?
LIBERTY SEATED DIMES WITH MAJOR VARIETIES CIRCULATION STRIKES (1837-1891) digital album
In the Salt Lake City metro area there are half a dozen. Rust coins was shut down by the Feds because it's owners ran a "silver ponzi" Scheme. Monarch coin had a whole basement dedicated to coins. They recently closed it and now it is just a front desk to buy bullion products. Now, it is all internet for me.
The SF Bay Area, Northern Cal., Central Cal. and Southern Cal. all have a very large number of B&M coin shops.
From those in major population centers to those out in the remote hinterlands. Near the coastline, in the coastal hills along U.S. Highway 101, in the Central Valley along I-5 and US Highway 99, in the Sierra foothills along Highway 49, in the high Sierras, in the lower Cascades, on the eastern side of the Sierra along Highway 395, in the high desert, in the low desert.
The range from small shops in old buildings with clutter that resembles a hoarder's home, to a spot in an antique mall, to bigger shops in newer buildings.
As I have traveled throughout the state for over the last 44 years doing legal work, I have stopped by many of these shops. Some are no longer in business, but many are. What is interesting about stopping by these shops is that you never know what you will find. You also never know how you will be received by the owner and employees of the shop.
A Google search of "California Coin Shops" reveals a long, long list of same.
Ha, I almost mentioned them. They're a bit of a drive for me, but yes they are very helpful and I believe open on the weekends.
These are all near me and I recommend them:
http://www.greenbrookcoins.com/
https://www.doelger.com/
https://www.stonehousecoins.com/
He has a large Ebay presence.
https://www.centraljerseyrarecoins.com/
He has some good prices, but its a little farther than the others.
https://jersey-coin-showcase.edan.io/
There are a few others I've been to nearby but I don't recommend them and won't post them.
My current registry sets:
20th Century Type Set
Virtual DANSCO 7070
Slabbed IHC set - Missing the Anacs Slabbed coins
Yesterday (July 8) I saw a television advertisement for Witter Coins on Lombard Street in San Francisco.
The Mysterious Egyptian Magic Coin
Coins in Movies
Coins on Television
Not around me. We don't even have a B&M anywhere. So, my answer is no.
The only thing here are, goats, horses , cows, sheep, ducks, chickens, pigs...........
Sorry crazyhounddog, no buffalos
Mike
My Indians
Danco Set
If anyone is in Cincinnati I have three stores in the area that ALL stock collector coins.
I began in the business here in town in 1975 and hope to have a few more years to go.
Hope to see some of you in the future!
Brad Karoleff
Coins Plus
A: The year they spend more on their library than their coin collection.
A numismatist is judged more on the content of their library than the content of their cabinet.
There are plenty. Just offhand, guy I know in CA (Not coastal) is 50% owner of a shop and pulls low six figures a year AND has an employee he pays very well (2x state median salary).
"It's like God, Family, Country, except Sticker, Plastic, Coin."
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Need a personalized album made? Design it on the website below and I'll build it for you.
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