Describe your favorite coinshop...........

longtimecollector · April 14, 2005 2:22AM

Rumored here before, I am thinking about going the "Brick and Mortar" route in a medium sized Indiana location...........

What I'm looking for from board members is descriptions of their "favorite" coin shops (PLEASE DISREGARD ALL PRICING / ETHICS ISSUES)

Is the place carpeted ?, type and # of showcases, typical inventory (%slabbed vs. % raw), related supplies available, lighting, security, smoking or non-smoking, stools for customers, related items for sale (jewelry / collectibles, etc), hours of operation, one-man operation?, coffee pot / Cokes ?, and whatever else makes your "favorite" shop the best !!!!!!

Thanks, Jim

Longacre · April 14, 2005 2:24AM

Good lighting, both slabbed and raw coins (and a large variety), classy looking, rather than cheap looking

mgoodm3 · April 14, 2005 2:26AM

I like high counters makes it easier to see the coins you're looking at. With good lighting at the counter.

Russ · April 14, 2005 2:27AM

My favorite coin shop would be one with a huge vault filled to the brim with unmolested 1950's and 1960's proof sets and is run by an owner who lives and dies by the Greysheet.

Russ, NCNE

TheRaven · April 14, 2005 2:28AM

The one that actually has the coins I am looking for.

JrGMan2004 · April 14, 2005 2:28AM

I've yet to go into a coin shop I've liked... so... my ideas...

Carpet... it's more comfortable

As for cases, that doesn't matter for me so much, as long as I can see everything in the case, also, have lamps everywhere for inspection

I've yet to go into a shop that had inspection lamps at the counters...

A good selection of everything, raw and slabbed, when appropriate

Definately need the regular range of supplies and general numismatic books...

Stools are nice

No-Smoking... if they wanna smoke, they can step outside... I don't wanna go into a shop and come out smelling like an ash tray...

Security... want one of those things where they gotta buzz in, and you gotta press a button for them to open the door...

One Main Man... then, find some local coin collector guys (Younger guys) that you trust, to do the grunt work for you...

Coffee pot and cokes would be nice

But what would really make a shop a "favorite" for me, would be a nice, courteous sales person, that can take the time to chat with you and help you for a little bit...

Russ · April 14, 2005 2:30AM

PS: And Marty has NO CLUE as to where it's located.

Russ, NCNE

coachleonard · April 14, 2005 2:32AM

one with a killer junk box!

BillJones · April 14, 2005 2:34AM

The best coin shop I ever saw was in Boston many years ago. A number of dedicated collectors frequented it, and we really developed a lot of friendships. The shop ran a bid wall which yielded many coins that I could not afford, and many others that I could. Among them were my 1793 Chain Cent, 1796 Quarter and a 1797 13 star variety half dime.

The owner died years ago, and the son who ran it had to close. Many have missed it since then. RIP Worthy Coin Shop.

longtimecollector · April 14, 2005 2:36AM

I haven't been in a shop with a "junk box" in years, but that might be something to consider........ Also, maybe a "consignment case" ?????

JxnBoy · April 14, 2005 2:50AM

My favorite coin shop has thousands of dealers, tons of different coins, both raw and slabbed, and mint sets, proof sets, and just about anything else you can think of. They offer both fixed price sales and those in an auction format. They're open 24 hours, 7 days. Unfortunately, there's a lot of garbage, and lots of the dealers are total scammers. But if you know what you're doing, you can find some good, or even great, deals, in the ebay coin shop.

To be serious about your question, for a brick and mortar shop, I'd prefer a good relationship with the dealer that would offer me what I'm looking for before it hits the shelves. I've yet to find that dealer around me.

MadMarty · April 14, 2005 2:57AM

<< PS: And Marty has NO CLUE as to where it's located.

Russ, NCNE >>

BITE ME! I know where this one is and it's not even there yet!

DarkStar · April 14, 2005 3:02AM

What Bill Jones said.

--- A former Worthy Wizard

Russ · April 14, 2005 3:04AM

<< << PS: And Marty has NO CLUE as to where it's located.

Russ, NCNE >>

BITE ME! I know where this one is and it's not even there yet! >>

Hey! LTC told me to post that!

Russ, NCNE

kranky · April 14, 2005 3:06AM

I don't know that there's a good answer. Depends on your customer base. I know a shop that sells jewelry, is open 6 days a week, sells only slabbed coins (mostly over $100), and is very successful. But I'm sure that same setup would fail miserably elsewhere.

Shops that are primarily interested in buying are different than ones that are trying to actively sell. The B&M shop closest to me doesn't expect to see people come in. They sell coins (mostly moderns), stamps, supplies and books. They look like most of their day is spent filling mail orders and ebay sales, and hoping for someone to drop in out of the blue and offer a bunch of coins for cheap. It's small and it's obvious they aren't interested in having people hang out there (in other words, no coffee or Cokes). They don't even set up at the local shows.

It's not the kind of store I'd ever think of visiting to buy something other than supplies. Why? I doubt they would have what I'm looking for, and I like going to shows better. One nice feature is that it's on the ground floor of a 3-story office building with parking in the back, so there's an element of privacy in going there.

busco69 · April 14, 2005 3:57AM

A hole in the wall with good prices and they treat you like a fellow collector instead of an easy mark.There are two places in Grandrapids Mi. like this that I deal with all the time,right now he has walkers for 5 times face not bad.

EJB · April 14, 2005 4:11AM

Friendly sales people, bright counter lamps for close inspection. But above all , a friendly atmosphere and put it in the yellow pages....

streeter · April 14, 2005 4:12AM

Jim, it would be interesting to hear your proposed business plan.

Then everybody can rip it.

longtimecollector · April 14, 2005 4:14AM

I plan to lose money on every sale, but make it up in volume !!!!!!!!

Hedger · April 14, 2005 4:26AM

Well , I do have one favourite place locally but it's the only game in town and is usually very picked over. They have a great selection of supplies and books. They have two big junk boxes and only two people behind the counter. They have carpet and tacky wall paper with a table to sit at to examine the junk. They have pretty good lighting, a microscope handy for people to use on request and one counter inspection lamp. They're ok but the inventory is stale at best. He deals with too many private dealers and anything he gets in is gone within the hour.

tmot99 · April 14, 2005 4:41AM

Hard wood floors, bid board, lots of display cases (single level, not 3 or 4 shelves), coffee pot with cookies and plenty of counter help. There are at least 3 people working at all times and 3 more available for known busy times like Saturdays. A good mixture of classics and moderns. As I have travelled around the country stopping in at coin shops, very few have Barber coinage not to mention any bust material seated or otherwise. The shop should also have some selection of slabbed coins.

The biggest thing I can think of is having the inventory. My local shop has circulated seated material and plenty of it along with moderns. They put their nicer stuff in the display cases and have boxes of circulated stuff down below.

Sandhawk · April 14, 2005 4:43AM

I plan to lose money on every sale, but make it up in volume !!!!!!!

Sounds like the airline industry these days

Russ · April 14, 2005 4:55AM

<< Hard wood floors, bid board, lots of display cases (single level, not 3 or 4 shelves), coffee pot with cookies and plenty of counter help. There are at least 3 people working at all times and 3 more available for known busy times like Saturdays. >>

And, a bankruptcy lawyer on retainer.

Russ, NCNE

100proof1957 · April 14, 2005 4:55AM

Them old Rotary cases !

Linoleum floors

Stereo microscope

old time coke machine or just a small cooler on the honor system

junk box O Morgs at say 8x face

Big Friggin Bid Board !

tmot99 · April 14, 2005 5:19AM

<< 

<< Hard wood floors, bid board, lots of display cases (single level, not 3 or 4 shelves), coffee pot with cookies and plenty of counter help. There are at least 3 people working at all times and 3 more available for known busy times like Saturdays. >>

And, a bankruptcy lawyer on retainer.

Russ, NCNE >>

Actually, that is my local shop. They merged with another shop about 45 minutes away and bought out an old pet store. Marty knows of this place.

boyhowdy · April 14, 2005 10:57AM

I'd like to get comfortable in a new shop and sit in front of a junk box or rolling display case and
watch the owner deal with the public. I think that is a good way to get a feel for how the guy operates.
Last time I was able to do that I watched as someone came in off the street with 2 BU rolls of 1937
Lincolns. The owner said he wasn't interested and let me pick them up for $1 a roll. If I still had them
I would watch the paper for high schools having a 50 year reunion. Half of those people were born in 1937.

Steve

coinfreak499 · April 14, 2005 11:18AM

I like my local coin shop the best. He charges face value for P mint rolls of buffalo nickles, Calf. and only $3 for keelboats. He dosn't charge any extra for toning and is fair to kids.

pharmer · April 14, 2005 11:18AM

Do you like working with the public? Are you a people person? By your picture, you look like one. If so, everything else will be minor, but the ideas presented here, minus the employees, are good ones. One employee to start. Counters in a horseshoe or U shape with your desks in the middle, so you are always right there when someone walks in, and if someone justs wants to talk, you don't have to get up. I like the idea of the revolving cases, seem to hold a lot of merchandise. The stereo scope or two as mentioned is a very good idea.

MrEureka · April 14, 2005 11:32AM

Bid Boards are great, but it's unrealistic to think that a new shop can attract a critical mass of bidders or consignors.

HOWEVER, if you invite the public - collectors, non-collectors and even dealers - to have you handle their eBay sales, and as an added bonus you will have those coins on display in your shop until the coins are sold, you will quickly gain a following. After all, local buyers will love that they can see what they are bidding for, especially the coins from the non-dealers, and sellers will love that their coins are getting both eBay AND bricks and mortar exposure. Everyone wins.

Shamika · April 14, 2005 12:06PM

I prefer carpet.

Good lighting is a must (notice that I did not say BRIGHT lighting).

I like the security of having to be buzzed in. Otherwise, if the dealer doesn't know me, I get the feeling he's afraid I'm going to make a mad dash for the door stealing coins in the process.

I like to see TONS of numismatic books around the place. This tells me the dealer is either very knowledgable, or wants reference material at his fingertips.

ABSOLUTELY NO BEANIE BABIES, BASEBALL CARDS, ETC! Sorry, but you're either a coin dealer or you're not. When I see items unrelated to coins, this tells me that dealer is focused more on profits and less on numismatic. A dealer has every right to make money, but I want to at least think that the guy is doing it for the love of coins.

No smoking. If you care about coins, you know what smoke can do to them.

I prefer to buy certified, so there must be a selection of these. However, a few raw coins are okay too.

A little of everything to choose from, but with a specialty in at least one thing (Morgan dollars, Civil War Tokens, large cents, etc).

The sight of even one cleaned coin in the shop demands an instantaneous exit. You can sell all the low grade stuff you want, but trashed coins that are obviously AT, whizzed, or colorized shows a lack of seriousness and/or knowledge.

The smell of coffee and classical music would be a nice and very memorable touch. (I'm kidding)... (not really)

Keep TV's out of sight. If you want to watch a soap opera or CNN, go home.

Weekend hours, even if just for an hour or two, would be great. There is a coin shop a few miles from my house that is open 9-5, Monday thru Friday. Guess what? I work 8:30- 5:30, Monday thru Friday. As much as I'd like to, I'm not going to burn a day of vacation to visit.

Dealers that at least pretend to be fascinated with the stuff I collect, are on my A-list.

A buy-back policy is nice. It tells me the dealer likes the coin as much as I do. That's why he offered it in his inventory to begin with.

FREE PLUG: Northeast Numismatics has a great office if anyone wants to visit them in Concord Massachusetts. The dealers make great small talk, they have a buzzer for security, a TON of books, good lighting, a big table to spread out the items you wish to look at, and they don't try to rip you off if you offer to trade or sell anything.

Cratylus · April 14, 2005 12:07PM

I have yet to wowwed by any B&M coin shop, but I do have four realistic attributes that I think an ideal B&M shop should have:

1) A dealer who is knowledgeable and friendly
This is just common sense. I don't want to buy from a dummy. I expect him to know at least as much as I do about coins. Additionally, if he isn't friendly, he won't have my business, no matter how nice his coins are. The business rule? "Treat your customers well and they will treat you well."

2) A dealer who lets his customers know that he actively pursues "Want Lists."
This comes down to an Inventory issue. Personally, I have very limited numismatic interests. If I walk into a coin shop and the dealer is a super nice guy and yet doesn't carry what I collect... sure, I'll go in to "shoot the $hit" with him, but I probably won't buy much of anything. On the other hand, if I know the dealer is a nice guy AND is keeping an eye out for me, I will return over and over and over again, regardless of price (within reason). The business rule? "Give the customer what he wants, not what you think he wants."

3) A store with excellent security.
Another common sense principle. As a customer, I don't want to have to worry about Reggie and Tyrone coming in and holding the place up while I'm in there. The business rule? "If your customers don't feel safe doing business with you, they won't be your customers for very long."

4) A dealer who places an emphasis on sales.
What I mean is, if you are busy counting numerous Ziploc bags of worn Franklin halves from a guy who wants to sell them to you, and at the same time you have a guy who has picked out about $1600 worth of coins and is ready to pay, don't keep the buyer waiting. I had this happen to me one time at a B&M. I told the dealer I was ready to pay as he kept counting coin after coin after coin. He would finish one bag and start another one. After several times of me saying something to the dealer, the seller of the old Frankies told the dealer that he would wait if he wanted to take care of me real quick. The dealer looked at me, looked at him, and then said, "No, you were here first. He can wait until I'm done with you." Upon hearing this, I calmly walked over to the dealer, tossed the coins I was going to buy in his lap, and told him to keep his G** D*** coins and I'll keep my $1600. As I turned to leave his shop, he told me to hold on and that he didn't know I was making that large of a purchase. I told him to F*** off and I walked out. I see him occasionally at some local coin shows and I have never, nor will I ever, buy anything from him. The business rule? "Don't keep your customers waiting."

FatMan · April 14, 2005 12:13PM

Leather lounge chairs, full open bar, and topless "coinmaids" who bring you any drink and / or coin you request.

littlebear329 · April 15, 2005 12:05AM

i shop at affordable jewelry, coins, and loans.
30133 euclid ave
wickliffe ohio

i've been doing business with the owner for quite a few years now. very knowledgeable and very reasonable prices. good guy and a very good friend.

topstuf · April 15, 2005 2:55AM

Completely filled with Berg rotating showcases.
One full of colonials, another full of classic rarities, one with territorial gold, one full of patterns, a good in-depth selection of each "type" coin in grades from VF-65, a case of keys, and several cases of good paper money.
Great spreads on all major bullion coins and immediate delivery on anything up to 400 oz of gold and 10,000 oz of silver.

A wall of books and albums and a "promo" policy of "courtesy submission" of all raw coins bought.

Yeah, that should do it.

topstuf · April 15, 2005 2:59AM

No...no....NOOOO on the "U" shaped counters. I know a dealer who died for that mistake.

Too easy for a pair to enter and split and get the dealer's BACK to em.

no no no no no.

My FIRST shop had a "U" shaped counter, but the CUSTOMERS were inside the U.

100proof1957 · April 15, 2005 4:39AM

everyone here has some great ideas.

one big problem.to implement all the good ones is gonna require about 20 MIL for starters !

topstuf · April 15, 2005 4:48AM

100proof......20 mil??? Piffle. It'll all be worth it when the first customer comes in an plops a coin on the counter and you discover you can buy the ultra rare misspelled "TRVST" Peace dollar for less than 10 bucks.

Ahhhhh.....them good ole days.

100proof1957 · April 15, 2005 5:23AM

Top,

i only buy the common TRUST peace dollars !

bigtonydallas · April 15, 2005 5:34AM

Carpeted.

Security!

Good selection of inventory to look at.

Many higher cases. (I am 6'3")

Weekly & Monthly Bid Boards.

Weekly & Monthly Consignment big boards & cases!

Other boards letting everyone lese know what others are interested in. Kind of like a message board. This would bring individuls into the store. Might lose some sales but would generate hopefully good feelings about wanting to come in regularly.

No smoking

Stools or chairs with work surfaces that have a light and glass to inspect.

Reference books for use in the store.

Massage chairs for free massages! (lol just kidding)

If I win the Mega Millions tonight, I am going to open this shop!!!!!! ($140 million+)

relayer · April 15, 2005 6:37AM

I'd like to see a small library area with a table and chairs and reference books in a bookcase.

I like the display cases that you can rotate with buttons. But I like giant albums you can sit down and flip through (in the library area) - keep lots of those and keep them full.

I like to browse without having a guy standing right there behind the case. Until I ask to see a coin I don't want to be bothered while I'm looking around.

A separate area with cases of your high-end stuff (next to the library)

You need to stock a range of supplies, books and magazines.

A board where people can put coins up for sale - not a "bid" board - just coins on consignment with a fixed price.

A Price on every coin.

Hours – you should be open on the weekends and a couple of days with evening hours. If it was me it would not be a one-man operation because I’d show up around noon, hang around for an hour and then go to lunch and come back the next day – or else just lock the doors and look and play with my coin inventory.

An area in the back room to do your shipping of Internet sales.

Nice thick padded carpet would be a plus - and I need air conditioning set at the correct level.

Oh and smoking is allowed in the library area where complimentary sodas are available (that would go away as soon as somebody spills one)

topstuf · April 15, 2005 8:36AM

<< i only buy the common TRUST peace dollars ! >>

Post the pic! Post the pic!

Russ · April 15, 2005 9:04AM

<< Bid Boards are great, but it's unrealistic to think that a new shop can attract a critical mass of bidders or consignors. >>

Consignors aren't a problem. Until that's built, the board can be salted with inventory.

Russ, NCNE

Describe your favorite coinshop...........

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