I visited a coin shop today where I used to spend a lot of time
Boom
Posts: 10,165 ✭
All but a couple employees have moved on and the place still makes me nauseous. Paying $6 for silver dollars (real silver dollars no matter what shape they are in) and overheard them convey his latest RIP, a 34 - D or S Peace (I forget) that was in amongst the latest buy from some poor unsuspecting, trusting FOOL.
Finally someone asked me if they could help me but I wasn't buying NUTTIN' from these people who happen to be PCGS/ NGC Authorized Dealers, ANA Members and members of The PNG, mind you. I DID however ask how much they were paying for 90% silver. Let's just say that the reply really did not shock me. Nothing about these crooks surprises me. So I just nodded, put on my best Poker face and left and barely made it out the door before I bust out laughing in disgust of these thieves.
Actually, I had been visiting my Mother down the road in ICU and had stepped out to give her some privacy while she tended to her daily human needs and on a whim decided to visit this place that I once left from years ago on not so friendly terms because of this very same kind of crap.
People like this (who have a monopoly within a 100 mile radius) really ought to be horse-whipped. I REALLY want to open a shop just to make these monkeys behave themselves. They are and have been sticking it to people for years because they are the ONLY shop around.
Hopefully I can make that happen sooner than later. Just thought I'd share this little outing with you guys.
0
Comments
The only red flag I see here is making fun of a seller. That is an absolute no-no for a classy business person. That actually bothers me than their buy prices, which are probably a legitimate reflection of the local market (maybe it's a long drive to the closest silver smelter??) I would quit using a dealer for that before I got upset about the six dollar for junky Morgans thing.
PS.. as for the closest smelter, try Tulving for one and there are countless others.
BTW:
Silver hit $13.66 today, what did I say to you last night?,and the week before? etc,etc lol
My Prayers are with you and your Mother,hope all is well
the_northern_trading_company
ace@airadv.net
Knowing what I know about the offers I've received LAST WEEK regarding the lot I still have, when that dealer said 5 times face GREED was written allover him and yeah, he REALLY DOES look like a Monkey. Who knows, maybe coinsareus is him.
Just kidding, coinsareus.
<< <i>You'd have to see it to believe it or rather just be like a fly on the wall and just take it all in. I actually am being rather kind here. Offering 5x face for 90% silver and $6 for coins that will be in his display case tomorrow, being so blatantly unethical as a member of all the aforementioned organizations is what really troubles me. It really IS disgusting.
PS.. as for the closest smelter, try Tulving for one and there are countless others.
Hmmm . . . these are blatant violations of the PNG and ANA code of ethics. If other PNG dealers knew about this would they care (i.e. report them)? Has any PNG or ANA dealer been sanctioned for such behavior?
Boom, the firm's name doesn't happen to begin with a "B" does it?
PNG notwithstanding, it doesn't take much other than paying annual dues to be a member dealer of ANA. Being a PCGS and NGC authorized dealer certainly doesn't guarantee a high standard of ethics.
Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
hopefully the Internet has opened the door to enough information that "poor" dealers will be eventually out of business...
doesn't make this any less distasteful, however...
<< <i>All but a couple employees have moved on and the place still makes me nauseous. Paying $6 for silver dollars (real silver dollars no matter what shape they are in) and overheard them convey his latest RIP, a 34 - D or S Peace (I forget) that was in amongst the latest buy from some poor unsuspecting, trusting FOOL.
Finally someone asked me if they could help me but I wasn't buying NUTTIN' from these people who happen to be PCGS/ NGC Authorized Dealers, ANA Members and members of The PNG, mind you. I DID however ask how much they were paying for 90% silver. Let's just say that the reply really did not shock me. Nothing about these crooks surprises me. So I just nodded, put on my best Poker face and left and barely made it out the door before I bust out laughing in disgust of these thieves.
Actually, I had been visiting my Mother down the road in ICU and had stepped out to give her some privacy while she tended to her daily human needs and on a whim decided to visit this place that I once left from years ago on not so friendly terms because of this very same kind of crap.
People like this (who have a monopoly within a 100 mile radius) really ought to be horse-whipped. I REALLY want to open a shop just to make these monkeys behave themselves. They are and have been sticking it to people for years because they are the ONLY shop around.
Hopefully I can make that happen sooner than later. Just thought I'd share this little outing with you guys.
Try not to be so hard on the local guy or gal. They have to make a living and most of what we read in the red book is not the real world at the retail and/or shop level.
My local shop gave me an Ok del on raw silver and really the horror stories they can tell you about dealing with the mint or other dealers would kind of turn your stomach. Sure, they are an authorized dealer, yes, they have a great rep, but they also might not go ga ga over silver that lets face it, I can get off of E bay at the same price and even lower profit AND really, nobody will buy unless they need that coin or its a "special" coin.
I do however agree that having a monopoly can bring out the worst. Try dealing with a cable company when you cant get Sattelite. THATS RUDE. Otherwise, sorry to hear about your Mom.
You seem to think you can do it better than this fellow.
But I'll tell you something right now. You'll be on here whining again, but it'll be because you're losing your azz in it.
I have one friend that closed his coin store because he couldn't make a go of it, and now there's another guy I've known for years that used to take tables at the coin shows I put on, that has a coin and antique store that's closing when his lease is up.
He tells me some days he'll make only one sale.
With all the coin shows and now Ebay, Yahoo, and all the other online auctions, the days of store front coin shops is over.
Ray
<< <i>Find a place for a coin store, and go into the coin business, Boom.
You seem to think you can do it better than this fellow.
But I'll tell you something right now. You'll be on here whining again, but it'll be because you're losing your azz in it.
I have one friend that closed his coin store because he couldn't make a go of it, and now there's another guy I've known for years that used to take tables at the coin shows I put on, that has a coin and antique store that's closing when his lease is up.
He tells me some days he'll make only one sale.
With all the coin shows and now Ebay, Yahoo, and all the other online auctions, the days of store front coin shops is over.
Ray >>
You said it. I wish it was not true, but wow, thats the deal.
<< <i>With all the coin shows and now Ebay, Yahoo, and all the other online auctions, the days of store front coin shops is over. >>
I find that very hard to believe. Where is it written that B&Ms can't participate in those same arenas? The local coin shop has all of the opportunity that anyone else does. But, the bonus for the B&M is that they get collections and other benefits the virtual seller will not get. That is where some good money is made. How many collections do people put on eBay if they trully do not have a working knowledge in coins? The majority of individuals who get collections will call the local place out of the yellow pages and sell to someone within driving distance. Trust me. I have experience with this. Saying that B&Ms are done is like saying there will be no retail sellers in any area in the future. It is not happening. I agree that it is harder to be a B&M when you are not the "only game out there." But, that is where some business acumen and ingenuity come into play. The good business owners will adapt and change. The sorry people who survived in the old game by the lack of options for buyers will and should go out of business.
https://www.pcgs.com/SetRegistry/collectors-showcase/world-coins/one-coin-per-year-1600-2017/2422
<< <i>
<< <i>With all the coin shows and now Ebay, Yahoo, and all the other online auctions, the days of store front coin shops is over. >>
I find that very hard to believe. Where is it written that B&Ms can't participate in those same arenas? The local coin shop has all of the opportunity that anyone else does. But, the bonus for the B&M is that they get collections and other benefits the virtual seller will not get. That is where some good money is made. How many collections do people put on eBay if they trully do not have a working knowledge in coins? The majority of individuals who get collections will call the local place out of the yellow pages and sell to someone within driving distance. Trust me. I have experience with this. Saying that B&Ms are done is like saying there will be no retail sellers in any area in the future. It is not happening. I agree that it is harder to be a B&M when you are not the "only game out there." But, that is where some business acumen and ingenuity come into play. The good business owners will adapt and change. The sorry people who survived in the old game by the lack of options for buyers will and should go out of business. >>
You have a valid point.
However, why is it a crime to just want to run a shop and not deal with every potential scammer in the universe now ala virtual mode on the internet?
Dont get me wrong, sure, some shops were doomed from the start. I get that. I also get that most of my other coins (coal scrip) I got from E bay and from the contacts I made as a result. It was a combination. BUT, B&M cant get the huge instant recognition and access that being a virtual store can give.
IMO there is a human interaction which is necessary to the new collector or really for anyone who wants the experience of learning from another cllector/enthusiast. The old game as you call it is what I like to call customer service. Limited service is a 2 way street. However, monopolies should get what they deserve, unless of course you watch cable............
I am not sure I understand your response (I am not being disrespectful, I think we are in agreement, probably my fault). Maybe my response was not clear. What I am saying, is that I could have MrBreeze's Coin Emporium on Main Street USA. I could also have MrBreeze's Coin Emporium on eBay or any other virtual outlet. I could then reach every potential customer in the market. Now, mind you, I would incur other expenses that the interenet only coin shop would not have. But, if I was a good at the retail level, I could still make money there. A lot depends on volume and scope. I think most people (yes, you can condemn me for generallizing, as I loathe this type of statement) get a picture of a one man operation in a small, cramped space when someone says "local coin shop." Now, if you tell me that the one man operation who runs a B&M shop will fail, I would probably tend to agree with you. I don't think a one man operation could handle both the retail and internet presence, and do what is required to maintain good customer relations in both venues. This is happening all over America in other retail areas besides coin sales.
https://www.pcgs.com/SetRegistry/collectors-showcase/world-coins/one-coin-per-year-1600-2017/2422
<< <i>Whitby,
I am not sure I understand your response (I am not being disrespectful, I think we are in agreement, probably my fault). Maybe my response was not clear. What I am saying, is that I could have MrBreeze's Coin Emporium on Main Street USA. I could also have MrBreeze's Coin Emporium on eBay or any other virtual outlet. I could then reach every potential customer in the market. Now, mind you, I would incur other expenses that the interenet only coin shop would not have. But, if I was a good at the retail level, I could still make money there. A lot depends on volume and scope. I think most people (yes, you can condemn me for generallizing, as I loathe this type of statement) get a picture of a one man operation in a small, cramped space when someone says "local coin shop." Now, if you tell me that the one man operation who runs a B&M shop will fail, I would probably tend to agree with you. I don't think a one man operation could handle both the retail and internet presence, and do what is required to maintain good customer relations in both venues. This is happening all over America in other retail areas besides coin sales. >>
I agree. I think we were saying the same thing as well.
However, I like the one man shop. I know, its just a preferance on my part, but you are correct, unless there are folks who can handle both worlds, the days of the one day shop will go. While we do converse about coins, you are aslo correct about this happening everywhere in really almost every retail sector I can think of as well.
I know this will sound a bit naive but it is almost as if the one man shop is going to cease because in general most folks are too impatient. Well said on your part
I feel you pain, Boom. Godspeed to your mom, and hang in there yourself.
In my little hometown burg of 120,000 residents, we have one b&m shop... Used to have a couple. The one that is still open has a decent local reputation, makes fair buys on walk-ins, and the owner travels all over the country bidding on estates. Most of his business is wholesale and internet, although lately he has been doing pretty well selling otc, with the metal markets doing so well - people out here are not afraid of dollar cost averaging up, it seems.
He's getting a little older (although only about 15 years older than I), and we have had semi-serious talks about my buying the store, or doing some sort of joint venture... But I'm just not ready to leave the corporate world and go into semi-retirement
I believe that there is still a place for b&m shops, but they need to have provisions for on-line or Ebay sales, and an active buying program to bring in fresh material. The other sellers who have gone out of business here over the years have been folks with bad attitudes, limited resources, no advertising and lousy, stale product. Stands to reason that they would not survive, now that I see it in writing.
I hope that you open your own shop directly across the street form these chuckleheads. It doesn't sound like they could survive the competition...
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
https://www.pcgs.com/SetRegistry/collectors-showcase/world-coins/one-coin-per-year-1600-2017/2422
As metal prices move higher, it actually becomes more expensive for the dealer to do business. In the case of gold, it now only takes TWO ounces in Calif. to meet the sales tax exemption threshold. But.... the wholesale dealers who sell to the brick and mortar shops won't sell less than 10 ounces. (In most cases, 20 for best price....which is an extra 50c....whee)
But the public only buys TWO ounces. Now maybe they will sell 2 oz to 5 people and everything will be just hunky dory. But they also may sell only the 2 ounces. And with gold moving $15 a day, the profit can be lost on the whole transaction whereas in the past with 2 and 3 dollar moves in gold, a dealer could stand a bit of "market risk." Now.....he either has to penalize the small customer on the spread or charge an enormous spread to the small buyers.
It is far easier to go broke in a rising market than in a falling one as in a rising market, costs escalate as time goes on.
Same on silver. MOST customers want to sell $30 face value of 90%. There is shipping and market risk while the dealer attempts to get to a half or whole bag to be able to ship to a teletype (coin trading network) wholesale buyer while not wanting to pay shipping for piddly amounts of metal.
Now it doesn't excuse the lowball on dollars as those are very liquid and don't fluctuate as much as lower premium bullion.
As always, if the dealer is a true "slimeball" his business will suffer and as pointed out, it usually won't take much time for competition to come in to take advantage of the situation.
But, just thought I'd interject on the subject of selling bullion in wildly fluctuating markets. Either trade big or trade cheap. Only a fool dealer would compete for small orders and find his inventory suffering from doing so.
As far as selling my silver coins to them...they gave me 9x face about two weeks ago when silver was at about $10.55. Generous, I thought. I know they were just going to put it in the $14 bin but I also realize they have rent to pay for the shop and much overhead. I could have sold it on ebay, but why? With listing fees and other fees on top..it just isn't worth it unless you have hundreds of coins to sell.
Also, and this is huge for me, there is the camraderie about sitting down and talking to the behind the counter staff and picking their brains for coin related knowledge that you'll never get on ebay or from a book. One of the staff is a serious VAM collector. I've learned more about Morgans from him than I could have ever hoped to learn on my own from reading books. On a recent visit he flipped me one of his extra VAMs (1899 micro -O) from his personal collection. A lower grade coin to be sure but nonetheless...free. How many coin shops do this?? The probability of this happening from an ebay vendor is about the same as the probability of winged-pigs flying out of my butt. This place has definitely earned my respect and my patronage.
Best Regards,
Leo
Successful BST transactions with: SilverEagles92; Ahrensdad; Smitty; GregHansen; Lablade; Mercury10c; copperflopper; whatsup; KISHU1; scrapman1077, crispy, canadanz, smallchange, robkool, Mission16, ranshdow, ibzman350, Fallguy, Collectorcoins, SurfinxHI, jwitten, Walkerguy21D, dsessom.
Listen guys, believe me I know how the Game works but these guys are outright thieves. To pay someone $6 for a BU 1934-D Peace Dollar is just plain wrong
This very same unethical way of conducting day to day business, having spent many hours on many a day in that shop, I learned what was going to come out of their mouths before they even said it.
It was revolting back then (4 years ago) and is just as disgusting today. To knowingly take advantage of people and gloat about it is a disgrace.
What amazes me is although many people know of this proprietor and his hooligans, there are many more that are totally unaware and just keep on coming. You all have no Idea how this makes my Blood boil and oh, how I wish I could open a shop right across the street from him. I'm not one to readily dislike people but this has me so furious that it now hinges on pure, unadulterated Hatred for all of them.
I'm not buying into the "Poor Dealer" Routine one bit here because by no means is he poor. He has made a killing off the trusting peoples' ignorance out there. He went from a Nobody with a dream that once had ethics to presently being a disgusting thief. There IS NO NICE WAY TO PUT IT. He and his crew are lower than low. How they sleep at night is beyond me.
This guy exceeds the stereotypical definition of Greed. I can recall one day a gentleman walking in with a suitcase chocked full of very nice, scarce PCGS and NGC certified material. The proprietor made a complete ass of himself that day because he happened to run into a very well educated Numismatist. I could have jumped for Joy and done cartwheels when the prospective seller politely told him to ram his offer where the sun don't shine.
Thanx for all the kind words regarding my Mother. A routine procedure turned into a Life threatening ordeal. 3 hospitals, 3 surgeries and Intensive Care Units later she lay in bed being kept alive with a Ventilator, now in an Extended Care Facility, all due to someone's Negligence.
I used to visit with her everyday and have supper with her and now she is reduced to THIS. I am not at all pleased with this.
There was Nothing wrong with her prior to the first procedure which was for a gall bladder removal. In the process it was found she had a perforated ulcer, albeit a small one. She had just taken a Stress test as well as her lungs checked, passed with flying colors and was given a clean bill of health.
She could mow the lawn and walk a mile round trip to and from Church and NOW she is being kept alive by a Ventilator?