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My experience at a coin/jewelry/pawn shop
skier07
Posts: 4,799 ✭✭✭✭✭
I took Thursday off from work and I had about an hour to kill before attending a seminar. I had the yellow pages in my car and I
knew there was a coin shop about 15 minutes from my final destination. The yellow pages advertisement depicted this business solely as
a coin shop without any mention of jewelry or pawning. I walked in there around half past ten after they had opened
around 30 minutes earlier.
An older lady greeted me and I explained to her that I was interested in looking at their coins. I also mentioned to her that I had
never been there before and I lived about 20 miles away and I happened to be in the neighborhood. She escorted me to the coin
section of the store. The coin section probably represented about 30% of the store space. I was the only customer in the store.
About half their inventory was raw. They had around 50 slabbed Morgans, mostly all common dates varying from 63 to 66 and mostly
all NGC, and they had around 10 slabbed gold coins. I asked if I could see the 2 $20 Saints they had. They were both 63's and were
graded by PCGS. Their raw "uncirculated" Saints looked like they had acne. I asked for a loupe and I was told that they did not
have one available. The gentleman in the store was using his to look at jewelry so I walked out to my car and got mine. I also
brought in a very small leather folder/binder which had my PDA and a grey sheet which was hidden.
I looked at the two Saints and one looked clearly better to me. I asked the lady how much each coin cost. The gentleman than
introduced himself and he told me he was the coin expert. He told me the price for each coin was $725. I told him I was unfamiliar with
gold and asked him why the reverse of one coin had what looked like lighter almost white spots on it. He told me this was from toning.
He promptly gave me an incadescent light so I could look at the coins with better lighting. I told him I might be interested
in this coin.
About this time two women walked in who were in the process of pawning their jewelry. They were going to get around $1000
for their bracelet and ring. He took the incadescent light from me so he could look at their diamonds more carefully. He also
told the two ladies how their diamonds all had problems which made them worth less than what they thought they were worth.
I saw an 1885O Morgan which struck my fancy. It looked to me like it was a DMPL though it was graded NGC 65. I asked the
lady how much this cost. The gentleman was preocuppied with the women. I waited very patiently for an answer. I looked
at my watch and it was now ten minutes later and it appeared to me like I was either being deliberately ignored or they
were too busy with the women who were pawning their jewelry.
I politely told the female that I'll be back in a few minutes. She didn't say a thing.
That's the last time I'll probably ever be there.
Bruce
knew there was a coin shop about 15 minutes from my final destination. The yellow pages advertisement depicted this business solely as
a coin shop without any mention of jewelry or pawning. I walked in there around half past ten after they had opened
around 30 minutes earlier.
An older lady greeted me and I explained to her that I was interested in looking at their coins. I also mentioned to her that I had
never been there before and I lived about 20 miles away and I happened to be in the neighborhood. She escorted me to the coin
section of the store. The coin section probably represented about 30% of the store space. I was the only customer in the store.
About half their inventory was raw. They had around 50 slabbed Morgans, mostly all common dates varying from 63 to 66 and mostly
all NGC, and they had around 10 slabbed gold coins. I asked if I could see the 2 $20 Saints they had. They were both 63's and were
graded by PCGS. Their raw "uncirculated" Saints looked like they had acne. I asked for a loupe and I was told that they did not
have one available. The gentleman in the store was using his to look at jewelry so I walked out to my car and got mine. I also
brought in a very small leather folder/binder which had my PDA and a grey sheet which was hidden.
I looked at the two Saints and one looked clearly better to me. I asked the lady how much each coin cost. The gentleman than
introduced himself and he told me he was the coin expert. He told me the price for each coin was $725. I told him I was unfamiliar with
gold and asked him why the reverse of one coin had what looked like lighter almost white spots on it. He told me this was from toning.
He promptly gave me an incadescent light so I could look at the coins with better lighting. I told him I might be interested
in this coin.
About this time two women walked in who were in the process of pawning their jewelry. They were going to get around $1000
for their bracelet and ring. He took the incadescent light from me so he could look at their diamonds more carefully. He also
told the two ladies how their diamonds all had problems which made them worth less than what they thought they were worth.
I saw an 1885O Morgan which struck my fancy. It looked to me like it was a DMPL though it was graded NGC 65. I asked the
lady how much this cost. The gentleman was preocuppied with the women. I waited very patiently for an answer. I looked
at my watch and it was now ten minutes later and it appeared to me like I was either being deliberately ignored or they
were too busy with the women who were pawning their jewelry.
I politely told the female that I'll be back in a few minutes. She didn't say a thing.
That's the last time I'll probably ever be there.
Bruce
0
Comments
Once however I hit paydirt. The shop had some 50's & 60's proof sets in OGP [the yellow flat pack envelopes]. I looked at the sets. A 1956 set had a CAM/DCAM half in it. They were asking $75.00 for the set [high for a regular 56 set but a steal for a set with a CAM/DCAM half]. I asked if they would take $60.00 for the set. They said yes and I picked up the set. A great cherrypick for me.
to be somewhere I probably would have bought the $20 Saint, but I didn't want to be late for my seminar.
I might even go back there later if they still do have the Saint.
It was just an interesting experience. They should have been able to tell that I was prepared to buy the
coin and they let me leave without consumating a deal. I looked the role of somebody who had disposable money. I was well dressed
wearing a pinkie ring with a $2.50 Indian on it.
Bruce
Neither place had much I was ever interested in. The Guy who ran the Pawn/Coin place was allways showing my his 2001 W proof silver eagle.
Later
Bruce
Probably the Hummel business is his wife's... Cheers, RickO
Let me give you an assessment as someone who has experiance on both your side and a retail establishment/coin dealer side. I was not there so obviously there might have been several additional things that happened that would make my judgement incorrect or shed more light on the subject. Anyway here goes:
Statement: I took Thursday off from work and I had about an hour to kill before attending a seminar. I looked the role of somebody who had disposable money. I was well dressed wearing a pinkie ring with a $2.50 Indian on it (I moved this later info to the top because this is what they saw when you walked in).
Thought/Comment: I agree a professional man well dressed with a gold pinkie ring. If I have the right thing he will buy it.
Statement: An older lady greeted me and I explained to her that I was interested in looking at their coins. I also mentioned to her that I had
never been there before and I lived about 20 miles away and I happened to be in the neighborhood. She escorted me to the coin
section of the store. The coin section probably represented about 30% of the store space. I was the only customer in the store.
About half their inventory was raw. They had around 50 slabbed Morgans, mostly all common dates varying from 63 to 66 and mostly
all NGC, and they had around 10 slabbed gold coins. I asked if I could see the 2 $20 Saints they had. They were both 63's and weregraded by PCGS. Their raw "uncirculated" Saints looked like they had acne. I asked for a loupe and I was told that they did not have one available. The gentleman in the store was using his to look at jewelry so I walked out to my car and got mine. I also brought in a very small leather folder/binder which had my PDA and a grey sheet which was hidden.
Thought/Comment: Guy doesn't live here but he is here for some other reason and made an effort to stop in here. He has asked to see our coins and now he has come back with a loupe and a PDA. This guy is a serious collector or maybe a dealer.
Statement: I looked at the two Saints and one looked clearly better to me. I asked the lady how much each coin cost. The gentleman than
introduced himself and he told me he was the coin expert. He told me the price for each coin was $725.
Thought/Comment: Guy has a Gold Pinkie ring, asked where the coins were and then starts inquiring about the Saints. This man knows his gold.
Statement: I told him I was unfamiliar with gold and asked him why the reverse of one coin had what looked like lighter almost white spots on it. He told me this was from toning. He promptly gave me an incadescent light so I could look at the coins with better lighting. I told him I might be interested in this coin.
Thought/Comment: WTF?? This guy comes in dressed well with a $2.50 Indian Pinkie Ring, asks where the coins are, then starts questioning me about my Double Eagles and the tells me he doesn't know anything about Gold. No one drops $700 plus on Gold if they don't know what it is but, this guy sure looks like he knows and acts like it. This guy is a LIAR or a BSer that is here to pump me for information or is just wasting my time. (At this time I would have asked several more questions both opened ended and closed ended to try to understand what your true agenda was).
Statement: About this time two women walked in who were in the process of pawning their jewelry. They were going to get around $1000
for their bracelet and ring. He took the incadescent light from me so he could look at their diamonds more carefully. He also
told the two ladies how their diamonds all had problems which made them worth less than what they thought they were worth.
Thought/Comment: These women are here to sell their jewelry and I'm not sure what this guy is doing. Now that more business is here I do not have time to find out (not saying this is right just mentioning what was probably going on) In addition, rude on his part to remove your lighting but it didn't sound like this was a very professional operation.
Statement: I saw an 1885O Morgan which struck my fancy. It looked to me like it was a DMPL though it was graded NGC 65. I asked the
lady how much this cost. The gentleman was preocuppied with the women. I waited very patiently for an answer.
Thought/Comment: I'm still not sure what this guy is doing now that he is asking silver questions, I am more confused. Maybe he is just looking.
Statement: I looked at my watch and it was now ten minutes later and it appeared to me like I was either being deliberately ignored or they
were too busy with the women who were pawning their jewelry.I politely told the female that I'll be back in a few minutes. She didn't say a thing.
Thought/Comment: Great I can finish up with these Ladies and if he was serious he will be back here. If not in 15 minutes maybe in a couple hours before he heads back or runs one more errand. If not, oh well, if I had a nickel for everytime someone said I'll be back in a few minutes and didn't show up, I could have retired 12 years ago!
That's the last time I'll probably ever be there.
Thought/Comment 1 day later: I knew that guy was full of it yesterday! First he told me he didn't know gold and it sure looked like he knew. Then he told me he would be right back and he never showed up.
Again, not saying this is right. Just thought I would play the other side and give you another point of view.
Rob
"Those guys weren't Fathers they were...Mothers."
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
WS
I did alot of business with them when I was buying raw coins.
Headsplitter2
Death and Taxes" ~~ Ben Franklin
https://www.pcgs.com/setregistry/u-s-coins/mint-sets/1945-mint-set/publishedset/21067
Knutson's 45' Set 2009 Winner
<< <i>That's why I was trying to buy a Saint.
Bruce >>
Just curious....why did you not buy the one you liked that was reasonably priced?
man behind the counter says..."What can I do fer ya!"
I said "The sign outside says coin shop...wheres the coins?"
him: "watcha lookin fer?"
me: "I dunno"
him: "they's all in da safe"...."watcha lookin fer?"
me: "I don't know till i see what you have!"
him: "well i'm not gettin' all of em out 'less i knows watcha lookin' fer"
me: "my mistake....i thought this was a business".....i walked out.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
Also, don't be afraid to be a little agressive when going to a coin shop. It is hard sometimes, as a dealer, to know when a customer wants to ask a question or just wants to be left alone to think and look at the coins. At our store we used to sit with every customer as they looked through coins no matter if they were circulated wheat cents or better date gold type. We had a couple of customers comment that they felt rushed when we did this, and a bit intemidated. So we backed off a bit to allow them more time and comfort. We quickly noticed that, because, to the customer, all the workers looked busy, that some customers felt timid in asking for help because they didn't want to interrupt. What we are attempting to now do is to let customers know that if they need anything, please do not hesitate to ask, and we also attempt to regularly ask if they need anything, like a different box of coins or a price.
It is a balance. Most collectors understand that it is not logical for a dealer to dedicate an hour of time to someone who may or may not be willing to purchase a $725 coin that the dealer could ship off in 5 minutes to a number of companies who are paying $700. At the same time, most dealers understand that providing good customer service and quality coins is the only way to build a somewhat loyal customer base.
What kind of coin company has one light source? That is strange. And, why didn't the lady just ask the guy for a price while he was looking at the ring?
<< <i>Some of my best buys come from a pawn shop... Relationships in the above mentioned shops are whatever you let them become. >>
I agree ! You must check frequently and get to know the proprietor if you want the best coins/service.
https://acoinshop.com/ —-> https://ebay.us/m/KxolR5
<< <i>I asked the lady how much this cost. The gentleman was preocuppied with the women. I waited very patiently for an answer. I looked
at my watch and it was now ten minutes later and it appeared to me like I was either being deliberately ignored or they
were too busy with the women who were pawning their jewelry. >>
Doesn't sound like you were too patient. You might have told him you only had a couple of minutes, and I'm sure he could have priced the coin for you.
<< <i>That's the last time I'll probably ever be there. >>
Yet you may go back and buy the Saint?
<< <i>They should have been able to tell that I was prepared to buy the coin and they let me leave without consumating a deal. I looked the role of somebody who had disposable money. I was well dressed wearing a pinkie ring with a $2.50 Indian on it. >>
Mind reading coin dealers?
I have learned not to judge a book by its cover. Some of the fanciest guys aren't buyers, and some of the unfanciest guys are buyers.
Puro's Coins and Jewelry
Rutland, VT
(802)773-3883
Link to my website www.vtcoins.com
Link to my eBay auctions
Buy, sell and trade all coins, US paper money, jewelry, diamonds and anything made of gold, silver or platinum.
<< <i>Also, don't be afraid to be a little agressive when going to a coin shop. It is hard sometimes, as a dealer, to know when a customer wants to ask a question or just wants to be left alone to think and look at the coins. >>
Puro's Coins and Jewelry
Rutland, VT
(802)773-3883
Link to my website www.vtcoins.com
Link to my eBay auctions
Buy, sell and trade all coins, US paper money, jewelry, diamonds and anything made of gold, silver or platinum.
<< <i>I have no problems looking through anyones coins if they got them. But I do feel those store fronts who advertise as "coin shops" only to be pawn, jewelery or Hummel shops are what you find isted in the phone book 90% of the time.
WS >>
60 years into this hobby and I'm still working on my Lincoln set!
Myself, I find more coins at garage/yard sales and flea markets than any possible pawn shop. Not even sure if there are any such things as a coin store anymore. Can't see how a person could survive doing just one type of buisness.