Buying from local coin store prices

JungleFever · October 12, 2008 2:36AM

I'm growing weary of buying coins on ebay, but that's why I joined it in 1999. I have learned the hard way several times, and still I have never purchased or viewed coins at coin stores.

My concern is that I will pay way too much since they have overhead, etc. The upside of course is that I will have the coin in hand to look at.

My question is: how much more would you say a coin that has a PCGS price of say, $500 on ebay, and sells for $350, would cost at a local coin store? Or asked another way, how much more are coins at local coin stores.

Eventually I'll make my way to a coin show but they don't ocurr that often when I can attend.

Thanks

Millertime · October 12, 2008 2:38AM

Depends on the store. A local coin store I visit has graded the coins (I think fairly accurate) then prices them 15% above the current greysheet.

Millertime

fc · October 12, 2008 2:40AM

if you collect "rare" coins the hardest part of local coin shopping
is finding something to buy.

frankly, the local coin stores strike me as a place to sell/buy bullion
and widgets. people who have to get their fix... and buy almost
anything that catches their eye that day.

thatboyaintright · October 12, 2008 2:43AM

At my local B&M they ALWAYS quote 10 - 20 % OVER the pcgs price guide. I ALWAYS offer them 10-20% less. We ALWAYS seem to settle for the actual price guide for the coin.
Seeing the coin in hand is the key for me. The technical grade has little to do with how much I end up liking the coin.

drwstr123 · October 12, 2008 2:45AM

<< <i>
frankly, the local coin stores strike me as a place to sell/buy bullion
and widgets. people who have to get their fix... and buy almost
anything that catches their eye that day. >>

That's the low down on every coin shop in my area. You may as well call them, "Coin Shop & Fence".

DaveG · October 12, 2008 3:04AM

I think it all depends on your local coin shop and the relationship you develop with the dealer (and, what you collect, of course).

Although many shops look like they're glorified pawn shops, almost all coin dealers have coins in the safe that they don't show to everyone and/or they have relationships with larger dealers from whom they can get coins.

The best thing to do is spend some time developing a relationship with your local coin dealer - by some things from him and let him know what you're looking for.

You might also find out if there's a coin club in your area. If so, join it and ask around for dealer recommendations.

doh · October 12, 2008 3:08AM

Totally depends on the coin store of course and what type of coin you're trying to buy. I think B&M shops are usually a little higher...but sometimes you can make a score. You just gotta take the time to look. By that same token, sometime eBay can be a terrible place because people go nuts with bid fever. You just never know.

RedTiger · October 12, 2008 4:41AM

If the local store has a "bid board," the odds of finding something interesting at a competitive price goes way up.

GoldenEyeNumismatics · October 12, 2008 4:42AM

I can often purchase coins much cheaper at a coin shop than I can on ebay.

NHSBaseball · October 12, 2008 4:52AM

The best thing about a coin shop is that you get to see the coin in-hand, and the local ones here don't attribute much so there is the chance of a nice cherrypick. I get into trouble because I am one of the ones who sometimes makes either a "courtesy purchase" or an impulse purchase when I visit.

robkool · October 12, 2008 5:10AM

<< <i>If the local store has a "bid board," the odds of finding something interesting at a competitive price goes way up. >>

Same here...

PCcoins · October 12, 2008 7:08AM

Going to a local coin store can be a lot more expensive, thats why for the most part I don't buy from them unless there's something I got to have. My local dealer uses the Coinvalues prices on his coins, which is just crazy sometimes.

Coxe · October 12, 2008 7:14AM

Depends a lot on the coin and the shop. I usually only really pay up for veyr rare or nice pieces that rarely are found in the B&Ms. Cherrypicking varieties is usually what it it about though. Beefy premium to handle the shop's overhead and a relative discount to the variety's value. It's a symbiosis of sorts.

Buying from local coin store prices

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