Author Topic: Dealing with Coin Shop Dealers  (Read 3694 times)

0degreesK

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Dealing with Coin Shop Dealers
« on: October 16, 2008, 08:19:00 AM »
This may seem like a strange topic, but I've been reluctant going to a coin dealer because of some bad memories of dealing with sports card dealers way back when at the local flea market.  Those people always seemed to be shady guys who didn't even have second thoughts about ripping-off little kids.

Should I expect the same thing from a coin dealer?

My thought is that if I'm just looking for "junk, pre-64 US currency" and not true collector items, I shouldn't have that much of a problems.  Still, I'm wondering what to expect.  Childhood, psychic scars, I guess...

TXBigDawg

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Re: Dealing with Coin Shop Dealers
« Reply #1 on: October 19, 2008, 10:48:01 AM »
I just started going to coin dealers only recently.  I was reluctant at first after having read an article in the Houston Press awhile back about how some of these coin dealers/numistatic/investment operators take advantage of individuals especially the elderally.  The article mainly centered on these investment companies that use "boiler rooms" to sell their product.

I got around this by asking friends what they knew of local dealers and what they thought of them.  I lucked out that two of my friends were coin collectors and another friend was collecting coins with the same idea as mine.  I also did web searches on the coin dealers around me to see if there were any comments on them.  Also, checking with the BBB is a good idea if you're really wanting to check them out.

Once I decide to start buying, I only bought a few dollars at first and then checked with friends and the web to make sure that I got a good price on the silver coins.  After a couple of visits so they got to recognize my face, I let the dealer know that I really liked their shoppe and would be a repeat customer.  Now when I walk thru the door I get greeted with a smile and my name.

That's been my limited experience so far.  Hope it helps.

adios,
Rob K.

GroundPounder

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Re: Dealing with Coin Shop Dealers
« Reply #2 on: October 20, 2008, 08:24:54 AM »
Check how long they have been in business.  You will find many that have been in business a long time (20+ years).  They didnt stay in business that long by ripping people off, they did it on repeat customers. 

When you go in and talk to them dont be afraid to tell them you dont know anything and ask for some help.  Most enjoy their profession and enjoy teaching people.  Be sensitive to the fact they are running a business and if there are other customers in the shop dont try to monopolize their time.  Also realize they are in the business to make money.  When they are selling Gold Eagles at $30-50 above spot remember they have salaries, rent, electricity, etc bills to pay. 


Offline ColdHaven

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Re: Dealing with Coin Shop Dealers
« Reply #3 on: October 20, 2008, 08:37:18 AM »
The only coin shop in my area is part of a pawn shop. They get alot of bad customers. So, it is not surprising that they have an ill attitude sometimes. I would too if I had to deal with some of those people who come in the door. However, if you show that you are a reliable and good customer they will usually assist you. I got several good deals buying pre-1965 silver coins from them. The half dollar ones were generally a few dollars over spot. Nothing wrong there. They are trying to make a buck. I did pretty good on those coins. I do not think they knew the current spot price and were selling them mostly on coin value that they found in a coin book. Just look around and see what is available. I am sure you will be able to do alright once you check current spot prices and gauge what they are trying to sell it for. That way you can't be cheated as easily.

Here is a link which shows current silver prices:

http://monex.com/liveprices

Edit - added link.
« Last Edit: October 20, 2008, 08:40:00 AM by ColdHaven »

0degreesK

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Re: Dealing with Coin Shop Dealers
« Reply #4 on: October 20, 2008, 10:52:47 AM »
Thanks for the suggestions.  One of the places in my area was deserted, but the other place was an upscale coin/jewelry store.  When I told them what I was looking for "junk, pre-64 silver coins" the one guy looked like had no idea what I was talking about and the owner just said "not really" and that was that.

The happy ending to the story is that I found this site:
http://www.coinclub.com/shows/

There was a coin show on Sunday at a Shriner's building.  I liked that environment a lot because I could just walk around without any pressure.  I ended-up dealing with some nice guys who talked it up with me.  When I told them what I was looking for, they sort of laughed and said "Yeah... you and everyone else!" But I left with about $2.85 of face value coins for $34.00.