I was driving to pick up something from a friend the other day, and as I was driving there, I noticed a coin store I've never seen before (mostly because I never drive as far as I did down this particular road). I pulled into the lot and decided to go in because I needed new, non-PVC flips after my recent green-gunk infestation. The two dealers (brothers, actually) were very nice and helpful and had the flips I needed, but when started to look at their ancients and world coins, I was appalled. None of their ancients were attributed, and were thus overpriced. For example, most just said, "Byzantine, $50" or "Roman, $60." How can you charge that much when you aren't even going to bother researching what it actually is! And then the world coins...common-date, heavily-circulated, and EXTREMELY overpriced. I saw an Australian silver 3d coin (a common-date from the 30's) labeled as an AU but in reality a F or XF at best, for $40! I saw circulated, base-metal, Soviet Russia coins from the 1980's for $10-$20! In addition, I saw many more common silver coins going for $100 or more. I know ALL could be easily acquired for just a few bucks a pop at ANY coin show, and I know this because I collect world coins. But what really irked me? Bad copies (mostly silver, I assume) of crown-sized Spanish and Portuguese coins NOT LABELED AS COPIES and several Austrian Mint Maria Theresa re-strikes NOT LABELED AS RESTRIKES for $70-$120 PER COIN! The Maria Theresa coins had the "S.F." below the bust, clearly identifying it as a modern re-strike, and yet the 2x2 was labeled, "1780 thaler, $80." IS THIS NOT EXTREMELY UNETHICAL!?! Obviously, all collectors should be educated about their purchases, but c'mon! If they are members of the PNG or even the ANA, I think their membership should be seriously reconsidered. Anyone else have similar stories? I also have to add that their display cases were not organized in the least, and finding a particular coin (say, a proof 1982 dime) would've proven to be quite difficult and time-consuming...
Sounds like two dealers to be cautious with, if you do business at all with them. I almost wonder if they just have no knowledge of ancient or world coins at all and price them expensively just because they have never seen them before.....you would be surprised how many dealers have absolutely no knowledge of any ancient or world coins. How knowledgeable did the dealers seem in general?
I'm not sure. But IF they are... Like I said, they were nice, but I couldn't really tell how knowledgeable they were, as I didn't ask them too many questions. However, what I saw seriously made me question their expertise, even if the shop has been there for quite a number of years, it seems. I certainly won't be doing business with them in the future. All I bought were the flips and nothing else.
I didn't really want to look further after browsing the world coins. However, I will tell you that they had a display case full of Franklin and JFK halves as well as some Sac's and SBA's. At least 5 SBA's (I think they were all 1980) were gold-plated and the 2x2 just said, "Gold." Forgot what the price of, but it shouldn't have been more than face IMO.
My Coin Shop i have a great coin shop that i have been going to since 1974. its the only shop i trust for what i consider serious coins. it is set up with 8 display cases with rows upon rows of good examples of all types of coins,it is great just to look and learn grading. the place is like a museum. its an old mom and pop shop, they are very helpful ,they grade well and dont overcharge. i feel i am very lucky. just my thoughts.
One of my local coin shops is extremely disorganized but he KNOWS his coins so it's not a problem. Of course sometimes he doesn't know where stuff is so I help him find it. That comes from being a regular customer and being allowed behind the counter. The dealer you are speaking of sounds like a "strip mall" dealer to me or even worse a large mall dealer. I've seen them set up shop around here from time to time. They aren't really knowledgable and they charge exhorbitant prices to cover over head. They prey on the "mall shoppers" who know nothing about coins Eventually they close up shop as "business" dries up. No one knows everything about coins. Me dealer is strong on U.S. as are most dealers in the states. His assistant is strong on U.S. and world coins. Neither is strong on ancient but they do take time to attribute or have an "authority" do it for them. I might give the shop in question one more try if I were out that way. Why not? If it's still the same I"d chalk it up as a place NOT to go.
LOL The "disorganized" shops are that way on PURPOSE. The more items you have to look through to get what you want, the more likely you will buy a few things you never planned on going home with. Old trick.
LOL I wish my shop was disorganized on purpose, I deal with so much inventory it is impossible at times to keep up with it all.
The dude in my shop is pretty much the same..though he is nice and cuts me deals. He handles the coins with his fingers and he always quotes me prices for like MS-67's. For instance, I was looking for some small cents in his junk bin. He told me I wouldnt find them because they go for over 100.00 each. Well......I DID find them in the bin and the prices he had quaoted me were for top quality ones. So makes me wonder how much he really knows also.
I would be inclined to go back to the place a couple more times to try to figure out how much they really know. If they know a lot, the place should be avoided. If they don't, there might be a bargain in there someplace that they don't know they have. As long as they are pleasant and don't pressure, there's nothing to lose.
Where are these guys located? Sounds alot like the dealer I know of in Denver, Colorado. On Colfax street. Everything seems way overpriced about 20%-30%. They do sell Silver Eagles for only $2.00 over spot. About the only thing worth buying from them. LOL
