I went to a coin shop today...

And I was sorely disappointed. The dealer seemed nice, but their business model seemed quite unethical. The good part was that everything was graded accurately as far as the details were concerned.

I swear this must be their pricing algorithm (which he used right in front of me):

1. Ignore all problems.
2. Grade the coin's details accurately.
3. Look up the price for the coin in the grade determined in #2.
4. Slide finger to the right one column.
5. Write the price down on the flip.
6. Say the price is non-negotiable.

Some coins were fairly priced (and I might go back for them, but I am more in a selling mood to pay for school), but most were more than they were worth. I inquired about some unpriced large cents, and he quoted me:

1825, EF details, Corroded and Severely cleaned: $585
1838, AU details, harshly scrubbed: $300
1851, VG details, cleaned (N-16?): $49.95
1851, VG with major intact lamination: $39.95 (I might get this one if the price proves okay)

And I felt sorry for the poor lad who came in looking for a 1909 S VDB. The dealer had one in VF (I assume it was VF), and he asked $1100. The customer bought it. Considering that the PCGS retail price guide lists EF-40 at $1100, I think the dealer got the better end of the deal.

It's really disheartening to see dealers trying to take advantage of people they think are ignorant. The prices quoted to me and the lad that came in were much more out of line than the prices on the labelled inventory in the cases. I guess the dealer thought I was young and stupid, and thus a great target for a quick buck. Sad.

Rant over.

Oh, and large cent in question. Huge obverse lamination. Quick look at my Newcomb PDF in the store suggested N-9. $40. Yay or nay? Or should I just not patronize this outfit at all. (Sorry about the bad photos. The lighting was very poor in the store)

 

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There's your answer. As long as people pay the prices he's asking he'll keep doing it.

Have had only one bad LCS experience so far, lucky to have some nice ones near me - they aren't necessarily cheap but they have nice inventory to sort through and I understand being in business is expensive.

My bad experience was bringing in a 1/4 ounce gold eagle and roll of 25 Libertads unopened and being offered 80% of spot. Then when I politely declined she got on the phone and said "hey Dan, we have a potential great new customer here (with a fake smile to me) can I give him a little higher price than normal?" like I'm some moron and don't know what she's doing. Then she came in at like 88% and said "no LCS's offer close to spot anymore". That turned out to be a blatant lie because the next day I walked into a LCS 5 minutes away and was happily offered spot.

 

Shop's like those, I will only go in there and pour over their inventory in hopes of cherrypicking the crap out of them, then I never go back. Thankfully I have yet to come across a local shop like that. I had one that likes to price their raw coins like they are in TPG plastics. The only plus side is they tend to ignore toning on coins, so a nicely toned coin can be bought at a great price.

 

let them know how much you want to spend on each coin. if the price is not right pass on it. if they make a price nonegotiable then they will go out of business soon. I have never gone to a coin shop where did not work with you alittle on a price of a coin. some coins command higher prices and some don't.

 

What you discussed is one of the reasons I dread going into coin shops. I always worry about being disappointed as you were. I often am. I mostly just try to pick their world coin bins when I go. The problem is, they're trying to make money off of coins and so they mark up prices and ignore detail coins because they are after profits. Truthfully though, I wonder how we would be as coin dealers 10 years into the business? Would we try to be 100% "fair" and honest? If we did, we'd lose lots of money and end up having to close down.

Side note: I collect US Type Coins XF+ so if you have an inventory of anything that matches that description, feel free to PM me with it.

 

I am trying to find just one good coin shop within an hour of Atlanta. I have yet to find one. They are usually heavily overpriced, have a very small selection (cater to bullion), do not cater to browsing (you have to have a specific want list delivered to them the day before showing up), or simply do not have time for people who make less than $500,000 a year (minimum purchases and $$$$ coins). There are two more I have not tried yet (one I am sure would be friendly and helpful as the owner used to be the president of my coin club).

There is the We Buy Gold shop right next to campus that I am fond of, but I don't really consider them to be a coin store.

I really hate Atlanta. There is no way I am staying in this dump after graduation. I miss going out on walks and not having to be constantly worried about being mugged.

 

Walk softly and carry a BIG stick, my man. And for G-d's sake, BE CAREFUL!!

 

Ripping people off seems to be the bread and butter for many many dealers; usually it's when they're buying but some of them also double dip when selling.

 

I lived about two hours south of Atlanta for a good 9 months and visited semi-regularly. I wasn't a big fan of Atlanta either and don't blame you for wanting to leave. I'm afraid I didn't have time/opportunities to look up coin shops.

 

That's really too bad. From everything that I've read, good coin shops seem to be going the way of the dodo. There aren't too many good ones where I live either. The one that I frequent most is the one that I've been going to since I was a kid, which is truly a local coin shop, staffed by people who are genuinely interested in coins and numismatics. They have a good selection and very reasonable prices. There's another one that I've been going to that has a very good selection of coins that I like with pretty reasonable prices, but I get the feeling that smaller coin purchases aren't their main interest.

I've ended up buying more coins online than in person simply because there's a much larger selection and I can find things that I really like more easily.

 

I hate coin shops, and to a lesser extent, coin shows. I haven't been too impressed with any dealer I've met thus far. Yes, LCSs are going the way of the dodo. You can thank the internet, particularly eBay, for that. I, for one, am grateful. I'd like to thank eBay and Great Collections, in particular. I'm able to shop from the comfort of my own home or anywhere else for that matter. Love it!

 

I think more and more (if not already the case for many, I know it is for a great one I found last week) actual brick and mortar shops are going to only exist for inventory purposes to sell online.

The one I bought a few coins from last week I walked into and saw next to zero coins out for display just supplies out front I was ready to walk out. Instead I asked stupidly "uhhh do you have any you know coins for sale?" and told him what I was interested in and he came back from the vault with about 100 awesome coins.

Found out he has a very large ebay store. Basically he is an ebay store who happens to have a coin shop and not the other way around. I like it a lot because I can go to his ebay store...find coins I'm interested in...go to the store to see them in hand...and buy them for 10%+ off what he has them listed at on ebay if I like them.

 

I'd like that arrangement!

 

Absolutely!

 

I think everyone would like this arrangement. Sweet that you found it.

 

So true, yet so many try and tell people to stay away from the internet where it is the hardest for that to happen

 

This is why I like eBay, because the sellers can set minimums and getting a deal is based on how many people see and want that same coin. If you get a good deal, it has a little more to do with the luck of who else saw that coin and how bad they wanted it.

 

Absolutely.

 

I've had mixed experiences with local coin shops. Many years ago I took most of my collection to a local coin shop in Rapid City South Dakota to help pay for window coverings in a new house I had just built. I walked out stunned when I was offered less than face value. The collection included some circulated 2 and 3 cent pieces. The dealer didn't even look at what was in the lot I brought in. I was wondering if he thought the coins were hot. I never walked into that shop again.

 

As a point of comparison, I have a 1909 S VDB in my case, PCGS F 12 (looks even better) for $675.00.