Death of the local Coin Shop

It seems that all, if not nearly all, the local coin shops where one would just walk in and borwse, they are all gone from NY. I was looking to pick up some flips in order to send coins to the grader, and all the numbers I called in this area of Brooklyn are now closed and disconnected. All the internet listings are an echo of ghosts from long lost pasts.

 

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Yes, NY does have a surprisingly low amount of LCS stores. I have four close friends from NY and only one (who lives in NYC) has a coin store near him. The other three are spread equally through upstate NY and have no LCS stores to go to.

I live in GA, where coin stores (and especially clubs) are still relatively common. Nearest one to me is about a 15 minute drive.

If you are looking for flips to send for grading I would suggest guardhouse flips off of Amazon. Back in January I bought packs of 100 for $9 per pack.

 

Not surprising considering the past year.

 

I personally live in a suburb of Nashville, and the nearest brick and mortar LCS is in Nashville proper. There used to several others within Nashville's vicinity, but it would seem that they've gone out of business in recent years. Most of the dealers in my area almost exclusively sell online aside from local and regional coin shows. In contrast, to Florida, brick and mortar coin dealers here in Tennessee are unfortunately few and far between.

 

It seems that LCS dealers are strongest in cities/states where major shows regularly take place. GA and FL has plenty of both. Maybe Coin Clubs has something to do with it? We have a lot of them here.

 

Isn’t that odd..... I live in a semi-rural area and I have two healthy and very active coin shops within ten minutes of me either way..... Maybe that’s more a statement of the viability of a coin shop in a big city? I don’t know....

 

If I had to guess, that's due to several factors.

A. Florida has plenty of retirees.
B. "Baby Boomers" and the fact that older generations constitute a large portion of collectors.
C. Georgia's relative proximity to Florida and the Southeast as a whole.
D. Active clubs, as you've mentioned @YoloBagels. The coin clubs I've belonged to in the past always hosted a show twice a year.

 

commercial realestate cost. There are a whole bunch of previously neighborly type businesses that have all but gone out of business from the local diner, small movie theaters, newspaper stands, shoe shines, comicbook shops, magazine shops, and other such hobby things, all gone.

 

coin clubs is another issue. they are non-existant in the 5 boroughs. There is more in Rochchester than NYC

 

Makes sense. Hard to compete when you are paying for a prime lease.

 

What do you think the rents would be for, say, 1,500 square feet in NYC as opposed to "Podunk" Iowa?

 

Probably why folks don’t blink when they spend $195.00 for ten dollar sneakers.

 

Even here in south Florida, though, they've been struggling. Up until 2008, I used to have three different LCS within a 15 mile drive; now, we're down to one and I suspect that once the owner retires in the near future, we will be left with none.

 

https://www.commercialcafe.com/retail/us/ny/brooklyn/

 

In all fairness.... The web is a persons best source for coins. The seller has little overhead. The market is endless for a buyer. The only effort needed is to wait a few days and walk to your mailbox..... Fortunately, my main dealer has a large web presence so I suspect he will be around a while. I am old school and like to fondle my coin before buying.

 

Funny, I had to drive through midtown Manhattan and crossed 57th Street....was looking for Stacks-Bowers but they moved to 470 Park Avenue some time ago.

 

WHen they opened the Emprire State Building, they made it useable by small businesses by breaking up floors. It is so hard to evenn get into buildings now, even that stratergy doesn't work. Cingrestion Pricing, Retail business taxes, high security, high crime, race riots, all takes a toll and yet these things are essential for communities to feel connected to each other.

 

that is not a local coin shop.

 

Higher end, yes....but a coin shop to the Manhattan elite.

 

not really. In fact, I am sick of buying coins on the web and waiting for the suprise when the coin gets into your hands for the first time.