thoughts on coin shops

That is exactly right. Sending in one coin by itself is going to cost around $45. To get the economy discount you have to have at least 5 coins in your order and then it's still about $22 a coin. The more you send in the cheaper it gets for you... the public isn't able to send in bulk lots. That is only for the certified dealers.

 

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At my shop in Florida I mainly use it to buy stuff cheap and flip it on the Bay or at shows. I stock Certified Coins for Shop Customers - Anacs, ICG, NGC, PCGS priced per PCGS Price Guide. Prices are non-negotiable they either pay the money or get out. I pay about 50-60% of CDN for most coins and currency. The non cert stuff I flip to a beginning dealer because I can't stand them in my shop taking an inordinate amount of time looking thru junk boxes. Sometimes I will slab nice stuff that walked in cheap thru TTR Raw Coin Service and put a reserve on it so it wont sell too low. Bullion Coins bought are Same Day Blow-Out on the Bay or Shop Customers for the most part with some to my SDB Stockpile.

My helper, an x stripper and my GF has very good PR skills with customers and is well received. I met her at a club where I am LIfetime VIP. While many times I am the final say on the price, I have taught her how to use a greysheet and discount things way below bid accordingly. The other day she nogotiated a deal on some slabbed 70 gold modern gold at 97% of melt (included some UHR's) and I was very proud of her. She understands there is an art to buying it right and selling stuff at retail and describes it as similar like how she used to upsell customers in the club to VIP. She has learned a lot from coin facts and is pretty good at using the PCGS price guide. I have told her that coin dealers and strippers have a lot in common IMO (strippers pay tip out to dance at a club, coin dealers pay a table fee) and we both just laughed and laughed. She made an interesting obersation about people who get ripped on coin deals "I guess the coin hobby has its share of the PL's (Pathetic Losers)." I told her Knowledge and Cash are king in the coin business.

A lot of slabbed stuff on average only brings about 88% of Bid on the Bay so one has to offer accordingly. When I have people in the shop who won't buy or sell at my price then we know how to show them the door quickly. Business has been brisk with bullion material and Boomers selling out. I try to flip it all as quickly as possible on the Bay and she helps a lot with listings and shipping. I go to shows loaded with cash (profit) and whatever slabs I bring for my cases. I may retail a few but mainly I am there to buy great deals that walk up like a currency collection I recently bought. Since I bought the building and our upstairs living quarters for a song, overhead is low. I have taught her how to use an assualt rifle and the numerous pistols and other weapons hidden in the shop. If we don't like the looks of someone at the buzzer door they don't get in.

 

Wow. I think that is all I am going to say.

 

Each to his own.

 

+1, and I'll add I'm glad I dont live in FL.

 

@Player11 I for one would love to go at your shop

 

No pics of the Florida shop ?
:too-funny:

I generally don't like shops.
I've had a lot of problems with attitudes, like described earlier.
I also get a lot of my stuff through an auction site like Wgpjr.
However, I have found a delightful old-timer at a flea market that I enjoy BSing for hours.
I'd sell to him wayyyyy cheaper than another dealer and pay more, just because he's a genuine person.
He doesn't overcharge though, nor does he become stingy when making offers.
I think he just really loves the hobby and social aspect.
I can only hope to live out my final years like that.