Hi, everyone I am new to this forum. I am planning visit NYC sometime this summer. Anybody could recommend some coin stores in NYC specializing in foreign coins? Thanks
I can't recommend any, but by all means if you find any feel free to go in and look around. Don't expect any good deals, though. The rents in NYC are so high the proprietors have one goal and one goal only: to separate you from your money as fast as possible.
Unfortunately, there are not so many coin shops left in the city, though you may locate private dealers who deal in serious high grade collections available by appointment. For your upcoming trip to NYC consider this exhibition: Augustus Saint-Gaudens in The Metropolitan Museum of Art - June 30th - November 15 2009 There are a few nice, raw: eagles, double eagles and several medallions on display. ...as mentioned earlier in this tread and not far from the Met is Stack's on West 57th Street in Manhattan. Also, off the beaten path and esp. for visitors, some old coins and currency turn up on weekends in the few remaining weekend flea markets, these will be raw, in flips tossed loosely in vitrine cases full of badges and junk, you have to hunt at these flea markets... for instance on Saturday/Sunday from morning through midday there's an outdoor flea market at W17th Street and 6th Avenue. And occasionally one sets up on W24th between 8th Ave./9th Ave. Just one place I know about in Brooklyn, but have never taken the time to visit, is the Brooklyn Gallery of Coins, Inc.. Also in January 2010, the NYINC will be going on.
I do not work in real estate however, rents for commercial spaces in NYC are the lowest they have been in over 10 years, prices are down all over the city for both commerical and residential. Residential rent prices are down as much as 10% this year. Commercial vacancies are as high as 12%. Midtown has a glut of vacant commercial space. I have heard figures as high as 18M square feet empty, and primarily due to the economy. So it's not really high rent to blame here. Coin shops have been gone from the city for years prior. It's just not easy to be profitable in dealing coins in a retail space, let alone in a high priced urban space like NYC. Yes, rent is still high but operating a retail coin shop is almost folly here it seems and most dealers can be more profitable online or in other markets. I wish there were more shops in the city but you have to get some distance out into the surrounding suburban area to find the traditional shops.
HMMMM. Looks like everyone forgot to say WELCOME TO THE FORUM. I don't have the slightest idea of anything in NYC but if you want to change your destination to Chicago, I'll let you know of a really big pile of coin shows, coin shops, coin dealers at flea markets that deal in foreign coins. Also, lots of really cheap places to stay but most are really scarry. If you do, just ingore those drive by shootings.
here are some, from the internet: Brigandi: http://www.brigandicoin.com/ Stacks: http://www.stacks.com/ Spinks/RM Smythe: http://www.spinksmythe.com/ FH Coins & Collectibles: http://www.fhcoin.com/ coin Dealer Inc. http://www.coindealers.com/ a listing: http://www.citidex.com/678.htm Stern Coin Co. http://newyork.citysearch.com/profile/7187736/new_york_ny/stern_coin_co.html
Westchester & CoinFest Coin Shows Here is information describing a show just north of NY City. I don't know anything about the public transportation scene. I suspect you would need to drive to Westchester. 10/2/09, 10/3/09, 10/4/09, 11/27/09,11/28/09 Stamp, Coin & Paper Money Show Details: The Stamp, Coin & Paper money Show is now celebrating 48 years at Westchester County Center. There will be over 100 dealer booths- including stamps, coins and postcards. Hours: Fri. 12pm-6pm, Sat. 10am-6pm, Sun. 10am-4pm November Show is Friday and Saturday Only Cost: Admission: Free, Parking $4.00 Location: Westchester County Center 198 Central Avenue White Plains , NY 10606 There is also CoinFest in Stamford Connecticut (as short train ride from NYC) October 9th -11th.
That's some interesting info there, krispy. Thank you for sharing it. Isn't it still true, however, that (relatively speaking) a storefront in Manhattan is going to command rent much higher than in the outer boroughs? I mean, there's a reason the McDonalds between Penn and the Javits Center charges $12 for a Big Mac, and I thought the cost of doing business there was primarily driven by rent.
Sure commercial space in Manhattan is priced higher than the outer boros, because there is a limited amount of space that is in high demand to be leased and this space provides a retailer/business owner with exposure to a leading market that exists in Manhattan. The cost of doing business is not primarily driven by rent, but it is the highest cost factor of a business owners overhead no matter where you lease it. This would be true whether in Manhattan, Bronx (or any outer boro), suburban areas outside the city, upstate counties or elsewhere more remotely located. The fact is that the cost of doing business in Manhattan is what business owners seek and pay a premium rent price for in trade for exposure to one of the fastest paced, highly trend based consumer markets, in one of the most densely saturated markets, competing for and charging premiums for the convenience of having all of this materiality in one place, to cash in on a consumers desire of immediate satisfaction, and perceived dream of being on the leading consumer edge. The fact that the coin market is not a key trend market, no matter where it's located and only serves a minority of the overall consumer market where ever the business is located, such a shop carries with it substantial overhead costs (in terms of value of inventory, security, insurance, etc.) compared to other retail businesses, whether corporate based or independently owned/operated, means that despite the type of dense fast paced market mentioned above, a traditional retail coin shop in Manhattan will find it nearly impossible to match enough sales in this market to break even let alone realize a regular profit in return for operating in this market. Coins are not that in demand in this market place for a business owner to find it necessary to fill their customers demands for such merchandise. As I stated in a previous post, eliminating the costs of overhead, by setting up shop online or moving out of urban centers to areas of lower rent allows a retail dealer more flexibility and access to other markets and venues to seek out their customers, such as: travel to coin shows in neighboring markets, being there for customers that travel into your market to visit your store, involving in e-commerce, auctions, estate sales, flea markets, etc. All of these offer more opportunity to realize profit for the majority of retail coin shop dealer. Hence, there are very few (next to no) dealers of traditional retail shops in the city but you will find many still exist in midsized cities, and especially suburban areas or those places defined by antiques malls and markets throughout the country where consumers are willing to seek them out. This is not primarily due to rent cost alone but access to the appropriate market. Manhattan is not a primary coin market, especially since most people interested in collecting can shop online, and enjoy the convenience of having purchases delivered. City life is in great part defined by such convenience. This is even more true given the pace and complexity of life in the city where traveling across town to peruse a coin shop's current inventory is a major investment of a collectors time and energy better spent elsewhere doing a number of other things.
