Death of the local Coin Shop

No, they are not a coin shop. They are an auction house with a few coins on hand in the window. There is nothing coinshop about them and if you hang out too long without buying , they will shoe you out. They are not a coin shop for the rich or the poor. They aren't a coin shop at all. They are an international coin dealer.

 

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I have to drive 50 miles to get to a LCS anymore. The one in my City closed up and the other one that gave me some deals on pandas have vanished. Not only do I have to travel the dealer has to get to know me and I'm not there enough to get the so called frequent shopper discounts. In Salt Lake along with this dealer their are three other shops. One is more bullion, one is more modern issues and the last I've never really trusted so my ability to buy raw coins and have several to look at of classical US coins is limited.

 

It stands to reason that many LCS would close up -- many survived probably not on coins, but on gold/silver bullion.

Also, the increase in use of TPGs during the last 2 decades means that the ability to overcharge on overgraded coins has declined.

Finally, the amount of coins sold via the Internet has grown exponentially the last 20 years (first Ebay, then HA and GC, etc.)......that's retail money taken from direct mail order, coin shows, and the LCS.

 

I live in South Dakota and IIRC it is the 48th most populated state. Luckily there is a shop in the town where I live but the next closest dealer is 2.5 hours away. Also most other dealers are 3-5 hours away.

 

I have a few within 30 minutes of me but I really only go to one every now and then.

For someone like you, the Internet is a godsend along with HA, GC, etc.

 

At least I don't live in Guam or US Virgin Islands

 

As someone who fled NY six years ago, I'm pretty sure that the overhead costs are far higher doing business in NY, especially in NYC. It's not just the rent, there's a commercial rent tax (in NYC you pay the city a 10% tax on the rent you pay as a tenant in a commercial rental), the insurance is higher, the utilities are higher, etc.
There are several LCS's near me in the more rural state where I now live.

 

My LCS is a quick 15 minute drive from me. He's in a strip mall and I try to go see him once a month. But while his main business is coins, he also has a few fossils, arrow heads, a little bit of jewelry, and pocket watches. Anything pretty much to keep the door open. But his advertising is strictly focused on coins.

 

I guess I am one of the lucky ones. I live in central New Jersey and have three LCS within 3 to 5 miles of my house.

 

That makes a lot of sense. Sucks for the collectors living in those places though.

 

NY is not a bad place to live and WORK, you can earn more in NY and that compensates for the higher living expenses. The Hudson Valley area is very beautiful. But once you stop working, unless you have a few dozen grandchildren you want to be close to, you move out of state to save about $25K per year for the same lifestyle. Everyone I know from my former area is now in FL, AZ or the Carolinas.

 

we had a few brick and mortar coin stores but they was high as a cats back so they didn't last long and moved on. I like browsing the local Flea mkts for treasures UNKNOWN. I found a Civil war "SPOOT" Token for a good price. When I bought it I showed the seller what I had and he just laughed and said "Well I'll Be"

 

We had a few brick and mortar coin shops here in Tupelo Ms but they was high as a cats back, so they didn't last long and moved on. I personally like going to local Flea mkts to see what the locals have to offer. I once found a feller that had a 1863 civil war token that was a "SPOOT" and he didn't know it. I got it for a very good price and later showed him was a "SPOOT Token" He just said " Well I'll be."

 

Binghamton NY has a coin shop, and its not even worth going to. They have lots of product - but nothing is clear for someone wanting first-time information. I've seen two people working there; the owner and some other "lob" who sits at a table with this huge bucket of raw coins and bellows "Can I help you?" in a most irritating tone...almost like the customer was in interruption. I had a 2014 Indian Head quarter eagle I wanted someone to look at. I very carefully handed it to him, and commences to grab it with his grubby hands, then drops it on the table, and it rolled on to the floor. Time to leave; I demanded my coin back and left. Its sad - wish we had coin shop or a club...something lol. Well - there's my NY rant for the day!!

 

Unfortunately the LCS(s) are a dying breed. Several factors are in play, (without getting political) Crime especially in the larger metro areas are completely out of control and someone that offers coins or PM's are prime targets. The cost of doing business is constantly increasing, taxes, rent, ins. etc. make it almost impossible to keep your doors open. I live in SW Missouri, we have had a couple of stores close, one due to death of the owner who was without a doubt one of the most entertaining and knowledgeable individuals I have EVER encountered, he knew his business and was known far and wide as a gentleman with high integrity. The other store closed (thankfully) when the individual was no longer healthy enough to operate the store and the family had no one to run the business. We now have only one LCS and you never know what to expect in the form of knowledge (very basic) and really does not provide a true Coin Shop atmosphere. He is very overpriced and in my opinion (and others) tries to completely lowball you if you should want to sell a coin. We do have a store (not really a coin shop) Patriot Gold and Silver, that is in business to buy and sell gold and silver, he allows a couple of his friends to display their coins for sale, Jeff is a great person and likes to communicate with his clients/shoppers/lookers in a manner that makes them feel welcome. What is the answer? Wish I knew, because I really do not want to drive to KC or STL to look at coins.
Stay Safe.
Phil

 

those are some of the closest coin shops to NYC and they also have real coin clubs.

 

An excellent online site to check is Coinsupplyexpress. (If not mistaken, the name is written as one word). They have a train as their company logo.
I started using them during covid lockdown, as wasn't able to go to my local shop. Prices, shipping time and inventory are all very good.

 

And the monthly Garden State/Parsippany Coin Show !

 

The overhead expenses of a shop are considerable not to mention security concerns.

 

Yeah, what security? My favorite shop has to buzz you in, but he buzzes everyone in. Maybe he has a sixth sense, or maybe it's for show. But I get the feeling that unless you're visibly packing, you can get in.