Death of the local Coin Shop

Discussion in 'Coin Chat' started by cplradar, Apr 15, 2021.

  1. cplradar

    cplradar Talmud Chuchum

    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.
     
    Bayern, wxcoin, Tater and 2 others like this.
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  3. YoloBagels

    YoloBagels Well-Known Member

    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.
     
  4. Evan Saltis

    Evan Saltis #CoinUp Supporter

    Not surprising considering the past year.
     
  5. Bradley Trotter

    Bradley Trotter Supporter! Supporter

    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.
     
  6. YoloBagels

    YoloBagels Well-Known Member

    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.
     
  7. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    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....
     
    wxcoin, Inspector43 and YoloBagels like this.
  8. Bradley Trotter

    Bradley Trotter Supporter! Supporter

    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.
     
  9. cplradar

    cplradar Talmud Chuchum


    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.
     
  10. cplradar

    cplradar Talmud Chuchum

    coin clubs is another issue. they are non-existant in the 5 boroughs. There is more in Rochchester than NYC
     
    YoloBagels likes this.
  11. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    Makes sense. Hard to compete when you are paying for a prime lease.
     
    Inspector43 likes this.
  12. cpm9ball

    cpm9ball CANNOT RE-MEMBER

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

    Randy Abercrombie Supporter! Supporter

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

    QuintupleSovereign Well-Known Member

    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.
     
  15. cplradar

    cplradar Talmud Chuchum

  16. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    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.
     
    Pickin and Grinin and Dug13 like this.
  17. GoldFinger1969

    GoldFinger1969 Well-Known Member

    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. :D
     
  18. cplradar

    cplradar Talmud Chuchum

    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.
     
  19. cplradar

    cplradar Talmud Chuchum


    that is not a local coin shop.
     
    Two Dogs likes this.
  20. GoldFinger1969

    GoldFinger1969 Well-Known Member

    Higher end, yes....but a coin shop to the Manhattan elite. :p
     
    QuintupleSovereign likes this.
  21. cplradar

    cplradar Talmud Chuchum


    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.
     
    jfreakofkorn likes this.
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