Is going to a Coin shop a good thing or bad?

Discussion in 'Coin Chat' started by Kay67, May 23, 2024.

  1. Kay67

    Kay67 Member

    I've got a few coins I'd like a professional opinion on, and am thinking about going to my local coin shop, but I'm nervous about it.

    Because I'm new to this, I'm worried they will wave me off and not want to deal with a newbie who's got some interesting coins. My 1970 S Small date penny and my 1974S penny with a brilliant shine just for example, plus a few others that have some interesting or odd details.

    Do you guys think I should just go, or not because I don't want to be waved off? Am I being silly for just thinking about it too much?

    Thanks for your input.
  2. Avatar

    Guest User Guest

    to hide this ad.
  3. wxcoin

    wxcoin Getting no respect since I was a baby

    You should go! You may get some valuable feedback as well as establish a business relationship. You will undoubtedly see a lot more coin types in their inventory that may stir your interest.
  4. johnmilton

    johnmilton Well-Known Member

    A coin shop is only as good as the people who run it. If they are honest and knowledgeable, it can be a wonderful beneficial experience. If not, well there are other places to go.
    coin dog, MIGuy, Player11 and 6 others like this.
  5. charley

    charley Well-Known Member

    Research if there is local coin club in your area. If there is, attend. I am sure you will be the recipient of experienced opinions.
  6. Kay67

    Kay67 Member

    That's an excellent idea, I'll look into it.

    So I went over to my local shop, and just as I expected, he was not interested in anything I had. He was polite and professional, but basically made me feel like I was wasting his time. (Even though there was no other customers. Oh well).

    He did however, confirm my 1970S penny is a small date, and offered me $5. I didn't take it, I'm keeping it in my collection.

    I guess, I'll just wait until the coin show comes around in Septemeber. There is a big one at the convention center.
  7. PlanoSteve

    PlanoSteve Well-Known Member

    @Kay67, first, welcome to CT. I see you just joined us on May 8, and since you admit to being a "newbie", I want to give you some (hopefully) helpful advice.

    Kay, please don't take this the wrong way, but you may have an unwarranted a self-esteem issue. (None of us here have ego's, so we can't get our feelings hurt :p) Let me explain...

    When you engage someone (or a group, such as CT, for example) on line, there are 2 significant problems with assessments:

    (1) We cannot examine/see the specimen "in hand" & this is very problematic (I, for one, will not offer an opinion as to a specific grade if I do not have the specimen in hand, preferably with a 10x loop available)

    However, some are willing to give an assessment from a picture on a computer screen. These should be taken with a "grain of salt"; if you peruse any of the "Guess the Grade" (GTG) threads, you will see that the opinions generally span a rather wide range, yet all are looking at the same picture. Now, it is fun & we get to see a wide variety of coins, but it really is a best guess when you cannot examine it in hand.

    (2) The internet affords responders a degree of anonymity, again problematic because some may respond with an answer without having all the necessary information, or may not care enough because they are anonymous, or don't really have the expertise/knowledge needed for that specific question. While CT is comprised of members with a vast amount of knowledge & experience, we are still dealing with the trials & tribulations of "on line" communications.

    While I agree with John that there are some unscrupulous shops out there, keep in mind, most shop owners are in it because they themselves are collectors/afficionados and generally enjoy engaging with other collectors/accumulators, especially "newbies". While there are exceptions, they are in the minority, so you should feel confident the first time you go into a shop. The great advantage is that they get to assess the coin "in hand"!

    Keep in mind that while most of us collectors/accumulators admit to looking at hundreds or even thousands of coins over the years, dealers look at multiple thousands of coins. The more you see, the better you get at it. (Also keep in mind that even the "professional" grading services will not grade a particular coin the same - take a look at some of the threads on third party graders for example, & discussions about resubmitting a graded coin to a different TPG in hopes of getting a better grade.)

    Charley's comment about finding a local coin club is a fantastic idea if you plan on continuing this endeavor. Be wary of coin shows (initially), as dealers can get overwhelmed at such events and lack the time to devote to newbies.

    And lastly, secure a copy (used is OK) of the Red Book which includes a wealth of information about all things US coinage.

    Have fun with it - it will take you as far & wherever you want to go! :singing:;)
    charley, ToughCOINS, wxcoin and 4 others like this.
  8. Collecting Nut

    Collecting Nut Borderline Hoarder

    Glad you went to you LCS (local coin shop). It’s always better to see the coin in hand. Looking at photos is the best we can do so any assistance you receive is based on a photo not in hand. At least you were treated politely. Sounds like he just wasn’t interested in what you had.
    The market right now is crazy and he would probably be very interested in any silver coins. Most dealers are having a difficult time getting their hands on pre 1964 coins or any coins with silver.
    If you are serious about collecting coins a few trips may be necessary to build up a relationship.
    philologus_1 and wxcoin like this.
  9. -monolith-

    -monolith- Supporter! Supporter

    I personally avoid shops and shows since I can buy coins cheaper and sell them for more online. However it is exciting to see what they have and meet other collectors/dealers.
  10. green18

    green18 Unknown member Sweet on Commemorative Coins Supporter

    Steve? Well said dear fellow. :)
  11. CoinCorgi

    CoinCorgi Tell your dog I said hi!

    Shut up and read. ;)
  12. Player11

    Player11 Bullish

    It depends on what your goal is.
  13. The Half Dime

    The Half Dime Arrows!

    LOL, why would that be? From personal experience, I've not been turned away as a "newbie". Most coin shops will be willing to work with you and teach you more about coins, and some of them treat you almost like family when you go in there, that is if you don't have family in a coin shop.

    As for the pennies, it'd be best to see a close-up of them. The 1970-S small date is something that shops would likely give about 50 cents to $2 for. The 1974-S may be shiny, but it's the decreasing marks that make the coin worth more. Less marks + strong strike = more value.

    The best things to be looking for with pennies are "cherrypicker" coins, which can vary from person to person. For pennies, it's key-date wheats, DDOs, DDRs, and MS67 RD pennies or higher for most. ;)
  14. ewomack

    ewomack 魚の下着

    Visiting coin shops effectively comes with experience. The only way to get experience is to get through some potentially awkward first experiences (this applies to just about anything). Forgive yourself if they turn out awkward or disappointing. You're new and learning. Then try again. You won't become more comfortable or confident without trying, so keep trying. My first coin shop visits go back a few decades and were anything but smooth. I had some fantastic experiences and some utterly humiliating ones. There were a few shops I never returned to because I felt the dealers saw me as exploitable. One shop owner treated me with outright disrespect. He pretty much yelled at me for "taking too much time." I was on my lunch hour from work, so I had very limited time, and I had probably been in the shop 10 or 15 minutes. Thankfully, I never experienced anything like that again. So, experiences will vary and you will meet both success and failure. Don't let the "failures" get you down. We've all likely been there at least once.
    Heavymetal likes this.
  15. serafino

    serafino Well-Known Member

    If I ever wanted to sell any of my coins, the last place I would go to is coin shop or pawn shop. eBay is where I would sell them.
Draft saved Draft deleted

Share This Page