What do you look for in a coin shop?

When you walk into a coin shop, what are some of the things that you would like to see that would make you frequent the shop often?

 

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variety. good customer service. a layaway play lol. new coins. supplies. more world coins (some shops only do U.S. coins).

 

Do you ask because of the previously discussed project with your dad, or is this just a general question?

 

oh and books.

 

Yes, We take the shop over this week. We are excited because we love coins and have a nice size inventory already to get started. We know we are not going to making any money at least for a while because all of our silver was bought when it was in the 20's

 

I look for friendliness and intelligence on coins. I don't want to walk in the coin shop and hear a grumble that I'm supposed to understand is a welcome, and when i ask a question i get a quick i don't know.

 

Early Die State Coins, of course ....

 

I like ignorant owners so I can "cherrypick" their eyes out - either varieties or grading mistakes. It keeps me coming back for more.

 

Customer service is number one. Even if I just want to "kick tires" (I never do). If a store owner is rude I won't be back. Selection of coins second. If you're just selling bullion I think you're going to have a tough time.

 

Would you prefer a lie? I certainly get your point about being knowledgeable, but there is no one.... no one who is or ever could be on everything. If commonly collected material, sure.... but as we sometimes see here where someone expects to walk into whatever dealer and receive an expert opinion regardless of what they have, it's simply not reasonable. Sometimes, "I don't know" is the best answer one could hope to hear.

 

Honestly, I think most coin store owners nowadays survive on buying coins, not selling them. So if you wish to have a successful store, make sure you know coins well, know how to spot fake coins and fake bullion, and have a large enough bank roll to afford to pull the trigger when a large purchase comes in the door.

 

Good prices; don't try to sell 40% Kennedy halves for $3-$4 or 1921 circ Morgan's for $30....

 

I guess in that case you are right. But you know what i mean.

 

A friendly person behind the counter.

 

I look for variety and customer service. Someone who's willing to let me loiter in their store, look at everything (I'm pretty picky) and tell me about their interests and ask about mine. I also look for honest grades on coins. I often walk into the store with my ANA grading book and a loupe to help me buy at the right price. I also look to see how the owner responds when I say I'm looking for a specific type coin and what he puts my way when I ask for XF+.

 

The way things are going today, the first thing I look for is a self-locking entrance with a buzzer to let you in, and the next thing is a Glock on the owner's waist.

Chris

 

coins?

 

Well organized, well lit, friendly welcome and knowledgeable ownership.

 

Absolutely... and a fine point indeed. My response was meant not to contradict you, but as an example for the OP.

I pressed this in the other thread, but he must be honest with not only his customers, but mostly himself about his true knowledge regarding what he wishes to buy and sell. He cannot allow himself to be blinded by what may seem a profitable opportunity if he doesn't genuinely know what he's buying, and the same goes for selling as well. It's probably a safe bet that, if in even a reasonably sizable metro area, he's going to be tested by the lowlifes, especially once they find out he's new to the business. He WILL have counterfeit/fake items, knowingly or not, offered to him and he has to be smarter than the schmoes.

On a similar note, he's also going to be asked for advice, and one of the quickest ways to turn off/away a customer is to provide them will poor, particularly costly advice. In the long run its much better to be honest and hopefully earn the person's respect for it than it is to be wrong and to lose it permanently.

 

Lots and Lots of Proof Sets, Mint Sets, IKE Dollars, Kennedy Half Dollars and Washington Quarters.

That's all I ever look for and with the sole intent of cherry picking.