where is best place to buy coins?

I read with interest a post about how most coin dealers at show were just there waiting for a sucker to come along. My experience was that the only place to find something good at a fair price was at a medium to large show.

Where do most posters here buy your coins. It seems like the estate auctions aren't much good. There is always someone willing to pay $3 for common indian cents or 10-12 for an old walking lib. Ebay appears to be a total rip. I haven't seen much go on there for a good price either.

I don't know many people with nice old coins from the family that they want to sell. Seems like shows or the mint are the main choice.

Lack

 

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I buy my coins where and when I find the best deals on them. Unless I REALLLLLLY want something in which case I my first choices are APMEX, ebay, and one local dealer thats pretty fair with me on prices.
Everyone on here seems to trash talk ebay... the prices those rip off artists charge deserves trash talking, how ever... as far as buying from ebay goes ive found some great deals. Generally, (and for me)the best coins come from people who have smaller amounts of feedback. 20-400.
Also I find a lot of people who complain about ebay are the same people who dont ask ANY questions. No one wants bad feedback, people will almost always be honest if you ask specific enough questions.

 

No matter which route you take it's Buyer Beware. I think for the most part coin show dealers are reputable. Of course there probably are a few bad apples waiting to prey on the uninformed. This is where you use your accumulated coin collecting skills to weed out those that you think are not on the up and up. I agree with you on the estate auctions. Even estate sales where you walk into a house and basically have your choice of anything that your eyes see are consistently overpriced. I go for coins and brass music instruments and have never found a bargain. As for Ebay, there are bargains to be found. Go over to Coin Chat and take a look at the thread about how to find bargains on Ebay. I had luck several times by searching for misspelling of coin auctions resulting in great buys. Also check out other coin auction houses.

 

Kinda Funny! No one mentioned the USMint. It's my place of choice to purchase
most of my original coins!

 

o.k. the best place to buy u.s. modern coins is of course the u.s. mint. second, i think your friends and relatives. next. those online companies. like ampex, golden eagle, coast to coast, and others.

 

The cute answer is that the "Tale of Two Cities" opening applies, "It was the best of times, the worst of times..." Almost anywhere can be a decent place to buy for a knowledgeable and well connected collector or dealer that can negotiate well and knows a lot. Almost anywhere can be a dangerous place to buy for someone that isn't connected, and doesn't know much in terms of grading or pricing.

For novices, the U. S. Mint is one place with a relatively level playing field. Whether those coins will go up or down in value is an open question, but buying direct means virtually the same price as everyone else.

 

buying directly from u.s. mint. if you are lucky. you can make money 50% to 100% right away. but buying from dealers. next few weeks. you sell it back to them. you gonna lose 50% or above. that is for sure.

 

:goof: you be dealin' with the wrong dealers.

 

If you want nothing but modern stuff then, yes, buy from the mint. If you want older U.S., World coins and paper etc. Do your homework and get to know your dealers.

I now work for my local dealer because he could tell I knew a few things about coins. My first visits were not all that successful but as he got to know me the deals got better. They tend to be even better now but some coins he'll want more than I'm willing to pay. Those same coins tend to higher from other dealers.

Getting to know your dealers can be via the internet, local shops or even shows. The buyer has to do a little work here. That's what most folks seem to miss. NO dealer is looking to give away coins to someone they don't know.

 

something to be said for that

 

Many of my favorite coins were from auctions. You pay market, because you define it at that point in time, and often just top dealer bids.

 

All dealers have a "spread" they have to to stay in biz

 

I've done best with the US Mint. I'm strictly into collecting and the US Mint is a wonderful source. For example I bought one of the 20th Anniversary AGE sets in 2006. I really don't care for TPGs but on close examination the coins looked to be excellent, so I sent them in recently on a whim and all three came back at the 70 grade. I have retained the original packaging and COA, so I feel honest about it. I'm also thinking now, for example, that the 2009 Proof set is such an excellent deal. All those coins and you can purchase three sets for under $100. Now look closely at each of the coins, and there are bound to be nice gems which will only enhance the value of the sets. As far as older coins I have to agree with a previous post by clembo that they are very likely best purchased from a known dealer. Personally I would like to pick them out at my leisure, and I really don't know how many dealers would let you do that with the proliferation of TPG coins. I want to purchase coins which surprise me, and which I can admire each time I look at them. I've posted before that I've seen too many overgraded coins to buy them blind just on the basis of the tag on a slab. This is my problem with auctions - it's someone else's judgment which they want you to trust, and I'm not blind to hype.

 

I agree with much that's been said, particularly the "build a relationship with dealers" part.

Where's the best place to buy coins ? It depends on what you're looking for. Different markets have different characteristics.

coins less than $100 - e-bay really isn't that bad. Buyer beware of course. Coins shows of all sizes work well - small to medium size especially. Local coin shops.

$100 - $500 - Same as above, but a shift toward larger shows. In this range, internet auctions start making sense. Teletrade is one choice. Beware - buying from photos is dangerous. Also, larger auction houses such as Heritage, B&M, and Goldberg come into play.

$500 and up - increasing emphasis on the major auctions; Heritage is my favorite. Inspect the coins personally. Larger shows have a lot of great coins (and usually a major auction). National conventions are great, particularly those that specialize (e.g. Early American Coppers, John Reich Society, etc)

Obviously, with more money on the table all the "standard rules" become more and more important. Know what you're looking at, know your dealer, understand return policies, be patient...

It also varies not just with price, but the nature of what you're collecting. If it's bullion or common / modern stuff, then it's easy enough. But as the coins become more esoteric and/or difficult to grade (e.g. early copper), then specialist knowledge becomes more important; personal relationship with dealers and other collectors / specialists becomes essential. And of course... read up and study up. It's fascinating !

 

yeah they all have a spread.... just not a 50% one.

 

That says it all in a nutshell. If you're knowledgeable about what you're buying, there isn't anywhere you can't buy great coins. I've bought from Ebay, APMEX, the mint, online dealers, local shops, and shows for many years. There's the same risk involved with any of them, and the same satisfaction. You'll never find the Shangi la coin shop...it doesn't exist.
Guy~

 

Mostly from local dealer and/or internet dealers, heritage and ebay. Very little from ebay. I shop around for the coin I want and a price I am willing to pay.

 

Apmex, Ha.com, US Mint, Ebay

 

It depends on what you are looking for. For modern stuff, the Mint is the place, and sometimes Ebay. For bullion go with the dealer with the lowest cost. For coins with high numismatic value, try local coin dealers and search for a few select internet dealers.

http://www.cointalk.com/t14152/

 

This was pure luck, but once I saw an ad in my local newspaper, " moving, everything must be sold". I ask about collections, the person had 6 lg. cents in vf/xf cond., $5 a piece. Its not gonna happen everyday, but there are some great deals to be discovered.