Are local coin stores good places to buy coins?
 

Are local coin stores good places to buy coins? I would think so because prices are minus S&H and postage, etc. But do they charge good actual prices for the coins as opposed to catalogs, eBay, and other such sources?

Re: Are local coin stores good places to buy coins?
 

I am new to this as well, but the one that i go to seems fair and in line with prices others discuss on this board.
The overall price beats the online places hands down if you are buying in smaller quantities.

Re: Are local coin stores good places to buy coins?
 

Around here I have to pay 6% sales tax in addition to probably getting overcharged. It all depends on where you are and who your dealer is. I envy those of you who can walk into your local shop and pick up some metal for close to spot.

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I just got back from my first purchase at a local coin store.

I paid $19.50 ea for a roll of SAEs.

It's nice to not pay for shipping, handling or tax. Also nice to be able to do a deal with a handshake and immediate exchange.

I'll be going back when I have some more FRNs.

Re: Are local coin stores good places to buy coins?
 

Depends. Use something like SAEs as a basis for comparison, and then shop around to see who has the best price. And then compare those prices to APMEX, Bullion Direct, etc., figuring in S&H, of course.

Most shops around here want ridiculous prices for SAEs, so I usually go with online sellers. On the other hand, I can get Mexican Libertads for 50�-75� over spot at one of my shops, when they have them.

Nice thing about Oregon: NO SALES TAX! :D

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Timing is everything at the local coin shops....where I buy most of my stuff.

Because it's a business, the coin shop will likely mark up the premium to cover their cost so buying on a dip isn't always necessarily better than buying when the price is stagnant or steady.

Right now is tough because many dealers had to buy when silver was around $20/ounce. At $20/ounce, they paid over $20 to get those coins and thus will be reluctant to sell for less than, say $21-$23/coin depending on exactly what coin it is.

But it really depends on the frequency of transaction at your dealer...the more the better (usually). Some places have to hold out (keep the price up) before they can move the coin. Margin of profit is usually low (unless they are paying below spot on lots of private purchases from walk-ins).

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If you want complete and total anonymity, coin shop is the way to go.

Re: Are local coin stores good places to buy coins?
 

Yes there is a markup........yes you may have to pay sales tax depending on your locale

But when the smoke clears 2 things but coinshops head and shoulders above the rest:

Speed of the deal....... same day no delivery concerns


No paper trail ........No one knows what you own




Speed and anonimity........ as this meltdown unfolds THAT WILL MEAN EVERYTHING GOING FORWARD.

I fully expect in the next 24 months for ALL PM DEALS BY ONLINE DEALERS AND BULLION HOUSES TO BE REPORTED AND REGULATED LIKE HOW BANKWIRES ARE DONE TODAY .... so "they " can have a digital record of all activities. It will be easier to locate the hoarders so they can pay the appropriate tribute

I hope I am wrong ........but I think otherwise.


SPEED AND ANONIMITY

T

Re: Are local coin stores good places to buy coins?
 

A coin shop is a wonderful place to buy ... if you can build a relationship with the guys on the other side of the counter. Get on their bad side and you're better off shopping ebay, cos they'll never cut you any slack. On the other hand, if you're bringing them business, help them unload some junk, watch the counter while he goes in back to nuke his lunch, scare off the guy bugging his kid sister .... then you can pull off some sweet deals.

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Agree 100%. It's all about building trust - and that means both ways. My local shop can't deliver 500 oz of silver at any time, but walking in with cash in hand has gotten me some very nice deals on smaller stuff. I'm envious of those that can walk into a local shop and pick up stuff like platinum Eagles and various world gold though. Being in a small town I don't have access to those types of items, without turning to the 'net.

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It depends on the coinshop. Some coinshops have reasonable prices and some are a rip-off. You have to visit all of them in your area until you find the best one.

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You got a great price. Congrats!

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+1 on that


I have brought my coin shop a few big deals


anytime I call ....he dam near jumps for me ....


There have even been time when I have bought 90% walkers for 5 bucks a pop and he was charging the guy right next to me 6 dollars a piece


If you find a good one .....they are worth there weight in silver !!


T

Re: Are local coin stores good places to buy coins?
 

I initially started out with going online (apmex before they went down). But now I go to a fairly local coin shop, about 2 miles away. I have to pay 6.75% tax, but that's about equal (~$1.30-$1.50/oz) to what I'd pay in shipping charges anyway. I found his markups to be probably a little bit more expensive. Had I gone online for what I bought (80 SAE's at 18.37 and 17.93/oz), I would have paid about $20-$30 less. Given that I value the ability to get my silver in a timely manner, have my name hidden from the Feds and be able to actually get the silver in a time of shortage online, it was a hell of a deal, IMO. My dealer seems to definitely go by the spot + a fixed premium (depending on the coin), so I can easily take advantage of the dips.

Re: Are local coin stores good places to buy coins?
 

I guess I'm a cheap so-and-so, but I do like to deal locally whenever possible. Perhaps showing the dealer the differential of on-line pricing plus shipping costs versus his pricing plus tax would lead him to lower his prices. Then again, perhaps not. My point is, it costs nothing to ask. In any event, were I the local dealer, I'd appreciate both the information and the chance to gain your business.

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My coin guy rocks, last friday i bought 3 ASE's for $18 a piece. Since I've been buying off him I enjoy my weekly visits tremendously. We constantly have things to talk about(is there really a silver shortage? How about that ron paul guy? etc etc). I constantly bring things I see up on this forum to him and it always leads to a good conversation.

The point I'm trying to make is the relationship with a local coin dealer is invaluable(as others have stated). I now get better deals from him, since I'm so regular. Also, there is no paper trail. There is no shipping charge. You are supporting your local economy. You can do a bit of networking while your there as well.

There are so many advantages to going through a local coin dealer that I highly suggest you try it out.


Though I must say, some of the characters I've run into who are there shopping at the same time have been pretty....'unique'

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I hesitate to wave online prices in the face of a brick and mortar dealer, of any kind. Online sellers are oranges to their apples, with a completely different overhead cost structure. As we saw with Apmex, he had to do a server upgrade which hurts, but not as much as a store's rent increases. One guy I know tried that with a car parts place. He left the store at somewhat high velocity, steps ahead of an airborne can of carb cleaner.

When working with a dealer, remember one thing .... you're there for a deal ... he's there for a living. And online stores are already cutting into his bottom line.

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This could be bad form. The only thing you should do is let him know that you are aware of the current spot price. He has rent and utilities and taxes to pay. Part of what you are paying a premium for is the convenience of cash 'n' carry.

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I think so, if they are friendly and not trying to rip you off.
I bought two monster boxes of ASE's for 1.90 over spot at my local coin shop. Only waited a week for my check to clear. They were very fair and non-partial with the goods.
When I was picking up the boxes of 2008's last Friday, other customers were coming in to purchase silver but I must have cleaned the shop out, so it seemed.

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Yes, the cash n' carry aspect is a valuable service that has to be paid for. I was disappointed that APMEX restricted purchases to $5000 and above when I was looking to buy, and CNI had no silver, and still doesn't.

The local coin dealer has to make enough money to pay rent, PLUS enough to eat and pay his mortgage. I'm frankly amazed that there are coin shops out there at all, though they seem to be slowly disappearing. How many hundreds or thousands of ounces of silver does he have to sell per month just to cover the rent and utility bills? Electricity and telephone are expensive for businesses, and you have all these damned government agencies waiting to take a cut with license fees, garbage collection fees, sewer access fees, police response fees, fire department fees, and then there are the utility taxes and such. It's expensive to keep a business open. If it's only going to be a few bucks, go to your local shop and keep it open.

On a side note, this is also why American manufacturing jobs are disappearing. The "Made In The USA" campaign absolutely failed because people would not pay a dollar or two more for the same product. I'm one of those people who refused to pay (just never thought about it) by the way so this isn't to mark any blame, but just to bring up the topic.

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If you want to ensure liquidity, they are indispensible. What a pain the ass is ebay or mailing it off to some dealer. Face to face, cash n carry, thats the way to play.

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The coin store I frequent has always been a great place to get coins and (especially) bars. My last purchase there was a couple of nice Kookaburras, which the owner decided to sell to me for $1.50 off the listed price. When I stopped in yesterday to look around, he sold some bars to another customer at a discount just because they weren't standard weights (e.g. 10.45 oz.); plus he doesn't charge more than spot for bars.

Much as I like online stores such as Apmex, your local coin store can be a source for very good deals.

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I wish you were wrong, but it sounds too right.
Damn.

Re: Are local coin stores good places to buy coins?
 

There are several kinds of stores called coin shops. You might have an actual coin store where collectors buy coins. It might be a gun store with a coin business on the side. It might be a pawn shop. http://www.gopusa.com/forum/images/smilies2/mr_yuk.gif Or it might be a precious metals broker. Find a broker if you can - you will avoid a lot of odd experiences.

But to give you a straight answer, yes, a coin shop is as good as any other source and usually a lot more convenient.

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I have a question ... let's say you sell your local coin dealer $2,500 worth of merchandise ... would he pay you in cash, check or money order ???? And with that money, you take to your local bank would there be any questions asked if it was cash? I'd suppose that a person should report that as a capitol gains .. but how are the feds supposed to know of this transaction?
If you sell the merchandise to an on-line place, then there is a paper trail for sure.

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I dunno about capital gains taxes, I always sell at a loss myself. My local coin dealer pays me in either food stamps or lottery tickets...

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There is nothing we can do to stop the assualt on or abilty to protect ourselves and loved ones except to load the boat while the "silver window" of oppertunity is still open..


get as much as you can afford as quickly as posible.....


You will be glad to did.


T

Re: Are local coin stores good places to buy coins?
 

.....................

T

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I am ALWAYS paid in cash - and I NEVER deposit that money in a bank.

Re: Are local coin stores good places to buy coins?
 

T .... I actually have never sold anything .. in fact, I bought some more coins from my local coin dealer yesterday. I have bought coins on-line and from local dealers. On Line reputable dealers, Local coin shops and other from private owners on EBAY and I am always hesitant about doing business on EBay.
I am probably like most people in this forum and and coin collectors and bullion hoarders in general, mostly buy and hold and collect. I've got some kids approaching college age and was thinking about liquidating some assets. I'm not too sure that I could easily pay $thousands in college tuition in cash ... not saying it couldn't be done, but I would imagine there would be some eyebrows raised if I did. Much like if some one was to put down $20 K down in cash for a new car.
I was wondering how the paper trail might work with regards to income tax .. much less suspicion of drug money laundering and our beloved home land security terrorist patrol. I believe legally there are capitol gains taxes that are owed when selling bullion and coins. How many people do that is another question.

I certainly do not mean to high jack this thread .. I do think that shopping at a local establishment is a good thing .. good for the community and no worries about shipping or a paper/electronic trail.

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I certainely respect your postion and your concerns..... If you have to liquidate some of your stash ......I would do so in chunks "small" enough that local shops can handle..... I would also either get cash or Postal money orderss... depending on how much you liqudate it may be a tedidious ordeal (going to multiple private shops) But it is a sad state of affairs in this country we have to jump through 9 million hoops just to enjoy our "privacy"

But so it is........


T

Re: Are local coin stores good places to buy coins?
 

I think it's best to make small purchases first to get a feel for the integrity of the local shops. I found out the hard way that Boise, Idaho has a snake running one of our local shops. I purchased junk silver from this snake, and yes I was stupid and didn't count the coins until I got in the car, and found out he shorted me 2 coins. Ok, honest mistake which he made right. With the same purchase the dealer miscalculated the price of the coins and he charged my bank card too much. I was trying to do the math in my head and I realized he over charged me and reluctantly he agreed to recalculate and correct the mistake. He said he voided the original charge and then charged my account for the correct price. Long story short, the void for the original charge never appeared on my account and I was billed for the correct and incorrect amount. My bank confirmed to the owner that there was no refund and indeed a charge and he still refused to honor the refund. I ended up having to file a "False Charge" against him through my bank. Now I believe shorting me two coins was done intentionally.

I've since found a great local shop where I try to give all my business in order to support him. Sometimes however there are just some things he can't provide for various reasons.

Oh, and I now count all my coins at the counter and bring a calculator along when I purchase.

Re: Are local coin stores good places to buy coins?
 

...you might also want to stop using the bank card, and start paying in cash.

Easy solution to your problem with being double charged. Plus it eliminates the paper trail.