Coin Shops

[CherryPickinTeller]

Was at work this morning and noticed this guy who was taking halves out of a coin album and putting them thru the machines. Went over to help him and he told me he had 7 albums of halves and 5 albums of old dollars. He then told me he went to a coin dealer and the ones he was dumping now were the ones the coin dealer said were not worth anything. I asked him what types of halves and dollars he had. He said the dealer bought all the pre 64 halves and the old dollars were from the twenties and earlier. All he was dumping was 2 albums of halves which had about 80 coins in each one. Out of curiosity I asked how much did the coin dealer give you? He told me $3 for the halves and $5 for the dollars.......

Talk about a rip off. This guy looked like he was in his mid 30's and I'm guessing he had no idea as to how much they are worth. I couldn't even tell him how much they were actually worth because it probably would have killed him knowing he got ripped off for that much money..

Anyway a nice 64 Quarter from the reject today

 

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[bigscores]

Most coin stores are rip offs. The guy I deal with (Mostly buying and searching his "junk" silver) is a straight shooter, I've seen people walk up with a couple rolls of 90% and he'll pay them right at about 90-95% of spot. World could use more dealers like that...

 

[CherryPickinTeller]

First time I visited the nearest coin dealer about 3 years ago, I walked in with a small amount and he offered me double the face value. This was before I got into saving all the silver I find at work. Luckily, I checked online first to see what they were worth. I was 18 at the time and told him I'm smart enough to realize he is an a$$ and I will never think about visiting his store again.

 

[baddbluff]

There is a coin shop in Vegas that rips people off too - they buy collections below melt without even looking at the dates. They will do an appraisal for like $50/hour. People probably get frustrated and just sell. Then they mark the coins up to about 125-150% of retail, and you have to then pay 8.1% sales tax on top of that. I only buy supplies from them. If I was rich, I would open a non-profit store and take all their business. Coin shops like these RUIN the hobby for the young generation.

 

[fistfulladirt]

The guy pulling coins out of the album probably had a single-digit IQ. He wasn't smart enough to shop around, and the dealer offering $5 isn't ripping anyone off, unless he's taking coins at gunpoint lol.

 

[eolson3]

Mine coin shop guy is pretty honest too. Sells a little below spot on foreign silver. Buy's my Foreign clad for 10 per pound. And sell's silver for just above spot. Guy next to him offered me .75 cents for a standard liberty quarter type two when silver was in the upper forties. Can't believe he's still around.

 

[50cent]

dawg, you gotta put a bad review for the coin shop in on google. if a place makes me mad, I write two reviews from different accounts, make them look really bad.

 

[Eminem]

Dawg the people running those coinshops are almost as bad as tellers

 

[50cent]

Dawg the people running those coinshops are almost as bad as tellers

almost doesnt count cept for:

 

[sagittarius98]

Mine coin shop guy is pretty honest too. Sells a little below spot on foreign silver. Buy's my Foreign clad for 10 per pound. And sell's silver for just above spot. Guy next to him offered me .75 cents for a standard liberty quarter type two when silver was in the upper forties. Can't believe he's still around.

There is a coin shop about 40 minutes from me that has those same prices. They paid 5 cents below Krause on my foreign bills.

 

[Wilmingtonsilver]

There is a coin shop in Vegas that rips people off too - they buy collections below melt without even looking at the dates. They will do an appraisal for like $50/hour. People probably get frustrated and just sell. Then they mark the coins up to about 125-150% of retail, and you have to then pay 8.1% sales tax on top of that. I only buy supplies from them. If I was rich, I would open a non-profit store and take all their business. Coin shops like these RUIN the hobby for the young generation.

this makes me think that you are either a kid or just don't have a good grasp on how the world works. Regardless, it really appears that you know nothing about running a business or how to keep the doors open in one. I would bet that the coin shop owner would very much like for you to "open a non-profit store", so that he could take a little vacation while laughing and watching you blow through all of your money trying to stay open. Then sit back and do his thing again making just enough money to keep his doors open.

 

[austin]

Went to a coin shop here with a a complete 1939-1959 penny set, a half completed 1909-1938 penny set, two roman bronzes, a proof JFK half dollar(silver) and they offered to give me $14. When I refused they put them all in a bag. Should have known Harry's coins on Bandera Rd. were crooks because they stole a roman coin. My fault for not checking. Told me wheats were only worth $.01 each and they had buckets of them. Didn't need money or want the coins, so they can just lay in the drawer some more.

 

[cooper36]

Was at work this morning and noticed this guy who was taking halves out of a coin album and putting them thru the machines. Went over to help him and he told me he had 7 albums of halves and 5 albums of old dollars. He then told me he went to a coin dealer and the ones he was dumping now were the ones the coin dealer said were not worth anything. I asked him what types of halves and dollars he had. He said the dealer bought all the pre 64 halves and the old dollars were from the twenties and earlier. All he was dumping was 2 albums of halves which had about 80 coins in each one. Out of curiosity I asked how much did the coin dealer give you? He told me $3 for the halves and $5 for the dollars.......

Talk about a rip off. This guy looked like he was in his mid 30's and I'm guessing he had no idea as to how much they are worth. I couldn't even tell him how much they were actually worth because it probably would have killed him knowing he got ripped off for that much money..

Anyway a nice 64 Quarter from the reject today

Wonder if he dumped any 40%s

 

[Wilmingtonsilver]

Here is why threads and posts like these piss me off. All of you will go into a business a couple times with your vast knowledge of "value" and turn your nose up, walk out disgusted, and make it your mission to tell anyone who will listen how much of a rip off the business is. All the while, you have no clue what the overhead of the shop may be. You have no clue what the rent, the utilities, the payroll, or the taxes are. Yet, you have the vast knowledge of "value" to know that the business owner should be paying you 90-95% of the "value" of the item, then turn around and only attempt to sell it at 100% of the "value". Let me clue you in people, that business goes out of business in less than 6 months, and the owner lost his livelihood, his dream, his savings, and there is a good chance he lost his family. The "value" of something is only what someone else is willing to pay for it, not what a book says it should be. If the dealer is only willing to pay $3 for a coin, or .01 for a coin, that is the "value" to him. You are asking for his money, so your perceived "value" means squat! that doesn't make him a rip off, that makes him someone who is knowledgeable about his business, and what he needs to do to stay in business. If you don't like the prices, be polite, and leave. then go somewhere else to see if you can do better.

 

[Eminem]

Here is why threads and posts like these piss me off. All of you will go into a business a couple times with your vast knowledge of "value" and turn your nose up, walk out disgusted, and make it your mission to tell anyone who will listen how much of a rip off the business is. All the while, you have no clue what the overhead of the shop may be. You have no clue what the rent, the utilities, the payroll, or the taxes are. Yet, you have the vast knowledge of "value" to know that the business owner should be paying you 90-95% of the "value" of the item, then turn around and only attempt to sell it at 100% of the "value". Let me clue you in people, that business goes out of business in less than 6 months, and the owner lost his livelihood, his dream, his savings, and there is a good chance he lost his family. The "value" of something is only what someone else is willing to pay for it, not what a book says it should be. If the dealer is only willing to pay $3 for a coin, or .01 for a coin, that is the "value" to him. You are asking for his money, so your perceived "value" means squat! that doesn't make him a rip off, that makes him someone who is knowledgeable about his business, and what he needs to do to stay in business. If you don't like the prices, be polite, and leave. then go somewhere else to see if you can do better.

yo your right dawg the store keeper would probably get a betta profit margin rollin' instead of runnin a business

 

[Generic_Lad]

Not all coin shops are rip-offs but there are quite a few that I can't understand why they manage to stay open.

The ones I regularly go to are pretty fair for both buying and selling. Although they don't always have some of the more interesting coins that I like, they are very fair when it comes to junk silver both in buying and selling.

And yes, offering 8x face for 90% silver IS taking advantage and ripping people off (yes it is legal, yes it is also a scumbag way to do business). Someone taking their coin to a coin dealer deserves to get an accurate appraisal of their coin(s) not to be told that their 40% Kennedy half dollars are only worth $1.50. Scumbags who blatantly lie to customers about how much their coins are worth are damaging the reputation of coin resellers everywhere.

Now, don't get me wrong, I'm not expecting a coin dealer to give 95% of Red Book prices for coins, especially for hard to move items (Susan B. Anthony dollars, error coins, etc.) but no reputable dealer should EVER tell a customer that their 90% silver coins are worth only 8x face when they are worth 20+x face.

Silver coins are a market with well-established pricing guidelines and dealers who don't adhere to them are naturally going to go out of business. Do I feel sorry that by telling people to avoid a guy who pays $2 for 40% Kens and to tell them to go to a guy I know who pays 90% of spot to them? Absolutely not. Do I feel sorry that the guy who makes a living conning people out of their coins might go out of business? Absolutely not.

 

[fistfulladirt]

I've been in the hobby for 35 years, and I can't count the times that my offers of "twice what the local coin shop is paying for silver" have been turned down, because "the dealer has been in business for a long time and he must know what he's doing".
The local dealer has a constant flow of traffic in and out of the store all day long. His buy prices aren't great, and he's not the only game in town.

 

[maverick]

I kinda agree that the guy got ripped off if he only received $3.00 a piece for 90's and $5.00 apiece for Dollar coins from the 1920's, if the dealer can only afford to pay that price( which is way below market value) because of his over head, maybe he is the one who doesn't know how to run a business. Just sayin. HH, Maverick.

 

[maverick]

Nice score on the 64 there CPT! The tellers definetly have the advantage on finding them anymore it seems. HH, Maverick.

 

[CherryPickinTeller]

Trust me i have been in business environments for 6 years. Im 21. I took small business management (coin shops) and i know overhead and such. It is absolutly ludacris to give someone $3 for pre 1964 halves and $5 for pre 1930 dollars. If someone has no knoledge of the value of the coin DO NOT RIP THEM OFF. It is pathetic. I hope all coin dealers who do that rot in hell