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n/a
deleted
12 Posts |
 Posted - 03/21/2009 : 14:49:09
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A new coin store just opened up not five minutes from my house. It is a precious metal and coin store. How can I check it out to know if they are legit folks or just scam artist? Any good questions to ask? What sort of things should I look for?
Thanks!
Prepgirl
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Ant
Penny Hoarding Member
USA
894 Posts |
Posted - 03/21/2009 : 16:28:45
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You can look to see if the store is listed in the ANA's dealer directory, available online at your website. That's not foolproof, but it's one thing to check.
I'd go in and price some common numismatic and bullion coins, then compare those prices from other dealers and online.
I would also look at what the dealer has to offer. If he's just starting out, his selection might not be so great, but there shouldn't be any junk in there.
You could also ask around at your local coin club meeting to see if anyone knows of him. The coin world is very small.
Hope he's a good one.  I'ts always nice to know a good dealer. I always buy at my local dealer if it's something he has in stock or can order for me, especially for supplies, etc. I could get them for a little less online, but it's not worth it, I'd rather build a relationship with someone local. In return he always holds back things for me he thinks I would like and gives me a good hookup when he can. |
Lovely dimes, the liveliest coin, the one that really jingles. --Truman Capote
Coins are the metallic footprints of the history of nations. --William H. Woodin |
Edited by - Ant on 03/21/2009 23:39:26 |
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Market Harmony
1000+ Penny Miser Member
USA
1274 Posts |
Posted - 03/21/2009 : 16:43:30
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You are lucky that they are so close. Here's my suggestions:
- Let them know what you are interested in, that you live close by, and you would most likely come back if they can satify your needs
- Ask them why they got into business, and why they chose the location (owners love to talk about their businesses)
- Ask them what their typical mark-up rate is on junk silver, 999 silver, krugerands, and other market-based (comex/lme) priced bullion
- Ask the what their buy rate is for the same
(These are legitimate questions that they should be happy to answer for a potential long term customer)
Good luck |
goto the new and improved realcent: http://realcent.org |
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natsb88
Administrator
USA
1850 Posts |
Posted - 03/21/2009 : 17:09:59
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quote:
Originally posted by Market Harmony
(owners love to talk about their businesses)
Now where would you get an idea like that?  |
Nate
The Copper Cave
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 03/21/2009 : 20:28:13
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quote:
Originally posted by Market Harmony
You are lucky that they are so close. Here's my suggestions:
- Let them know what you are interested in, that you live close by, and you would most likely come back if they can satify your needs
- Ask them why they got into business, and why they chose the location (owners love to talk about their businesses)
- Ask them what their typical mark-up rate is on junk silver, 999 silver, krugerands, and other market-based (comex/lme) priced bullion
- Ask the what their buy rate is for the same
(These are legitimate questions that they should be happy to answer for a potential long term customer)
Good luck
Yeah, what he said.
Deal |
Live free or die.
Plain and simple.
"If you love wealth more than liberty, the tranquility of servitude better than the animating contest of freedom, depart from us in peace. We ask not your council or your arms. Crouch down and lick the hand that feeds you. May your chains rest lightly upon you and may posterity forget that you were our countrymen."
- Samuel Adams |
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 03/21/2009 : 21:56:49
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Prepgirl,
IT kinda depends on what you are looking to buy from them and how much knowledfe you have about what you are buying. Whatever you are buying do your research on it and know what kind of price it should have on it. Go in and just ask lots of questions about what you are buying and what they recomend and such. Usually you can tell by talking to them for a little while if they are good people to deal with or not. Also ask about their buy prices of some things and see what kinda profit they are trying to get. If you give us a little more detail about what you are trying to buy we can help more. Dont need specifics if you dont want to share, but theres a big differnce between numismatic items and bullion items |
Copper Penny Investing
www.portlandmint.com |
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n/a
deleted
12 Posts |
Posted - 03/22/2009 : 06:29:44
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We have a good source for our gold coins and we have a silver savings account - so we wouldn't be looking for those things. My mom lost a low level coin collection and we want to get her some cheaper things to get started again. My father in law gives silver coins and other "cute" currency to the kids for holidays. We want to give him a special gift for Christmas of some interesting coins.
We would also like to get my kids started on a collection of metals - some for investment potential, some for rarity and beauty, and some for just learning. So, we would be open to almost anything that had a good price.
We are novices, but in the learning stages so having a good local person would be great. Just don't want to get involved with a scam artist. We are all for people making money in their business, so aren't looking for the lowest prices, just don't want to get ripped off. We also want someone who will keep their mouth closed if TSHTF and wouldn't be sending thugs to our house - another down side of dealing with a low life. |
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 03/22/2009 : 10:04:21
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Prepgirl,
I hope when you say silver savings account you dont mean that you own paper silver. If you dont hold it you dont own it!!!
If you are wanting to start buying better date coins or start of a "low level" coin collection than I would buy a Red book price guide. You must be logged in to see this link. That is what I am talking about. ($10 isnt a bad price either) Please note that the prices in that book are retail prices so I find they are normaly 10-15% high. Also check out the website You must be logged in to see this link. and use that as another form of a price guide.
Thats awsome that you are getting your kids started on a collection of metals. There are many forms of bullion coins and the premiums vary quite a lot depending on the coin. You can use You must be logged in to see this link. and You must be logged in to see this link. as an online guide to get a "ball park" where the prices should be. Really the best thing to do would be find what you wish to buy and call around to the other coins shops in the area and get prices from them too.
If you are worried about the dealer sending "thugs" to your house simply DONT tell him where you live. ALWAYS try to pay in cash if you can. That eliminates a paper trail and will help you on with many differnt things.
The best advice I can give you is to simply learn as much as you can about what you are buying before you buy it. If the dealer is a good dealer he/she will be more than willing to help teach you about differnt things, but its still always best to have a general idea about what you are doing.
If you have any questions about what you are buying or any questions in general please feel free to ask them here and we will do the best we can to answer them. |
Copper Penny Investing
www.portlandmint.com |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 03/22/2009 : 10:27:17
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Cash for physical. Only way to go....
Deal |
Live free or die.
Plain and simple.
"If you love wealth more than liberty, the tranquility of servitude better than the animating contest of freedom, depart from us in peace. We ask not your council or your arms. Crouch down and lick the hand that feeds you. May your chains rest lightly upon you and may posterity forget that you were our countrymen."
- Samuel Adams |
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keys
Penny Collector Member
383 Posts |
Posted - 03/22/2009 : 16:19:20
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Best way to deter potential thugs from getting your coins or PMs-
Mention the fact to your dealer you keep everything in a safe deposit box.
You don't need to actually have a safe deposit box, just say that you do. Let potential thieves try to figure out in which bank you have it in. |
I change with the times-
but like silver coins found in your change
I stay the same.
*****************
The United States of America started out as the new Republic of Rome.
Will The United States of America end up as the New Imperial Rome? |
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barrytrot
Administrator
USA
721 Posts |
Posted - 03/23/2009 : 08:33:53
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quote:
Originally posted by keys
Best way to deter potential thugs from getting your coins or PMs-
Mention the fact to your dealer you keep everything in a safe deposit box.
You don't need to actually have a safe deposit box, just say that you do. Let potential thieves try to figure out in which bank you have it in.
Keys, is it your opinion that "metal thieves" are all roving around coin dealers? Or is it your opinion that the coin dealer him/herself is the thief?
I'm not sure how much "security" you grant yourself by telling the coin dealer something unless one of the above 2 is correct. And if you believe it is, I would think your security would be higher by never going there!
If you have a lot of household silver/gold, buy a safe. You can get a fairly big one for a few hundred and that will hold thousands of dollars in silver/gold bullion. If you have more than that, then 2 safes, etc.
For copper the copper itself is like a safe due to its immense weight. Of course, putting it into a locked room still ups the security. |
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just carl
Penny Hoarding Member
USA
601 Posts |
Posted - 03/23/2009 : 10:19:51
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Back to the topic. New buisnesses of any type are difficult to asertain the exact potentials of their honesty, buisness abilities, etc. If the owners, workers there are new to a buisness, they may have little ideas of how to deal with customers. Also, not every one in buisnesses are great conversationalist. He, She or them may be really busy setting up the buisness to go into long discussions with someone that may or may not ever come back and they have no idea if you ever would. Attempting to start long conversations with someone just starting out in buisness is not always a welcom idea.
Contrary to that though is some people that have a buisness similar to thier past hobbies or interests, may well want to talk about that subject.
What I'm trying to say is don't walk into a new store of any kind and start a 3rd degree situation. That is usually not welcome in a newer situation.
If you really want to know a little about that coin shop, take a few coins of yours that you really know the value of at both buying and selling. Go there and pretend to not know to much about coins. Mention you may or may not want to sell them but would like to know if they are of any value. Most honest dealers will try to give you an honest appraisal but if they try low balling the value and then mention you should sell them, walk away and don't go back. |
Carl |
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just carl
Penny Hoarding Member
USA
601 Posts |
Posted - 03/23/2009 : 10:25:11
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To continue a few more ideas that should not bother the people in that new store is see if they have other coin collecting items such as Albums, folders, plastic rolls, 2x2's, etc. Look up on the internet approximate costs of those items and then see how much this new shop charges. If well over the prices you already know, forget that place. If in a reasonable amount, might be an OK place.
One little thing to remember. Almost any new store, shop, organization, etc may not yet know how to deal with the public, prices, taxes, thier own expenses in gas, electric, phones, advertising, water bills. It usually takes time to figure all those out and the profit margin required per sale. So if they are apparently to high at first, give them a little time to balance out their establishment. |
Carl |
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New Coin shop - how to rank it
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