Local Coin Shop Report

[Robarons]

Went to my favorite coin shop today. As you guys might have read there is a somewhat new local coin shop with an honest guy but a fool at selling coins. Feel free to locate my old story to see what he does, its interesting. Any ways here was his pricing:
No Gold, Plat. ("gold is too expensive, must give up up to 3 days notice if you sell a quarter eagle, lol)
90% at 24.5x
80% Can. at 14.9x
40% at 5.17x
War Nickels $1 each
Generic Rounds +$3, Eagles +$5

You read correctly the guy always seems to figure out Canadian silver Wrong and 14.9x is very wrong. I would try and tell him if its about the size of a US dime and a US Dime is 90% for $2.45 then a Canadian dime should be pretty close to that. I did this last trip, but this time I didnt bother and just cleaned him out. I feel that if your a dealer with a store front buying 10 oz gold bars for $17,000 then you should know silver. He had junk foreign silver at 10% OVER. Once again I tried to explain people do not like foreign and will buy US silver at spot rather than paying 10% over for 50% British junk.
Also bought war nickels as well.

I told him about Comex currencies and mentioned that Germany, Mexico after 1992,Japan, etc can be traded in. He tells me he has Mexican 200,000 Pesos until I realized it was the inflation pre-1992 junk with no value! Also he tried to exchange old French Francs and Italian Lira... This guy makes me wanna open a coin shop because I dont know much about coins, but I sure know more about this guy!

I hope he broke his buying GoldFilled as solid gold policy- I dont think he believes me on that!

[blackrabbit]

I would have cleaned him out of those nicks and 80% too, good score! 90% price is pretty good too!

[highroller4321]

Great score on the CN and war nicks!

[dakota1955]

Makes a person wonder what he is paying for some of this stuff?

[knibloe]

I wish that there was a decent coin store around here. I don' t even need one like yours, just one where you could get a bargain once in a while.

[blackrabbit]

I just stopped by a place I never had been in before. Not the biggest selection, mostly an antique store but the man had some Morgans and Peace Dollars for 28 each, generic 1 oz. .999 for 3 bucks over spot, eagles for 5 bucks over. Not too bad! I did not realize you could get anything like that for not ripoff prices in any shops around here. I only bought one nice Morgan and a little 5 gram JM bar but I will go back and check his stuff and prices often I am sure.

[frugalcanuck]

So are you selling CDN on here at 15x for a small profit?:)

[avidbrandy]

After you open a coin shop you should buy a bunch of gold-filled and sell it to him for a profit. Makes you a killing and puts your competition out of business, Double win!

[louisianagold]

Thank you for the report.

[wbeck]

The shop I go to isn't that stupid on Canadian (as far as I know, I've never even bothered to look!) but he is 25x on US 90% and, $2.00 if I recall on generic rounds/bars. Never look at ASEs because I buy for the silver content, not because it's "cool" or desirable. After I found this place I haven't bought anything online, because once you factor in shipping it's always more!

[newton7]

Traveling and hit a shop in Boulder CO the other day. TEBO coins is the place and they were very nice and professional looking. I took my kid for a Whitman folder for his halves and decided to check it out. They had the most coins, gold and silver I have ever seen in a shop and their statement "Colorado's Largest Selection of Rare Coins & Precious Metals" just might be right!

I have not been in a store front for sometime so I was surprised to see so much stuff but I was quickly struck by sticker shock. 10oz bars spot plus 3.50, 1 0Z coins 3.50 to 5.50 depending on brand and collect ability and even the non-US stuff was 1.50 over spot. I guess on the one hand I was really surprised to walk into such a great store outside of my area of travel and full of really good stuff. But on the other hand I am really grateful to be a part of this great forum and the members that pass on their knowledge and sell within respectable margins.

Thanks for all the sales and trades.
newton7.

[HPMBTT]

Sounds like some of you guys are very fortunate when it comes to your local coin shop. Unfortunately, one of the better coin shops near me has higher prices, plus they charge tax in gold/silver bullion (in ANY form, including 90% junk). Also, their premiums on gold coins (even 1 oz) is high. They treat everything and everyone like a business and are not real people-friendly. I'll go there to get supplies, but if I want to add to my stash, I stick with coin clubs, shows or local users (ie colleagues or Craigslist). If it's Craigslist, I always meet in a very public place.

[pennyguy]

My local dealer casperscoins
is selling 90% @25 times