Table of Contents
- Coin shop near me – Start your coin collection with circulating coins
- Coin shop near me – Coin Shows
- Coin Shops and dealers still needed
A traditional coin shop near me has been in business for many years serving their communities, buying and selling coins, and while some people are questioning their place in the 21st century, others say they still have a vital role to play.
Many people start collecting coins when they are still kids, and they were in all likelihood encouraged and helped by an adult. They got to know of a coin shop near me and this helped them get a good idea of the importance of these shops if you want to be a successful coin collector. Start by getting your child an interesting book about coin collecting. Get books about different coins from around the world.
The world of coins is diverse and if you are a collector you will know that it is almost impossible to know everything there is to know about coins. It is exactly why there are so many coin dealers who opt to specialize in only certain types of coins.
As a coin collector, it can be very frustrating traveling to a coin shop near me and discovering that they do not have any interest in buying the types of coins you have.
Coin shop near me – Start your coin collection with circulating coins
Coin collecting is still a popular hobby, even in the 21st century. If you are just starting a coin collection, possibly the best place to start is with those coins from circulation. When you start with these kinds of coins, there is no risk because if you find that you do not want to continue with coin collecting, you can just spend them and not lose anything.
If you continue, the idea is to learn everything you can about coins. You want to increase your collection so that it does eventually have more valuable coins – coins that are rare – and then you will have the knowledge as to whether you are making a good investment or not. A coin’s worth is not set in stone really but will be determined by the price someone is willing to pay for it.
Of course, like any hobby, collecting coins costs some money, and you also want to establish what your goal is with collecting the coins. Is it an investment, a pleasurable hobby, or an heirloom that you want to pass down to your grandchildren?
It goes without saying, that with your coin collecting goal, you will want to have an idea as to where you will be buying your coins from. Is it a good idea to buy your coins online? You have heard how many people are ripped off by conmen – will it happen to you too?
You can’t just rule out online coin dealers as what do coin collectors do who can’t say ‘the coin shop near me’. They may live far away from a coin shop and then an online coin shop becomes ideal for investors as well as collectors. It may also be that they are looking online because the local coin shop dealer does not have the coins they want.
If you do decide to collect coins from a coin shop near me for investment purposes or heirlooms, remember to preferably not keep your coins at home but to get a safety deposit box for them at the bank.
A reputable coin dealer will tell you this. But what makes for a reputable coin dealer and how do you even go about looking for a coin shop near me that you can feel confident in? Finding a qualified coin dealer shop with an honest dealer can prove to be quite difficult when you want to be buying coins.
You will want c coin shop and dealer who is clued up in numismatics. Numismatics is the study and the collection of coins. The word is also referring to the study of money.
Certainly, if you are buying coins for investment purposes, you will want a knowledgeable coin dealer who can give you accurate advice. They will need to be familiar with the current market conditions and understand up-and downward trends.
There are some coins that have been specifically struck for collectors and these are known as proof coins. These bright new coins are always very shiny and are not intended for circulation. They are, however, legal tender. These proofs are available as single coins or they come in proof mint sets.
Bullion is those coins made from precious metals such as silver and gold and maybe even platinum. Most countries have their own bullion coins such as Canadian Maple Leaf, the Krugerrand, and the American Eagle. The value of a bullion coin depends on the value of the metal used to make it. If the price of gold increases, for instance, the price of bullion coins also does.
Mints around the world produce commemorative coins on many different subjects. If your child is interested in a particular topic, then it is almost guaranteed that there will be a coin that covers it.
Science and astronomy are just some of the many subjects that have been covered by foreign mints around the world. There are even coins shaped in curves and minted to resemble the moon as an example.
Even for budget coin collectors, there are modern foreign coins that can be bought at a coin shop near me. There are coin collectors that say if your main goal is to get your child to take an interest in collecting toys, your best buys would not be the mint sets offered by the U.S Mint, but bulk mixed lots of older coin types. Good coin types to collect include the likes of Buffalo nickels, Jefferson nickels, mercury dimes, and others.
Are coin shops becoming outdated?
Many collectors however are starting to believe that coin shops and dealers are outdated and even no longer necessary in the online age. And yet when you do research you find that there are many experts in the industry that say they are a vital part of the coin collecting industry.
They say that they provide liquidity to the coin market and are a very important source of information for collectors and investors. The best kinds of dealers develop good relationships with their customers and give them useful information about coins and the market.
People are just a bit nervous about using the dealer in the coin shop near me because they have discovered that some of these dealers are dishonest. They have all heard stories about dealers who have paid all-but-nothing to people who are not well informed about the coins in their possession.
But there are always exceptions to the rule. A coin collector just has to be careful and do research on the coin dealer that they want to use because of the convenience of having such a person in their area. Knowledge is power and the best way to avoid any bad experiences with dealers is to be more knowledgeable yourself before you start interacting with them.
Be clued up on coins and the dealer
Learn as much as you can about your coins and try to get a good idea of what the wholesale buy and sell prices are for your coins. When you pinpoint a coin dealer near you, find out how long they have been in business.
Another good tip is to look and see what professional coin organizations they belong to. As an example, you may see that they belong to ANA, and as a member, you can trust that they have agreed to ANAs code of ethics.
You need to discover what your local dealer is all about because there are some coin dealers who specialize only in investment coins, some in modern U.S. coins and others in pretty much everything.
There are some coin collectors who like to have foreign gold coins, of which the British Sovereign is one. Foreign nations have been minting coins for centuries already and many of these coins still exist today. They are all unique and come with a unique minting process and circulation.
There are a number of factors that you need to take into account with the evaluation of foreign coins. Most of these foreign coins have their country’s name on them and other details on them in a foreign language.
Sometimes it can even be difficult to decipher where the coin actually comes from. Most foreign coins also are not worth more than their face value. However ancient coins are, those that are more than 100 years old could well be worth a lot of money. The condition of the foreign coin is also very important. A modern foreign coin can also be valuable
If you are selling a sought after coin that has a strong wholesale market, you will probably get a price that is equal to what you would get if you retailed the coin yourself. One way to determine how much dealers are paying for coins you want to sell is to check some of the major retailer’s websites.
People need to understand that with coins it takes time to make a profit. When you are in the coin business, you need to be patient and be watching the market.
The benefits of a coin shop near me
People love the idea of collecting coins of significance – rare coins and also coins of historical significance, so the question is, where are they selling and buying their coins? At the local coin shop near me, online, or at a pawn shop.
The benefit of having a coin shop near me is that these coin shops play an important role in keeping your collections valuable. They are a place for you to buy and sell coins.
This is important because without the coin shop you would quite possibly have to put up with coin dealers coming into your house to trade coins. It is far safer and better to have the opportunity to take them to a safe location where the owner will in all likelihood buy your collection. These coin dealers serve as a safer middle man to buy and sell.
If you are selling gold or silver, you want to surely get the best price available for your collection. You may have different forms of bullion such as coins and jewelry and you may even be wondering if you would not get a better price for it at a pawn shop or to sell it online.
Whenever you decide the time is right for selling your coins, the main factors to think about are price, safety, and convenience.
How do you know how much your bullion is worth? You need to know that there are certain factors that determine how much you could get when you sell your gold or silver. You also need to know that some metals are more valuable or in greater demand at certain times. Things such as gold or silver, its condition, government or private mint all come into play when looking at its resale value.
Silver and gold coins always hold their value well with resale. It is true that sovereign coins because they are recognized legal tender, can most times be resold quickly and because of this liquidity, you stand the chance of getting a higher resale value. There is almost always a buyer for them.
Research the Coin Shop
There are many coins that are worth a lot but there are also counterfeit coins that look like their valuable counterparts, but of course, they are worthless. It is precisely why it is so important to find a good coin shop near me where you can sell and buy coins in a trusted, reliable environment.
You want to be absolutely sure that the coin dealer at a coin shop near me is not out to deceive you and sell you fake coins because of your lack of expertise. The longer a coin dealer has been in business, the more knowledge and skills they have about appraising rare coins.
The coin shop near me that you want to make use of should you be in the USA should be part of the Professional Numismatists Guild or the American Numismatic Association.
Membership of associations like this is always a good sign as it tells you that the coin dealer has a certain level of coin competence. You want to be sure that the shop is financially stable and that the coin dealer will offer free appraisals. There are some coin dealers who will come to your office or your home for an appraisal.
Many kinds of coin dealers
There are many kinds of coin dealers and they are usually categorized by the kinds of coins that they sell. They can specialize in all kinds of coins from silver, gold, copper, 19th-century coins, modern coins, error coins, foreign coins, and others. As already mentioned, it is quite common for a coin dealer to focus on certain coin series. Some dealers concentrate solely on ancient coins while others focus on silver coins sold by investors.
You should be able to locate a coin dealer near me or you by using Google for your search. You can type in the name of the city you are in and then put in the words coin shop or coin dealer after that. So you could say Phoenix coin shops, and a whole lot will come up for you to research.
If you want to visit a local coin shop near me you will want to know that the store has a website. After all, a website gives you important details such as an address, contact details, and hours of business.
Whether you find a physical shop or you settle on an online coin shop, there will always be some things to look for that can give assurance that you have found a good coin dealer.
- A good, fair return policy – What’s good if you want to return coins for whatever reason and your coin dealer does not want to accept returns? That is actually why you want a good website where the coin dealer explains his return policy. Most coin dealers allow you to return coins if you do not want them within 7 to 10 days. The coins have to be returned in their original condition and holder.
- Rated with BBB – Better Business Bureau Some coin collectors want to know that they can safely order or buy authentic coins from reputable sources. Ordering from legitimate, trustworthy shops or websites allows them to know that they would not be ripped off. When you are looking for a coin shop near me, you can type in the words BBB accredited coins shops in Phoenix. The list that comes up will provide you with the names of- and information about coin dealers approved by the Better Business Bureau. That means the coin shop meets all the requirements of a reputable legit coin dealer. Seeing that the coin dealer is a BBB store means that they conform to fair, ethical business practices. In fact, an A+ rating is the highest grade you can get. It does not mean that a coin shop near me that does not have a BBB rating is not reputable – not at all. it is just something that some coin dealers want to give them more credibility.
- All payment types – what can be more annoying than when you go into a coin shop to buy and you produce a debit or credit card, and the coin dealer says ‘sorry, we do not accept credit cards’. If your local coin dealer snubs your plastic, then it simply means finding another coin dealer near you who appreciates your business.
- Grading standards – The whole purpose of grading a coin is to determine its market value. You want to know how much wear and tear the coin has sustained. it is a good idea to know how your local coin dealer grades coins There are some coin dealers that over-grade their coins so as to sell them at a higher price. When you want to sell the coin, an honest coin dealer will grade the coin properly and you would not be able to recover the money that you overpaid for the coin in the first place. When numismatists grade coins, they are assigned a numeric value on the Sheldon Scale. The scale ranges from P-1 which is poor to Perfect Mint State which is MS-70. Not all coin dealers use the same grading standards. Some coin dealers use the ANA grading standards and some Photograde, but there are many other standards.
Coin shop near me – Coin Shows
You want your coin dealer to alert you of ‘coin events’ taking place. You want to be aware of Coin shows. These shows have a long history of improving numismatics as the shows bring a medley of coin collectors together.
You can’t deny the fact that the Internet has transformed numismatics in recent years and it has also changed the way most people buy and sell coins, Certainly, it allows collectors access to a lot of information about coins.
There are a number of things you can do to take part in the numismatic community and that is to develop a relationship with your local dealer, to attend these coin shows, and also to join a coin club.
Attending a coin show is important and it can turn out to be a rewarding experience. In America, as an example, there is the American Numismatic Association’s World Fair of Money.
These coin fairs are usually held once a year. The state of Florida has various coin showers in different locations in Florida. Collectors and dealers always come from around the world to attend these coin shows.
The shows are made up of talks, auctions, and amazing exhibits. Also, some of the major mints from around the world showcase their products and they will unveil new coins for the first time.
For those wanting to sell some of their coins, these coin shows offer the coin collector a great way to sell and dealers will most time provide an unofficial, free estimate. Another benefit is having so many coins for sale in one spot so chances are good that you will find the unique coin you need for your collection.
These shows offer so many unusual opportunities and it also gives one the chance to see how to grade coins. As it is, most of the coins at a coin show are graded examples.
Attending a coin show gives you the chance to talk to lots of different dealers and to glean useful information from people who share your interest. You can also check out the coin, even if you are not intending to buy it. These coin shows do not put any pressure on you to buy and essentially, they there for you just to look around, to be informed, and to have a good time. If you are interested in attending some of the shows, your coin dealer at a shop near me should have details of the shows. The major shows are always advertised online, giving dates and areas.
What about Pawn Shops?
People often wonder about pawn shops and what they can expect in terms of price. Pawnshops will always offer the lowest return. Even though a pawn shop has safety issues, there are quite a few people who go to a pawn shop, even though the people who work there are not particularly skilled in coins and may not even recognize what a particular coin is worth in the market.
If you do go to a pawn shop, be certain to note the current spot price of gold and silver beforehand. Shine up your coins beforehand and take documentation with you if you have. Pawnshops will be more likely to offer you a better price for coins that come ready to resell and can be authenticated.
When you decide to collect coins and to buy and sell them, you need to decide which route you are going to take, the coin dealer and coin shop near my route, the online route, the pawnshop, at a coin show or do what some people do and try to retail it on the likes of e-Bay.
With e-Bay though, you have to take into account selling fees and listing fees which can make things expensive. Those who suggest an auction being a good idea for rare coins warn that there is a high seller’s fee. When all is said and done, if you have been careful to choose an honest dealer with a good bit of experience, you are likely to get a good, fair price.
A fairly easy way to work out the value of your gold and silver bullion is to multiply the number of ounces by the current spot price.
Prepare yourself for a visit to the coin shop
If you go to a coin dealer near me, when inspecting the coins, you will need to know how to handle them properly. Most coins are protected in envelopes known as flips. it is important not to drop any coins as dropped coins become damaged and this lowers the value of the coin.
Before you become interested in buying coins from a coin shop near me, take a look at the latest coin price guide. It is just a guide as to average market prices for certain coins and they would not necessarily give you the exact price to pay for coins. Coins are all unique and prices will vary based on their conditions.
If you have found the right coin shop and dealer as mentioned, you will already know something about the coins grading and prices.
A lot of times with coins, there is a big price difference from one grade to the next. A coin buyer tor. But a coin buyer needs to know if a coin dealer is really selling you a coin that they claim is MS 60.
There are some coin experts that say that if you are uncertain about coin grading and you are looking to purchase better quality coins, it is recommended to buy coins that have already been graded by a 3rd-party grading service. The coins will be in a tamper-proof holder that displays the correct name, date, variety, and grade of the coin.
If you are collecting a lower-quality silver set such as mercury dimes, most of the coins you are buying are likely to be based on the current silver spot price. If this is the case, then find the dealer who is 20 cents cheaper on silver. The price of silver fluctuates throughout the day and the best dealers are always aware of the spot price throughout the day.
Before you go into a coin shop near me, it is always advisable to have a list of the coins you are interested in. Because it can happen if you do not have a list, that you come out of the shop with a coin you already have. Simply be prepared before you enter the door so that you do not end up with coins you do not want.
As an experienced coin collector, when you first started out, you may have had someone say to you ‘I was once a coin collector and I found a coin shop near me and built up a relationship with the coin collector. That is good advice – building a relationship – and as a beginner coin collector, you too should think about also building a relationship with an experienced coin dealer. Such a person can offer you sound advice and guidance on becoming a numismatist.
A coin shop near me where a good relationship is established will allow you to start buying coins on a small budget. At Christmas time, you will see coins available that make great gifts for other coin collectors you may know. The coin gifts are often mint sets such as the U.S. Mint’s annual uncirculated coins set.
Another popular investment coin type for someone on a small budget is the U.S. Silver Eagle. These silver bullion coins are usually sold for a few dollars and they make a good investment.
The U.S. Mint does sell Proof Silver Eagles to collectors through their website, but you will need to buy the generic Silver Eagles from a coin dealer at a coin shop near me to get the lower price.
Coin Shops and dealers still needed
Coin shops still have their place in the 21st century, and when you are looking for a coin shop near you, simply putting in the search bar ‘ coin shops of the world’ will bring up a list that confirms that the world of coins is still very much alive, and more specifically there are some good ones around.
When you find a reputable, knowledgeable coin dealer who practices good business ethics, you will have found your pot of gold at the end of the rainbow.