If you’re considering purchasing from a coin store and looking for some additional guidance, you’ve come to the right place. Ultimately, the answer to whether or not you should purchase from a coin store is not a simple yes or no. Our response: maybe! Coin collecting is a hobby based on preference, and this aspect is no exception.
Like all shopping experiences, purchasing from a coin store comes with both pros and cons. To most effectively and productively buy from coin shops, it is essential to take the time to gain a general knowledge of the nature of the business.
For example, it’s helpful to understand how a coin shop may set its prices for given pieces. A frequent complaint directed towards coin shops is their price of silver American Eagles. Collectors argue that prices are too high, without factoring in the cost that coin shops have to pay above the spot price of precious metals to create a sustainable inventory. Although coin-stores can pay below spot price when purchasing collections from individuals, these pieces don’t sell for as much as those in better condition.
With a better understanding of the nature of the coin store business, it becomes easier to decide whether you should buy from them.
Local coin stores are essentially their own community. By building a relationship with your local coin store, you set your collection up for success. Between gaining potential for deals, honesty and transparency, and potentially early access to pieces you might not otherwise know about, the customer service and relationship factor offered by coin stores can be difficult to match.
In just one example, if a consumer is after a specific piece that his local coin store does not have, having a relationship with the store may be beneficial. In hopes of earning your loyalty, a seasoned coin store owner will likely keep their eyes open to assist in the hunt.
In addition to the community and customer service, many consumers also often enjoy the opportunity to physically see their pieces before making a purchase. A bonus to this particular benefit is the avoidance of any possible shipping delays or errors that have the potential to accompany an online shopping experience.
The most apparent downside to purchasing from a coin store is price. Things like overhead and shop expenses are incurred by coin-stores, but not by online shops. Prices offered by the local stores are often not the best in the market. Also, as the world continues to shift to digital culture, collectors find themselves enjoying the ease and simplicity offered by online shopping.
Ultimately, while the customer service and relationships offered by a given coin store may be unmatched, the convenience of online shops is equally valuable. It is up to the individual collector to make personal decisions regarding what best meets their unique priorities.
It’s important to note that while in-person shopping stands alone in its potential for relationships, it is a misconception that online shops cannot be equally trustworthy. Neither alternative has an advantage over the other when it comes to authentic transactions.
There are some general guidelines to follow for any collector who chooses to purchase from a coin store. For any coin purchase, no matter the outlet, it is essential to have a general knowledge of what exactly you’re looking to buy and its approximate worth. This is the only way you can ensure you make the best possible decision.
In addition to this general rule of thumb, there are many tips and unwritten etiquette specific to coin stores and important to find out before you begin a shopping relationship.
For starters, conduct some basic research about the coin shops near you. Reach out to them to check their inventory and find out if they have pieces you’re interested in. (Make sure you already know how much those pieces cost, as well as the spot price.) Read the store’s return policies, spend minimums, and maximums (if they have any). Find out what payment methods they accept. Reviewing their websites is a great place to start.
Coin store shopping also holds its own set of proper etiquette. An example of this etiquette is, during your conversations with store owners and personnel, be respectful of their knowledge. While it may be tempting, always refrain from causing a stir over condition ratings. You may disagree, but that’s okay. As discussed, the critical benefit of coin store shopping is the relationships and potential future assistance. Keeping these things in mind will set you up for a much better buying experience.
One big DO-NOT when visiting a coin store? Never initiate personal deals with other customers inside a coin store. This is an effortless way to get removed from the store and remove any possibility of a positive future relationship with that coin store and its owner.
If you’ve already decided that coin stores are not for you, online may be a better alternative for you. Besides the convenient nature of purchasing from your sofa, online coin shops provide an easy way to compare similar pieces’ prices and perhaps pay better prices overall. And something you may not have considered? Online coin shops top physical coin store locations in terms of flexibility with forms of payment and the privacy of your purchase.
While some say that coin-stores seem to be more trustworthy, it’s simply not true. Online stores will provide their customers with the same promises and guarantees typical of a positive coin buying experience. There are many regulations to protect buyers from being misled by merchants, such as laws and penalties for deceptive marketing practices or false advertising.
If you think that an online store might better match your priorities than an in-person coin store, keep in mind that many offer introductory deals to further entice collectors. These deals are typically presented to first-time purchasers to induce interest and increase the likelihood that those customer will come back and buy again.
Ultimately, whether or not you should purchase from a coin store is entirely up to personal preference. Amidst the pros and cons, online stores offer an option that perfectly suits the specific needs of many collectors.