Coin Shop Owner Warning: DON'T Do THESE Things In A Coin Shop is a video discussing etiquette when visiting a coin shop. When shopping for silver bullion or gold bullion, there are some do's and don'ts you want to be sure you pay attention to. Many coin shops offer customers precious metals like gold coins and silver coins for stacking and collecting. It is also important to build a good rapport with your coin shop because the better relationship, the better the deals you will be able to take advantage of when buying and selling your gold and silver.
Every coin shop owner is different and will have different pet peeves. However, the coin shop owner warnings discussed in this video are pretty universal for store owners. I typically buy American silver eagle coins and like to buy gold from Steve at US Coin Trust to add to my gold coins collection. He has helped me learn how to buy gold, junk silver, silver bars and so on. I haven't been really silver stacking 2021 but will buy silver coins worth money for flipping. I prefer to shop for gold and am not silver stacking for retirement. If you can find a good coin shop near you, be sure to be friendly, courteous, and use your best judgement.
If you contact Steve below, please tell him Stormy sent you.
US COIN TRUST
1719 ROUTE 35 NORTH
OAKHURST, NJ 07755
732-795-2539
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A little rule of mine is I dont even like to _GO_ to a coinstore, unless I am prepared to walk out with something. Especially a coin show! But yeah, its definitely not hard to walk out with like, a little $5 Barber dime, or even a $50 morgan shouldn’t brak the bank. But yeah, I feel weird just looking around and not getting anything.
I hear you. Awkward feeling.
On 1 and 3, I respectfully disagree to an extent. If I brought in a cool and rare collection to sell, it wouldn’t bother me if other customers came over and wanted a peak at what I had. Sharing our collections with people to see is part of what makes the hobby great imo. I know if I wasn’t the one selling and someone else came in with some rare coins.. I would probably want a peak as well. Now, I wouldn’t try to handle anything and I would excuse myself when they started talking about price but inherently.. I don’t think there is anything wrong with that as long as the uninvited person handles it well. And of course if the seller asked me to back up off the bat, I would. On the 3rd one.. I agree with the dealer. If I was a dealer, it wouldn’t bother me if someone brought in their own tester. Not all dealers have integrity or the necessary skill to spot fakes and with the volume of fakes entering the market, you can never be to safe. I wouldn’t take it as an insult and that they don’t trust me, but more as they just don’t trust anyone. Especially with how expensive a lot of coins are becoming. Just my two cents ✌🏻
Thanks Darth, I appreciate the time!
You should tell the other person to move away. The store owner doesn’t want to upset people and lose the deal.
If you wanted to share what you have, go to the swap meet. Do NOT invade on the buyers or sellers space when he is in a transaction
I mean honestly as a customer you’re just protecting your investment by testing your own, it works both ways
Can’t argue that.
@Empire Precious Metals if I am in a shop and looking at a particular piece…and I am SERIOUS about making a purchase I’ll ask if (a) it has been verified/tested and if they WILL verify/test before I hand over the cash. If you do that courteously and politely, you’ll almost always get a good result. I have a particular fondness for French Roosters (20 franc gold coins) and was in a shop that had one and I wanted it…requested a test on their sigma (which was right there on his desk) and when we tested it it came up fake (to both of our amazements!) The shop owner was (a) embarrassed and (b) grateful (after the embarrassment wore off) As it was the only rooster he had I did not get one that day but he called me a week later and had two of them for me! and yes we tested both of them before I paid for them!!
I agree, I buy sell and collect and I do not mind at all if anyone tests anything beforehand as I understand and am particular myself about doing my due diligence because a fake can potentially slip by even the most seasoned of dealers.. Sure it’s rare and unlikely if you know your stuff BUT hey, it is not impossible.. I get it.
@Hap Newsom Even the pros can get taken. Or the dealer knew it and tried to get rid of it. Banks will do the same with counterfeit bills. They don’t want to get stuck with it so they move it on
I still think dealers should verify that everything they have on display is tested and legit.
At least on eBay you have recourse.
People should feel confident in what they are buying. If they want to test the purity it should be OK. I don’t do it, but it should prevent the guy from coming back with counterfeits saying the silver was bogus.
Real shops do..
Yes, but not for every single guy who walks in. Once and then it goes in the display.
@billp4 Sure. ebay has all the fakes. So buy your own tester and get ready to pay return shipping costs. Your time is valueless so have fun waiting at the post office.
Another great post featuring guest star Steve. The relationship you have developed with him is very clear in these interviews. Like some folks have posted here, courtesy, honesty and respect will go a long way to develop that relationship with your LCS. My problem is I haven’t started this myself! OYE! Simple humanity…we need more of that in the world right now. Awesome vid Imperious Leader! #LongLiveTheEmpire
Thanks Bully!
Never been to an LCS in this country but this sounds quite a bit like the jewelry shops in my hometown of Bombay in India. There, the owner would let us (my mother and I) walk around and point to bullion jewelry pieces and then lead us to a separate room in the back where they bring in snacks and tea and the pieces we picked out so we could try them on. Whenever someone came in to sell a piece, the owner would lead the person straight into one of the back rooms to do the verification/transaction/negotiation etc., privately.
Thanks Rochelle. 👍🏻
Empire Precious Metals of course! ☺️ Thanks for making this video! 👏🏼 👏🏼👏🏼
This makes more sense and a solid business model
Great video Stormy, I agree proper etiquette in a LCS is key just like it is in life.
Thanks man!
Steve seems like a patient and cool guy! Congrats to his success. Some awesome tips on what not to do at a coin shop for sure. I’ve heard of people accosting people as they go into a shop in the parking lot, wanting to look at their stuff to sell.
Ridiculous.
sounds like you witnessed a mugging sal……
If a store doesn’t test the coins, I’m not buying
My old man was into coins, silver, stamps, old books, copper, anything to make a buck, went to many shops in three different states and 99% of the owners he talked to were a-holes. They acted like it was a privilege to be in their stores and they low-balled everything, I’d go to the streets before I ever went to a store to buy/sell anything.
So, figure out who’s who and do business with the 1%.
It’s strictly business. They don’t care about you.
I got really lucky and the first one I went to had a good guy in it it’s the one I still go to but I went to another one and the guy was not really nice compared to the shop I currently go to
Absolutely agree. I’d rather go to a pawn shop. At least you know what they are.
Some coin shops are now treating people like meth or crack heads. Maybe they expect everyone to walk in with Gold/rare coins.
I was in a local pawn shop, asking the employee what he would pay me for a silver necklace (which he weighed and tested) and while we were discussing a lady came up and said, ‘I’ll pay you …… for that necklace,’ lol. The pawn shop guy told her she couldn’t be barging in, etc. She left the store but when I was leaving (without selling the necklace to the pawnshop), she was waiting for me and she bought the necklace (and the matching earrings) out in the parking lot for more than I was really looking for and much more than the pawn shop guy offered. I was happy to sell it but I do totally understand that is was totally inappropriate for her to barge into the conversation I was having the employee in the store.
At least you made your money.
IDK, it’s a public venue and, depending on the state, I am not sure the owner has the legal right to eject you or stop you from talking to other members of the public.
Smart, highest bidder wins. It’s your property and your money
Pawn shop. Different type of shop.
I would test every transaction. I’ve seen some videos of scammers switching gold jewelry after the guy tested it & when he handed it back to the clerk he was smart enough to test again since it went out of sight.
If I’m about to buy a single coin for $2,000 and I want to verify it, you damn well better be ok with that. There’s a huge counterfeit market and some are very convincing.
Try 10k for a single coin.
Check the one you buy. Not all of them. And $2,000 isn’t much, just 1 little coin.
@David Hacker You bought it where? Not a shop that’s been in business a long time like in the interview.
@Not me That makes sense to only check the one you buy instead of all the ones you’re thinking about, but $2,000 may be a lot to some people. So I maintain that point.
@Bonanzaking 😬😅💯 for sure. Don’t drop it behind the washing machine! 😆
This was valuable. Coin shops operators tend to be “one-wrong-move” away from chewing out “idiots.” It’s hard to develop a working relationship or be a better consumer when conflict/hostility is near the surface. I’m dealing online for the sake of peace, but would prefer an LCS.
Thanks buddy.
I, too, prefer the anonymity of online dealing over personal encounters with persons whom I may find overbearing, sarcastic, and more interested in their Big Mac than any transaction. The best dealers I’ve known over the last 60 years are now deceased and are not being replaced.
@Not me Do you really think the best solution is closing LCS? Being an easily triggered shopkeeper is a choice. Being a customer on the defensive is NOT a choice. No one needs to please the angry guy behind the counter, and none of this is conducive to getting any sense of a fair deal.
@Phil Christensen Why is he angry? Maybe you can explain.
Coming from a former small business owner, I COMPLETELY agree with the things he said. I truly appreciated all of my customers, especially the regulars. But places like walmart and target arent deal making businesses. There’s no haggling or negotiating that takes place. It’s a different environment. Etiquette is absolutely important in places like this. Great video.
Thank you!
I’m usually very cautious and a little nervy when walking in to a shop because I either got plenty of cash or will I walk out with plenty of cash, and I know most workera got guns on them or nearby, so I try to not look suspicious like wearing a hoody, hat, and sunglasses, big jacket, etc.
If a coin shop even hinted that they don’t want me bringing in my own sigma and testing the coins I would never buy from them again. Coin stores don’t test ever single coin that comes in so the customer should protect themselves by testing each coin before purchasing.
That was my thoughts, if i hadnt bought from them, and it was a more obscure or bullion item, i would want to at least weigh it
I think for most folks it’s more about how you do it than whether you do it. There’s a respectful way (confirming that you plan to buy the coin and asking permission to put it on your sigma just for your own peace of mind) and a less-respectful way (pulling out the sigma without asking and testing a bunch of random coins that you probably aren’t going to buy).
In a business where credibility is paramount, you can potentially affect their credibility with the other customers in the shop.
It’s always a bit awkward when you want to verify any trade before the deal is sealed as you’re implying that you don’t completely trust the other person. But that lack of trust can be in a wide range (accident, negligence, malevolence), so it’s important to play it off as protection against an accident, not suspected malevolence or incompetence.
If the shop owner is completely unwilling to let you test a coin you plan to buy, they’d better not count the cash you pay for it.
I mean.. if he trusts his product there should be no problem with clients testing
Really sketchy that he had an issue with that.
Lol the arrogance of coin store/pawn shop owners is always hilarious to me.
This is NOTHING like a pawn shop
There is some etiquette that can be on the coin shop too. The one with the big sign that will beat other coin dealers took a look at my coins but refused to make an offer. They wanted me to go to the other guys first and get their offers, then they could beat them, if they wanted to. Needless to say, I needed an offer and didn’t get one. They didn’t get my business.