Where to buy local?

[iOWNme]

I have been trying to find a local place to me to buy small amounts of gold/silver coins. Maybe a couple hundred dollars worth, now and again.

All the places i find online, are 'bullion' dealers who have minimum amounts, like 10oz of gold, etc. Im sure there are a lot of places, but i must not be searching the correct terms. I live in a very big city, and I want to find a shop i can walk into, look around, ask questions and make some purchases. This way i can learn as i go, and thats what i need the most. I am fairly new to this, so i need to find a place that is reputable to begin with, so i can get my feet wet...

Is there some term to search for other than 'coin shop', 'gold silver coins', etc.....

Any help would be appreciated!

PEACE

[MNeagle]

I would check the old fashioned yellow pages too. Not everyone is internet savvy, esp. old-timer dealers.

I'd also find coin shows in the area, & start collecting business cards of dealers. Ask at pawn shops maybe? Listings on Craig's List? Want ads, buy/sell section/ in the papers?

Just a few thoughts off the top of my head. Good luck.

[SLV^GLD]

If you live in a very large city you might consider letting the forum know as there are likely other members in your city. Please don't construe this as ploy to garner information on you as I am not doing so and I, myself, have never directly stated the city I live in despite it being largish. I don't mind letting people know what other larger cities I am close to, however.

Finding coinshops in and around my area is extremely simple so I am confused as to how to not do it. You ever drive around? You ever walk down streets and pay attention to what's around you? Ever search your city or the nearest metropolis for "coin show"?

I have traveled to several cities that I am completely lost in and yet, I always manage to find coin shops to walk in and peruse despite the fact that doing so wasn't even on my mind at the time... I just see them and decide to visit.

[Book]

I would check the old fashioned yellow pages too...



Yep. Be sure to also ask all you call: "who is your competitor in town?". Take notes.

:)

[iOWNme]

If you live in a very large city you might consider letting the forum know as there are likely other members in your city. Please don't construe this as ploy to garner information on you as I am not doing so and I, myself, have never directly stated the city I live in despite it being largish. I don't mind letting people know what other larger cities I am close to, however.

Finding coinshops in and around my area is extremely simple so I am confused as to how to not do it. You ever drive around? You ever walk down streets and pay attention to what's around you? Ever search your city or the nearest metropolis for "coin show"?

I have traveled to several cities that I am completely lost in and yet, I always manage to find coin shops to walk in and peruse despite the fact that doing so wasn't even on my mind at the time... I just see them and decide to visit.


I some times pay attention to whats around me, but not too often.

That is why i asked how to find a 'reputable' shop, until i get my feet wet. I dont want to walk in a random shop that says 'buy coins here' and trust i am getting honest answers to my questions. Same with a 'coin show'. Maybe i should stick to buying simple stuff like gold American Eagles, etc. Until i get comfortable.

Im sure if i went to any random city in the world, i could find all kinds of musical instrument shops, small and large, and feel comfortable in all of them. But that because i have a deep knowledge of that subject.

And you are right, i dont make a habit of posting what city i live in. Although it isnt to hard to figure out if someone really wanted to know.

Thank you,

[iOWNme]

I would check the old fashioned yellow pages too...



Yep. Be sure to also ask all you call: "who is your competitor in town?". Take notes.

:)




Now that was some good advice.....Thank you!

[SLV^GLD]

That's a fair perspective. I don't buy numismatics because I don't expect to make the right decisions in doing so. Although, I do have local dealers I would trust to just sell me some coins and them be great buys. I had assumed you knew what you were doing as you are a numismatic buyer but that you just didn't know how to find a shop to go do it in. If you are expecting to find a reputable and honest dealer to form a relationship with then I would definitely go to a coin show or five and meet some people and pay attention to where their haunts are. Of all the coin shops I've frequented there are only 2 I would consider worthy of numismatic venture and they are 700 miles apart. My modus operandi is to start making small routine, unusual bullion purchases. I'll ask to sort out a $5 roll of mercury dimes and make small talk. I'll ask questions about different coins I see. I'll ask for oddball coins I know are hard to come by (swiss francs, for example) and see if they offer to put me on a watch and call list. You'll quickly determine if the guy is there to make a buck or to make long term business relationships. Unfortunately, the majority do seem to be in it just for the buck.

[iOWNme]

That's a fair perspective. I don't buy numismatics because I don't expect to make the right decisions in doing so. Although, I do have local dealers I would trust to just sell me some coins and them be great buys. I had assumed you knew what you were doing as you are a numismatic buyer but that you just didn't know how to find a shop to go do it in. If you are expecting to find a reputable and honest dealer to form a relationship with then I would definitely go to a coin show or five and meet some people and pay attention to where their haunts are. Of all the coin shops I've frequented there are only 2 I would consider worthy of numismatic venture and they are 700 miles apart. My modus operandi is to start making small routine, unusual bullion purchases. I'll ask to sort out a $5 roll of mercury dimes and make small talk. I'll ask questions about different coins I see. I'll ask for oddball coins I know are hard to come by (swiss francs, for example) and see if they offer to put me on a watch and call list. You'll quickly determine if the guy is there to make a buck or to make long term business relationships. Unfortunately, the majority do seem to be in it just for the buck.


Thank you...

I am interested in buying bullion coins, now that i fully understand the difference. I may get a couple numismatic coins that i personally like, but that wont be the bulk of my purchasing.

[Book]

I am interested in buying bullion coins, now that i fully understand the difference.



American Gold Eagles are my only purchase. You only need to shop based upon price. All dealers use the daily Kitco price so comparing their "that minute" dealer price is how you shop competitively. Forget about "personal relationships" with dealers. They only want your FRNs.

I never understood why anybody buys silver. It was $20 a couple of years ago and never regained that level. Meanwhile, gold went from $550 to now over $1200...lol.

:D

[iOWNme]

I am interested in buying bullion coins, now that i fully understand the difference.



American Gold Eagles are my only purchase. You only need to shop based upon price. All dealers use the daily Kitco price so comparing their "that minute" dealer price is how you shop competitively. Forget about "personal relationships" with dealers. They only want your FRNs.

I never understood why anybody buys silver. It was $20 a couple of years ago and never regained that level. Meanwhile, gold went from $550 to now over $1200...lol.

:D


Just downloaded the Kitco iphone app......

:)

Thanks again

[SLV^GLD]

Forget about "personal relationships" with dealers. They only want your FRNs.
I never said "personal relationships". I specifically said "long term business relationships". The word business implies monetary transactions and makes your statement about only wanting FRNs redundant. There are those dealers who specialize in ripping off as many people who walk through the door as they can and really specialize in estate ripoffs. Then there are dealers who specialize in creating a loyal customer base who return time and time again with those precious FRNs, recommend their shop to their friends who bring in precious FRNs and who will transact different metals that the dealer can margin for more FRNs. Either way, it is business. The question is about what kind of business, you the buyer, are trying to get from your dealer. I've learned far more about coins... history, inspection, faking, cleaning etc etc etc just by talking to my dealer and/or his loyal shop folk than I ever had on these forums. And that is not a slam on these forums. How much is knowledge worth in FRNs? In metals knowledge is very much worth its weight in gold, so to speak.

If you just want to get in and out and stack GAE then Book's advice is good. If you're interested in learning something every time you go then my advice may prove more pertinent.

[iOWNme]

Forget about "personal relationships" with dealers. They only want your FRNs.
I never said "personal relationships". I specifically said "long term business relationships". The word business implies monetary transactions and makes your statement about only wanting FRNs redundant. There are those dealers who specialize in ripping off as many people who walk through the door as they can and really specialize in estate ripoffs. Then there are dealers who specialize in creating a loyal customer base who return time and time again with those precious FRNs, recommend their shop to their friends who bring in precious FRNs and who will transact different metals that the dealer can margin for more FRNs. Either way, it is business. The question is about what kind of business, you the buyer, are trying to get from your dealer. I've learned far more about coins... history, inspection, faking, cleaning etc etc etc just by talking to my dealer and/or his loyal shop folk than I ever had on these forums. And that is not a slam on these forums. How much is knowledge worth in FRNs? In metals knowledge is very much worth its weight in gold, so to speak.

If you just want to get in and out and stack GAE then Book's advice is good. If you're interested in learning something every time you go then my advice may prove more pertinent.


I'll take both pieces of advice, and assign my own value to them......Priceless! :)

I will likely stick to simple stuff like the GAE, and will use that time period to pick some brains. In that process i will find who is nice, and who is a moneychanger. LOL

[iOWNme]

I noticed on the GAE's there are several different weights...

http://en.wikipedia.org/wiki/American_Gold_Eagle


Can i assume this is standard for most of the bullion type coins? Staying in the 1/4 - 1/2oz range is best for me i think.

What is the deciding factor for going with 22k vs 24k? I would think 24k would be the best/only way to go from a bullion standpoint?


Thanks again for all the help,

[Book]

If you just want to get in and out and stack GAE then Book's advice is good. If you're interested in learning something every time you go then my advice may prove more pertinent.



Yeah...Book isn't interested in learning and remains in ignorance.

:oo-->

[SLV^GLD]

Most modern bullion follows the 1/10, 1/4, 1/2, 1/1 form factor. Complete year sets of all the denominations can carry a premium, additionally so for mixed metals for the same coin type. 24k is awfully malleable and mars extremely easily. 22k is much tougher. No one sneers at either, really. Older and especially older foreign bullion have entirely different weighting systems and you just have to know what your gross weights and actual gold weights are for those types of coins (sovereigns and pesos come immediately to mind). Anyone who knows much at all about bullion is going to be familiar with the agw (actual gold weights) of the various coins. Usually, the shop keeper will write agw on the coin sleeve or tell you up front when you express interest in a coin. Modern bullion, however, generally has purity and agw stamped right on the coin.

Hallmarks of great bullion (stamped on the coin):
Issuing Agent (government or highly recognized mint)
Purity
Metal content in troy ounce
Face value (if government issued)
Reeded Edges

[SLV^GLD]

If you just want to get in and out and stack GAE then Book's advice is good. If you're interested in learning something every time you go then my advice may prove more pertinent.



Yeah...Book isn't interested in learning and remains in ignorance.

:oo-->
Get yer feelings off your sleeve. We are both trying to help a fellow member. No need to make it a personal spat. I'm not meaning anything personal. I was serious that if a person only intends to invest in known good bullion at a known good price and accumulate metal in that method then your advice is sound. There is much to be said for KISS (keeping it stupid simple). I used to buy strictly by that method and it saved me from costly mistakes... mostly. In the meantime I kept my eyes and ears open and developed a more diverse method. No one is implying that buying KISS keeps you in the dark forever.

[Book]

I noticed on the GAE's there are several different weights...

http://en.wikipedia.org/wiki/American_Gold_Eagle


Can i assume this is standard for most of the bullion type coins? Staying in the 1/4 - 1/2oz range is best for me i think.

What is the deciding factor for going with 22k vs 24k? I would think 24k would be the best/only way to go from a bullion standpoint?


Thanks again for all the help,


You pay a gold-per-ounce premium when buying AGEs in the smaller fraction sizes. 24k coins scratch real easy. I only buy one-ounce American Gold Eagles because they are a well-respected commodity bullion coin.

Now armed with your Kitco iphone app and the phone numbers of your local dealers, your shopping is very very simple: Lowest "that minute" price for an unscratched one-ounce AGE. Whoever quotes you the lowest price gets your business. That simple.

You can then give them a hug and loiter and "learn something every time" after the deal is closed. Bring some donuts if you want...they probably have coffee there...lol.

:D

[1970 silver art]

Developing long term relationships with a local dealer will eventually lead to paying lower premiums on gold and silver bullion. That has been my experience with my local dealers that buy from.

[DMac]

Delevloping long term relationships with a local dealer will eventually lead to paying lower premiums on gold and silver bullion. That has been my experience with my local dealers that buy from.


Developing a relationship with a dealer in your area can also lead to easier sales and trades. If you happen to see some krugerrands on craiglsist for spot or under spot it can be worth it to pick them up and trade with your buddy dealer for eagles or w/e he might need or have extra of.

Sui Juris,

I'd like to share some information I've learned recently. Gold jewelry sales don't have to be reported to the IRS, whereas all coins or bars are supposed to be reported when sold. Some food for thought if you end up spending more than a few hundred FRNs on gold (24k Jewelry is the best form of gold to own). Getting on a plane out of doge with a couple choice items in jewelry is much easier than a pocket full of coin, should the situation arise.

[Book]

All dealers use the very same "that minute" Kitco price for a one-ounce American Gold Eagle. You are only negotiating over a dealer's profit for the very same commodity AGE bullion coin.

All dealers have an AGE "buy" and "sell" spread amount before you even walk in the door. Some are higher then others. Some are lower then others. Honest dealers will even tell you their AGE spread over the phone regardless of the "that minute" Kitco price.

:D

[SLV^GLD]

What Book is say about AGEs is spot on. The problem is that this thread was posted in the Numismatics forum. My advice was strictly about establishing the type of relationship that you need to haggle over something less tangible than the rock solid negotiations made over modern bullion. My advice also pertains to negotiating over less standard items, especially in silver. There is a whole lot of wiggle room when you're dealing with someone versed in dealing numismatics.

If you're only interested in stacking low premium 1oz GAE then why the heck is thread in the Numismatics subforum?

[Book]

There is a whole lot of wiggle room when you're dealing with someone versed in dealing numismatics.



That's exactly why I only buy AGE bullion coins...lol.

|--0--|

[iOWNme]

What Book is say about AGEs is spot on. The problem is that this thread was posted in the Numismatics forum. My advice was strictly about establishing the type of relationship that you need to haggle over something less tangible than the rock solid negotiations made over modern bullion. My advice also pertains to negotiating over less standard items, especially in silver. There is a whole lot of wiggle room when you're dealing with someone versed in dealing numismatics.

If you're only interested in stacking low premium 1oz GAE then why the heck is thread in the Numismatics subforum?


Hey, i have learned something here today. I thought the Numismatics forum covered all coins. I didnt realize the difference between 'bullion' coins and 'numismatic' coins. Now i do. :)

[SLV^GLD]

Hey, i have learned something here today. I thought the Numismatics forum covered all coins. I didnt realize the difference between 'bullion' coins and 'numismatic' coins. Now i do. :)
I just updated another thread in this subforum with some definition of numismatics.

[gunDriller]

I noticed on the GAE's there are several different weights...

http://en.wikipedia.org/wiki/American_Gold_Eagle

Can i assume this is standard for most of the bullion type coins? Staying in the 1/4 - 1/2oz range is best for me i think.

What is the deciding factor for going with 22k vs 24k? I would think 24k would be the best/only way to go from a bullion standpoint?

Thanks again for all the help,


the 2012 Obama-care 1099 $600 law comes into play here.

if you are buying the rounds with an eye towards re-selling them, it's important to consider how much that transaction will be after Jan. 01, 2012.

let's say gold continues increasing in value at the rate of 20% a year, whatever it's been doing. that makes it $1400 in 2011 and $1700 in 2012.

so a half ounce GAE sold at spot + 3% ... $875.50 if spot is $1700 in 2012. thereby triggering the reporting requirement. you will be filling out a 1099 in this case. the transaction will be reported to the US gov.

a quarter ounce GAE sold at spot + 3% ... $437.75


the .999 gold coins have a greater tendency to get "scruffy", to pick up scratches, get bent, etc. so that Maple 1/4 ounce, although beautiful - i think it's prettier than the GAE or the Krug - will get 1% over spot from a dealer - even though it sells for the same as a GAE at a lot of dealers.

anyway, a link for the Eagles.
http://www.gainesvillecoins.com/products/155441/2010AmericanGoldEagleG10(14oz).aspx

[Ragnarok]

Sui Juris, I don't need to know where you are, but if you or anyone else on this board ever happen to be visiting in Bakersfield, California, I can recommend Mike's Coin and Stamp, and Southwest Coins and Jewelry.

R.

[Texan]

This site will show the coin shops closest to your zip code:

http://www.coininfo.com/coin_dealers/