Antique Stores

[CC-Hunter]

I had a little time this weekend and walked around an area nearby that has a lot of antique shops. I thought I might find some coins on offer that were in striking distance of a good deal or at least find some opportunities to trade. None of the shops were coins dealers and no shop had a lot of coins for sale, but I was shocked by the prices they were asking for what they had. They were so far off I didn't even bother making offers, except for some mint sets for which the dealer asked for several multiples of their value. Do people actually pay anywhere near these prices?

To give an example, one dealer was selling circulated clad Ikes for $8.95 (he said people buy them for poker). That will give you an idea. The same dealer was selling circulated clad bicentennial halves but I did not even bother asking the price. It occurred to me that I should be trying to sell coins to these dealers rather than buy from them. Maybe they are smart and won't pay more than $1 or a little over for an Ike, but it's worth a try. Has anyone tried selling to overpriced antique dealers?

 

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[CurlysGold]

Did you check to see if there is a certain day of the week the shops do a storewide sale? Often there's a 30-40% off sale. He's asking for those prices, doesn't mean you can't leave a business card with what you'd offer. Never hurts to ask...

HH
Curly

 

[AdDicted2Ag]

Every antique shop I have ever been to that had coins have always been a rip off.. The only time I have found cheap silver is by learning odd hallmarks that the seller doesn't know about..

 

[SilverForBrains]

yep, I've seen ridiculous prices at antique store. I've seen crazy stuff like a 1964 nickel selling for $15. I think sometimes they stick in common stuff at big prices just to see if people will buy them

 

[Red James Cash]

This were being informed comes in handy.If you know your antiques and collectibles you wont make mistakes and over pay..I did once bring a set of 8 fostoria glasses to an antique shop once to sell.I knew what they were worth,35 bucks apiece,they offered me 5 bucks apiece.

 

[fistfulladirt]

Not one of the antique stores or pawn shops here will deal in coins, they've told me 'tis due to the volatile nature of the business.

 

[bigscores]

There's an antique store in Cape May with some decent quality coins. Nothing great. The prices are so ridiculous that I'm sure the owner of said coins is just using the shelf space as a display for his collection so he can brag. Ridiculous.

 

[MrSchulz]

Yeah most antiques shops for coins are full retail and some. I can talk down sometimes but usually just to melt value.

 

[CC-Hunter]

I was mainly looking for common silver coins around melt, but didn't have high expectations. I saw a worn common Merc for $10 and figured that these people aren't close to reality. I thought I might be able to trade some more collectible silver that I don't need for my collection (e.g., commemorative halves, seated liberty dimes), but maybe I'll look for a dealer who is more focused on coins.

I will try to sell them some coins. I look forward to saying something like "I saw that you are offering this coin for X, would you buy it from me at a price that is less than 1/2 X" (like trying to sell a them circulated clad Ike for $4). When, as expected, they offer me a small fraction of what they sell for, I will enjoy mentioning, perhaps in front of other customers, that they have a 800% markup or whatever.

 

[fistfulladirt]

When, as expected, they offer me a small fraction of what they sell for, I will enjoy mentioning, perhaps in front of other customers, that they have a 800% markup or whatever.

Not good. It's not your business, and they aren't forcing you to buy their coins. There's a lot of instability in the world today, and one might fear for their own personal safety for saying less.

 

[GlenDronach]

The best I ever got from an antique store was a bit above melt for a quarter. That was it for me, I didn't bother with anything else. Common date coins for 4-5x their actual value, psh.

The best deals I get from antique stores are things I want that I am willing to pay the cost and know the fair value, or things I know are valuable that the owner does not. I love mid century modern.

 

[jerseyben]

I will try to sell them some coins. I look forward to saying something like "I saw that you are offering this coin for X, would you buy it from me at a price that is less than 1/2 X" (like trying to sell a them circulated clad Ike for $4). When, as expected, they offer me a small fraction of what they sell for, I will enjoy mentioning, perhaps in front of other customers, that they have a 800% markup or whatever.

You do realize that these people are running a business, right?

Grow up.

 

[CC-Hunter]

It's a free country and people can charge what they want, but these dealers either (i) have grossly overestimated the value of what they are selling, in which case they are probably stupid enough to overpay me if I sell to them or (ii) know the value and are grossly overpricing their items, in which case they will sell very little and never be successful (they may get a few suckers/impulse buys here and there, but most people looking for coinis will know that the prices are out of this world). Would folks here bother going to a LCS that charged several multiples of a coin's value?

Really, these dealers are only hurting their own business. I've often noticed that many antique dealers tend to generally overprice what they are selling (not just coins). There are the truly unique and valuable items that probably have to sit until the right buyer comes along, but most of the stuff the average dealer sells is not all that special and I am sure they could do better by taking a page from modern retailing and price the stuff to move, turning over their inventory more often.

Anyway, this is now way off-topic. The dealers may be interested in buying surplus collectible coins from me at a price that works for both parties. If not, no big deal. My guess is that they will be content to sit there gathering dust along with their average coins.

 

[Catcake]

I can pick up old mercs for $2 and quarters for $4.50. Halfs arent too good though, about at melt. I searching to see if there is a weekly sale. If so Im going to load up and clean the place out. With the money I'll save I'll invest in marriage counseling because my wife thinks I'm coin crazy. Rather have silver than two closets full of shoes. Thanks for info!

 

[boristhespider88]

I went to a place once that had common wheaties for $1.50 a pop, dateless buffs for $3, and common buffs for $5. I didn't call them out for how expensive that stuff was, but it was something else that caught my eye. They also had a little dish with about 15 dirty 1955 wheaties (nothing special, all regular ones, no DDOs,) that were labeled $100 each. I asked what was the deal with those and the lady said, "Oh those are the really rare 'twice-smashed' pennies. My cousin told me that these were a bargain when he bought them from some guy, and I just had to set these up." I asked if she even knew what she was talking about and she said no. I had to break it to her that those in her dish were common, and showed her a picture of a real DDO and she was embarrassed. I guess her cousin got chewed out about it though...

 

[Generic_Lad]

There are possible bargains to be found in antique stores, but most of the time its overpriced stuff. I swear the people read the redbook, think that their coin is MS-67 and ask 3x the price of it. If rent wasn't so high I'd consider just opening up my own booth and finding stuff cheap at my normal coin dealer and selling it for a few cents/dollars more. Junk silver about at melt, proof sets at their market value, etc.

The thing about antique shops is you must know your niche areas. Don't expect to find US silver priced below melt. You won't (unless you manage to find old stock priced back when silver was $10/oz or silver rockets to $50-60). Foreign silver? Quite possibly. Obscure large cent die varieties? Possible. Varieties named in the Red Book? Unlikely.

For most of these people they use exactly 3 standard references:

The Red Book for US coins
Krause for foreign coins
eBay for what they can't find in Krause

You've just got to be smarter and more educated than the dealer. Sometimes its easy. Sometimes its hard. Most of the time they only have common junk only worth melt.

But educate yourself! If you go into an antique shop (or auction for that matter!) knowing only the Red Book, you won't end up with any bargains. Expand your reading, learn about odd Seated Liberty die varieties, know your major VAMs, know what is numismatically valuable for Canadian or German coins, etc.

If you do that, you stand a chance of making a profit.

 

[CoinFetcher]

I went to a place once that had common wheaties for $1.50 a pop, dateless buffs for $3, and common buffs for $5. I didn't call them out for how expensive that stuff was, but it was something else that caught my eye. They also had a little dish with about 15 dirty 1955 wheaties (nothing special, all regular ones, no DDOs,) that were labeled $100 each. I asked what was the deal with those and the lady said, "Oh those are the really rare 'twice-smashed' pennies. My cousin told me that these were a bargain when he bought them from some guy, and I just had to set these up." I asked if she even knew what she was talking about and she said no. I had to break it to her that those in her dish were common, and showed her a picture of a real DDO and she was embarrassed. I guess her cousin got chewed out about it though...

I have yet to meet a person who is uneducated and (humble or modest) about what their coins are. Every dolt thinks they have amillion dollar coin. or in your case, a 100 dollar coin.

My father thinks the silver half's I collect are 30 dollar each. I tell him they are 10 dollars, and he scoffs, "you'll get way more than that". some people!

 

[boristhespider88]

My father thinks the silver half's I collect are 30 dollar each. I tell him they are 10 dollars, and he scoffs, "you'll get way more than that". some people!

My uncle was sitting there talking to me just the other day about how much all of my coins were... He didn't know about 40% half dollars, and he was asking me where I was able to get all of them (I have an Intercept Shield album for my Kennedy half dollars) and he was asking me why I broke open proof sets to get the 'S' mint ones... I told him that I found them in circulation and he just couldn't believe that people cracked the sets open and spent them.

This lady that was at this antique booth was running shop for her cousin... Something or other about he was out of town or something. The store seemed to primarily sell old furniture and other assorted nicknacks (old records, 8-tracks, old glass, etc.). I went by there a month or so ago and the shop was closed , but there was a "SOLD" sign out front, so who knows what it will be.


Also, sounds like you should be selling your silver halves to your dad!

 

[CoinFetcher]

it's just bad form to not honestly asses your standings.

 

[sagittarius98]

There are possible bargains to be found in antique stores, but most of the time its overpriced stuff. I swear the people read the redbook, think that their coin is MS-67 and ask 3x the price of it. If rent wasn't so high I'd consider just opening up my own booth and finding stuff cheap at my normal coin dealer and selling it for a few cents/dollars more. Junk silver about at melt, proof sets at their market value, etc.

The thing about antique shops is you must know your niche areas. Don't expect to find US silver priced below melt. You won't (unless you manage to find old stock priced back when silver was $10/oz or silver rockets to $50-60). Foreign silver? Quite possibly. Obscure large cent die varieties? Possible. Varieties named in the Red Book? Unlikely.

For most of these people they use exactly 3 standard references:

The Red Book for US coins
Krause for foreign coins
eBay for what they can't find in Krause

You've just got to be smarter and more educated than the dealer. Sometimes its easy. Sometimes its hard. Most of the time they only have common junk only worth melt.

But educate yourself! If you go into an antique shop (or auction for that matter!) knowing only the Red Book, you won't end up with any bargains. Expand your reading, learn about odd Seated Liberty die varieties, know your major VAMs, know what is numismatically valuable for Canadian or German coins, etc.

If you do that, you stand a chance of making a profit.

There's a huge antique store (21 rooms over 2 floors, enough to get lost) about an hour from my house. I know my friend went there and got a roll of 90% halves for like $10-$20 under melt. I'm going to need to go there soon.