It's so true. Be kind and thoughtful. My lcs always has holder cases with the "special stuff" he bought(1790s $1s, draped gold). Took months for him to show me the good stuff. I appreciate him.
I am lucky. My local coin shop is in a rural semi-touristy area and the owner is sort of retired and runs a small shop. His overhead is low and his prices are fair (MUCH better than eBay or online shops). He loves to talk coins. Usually there is no other customer when I go there maybe once a month and I buy a few coins. When I go there, the owner is usually relaxing in a chair reading a magazine and is very happy to display his collection and is almost sad when you leave. If another customer walks in while I am being helped by the owner, I encourage the owner to take care of them as I can usually wait and browse.
Great video and very honest. ALL COIN SHOPS ARE NOT CREATED EQUAL! My shop which was my was also fathers we delt in both high end rare coins but we had a major inventory of all coins. I treated a collector coming in to buy a circulated 1927s penny for $1 the same as I did my investors spending Hundreds of Thousands. If you do not cultivate them today, they will not be there tomorrow. Many shops in Chicago did not have that same attitude!
I have only ever been in one LCS and he has done so much to help me get started in collecting and taught me a lot. My experience so far has been that most of his customers follow good etiquette while in his shop. Thanks for the video!
Totally agree. I do my homework before going to the LCS, but also since I have been actively buying from a few dealers, would often get a call before they put it up for sale. And generally have a good conversation is part of the fun as well
So to get good deals you have to walk in ready to keep the chatter short and be ready to overpay to get the shop owner to warm up to you? Got it. On to the next shop I go.
Well, if you're not dropping a couple hundo, you're not really supporting a small biz by his definition. How dare you waste his time by just "shopping"!
@@scottybear2961 Yeah well I don’t walk into a coin shop without my cash but sometimes their product is limited and not what I am looking for, at least not at first. Sometimes they stash the “good stuff” so it may take some of their time to be willing to make a bigger deal that fits us both and not just on their terms. They need our cash to survive as a business so they need to cater to the buyer no matter how much time they feel I am taking because that one sale they are patient for might cover their rent for the month.
@@tho464 I'm very fortunate as a new (6 mo) silver stacker. My LCS is pretty small (I guess?) and has always taken the time to chat and answer any of my questions even though I'm only buying a few oz at a time. Today I bought 4 rounds at the same time a guy was getting 10oz of gold and another guy was buying multiple kilo silver bars. Same low key attitude for all of us.
@@scottybear2961 That’s pretty nice! I don’t have that luxury as my town doesn’t have an LCS. Gotta drive 40 miles just to find one so most of my deals are online. Keep stacking and I’m sure one day our patience will be rewarded. This manipulation is just insane.
As someone new to the game, I definitely took more time but I'm also looking for the knowledge and i always made a purchase. The bigger purchases will come. The few folks that kept nudging me to the door didn't see me back a 4th or 5th time but the ones that genuinely loved their hobby/craft and care to share; are going to head years of business. Cheers and thanks for you view point! Totally makes sense
Disclosure: I am not a dealer, but rather a regular person. In the video, Seth claimed: "The way I accommodate for my higher expenses is we just do more (volume), We just buy more. We just have more employees. We just do more coins...we price all (of) our coins very, very fair(ly)..." If true, why are your prices, eg gold bullion, consistently higher than other coin shops in San Francisco and adjacent cities, which, unlike you, clearly disclose their bullion prices on their websites? And why the pressure tactics when buying from non-dealer customers like me? And, my having a "relationship" and doing what you suggested (all common sense, except buying immediately upon entering your shop) didn't help in my case with you, and I buy LOTS of precious metals from LCCs.
I agree with you 100% on this. When I first started going to go LCS we have three that I go to in my location. At first it was hard to figure them out I wanted to get to know them and go there quite often build that relationship was the first thing I wanted to do. now when I go there they will say Steve we just got this in we save for you because we know you would like this. Rules #1 for me is showing them respect and you will receive respect back. Thanks for sharing this video with everyone. Have a great day
Everyone is different that is so true. As a mostly newbie. I’ve been to every LCS in my area and I never left any of them empty handed. The shop that charges 5 over spot and 8 over spot for sovereigns only sold one oz to me. The shop whose price has surprised me multiple times for being cheaper than I was expecting to pay has sold me probably 90oz over the last few weeks lol he’s a good dude. Honest. I can call him looking for something and he’ll go look and he just has it. He’s the best.
I agree have good manners but you don’t need to buy just cause your there. If someone wants to stand around for hours looking at what is available by all means do it. If they have a problem with that go somewhere else where there’s no pressure buying. If your going to buy a car please don’t stand around at lest buy a car while your there. Look if these guys want to help you with questions great. Never feel pressure to buy, move on to a more family owned type that welcomes all.
Seth, getting to this posting a little late, but a great narrative on the buying and selling process as relates to awareness and being a little better than 'human' with coin dealers and retailers. Thank you, sir.
Thanks for a great video. Very insightful, particular the part about how coin shops really make their money (selling to other dealers). I've been working hard to build a great relationship with my LCS but your coaching helps me step up my game!
Dude you remind me of Jay Leno. You give off a cool vibe too. Manners always matter because they are by definition what it means to be civil. Keep up the great work!
Great video! Can you answer this, why do some coin dealers pull Gold off the display when a customer starts to buy on a consistent basis? I ended up turning to online dealers.
Great advice Mr. Seth, I appreciate the insight from someone who is actually in the business of coins. I couldn't agree more on how different each coin shop is. That is one of the first things I noticed after going to a handful of coin shops in my life. I just subscribed and I'm looking forward to future videos.
You’re going to scare people from going to coin shops. It certainly isn’t as serious as you make it out to be. Not to be rude, you come off as that dealer who most seasoned collector’s avoid. 👍
Hi Corey. I very much appreciate the feedback. We can always do better. We all have a different approach to how we handle things. This is just my perspective - and there are many others. As I read the comments, I see that some people got something out of it and others, not. I hope I didn’t scare anyone as you mentioned. Just google us or check out our Instagram page to see our experiences with all collectors - even seasoned collectors. 😀 Seth
27 people agree with you , if you are spending money and don’t have the right as a customer to expect a sincere hello how are you , I sure as crap would never go back . I use to think this guy was so awesome , glad he showed his true colours .
Just watched your "buy great coins" video and it is totally awesome! My budget is modest, but last year, at the beginning of the pandemic, I bought a gorgeous 1815 Half Dollar in PCGS VF25. Most circulated 1815's are relatively bleak, but this one is so sweet! Had to sell some lesser sports cards and coins, but it was so worth it!
If you're looking something specific, Don't! Come in, be polite but don't expect politeness back bc they are busy chopping it up with other people. Once you get the employees attention, buy something right away, even if you don't want it or over pay for it. Now that employee knows they can make money off you and will be more willing to help. If this is how your LCS treats you, find a new one.
You just described what happened to my long-term LCS when the owner retired and the shop got bought by a bulk bullion dealer. And yes, i found a new LCS!
This is in response to a vid you made about 9 months ago about stepping up and buying a 250K coin.You can't tell people what they're collecting is wrong.Did you ever think that maybe most coin collectors dont have that kind of budget.People are going to buy and collect what they like,not what you tell them to do
It's true, most collectors have a budget... and it's often smaller than generally perceived. But what Seth is saying is equally true, that any small business needs to budget their time. Otherwise they can't stay in business. In the end, both parties need to be aware of the pressures on the other. If you've been there or seen their online inventory you'll immediately recognize that Witter is a high end shop. They're more likely to display an 66/CAC than a generic 58, and it's not just that there's more margin in a 66; it's that any long term collector (as Seth is) appreciates quality and assumes we do too. But if the nicer coins are out of our budget for now, they'll respect that (and will still show you what they have) as long as we don't expect a lot of time. It's a reasonable ask.
Big reason I don’t deal with lcs always to busy and honestly only want ur coins for cheap that they have time for Listen the man says they have there buyers all they need is sellers on the low
Only thing I would say is.. uh NO, don't immediately buy something..Now your being taught a tactic ..Take your time..just be respectful though like you would like to be respected...It's your money,time and patience as well..Without your business lcs literally have nothing.I like and support my lcs but I want the same support and respect in return..No one is entitled to anything on both ends.
There aren't any coin shops in my town. I've been looking online for Ancient Roman, Greek, or preferably Egyptian coins. Do you have any, or is there a place that specializes in them, that is widely respected? I just want some fun history.
Relationships relationships relationships. I totally agree most of the best coins are not on the market. My LCS owner has an amazing personal collection with no children to pass it on to. Some absolutely amazing stuff.
Not everything in a LCS is a good deal. LCS's in order to stay in business have to strong buyers and fair. Nothing will kill a LCS off as fast as not being fair with the local collector community. If you are looking for deals on bullion ask the LCS what is the best deal. They will not be bashfull, and usually will tell you. They rather a local customer have the bullion than the smelter. If you are looking for specific rare coins, let the dealer know what you are interested in. I have found that my LCS can be excellent sources for expertise as well, or at least another opinion. Gradiing can always be highly subjective. You can disagree with a LCS on the grade and thus price. Ask your LCS why they have graded a coin as they have, you may learn something.
I always check spot prices before going to an LCS. I already know how much I will pay for bullion coins. Anything over $5 over spot is a no go. Never touch ASEs. $10 premium is a ripoff. Don’t care about slabbed coins. Some of the premiums on junk silver and low grade Morgan’s are ridiculous.
I like finding new coin errors and showing it off and how they look in there cherry picker books and it's not in there. And than they offer me money for it and I walkout.
The time "typical" coin collectors lose money is SELLING, not buying. And coin shops take REAL advantage of that. First they will argue "Condition", then they argue "Supply FAR exceeds Demand" for this coin and thirdly they lowball as much as they can get away with. So the bottom line is NEVER expect to sell your coins at a profit...pass them on to children and grandchildren and hold for a minimum of 15-20 yrs and you will turn a decent profit.
So, you have been to 100s of coin shops. I assume you made a purchase every time then? What about making a call first before you go? This is from a person that is not a collector, but a prepper...
Words to live by when it comes to your local coin guy...It's simple...Money talks and BS walks...Nobody has time for dreamers and BS artists...Time is money...My LCS treats me with respect and I do the same...I know what it's about so I'm in and out...
It's so true. Be kind and thoughtful. My lcs always has holder cases with the "special stuff" he bought(1790s $1s, draped gold). Took months for him to show me the good stuff. I appreciate him.
I am lucky. My local coin shop is in a rural semi-touristy area and the owner is sort of retired and runs a small shop. His overhead is low and his prices are fair (MUCH better than eBay or online shops). He loves to talk coins. Usually there is no other customer when I go there maybe once a month and I buy a few coins. When I go there, the owner is usually relaxing in a chair reading a magazine and is very happy to display his collection and is almost sad when you leave. If another customer walks in while I am being helped by the owner, I encourage the owner to take care of them as I can usually wait and browse.
This guy is very honest. I definitely support my local coin shops. I make a ton of coin shop videos. Thanks for sharing this one.
Love your videos T!
Great video and very honest. ALL COIN SHOPS ARE NOT CREATED EQUAL! My shop which was my was also fathers we delt in both high end rare coins but we had a major inventory of all coins. I treated a collector coming in to buy a circulated 1927s penny for $1 the same as I did my investors spending Hundreds of Thousands. If you do not cultivate them today, they will not be there tomorrow. Many shops in Chicago did not have that same attitude!
I have only ever been in one LCS and he has done so much to help me get started in collecting and taught me a lot. My experience so far has been that most of his customers follow good etiquette while in his shop. Thanks for the video!
Totally agree. I do my homework before going to the LCS, but also since I have been actively buying from a few dealers, would often get a call before they put it up for sale. And generally have a good conversation is part of the fun as well
So to get good deals you have to walk in ready to keep the chatter short and be ready to overpay to get the shop owner to warm up to you? Got it. On to the next shop I go.
Well, if you're not dropping a couple hundo, you're not really supporting a small biz by his definition. How dare you waste his time by just "shopping"!
@@scottybear2961 Yeah well I don’t walk into a coin shop without my cash but sometimes their product is limited and not what I am looking for, at least not at first. Sometimes they stash the “good stuff” so it may take some of their time to be willing to make a bigger deal that fits us both and not just on their terms. They need our cash to survive as a business so they need to cater to the buyer no matter how much time they feel I am taking because that one sale they are patient for might cover their rent for the month.
@@tho464 I'm very fortunate as a new (6 mo) silver stacker. My LCS is pretty small (I guess?) and has always taken the time to chat and answer any of my questions even though I'm only buying a few oz at a time. Today I bought 4 rounds at the same time a guy was getting 10oz of gold and another guy was buying multiple kilo silver bars. Same low key attitude for all of us.
@@scottybear2961 That’s pretty nice! I don’t have that luxury as my town doesn’t have an LCS. Gotta drive 40 miles just to find one so most of my deals are online. Keep stacking and I’m sure one day our patience will be rewarded. This manipulation is just insane.
And to come in and buy consistently. Don't forget that part.
As someone new to the game, I definitely took more time but I'm also looking for the knowledge and i always made a purchase. The bigger purchases will come. The few folks that kept nudging me to the door didn't see me back a 4th or 5th time but the ones that genuinely loved their hobby/craft and care to share; are going to head years of business.
Cheers and thanks for you view point! Totally makes sense
Disclosure: I am not a dealer, but rather a regular person. In the video, Seth claimed: "The way I accommodate for my higher expenses is we just do more (volume), We just buy more. We just have more employees. We just do more coins...we price all (of) our coins very, very fair(ly)..." If true, why are your prices, eg gold bullion, consistently higher than other coin shops in San Francisco and adjacent cities, which, unlike you, clearly disclose their bullion prices on their websites? And why the pressure tactics when buying from non-dealer customers like me? And, my having a "relationship" and doing what you suggested (all common sense, except buying immediately upon entering your shop) didn't help in my case with you, and I buy LOTS of precious metals from LCCs.
Oooh, you called him out. See my comment. I was a loyal customer of Jack Beymer in Santa Rosa for decades ... 'nuff said.
I find showing up in a balaclava with a shotgun gets me great deals!
I agree with you 100% on this. When I first started going to go LCS we have three that I go to in my location. At first it was hard to figure them out I wanted to get to know them and go there quite often build that relationship was the first thing I wanted to do. now when I go there they will say Steve we just got this in we save for you because we know you would like this.
Rules #1 for me is showing them respect and you will receive respect back.
Thanks for sharing this video with everyone.
Have a great day
Everyone is different that is so true. As a mostly newbie. I’ve been to every LCS in my area and I never left any of them empty handed. The shop that charges 5 over spot and 8 over spot for sovereigns only sold one oz to me. The shop whose price has surprised me multiple times for being cheaper than I was expecting to pay has sold me probably 90oz over the last few weeks lol he’s a good dude. Honest. I can call him looking for something and he’ll go look and he just has it. He’s the best.
I agree have good manners but you don’t need to buy just cause your there. If someone wants to stand around for hours looking at what is available by all means do it. If they have a problem with that go somewhere else where there’s no pressure buying. If your going to buy a car please don’t stand around at lest buy a car while your there. Look if these guys want to help you with questions great. Never feel pressure to buy, move on to a more family owned type that welcomes all.
Seth, getting to this posting a little late, but a great narrative on the buying and selling process as relates to awareness and being a little better than 'human' with coin dealers and retailers. Thank you, sir.
Thanks for a great video. Very insightful, particular the part about how coin shops really make their money (selling to other dealers). I've been working hard to build a great relationship with my LCS but your coaching helps me step up my game!
Dude you remind me of Jay Leno. You give off a cool vibe too. Manners always matter because they are by definition what it means to be civil. Keep up the great work!
Good video. Thanks for doing this.
Great video! Can you answer this, why do some coin dealers pull Gold off the display when a customer starts to buy on a consistent basis? I ended up turning to online dealers.
Great advice. I have an LCS that now saves 90% for me.
Great advice Mr. Seth, I appreciate the insight from someone who is actually in the business of coins. I couldn't agree more on how different each coin shop is. That is one of the first things I noticed after going to a handful of coin shops in my life. I just subscribed and I'm looking forward to future videos.
This is good advice I am an avid coin collector I learn a lot
You’re going to scare people from going to coin shops. It certainly isn’t as serious as you make it out to be. Not to be rude, you come off as that dealer who most seasoned collector’s avoid. 👍
The longer I watched the more I agreed.
Hi Corey. I very much appreciate the feedback. We can always do better. We all have a different approach to how we handle things. This is just my perspective - and there are many others.
As I read the comments, I see that some people got something out of it and others, not.
I hope I didn’t scare anyone as you mentioned.
Just google us or check out our Instagram page to see our experiences with all collectors - even seasoned collectors. 😀
Seth
@@wittercoin2481 ,, Osmium '' Rarest precious metal on Earth
27 people agree with you , if you are spending money and don’t have the right as a customer to expect a sincere hello how are you , I sure as crap would never go back . I use to think this guy was so awesome , glad he showed his true colours .
I was talking about other coin shops, not mine. Watch the video - it’s all there.
Just started collecting coins... glad that I'm doing the right thing 😂
I go in my LCS we talk about politics and news like inflation ect... more than coins lol
Just watched your "buy great coins" video and it is totally awesome! My budget is modest, but last year, at the beginning of the pandemic, I bought a gorgeous 1815 Half Dollar in PCGS VF25. Most circulated 1815's are relatively bleak, but this one is so sweet! Had to sell some lesser sports cards and coins, but it was so worth it!
If you're looking something specific, Don't!
Come in, be polite but don't expect politeness back bc they are busy chopping it up with other people. Once you get the employees attention, buy something right away, even if you don't want it or over pay for it. Now that employee knows they can make money off you and will be more willing to help.
If this is how your LCS treats you, find a new one.
You just described what happened to my long-term LCS when the owner retired and the shop got bought by a bulk bullion dealer. And yes, i found a new LCS!
great video lots of good insights thank you
I like to build the relationship of the LCS but it is a business. You have to take the good with the bad
Very informative sir..im a new stacker so this video really helps out.
This is in response to a vid you made about 9 months ago about stepping up and buying a 250K coin.You can't tell people what they're collecting is wrong.Did you ever think that maybe most coin collectors dont have that kind of budget.People are going to buy and collect what they like,not what you tell them to do
It's true, most collectors have a budget... and it's often smaller than generally perceived. But what Seth is saying is equally true, that any small business needs to budget their time. Otherwise they can't stay in business. In the end, both parties need to be aware of the pressures on the other. If you've been there or seen their online inventory you'll immediately recognize that Witter is a high end shop. They're more likely to display an 66/CAC than a generic 58, and it's not just that there's more margin in a 66; it's that any long term collector (as Seth is) appreciates quality and assumes we do too. But if the nicer coins are out of our budget for now, they'll respect that (and will still show you what they have) as long as we don't expect a lot of time. It's a reasonable ask.
Good takes all around. Thank you for the video.
From change and bank roll searches to the rich mans game
Big reason I don’t deal with lcs always to busy and honestly only want ur coins for cheap that they have time for Listen the man says they have there buyers all they need is sellers on the low
Yes, he is telling his truth, buy low, sell high, hurry up, and don't waste his time with a darned hobby like numismatics!
Only thing I would say is.. uh NO, don't immediately buy something..Now your being taught a tactic ..Take your time..just be respectful though like you would like to be respected...It's your money,time and patience as well..Without your business lcs literally have nothing.I like and support my lcs but I want the same support and respect in return..No one is entitled to anything on both ends.
There aren't any coin shops in my town. I've been looking online for Ancient Roman, Greek, or preferably Egyptian coins. Do you have any, or is there a place that specializes in them, that is widely respected? I just want some fun history.
I like you .
Your information is great .
Very informative Seth. I learned a lot. 🧨
Relationships relationships relationships. I totally agree most of the best coins are not on the market. My LCS owner has an amazing personal collection with no children to pass it on to. Some absolutely amazing stuff.
Very good advices. Thanks for sharing.
I don't buy coins, but this was very informative.
Good advice. Thank You!
Sorry I wasn't able to make it in to your store when we were in SF last year.
Great insight, thank you for sharing!!
Great stuff. Thanks man!
I have to sell my old coin and note. Is there any buyer you can contact?
Super helpful as a new collector
Please I need to know is my coins is good to sell it
This was a great video
Happy to know your nice. I would like to buy some silver.
Great tips brother! Thanks
I am not in the usa but i have valuabe 1958 .D five cents 1962 five cents.1964D. 1963 five cents. And quarters how do i sell
I paid 6.25$ above spot I don't really understand why they would charge me that when I bought 20 oz of silver
Hello sir do you purchase indian coins too
New subscriber ❤
Not everything in a LCS is a good deal. LCS's in order to stay in business have to strong buyers and fair. Nothing will kill a LCS off as fast as not being fair with the local collector community. If you are looking for deals on bullion ask the LCS what is the best deal. They will not be bashfull, and usually will tell you. They rather a local customer have the bullion than the smelter. If you are looking for specific rare coins, let the dealer know what you are interested in. I have found that my LCS can be excellent sources for expertise as well, or at least another opinion. Gradiing can always be highly subjective. You can disagree with a LCS on the grade and thus price. Ask your LCS why they have graded a coin as they have, you may learn something.
Good video. Very true. 👍
I always check spot prices before going to an LCS. I already know how much I will pay for bullion coins. Anything over $5 over spot is a no go. Never touch ASEs. $10 premium is a ripoff. Don’t care about slabbed coins. Some of the premiums on junk silver and low grade Morgan’s are ridiculous.
What the heck do you buy then?
@@danherrick5785 - rounds and bars and junk when it’s a good deal.
hello from NJ
I see a used car salesman.
interesting, thanks
I like finding new coin errors and showing it off and how they look in there cherry picker books and it's not in there. And than they offer me money for it and I walkout.
I just buy coins at Auction. And not waist your time
Seth Chandler. Where is this guy?
The time "typical" coin collectors lose money is SELLING, not buying. And coin shops take REAL advantage of that. First they will argue "Condition", then they argue "Supply FAR exceeds Demand" for this coin and thirdly they lowball as much as they can get away with. So the bottom line is NEVER expect to sell your coins at a profit...pass them on to children and grandchildren and hold for a minimum of 15-20 yrs and you will turn a decent profit.
So, you have been to 100s of coin shops. I assume you made a purchase every time then? What about making a call first before you go? This is from a person that is not a collector, but a prepper...
I like your delivery myself keep up the good work
Sounds like a San Francisco attitude toward making more money. You said you buy from the public but you don,t like dealing with them.
It's not just a "San Francisco attitude." He bought a much loved old coin shop in Santa Rosa and instituted his policies there too.
Words to live by when it comes to your local coin guy...It's simple...Money talks and BS walks...Nobody has time for dreamers and BS artists...Time is money...My LCS treats me with respect and I do the same...I know what it's about so I'm in and out...
I have American 1977 In
.5 cent it can be sold
Yes I can offer you .3 cents
Common sense advice. Thanks.
I have some
I have coins
Beans⁷