This week I was running low on cash, so doing something absolutely deplore I decided to sell a few Large Cents of "good" grade and three (3) Illinois Pocket Watches from the 1890's in working condition at the local coin store. Now I understand when you take your pieces into a coin store you should not expect to get "retail" prices for them; the coin store is there to make a profit, I get it... So my first visit was to Abbott's Coins in Birmingham, Michigan, and they have been around for a long time as John Abbott started the store in the late 1960's, he had a stellar reputation in the coin business as a collector and a dealer. Unfortunately, with his passing the store was taken over by his two son's whom have destroyed their father's business in buying and selling coins. When presenting my coins and pocket watches for sale, I was told they were low grade and worth about $8 each and the running pocket watches would bring $10 each. So, being stupid as I am I just stood there with a blank stare for a view moments. I quietly said thanks and assembled my wares and left. I was just flabbergasted at the offer for my pieces; it made me really think of the old ladies who lose their husbands who have coin collections and now have to sell them to pay bills. Seriously, think about it, these vipers are just bending them over the glass cases and giving it to them with a smile.
So, my next stop was at Cranbrook Coin and Jewelry at their new store location in Troy, Michigan; many of you from Detroit know that Greg use to run his business out of the back of Abbott's but after the old man died, he couldn't take the two boys screwing thing up and left. Unfortunately, Greg gave his son-in-law a job since he was a low-life and couldn't fend for himself in the real world. So Brian tends to the store front as Greg works on collections in the basement of the building. Again, I showed my pieces to Brian, much to my amusement his offer was less than Abbott's. NO THANKS I said and left with a grin...Now as I said, I understand the coin store are there to make a profit, but being an old time business guru your reputation means something in the business world. So treating your customer's fairly goes a long ways in keeping the door's open. It's a shame to see to great coin dealers getting ruined by their kids and in-laws. the business's have turned into a place that buy gold and silver and abandoned selling coins; a true American Tragedy.
OK, in the Detroit area there are a good number of coin stores that I have visited and I am always amazed at the mark-up on coins, simple logic tells you that selling more product at a fair price is better than trying to sell a $40 dollar coin at $80 dollars as it collects dust in the show case. I need to mention that both Abbott's and Cranbrook Coins mentioned the coin market was "soft," know kidding, maybe people in the area know your thieving scum bags and won't do business at your stores. You wonder why eBay is growing in the coin market as a place to do business on?
So in Detroit were do you go for a square deal? Now, I say this with no regrets and I am not even getting paid for the pitch, go visit Coins and Stamps in Grosse Pointe, Michigan. They are the oldest coin store in the state and Mike and Jamie are great to do business with. First, the prices are great and the most fun you will ever have is bartering with Mike on the prices, believe me I have spent hours doing this just to be a pest and Mike will meet your demands before he closes the doors and turns off the lights for the day. Secondly, they love to be-little you as the customer and share laughs at your expense. So, their fair, fun and it's worth the trip; how's that for free advertising.If your reading the Blog, first thanks; second if you have bad coin stores in your area, please email me so we can pass the information along to future coin sellers. Most important we need to let others wwew the good coin stores operate, so we want the bad and the good, because there really are great dealers that don't get the credit they are due.
Thanks for reading have a great week.
CJC
