When shopping for silver coins, there are many possibilities, both locally and online. Coin shops are some of the most popular places to purchase coins. Whether you consider yourself to be a coin collector or a precious metal investor, local coin shops – many of which have been in business for decades – offer a wide selection of silver coins and personalized attention.
Local coin shops offer several benefits over other purchasing methods. First, if you are new to the world of coin collecting, many dealers will take the time to help you become more knowledgeable about coins if you visit them in-person. This can be a great resource for new investors who have a lot of questions about coins. Many coin dealers take pride in explaining the finer points of coin investing, in the hopes of gaining a long-term buyer.
Buying at a coin shop also tends to be more relaxed than other forms of buying. You'll have plenty of time to browse the wide variety of coins, unlike when buying online, where it's often best to know what coin you wish to purchase ahead of time. Many collectors enjoy the excitement of dropping in to the coin shop to check out the new arrivals.
However, the selection available at a local shop is usually limited when compared with the wide selection available online. In addition, prices tend to be higher when shopping locally than on the internet, due to the increased overhead of operating a local shop. If you are in a state that taxes precious metal sales, you will need to pay sales tax when buying locally, whereas buying online could help you avoid this tax.
Fast, Easy Transaction
Purchasing from a local coin shop offers the possibility of walking in with cash and out with silver coins. Many collectors find this to be a safer option when compared with buying online. Unlike when buying online, paying for coins bought at a local shop doesn't require a wire transfer, and there's no waiting for your coins to arrive through the mail.
Most coin shops offer to buy as well as sell. If you are looking to sell off part or all of your coin collection, arrive prepared. Before visiting the coin shop, do your research to determine what your coins are worth. Whether you are buying or selling, it is in your best interest to know the current spot price of silver, which will help you determine fair market value for your coins.
Finding a Coin Shop
Many cities across the country are home to several highly-regarded coin shops. Look for coin dealers in your local Yellow Pages or online. Know that many coin shops specialize in either bullion or rare coins. Look for ads that mention junk silver, U.S. coins, or foreign coins to determine the coin dealer's specialty.
Other ways to find a coin shop include asking other coin collectors or silver investors who they purchase their coins from, or finding a dealer through a coin club or show. How can you be sure you are dealing with an honest, knowledgeable coin shop? First, check whether the dealer is part of the American Numismatic Association (ANA) or Professional Numismatists' Guild (PNG). Both organizations have ethics codes governing members' behavior.