If you want to buy silver coins and aren’t sure exactly what to buy, a local coin shop may be your best option. A local coin shop is also a great resource for those who are new to the hobby of coin collecting and want to know more. Many coin dealers take pride in helping novices become more knowledgeable about their coins, and will take the time to explain the finer points of coin collecting in the hopes of gaining a long-term customer.
Finding Local Options
How do you find a local coin shop? In your local Yellow Pages, expect several listings for coin dealers. Many coin shops deal only in junk silver or bullion, rather than rare coins. However, there are also highly regarded rare coin dealers in many cities across the country. Look for ads that mention rare coins, U.S. coins, foreign coins, or some other reference to the coins themselves, rather than just the metal they contain.
When choosing your local coin shop, make sure you’ve found an honest and knowledgeable dealer. Consider whether the dealer is a member of the Professional Numismatists’ Guild (PNG) or the American Numismatic Association (ANA). Both organizations have codes of ethics that coin dealers must follow. Local coin shops can also be found through coin clubs or shows held in your area.
We also have listed a few of the best coin dealers in five major USA cities:
- Chicago Coin Dealers
- Houston Coin Dealers
- Los Angeles Coin Dealers
- NYC Coin Dealers
- Philadelphia Coin Dealers
If you’re planning to sell coins to a local coin shop, come prepared. Look up the book value of your coins yourself first, so that you have an idea of what is most valuable. However, whether buying or selling, it is to your advantage to understand how things work behind the scenes.
Don’t expect to get full retail value for your coin when selling to a local coin shop. Remember that the coin dealer must resell your coin for a profit. With this in mind, retail coin shops often pay among the highest of any dealer for your coins, because they will be the ones reselling it, rather than passing it through a middleman first.
Why Buy Locally?
As a buyer, there are many advantages to visiting your local coin shop over buying online, at shows, or elsewhere. Many coin dealers have been in the business for many years, and are more than happy to share their knowledge with you.
At a local coin shop, you’ll have hours to look through the wide variety of coins, unlike online – where you must have an idea of what you’re looking for in order to find it – or at a large coin show, where you may feel rushed through. The excitement of dropping in to your local coin shop to see what’s new simply can’t be beat.
Shopping at a local coin shop also means that you can walk in with cash and walk out with gold, silver, or rare coins. For many collectors, this seems like a much safer proposition than the alternatives. Unlike buying online, you won’t need to arrange for a wire transfer in order to avoid the nearly-ubiquitous credit card fees eating into your profits. Buying from a local coin shop represents an easy and fun way to invest in coins.