Online coin shops

[seal006]

Do many of you shop for coins online from sources other than the auction sites? I am talking about the stand alone type of websites, like online coin shops. If so, which ones do you like best. I am looking at ways I can better my own website. I want to know what it is about those sites that makes you want to buy from them. Any input is greatly appreciated.

[jallengomez]

Sean,

I normally shop only auction sites. I'd be interested to hear what others say on this topic though. The times that I have browsed "retail" coin websites, and have seen their pricing, I've always felt that I could probably score better deals on Ebay. I compare their pricing to recent realized auction prices on Ebay. Keep in mind that my buying is almost exclusively uncirculated rolls, so the above statements would apply to roll prices.

[flyhi3]

I normally shop only auction sites. The times that I have browsed "retail" coin websites, and have seen their pricing, I've always felt that I could probably score better deals on Ebay.

Same exact thing here, I know I can get a better deal on most things on ebay. The problem online coin shops face is the competition from ebay.... why would someone pay retail $20 when the same thing is on ebay for $10? Pricing is the key here.

[copperlover]

I have visited several. The thing that stands out is the inability to show clearly what is for sale or to even describe in detail what variety or die is being offered. The descriptions are to generic....like Doubled die or just RPM ???. What is very desirable is when specials are offered say once a week or once a month or loyalty is recognized by discounts given. I like to see a variety of coins on display not stock photos.

Lucien

[seal006]

Thanks Jody and Alex. I do realize pricing is always going to be an issue. I feel you can even see that on eBay by comparing those with an eBay store and those just randomly listing items for auction. I can honestly say that difference comes from overhead. This also leads into Lucien's response. It costs a lot more for an individual to list a multitude of products either through an eBay store or a stand alone website, than it does just listing items up for auction.

A little more towards the response from Alex, do you think if you were to establish a good relationship with an online coin shop it would be safer than an eBay auction. I feel like many show dealers, that relationship could lead to great discounts. I know in the case of my store it does.

Lucien, customer loyalty programs are great. I do not have a specific program, but time to time I do offer as much as 25% off for for forum members. I also have a buyer in Australia that I give a discount to plus free shipping. She has been my most loyal customer, and has promoted my website to fellow collectors in Australia. Again, it goes back to overhead. Going back to the coin show analogy, what if the coin show only had that one dealer that beat everyone else in price. That dealer was not doing it to provide for their family or pay any bills, just undercutting in order to sell a lot of coins. If that was the only dealer at the show, the selection you would get to look at would be small. I feel there is a need for a large number of dealers. Not only does it promote competition in price, but also customer service.

Thank you all for your responses. I am taking all of this in. And yes, Jody, I am interested in seeing where this thread might go as well.

[jallengomez]

Sean,

You bring up a good point about establishing a personal relationship. I know this is slightly digressing from the topic of the thread since he does not have a website(to my knowledge), but I've purchased many a roll from Chris Welch, and have always gotten great prices. I think this is a win/win for both parties involved, because the dealer knows what you are looking for, and it also saves cost when they can just call you up or email you, tell you what they have, and go ahead and close the sale without having to take the time to list the product and possibly sit on inventory for longer than they would like. I imagine this also allows dealers to sell and ship more items in bulk rather than relying on the "one-at-a-time" sale. I do also like to support friends and members here, so if I am ever looking for a variety to buy directly(as opposed to searching rolls for them), I'll certainly give your website a look to see if you have what I'm looking for. To emphasize Lucien's point, you at least have a leg up on most online dealers(Ebay or otherwise) because you have good pictures of not only the variety markers, but also of the whole coin. To me, that's an important thing, because not only can I see the variety, but I can also make my own assessment of the overall grade of the coin.

[seal006]

Sean,

You bring up a good point about establishing a personal relationship. I know this is slightly digressing from the topic of the thread since he does not have a website(to my knowledge), but I've purchased many a roll from Chris Welch, and have always gotten great prices. I think this is a win/win for both parties involved, because the dealer knows what you are looking for, and it also saves cost when they can just call you up or email you, tell you what they have, and go ahead and close the sale without having to take the time to list the product and possibly sit on inventory for longer than they would like. I imagine this also allows dealers to sell and ship more items in bulk rather than relying on the "one-at-a-time" sale. I do also like to support friends and members here, so if I am ever looking for a variety to buy directly(as opposed to searching rolls for them), I'll certainly give your website a look to see if you have what I'm looking for. To emphasize Lucien's point, you at least have a leg up on most online dealers(Ebay or otherwise) because you have good pictures of not only the variety markers, but also of the whole coin. To me, that's an important thing, because not only can I see the variety, but I can also make my own assessment of the overall grade of the coin.

Yes, Chris is AWESOME.

When I first decided I wanted an online shop for coins I was frustrated. I went out to look at the various shops online. Like all of you have stated, the pricing was what I would consider VERY high on most. There were a few that had good pricing. I also looked at layout. I was completely shocked that there were not very many with photos. I mean, in a business like this, how can you not show the customer the product? So I decided to go with the format that worked for my online antique business.

I know there is no exact formula that will work for everyone. I just want to reach my best potential. As I am starting to tire from the daily grind of watching convicted felons all day. I would like this venture to work out as well as my antique business did. Unlike antiques, the market for coins seems to be remaining strong. I am remaining passionate. I just want it to work out.

[flyhi3]

Yes, I would feel safer buying from you or others I know I can trust, if it were for a collection. However, I am a re-sale dealer, and ebay is better for that then online stand alone shops. If you want to apeal to dealers, I would suggest large groupings of wholesale items... just my 2 cents.....

[hasfam]

Selling vintage children's books and coins on line over the past 16 years, I have tried many venues including stand alone web sites, online antique malls, auction houses, etc. I had a coin shop on line about 10 years ago. I kept it for about a year or until it became obvious to me that the sales didn't warrant the cost and time to keep it up. Whether it be coins or books or whatever, exposure is everything. The more your site comes up on Google in a search AND the person clicks on your link, the higher up your site goes to the top. It took us about 6-8 months to get our book store to come up to the top 5 on google. The coins never made it. Web sites can also be complicated, at least for me. By the time I figure them out and get everything listed on it, I could have sold it all on ebay. You just cant beat ease of use and traffic on eBay. When I list an item on ebay, it will show up immediately on Google. If I disliked eBay years ago it was because i was stubbornly trying to be independent and to creat my own Brand. The bottom line came to putting food on the table or my ego and food won. So I happily list on ebay and not complain. I've been sitting on a domain Collecting Lincoln Cents.com for a few years. The initial thought was to open a little web store down the line. But I will probably never do anything with it. It's just too much work. And, if and when I get to the place of having higher end varieties to sell, they will probably go to Teletrade and not sit on a web site that maybe less than 50 people know about.
Thats my take on it.

[JeanK]

These are among the best sellers I have discovered during my years buying coins on line:

briansvarietycoins.com

https://www.valleycoin.com

http://hcc-coin.com

http://www.davescollectiblecoins.com

http://doubleddie.com

My favorite sellers on ebay:


Young Coins

http://stores.ebay.com/Young-Coins?_rdc=1

Unisource_NumismaticsCoinShop

Coins and more Coins
coinsandmorecoins@hotmail.com (His ebay site says closed until some time in October. Because I have not ordered anything in a few months I have no idea what is happening here. Perhaps a note to his email address would get the answer)



All of the aforementioned sellers have been very honest and up front about their items. Give them a try.


Jean

[seal006]

Rock, I am using Google analytics on my website. It lets me know where my traffic is coming from by city, state, and country. It also lets me know what pages they are looking at and for how long. It is a great tool that is free. As far as complicated websites, I guess that is where I feel comfortable. I have designed websites for over 10 years now, and I think I just may be going back to school and get my degree in web design. I absolutely love eBay for the cost effectiveness and the exposure. I use eBay more as a direct marketing approach for my website, rather than as a primary place to sell. I feel I will eventually open a brick and mortar coin shop sometime in the future. I think combing that with my online store and eBay will be a strong combination. I guess right now I am just looking for ideas on improving what I am already doing. I am wanting a customer's perspective. A concept that seems to be lost to many online retailers.

[seal006]

These are among the best sellers I have discovered during my years buying coins on line:

briansvarietycoins.com

https://www.valleycoin.com

http://hcc-coin.com

http://www.davescollectiblecoins.com

http://doubleddie.com

My favorite sellers on ebay:


Young Coins

http://stores.ebay.com/Young-Coins?_rdc=1

Unisource_NumismaticsCoinShop

Coins and more Coins
coinsandmorecoins@hotmail.com (His ebay site says closed until some time in October. Because I have not ordered anything in a few months I have no idea what is happening here. Perhaps a note to his email address would get the answer)



All of the aforementioned sellers have been very honest and up front about their items. Give them a try.


Jean

Thanks Jean. Dave's World is great. He now advertises heavily on Facebook, which seems cool. As far as Wexler goes, I just received my latest shipment from him. We had a nice long email discussion with each other as well. We both decided to put links to each others website on our own sites. I will check out the other links. Really wanting some new ideas, so THANK YOU VERY MUCH.

[jallengomez]

I'll also add that from the chats I've had with dealers who have online sites(including some major high-end sellers), it seems that most of them make the bulk of their money at shows, and/or from online auction sites such as Teletrade or Ebay. I think the only way to make decent money from an online store front is to offer some cream of the crop coins. I don't know if you could muster enough demand for minor varieties to eat very well if you strictly sold from your own website, and I guess consistently getting out there to coin shows helps get your name out there as a reputable dealer, which will also increase traffic to the website. Here's another dealer that comes to mind-

http://www.thepennylady.com/home.html

[hasfam]

I like the Pennylady. An awesome story.

[seal006]

I like the penny lady story as well. She is way cool.