When it comes to buying gold and silver, coin shops are another option that is worth further investigation. Contrary to popular belief, it is easy to buy gold and silver in person from a shop. Someone wanting to purchase bullion can simply walk into their local coin shop with the cash and walk out with the goods. Although, just like other places that trade in gold and other precious metals, coin shops have their pros and cons.
The Disadvantages of Coins Shops
As is the case with other types of retailer, there are often savings to be made by shopping online and coin shops are no exception. Just as you can usually find electrical goods and other big ticket items cheaper online, so too are you more likely to find cheaper gold coin prices online.
When it comes to the process of finding a good coin shop, this can often be more difficult than shopping online. While a potential buyer can visit many of the websites of the best online coin dealers in a short space of time, and even check for online reviews to help gauge their reputation, finding a good coin shop isn’t as easy.
In many cases it can take a lot more work to find a good dealer. Visiting as many of the different coin and bullion shops in your area is recommended. Chatting to the staff is a good idea as well and can help you find the shop that is right for you, and most importantly has fair prices. This can all take time, which isn’t the case when shopping online.
Another downside of coin shops is that they often have much small inventories than the big online retailers. This often comes down to the smaller budgets of coin shops when compared to those of the online retailers. This affects the amount of stock they can hold. While most coin shops can order items in for their customers, this is often slower than shopping online.
So to summarize, the main disadvantages of coin shops are:
- Prices can be higher than those online
- Finding a good shop can take longer and requires more work than selecting a website
- Coin shops often have a smaller selection of products on offer
The Advantages of Coin Shops
However these disadvantages don’t mean you should rule out coin shops. There are a number of advantages that these brick and mortar outlets have over their online compatriots.
One great advantage that coin shops have is that it is possible to see the goods before making a purchase. Being able to see and touch the coins before handing over any money can be very reassuring, especially when large sums of money are involved.
When buying online there is a nervous few days after a transaction has been completed where many buyers, especially those new to investing in gold, wonder whether the website they used was legitimate, if their goods will arrive and if the coins will be as described on the website.
Of course, professional gold retailing websites will use the best couriers with adequate insurance on the package to cover any losses. Even so, the thought of shipping items of high value through the postal system can be a unnerving idea for some. With coin shops there is no wait and the ownership of the product is instantaneous.
Another one of the best reasons to make your gold and silver purchases at a coin shop is the ability to be able to talk to the shop workers and ask for advice and further information. By shopping a reputable coin dealer, you can find out much more about the bullion on offer than you would from a short written description on a website.
Over time, you can build up good relationships with the dealers in your local coin store. This can have many benefits that a website cannot offer such as personal buying tips, news on the markets and advice and guidance to name but a few.
As more and more people are taking an interest in bullion, there are increasing numbers of people who are investing a small amount of their salary each month on coins of precious metal. With the low price of silver in comparison to gold, many people are choosing to stop by their local coin shop on the way home on payday, in order to pick up one to two coins so that they can slowly build their collection. Coin shops are a great way to facilitate this. With no shipping and handling charges, smaller purchases can be better value at a coin shop.
Something else that coin shops can offer, which is often overlooked, is the potential for anonymity. Unlike online transactions which leave a long tail of data, being able to walk into a shop and pay buy cash for your gold and silver leaves no trail that can be linked back to you.
For quick reference, here are the main advantages of coin shops:
- Instant transactions with no waiting for delivery of the purchase
- Can see the coins in person before making a decision
- Helpful staff on hand for advice and guidance
- Quick and convenient for smaller, regular purchases
- By paying in cash anonymity can be preserved
As you can see there are good reasons to choose to use coin shops as well as several reasons why they aren’t the best option. It is up to you to decide whether the advantages outweigh the disadvantages, and make an informed decision on whether you will use this source of gold and bullion for your purchases.