do you have a question for me??? ask anything you want about coins, the business, whatever! I will answer the best I can!! Just Glad to help guys!

Did my askin in the Asylum. I guess I'll have to ask silly questions there and serious stuff here from now on.
Thanks LD

The old coin shop I used to visit had very large bins full of 50% off U.S. and world coins. There had to be at least 3000+ coins per bin, all in 2x2's.

#1. How the heck do you aquire that many coins and afford to sell them at 50% off?

#2. What is the average price YOU pay for 2x2's?

#3. Do you have inside sources for large coin auctions? Sales normal people cannot attend.

After this weekend I'll have quite a few more

#1. If you look closely those coins either have problems or are marked up before being put in the %50 off box

#2 I'll have to check on that...

#3 Not really, coin auctions at major coin shows such as the Heritige and so on....get a subscription if you don't already to Coin World Mag...they are usualy advertised...local auctions can have nice stuff...but bring some money...the cheap coins go for a lot and the expensive coins most people can afford especay at cash auctions you can get high dollar coins cheaper this way

Response to #1. I've bought some that are in excellent condition. Maybe they had an over stock of them and just couldn't sell. Not sure but they were from mint sets. Maybe dealers do it differently? Not sure.

Thanks for the answers!

How often do you get people coming in with 1943 Lincolns thinking they are about to get a world cruise?

If a mint set or proof set comes without the original envelope it looses a lot of value to the wholesalers....that might explain it....cut it up and sell as singles rather than take the hit on the set...I have done that before

More then you think....I have been yelled at before on the phone because this person who has an entire roll of them thinks they just got a house.....and I have to break the news to them that they made 1/2 a billion of them and everyone hung onto them because they were different and they are very common.... I get lots of people who think that because it is old it has to be worth a lot of money....but common date silver dollars (even from the 1880's) in VF and below condition are only worth a little less then the price of silver...I get hung up on like 20 times a week.....but there isn't anything you can do but be polite and explain things the best you can.

I can imagine some of the people who get upset. I've had that just as a collector when somoene asks me something. It has to be much worse as a dealer.

On the flip side...what's the best coin that has ever just walked in the door out of the blue that really surprised you?

http://www.omnicoin.com/coin_view.aspx?id=902508

This just came in last week and I just learned today that it graded NGC MS64

This coin in the bluesheet is around $15,000-$16,000

Nice!

OOOHHHH!

What would you consider to be the best "deal" you've ever had? Include deals with customers, flea markets, auctions, or whatever else.

Funniest moment as a dealer?

well I have bought some pretty cool stuff at coin shows cherrypicking vams and stuff.....but nothing really sticks out....


Haven't had too many funny moments... I did knock my cash regiester off the counter the other day on my foot change and cash went everywhere and my customers started laughing at me..but this is kind of a serious business....it is very stressful but it is a lot of fun... I wear a gun and have several around the shop...but you almost have to do that in an open door shop

Do you know anything about casino tokens, just curious about which year they issued the one I posted. Don't know anything about them being from Canada.

check your thread

Thank you.

Will you have a table at the upcoming indy show?
How are you taxed by the government, is this considered like any other retail establishment (i.e. instead of selling shoes you sell coins)?
How often to you see counterfeit coins or notes?
Do you have any obligations to know the customers/make sure the items you buy are not stolen like pawn shops are supposed to do?

#1 Yes I should be there sharing a table with a friend of mine...If not at a table I will be walking around all the days

#2 This is considered retail and the same taxes appily...I don't charge tax to the customers...I pay it out of the money we make.

#3 Quite often...I have an entire box of them, I use them as a teaching tool.

#4 I am not forced to by law but I do scan their ID's and keep them on record.

What is the most interesting lot of items that has come into your shop (even if you didn't end up purchasing them)?
What is the most elaborate post-mint alteration you've seen on a coin?

#1 It was a lot of military stuff that included an Civil war pistol and other stuff

#2 You see a lot of them...you see 1877 Indian heads that have been altered from 1871's you really have to know your die markers if you are going to buy these coins...

My answer for #2 is a 1982 half dollar that had the rim filed to make it smaller, but was filed down with the exact number of reeds according to specifications. Either it was a bored machinist, or someone who wanted to create an "error" coin.

I do see a lot of weird stuff

Did you ever wear womens undergarments?

ummm no what kind of question was that??? you have problems

Has anyone come in trying to sell you a product that they overpaid for?


Or has anyone polished up their coins before bringing them to you?

#1 Yes it happens quite a bit...older folks buying $.40 worth of coins off the TV for $19.95

#2 Yes I had a guy last week bring me an 1909 S Indian cent he said it was dark so he took some polish to it so you could read it...DOHT!!!!

Three questions:
1) Do you sell often coins on ebay?
2) Do you have a site?
3) What do you think about internet deals (selling or buying coins)?

You said we could ask questions about "whatever".

#1 Not often the fees are getting to be too much

#2 Yes I do still working on it http://www.lostdutchmanrarecoins.com

#3 I think if done properly it can be wonderful...but you have to be careful..I love making trades and sales on the internet and you can sometimes buy nice stuff...

On your website under Shop Online Part 2, you have listed a 1924/2 P Bust dime.

Did you mint it yourself????

Cause bust dimes were only made until 1837

1. Ever pistol whip someone trying to steal coins?

2. If you could own one coin and only one coin to display in your shop, what would it be?

3. Ever bought a fake coin thinking it was real but later learned it to be fake?

4. Anyone try to sell you a fake '33 Double Eagle?

5. How many hours a week do you work?

6. Do people prank you? If yes, proceed to question 7.

7. What's the best prank someone has pulled on you over the phone?

whoops....typo thanks!!!

#1 Nope
#2 1895 Proof Morgan Dollar
#3 Not that I know of.
#4 Haven't seen one of those before
#5 Scheduled 40 but I stay late a lot of nights and work on some Sundays at shows so more like 55
#6 Not yet

I, for one, appreciate it. I don't often get to hear much about the other side of the counter.

I agree ... Thank You !!!

Now my question: Is there a difference in your markup for, say, older liteside material (pre-1857) versus, say, pre 1850's British coins?

Why are you called "lost dutchman"?

When you go to shows, is it more for the dealer to dealer transactions or for the retail business?

I wish I had an answer for you on that one....Right now with the shop like it is I don't have a lot of room to expand to world coinage tho I would love to. Give me a few months and I might be able to answer that for you.

The brick and mortar shops are that of a dying breed....in my area there used to be 20+ shops now there are 3 "true" coin shops that open their doors for business day in and day out. I think that one thing that doomed the ma and pop coin shop was the advent of the internet and the unwillingness of the older people running shops to embrace it. I come from a different generation. I understand that the internet is a great resource for anyone who knows how to use it.

It really depends on the show and who is there. For example I set up at a show last weekend with a dealer friend of mine. The public appearence was lacking so I went shopping. But if there had been more people there it would have been different...it really depends on the show tho

Actitually that is a good question the former owner and good friend of mine named the shop after the famous mine in Arizona where a treasure was found. Why he chose that I don't know...I will ask him the next time I talk to him.

I'm 44 years old and just in the last year became more seriously interested in coin collecting, I think its a facinating hobby. I don't care who answers my questions, 16 years old or 65 doesn't matter to me, a desire for coin collecting inspires young and old to gather knowledge and share it. I would be terribly insulted if someone told me I was too old to start collecting. Age is only a number, its enthusiasm and a love for coin collecting that contributes to the hobby of numismatics. Thank you LostDutchman for your contribution.

You are very welcome...

Rant time!

I get tired of people telling me that I am too young to do this. I have been collecting coins for 15 years and dealing since I was 16. I get it all the time at shows from older guys "You run a coin shop??? but your just a baby!" If there is anyone out there that thinks that a younger person can't run a shop I challenge you to come on in. These old guys think that the hobby of coin collecting ends with them. HA! As for you papajerk...If I choose to try to help fellow collectors (yes I am a collector I am not just out to make a buck) that's my own business and if you don't like then I suggest you don't read this post anymore.

In my time I have been to quite a number of coin shops own by rude old men. More than once I have left the shops with a pocket full of money. It would be an real nice to go into a shop with a owner like you.
Young or old should not matter as long as you are honest and fair. Thank you Matt for a great post...

you are welcome.....sorry about the rant guys.... is there anything I or other members can answer for anyone else???

I like this thread!

Do you allow wiggle room with your prices?

Do you import mint and proof sets from foreign countries? No one around here does.

Do you think the Indiana statehood quarter is lame?

Of coins that you have bought off people who came in off the street, what is your favorite one that you kept for yourself?

#1 Yes you have to, I like it when people counter offer to my prices...because I get to recounter...it's fun!

#2 No, But that's a good idea....I will have to check into that

#3 YES! one of the worst! Woohoo a racecar and some corn.....might as well have tossed a pickup truck and a shotgun on there while they were at it.

#4 The double struck Indian head cent I posted a few weeks ago. I have always wanted one.

Don't mean to butt in, but I think the reason is probably because there's not enoungh of a market, which would result in:

1. Stupendous mark-up
2. Too much time involved. Most markups for even domestic mint products are very marginal (often a few dollars, if even), so to stock current foreign sets would likely result in a considerable loss in both time and money.