I spent three hours last week sorting through a box of old silver quarters my grandfather left me. Some were worn flat, but others had that crisp, detailed look that makes you think they might be worth something. I wanted to sell them, but I did not want to get ripped off at a random pawn shop. That is how I ended up looking into Wilshire Coin, a well-known coin dealer in Santa Monica.
When you have precious metals or rare coins to sell, you want to deal with someone who has a reputation to protect. You do not want a shop that opened last month and might close next week. You want people who know the difference between a common silver coin and a rare collector piece that is worth ten times its weight in silver.
What is Wilshire Coin?
Located on Wilshire Boulevard in Santa Monica, California, this shop has been a staple for local collectors and investors. They have been in business since 1947, which is a long time for any retail shop. Over those decades, they have built a business buying and selling gold, silver, rare coins, paper money, and scrap jewelry.
If you walk into their physical store, it feels like a mix of a high-security bank and a museum. They have glass cases filled with gold Eagles, silver dollars, and ancient coins. They are a member of the American Numismatic Association, which you can read about on Wikipedia. This membership is a good sign because it means they follow a strict code of ethics. They are also authorized dealers for the major coin grading services, PCGS and NGC. This means they can send your coins to be certified and graded by professionals.
If you are new to this, you might want to learn how to grade rare coins at home before you visit. Having a basic understanding of coin conditions can help you set realistic expectations before you walk through their door.
What You Can Buy at Wilshire Coin
If you want to buy gold or silver, you have a few options. They sell bullion, which includes gold bars, silver bars, and standard bullion coins. These coins are priced based on the current market price of the metal, which people call the spot price. Examples of common bullion coins they stock include American Gold Eagles, Canadian Gold Maple Leafs, and South African Krugerrands.
They also sell rare coins, which are also known as numismatic coins. These are very different from standard bullion. Their value comes from their rarity, history, and condition, not just the metal content. For example, a common silver Morgan dollar might be worth thirty dollars for its silver content, but a rare date Morgan dollar in perfect condition could be worth thousands of dollars. The staff at the shop can help you understand these differences.
They also sell paper currency. This includes old US paper money, like silver certificates and national bank notes. If you collect foreign coins or ancient coins from the Roman Empire, you can often find those in their inventory as well. Their stock changes daily because they buy from the public every day.
Selling Your Gold and Silver to Wilshire Coin
Selling precious metals can feel scary. You worry you will get a bad price, or that the dealer will take advantage of your lack of knowledge. When I researched Wilshire Coin, I wanted to see how they treat sellers.
They use certified scales that are calibrated regularly. This is important because even a tiny error in weight can cost you hundreds of dollars when selling gold. They also test the purity of your gold using acid tests or modern electronic testers. They will explain what they are doing while they test your items, which helps build trust.
You can bring in jewelry, old coins, or even silver flatware. They will look at everything and give you an offer. You do not have to accept it. If you decide to sell, they pay you on the spot. If you have a large collection, it is a good idea to call ahead and make an appointment so they can dedicate a buyer to work with you.
If you are planning to sell jewelry, you might want to check out some tips for selling gold jewelry for cash to make sure you get the best possible offer.
Buying from Wilshire Coin Online
If you do not live in Southern California, you can still buy from them. They have a large online presence, including an active eBay store. They sell everything from common silver rounds to highly graded gold coins. They have thousands of positive feedback ratings from buyers all over the country.
When buying online, you have to worry about shipping and authenticity. They ship everything securely and insure the packages. This is a big deal because mail theft is a real issue. They also guarantee the authenticity of every coin they sell, which gives you peace of mind when spending large sums of money online.
The Pros and Cons of Using Wilshire Coin
Let’s look at the good and the bad. No business is perfect, and you should know what to expect before you go.
The Pros:
- Long History: They have been around since 1947, which shows they are not a fly-by-night operation.
- Physical Storefront: You can walk in and talk to a real person, touch the coins, and get immediate service.
- Fair Grading: They use standard scales and grading systems, and they are authorized by PCGS and NGC.
- Expert Staff: The buyers have decades of combined experience in numismatics.
The Cons:
- Parking Issues: Santa Monica parking is notoriously bad. You might have to use a paid garage or hunt for a metered spot on the street.
- Busy Hours: The shop can get very busy on Saturdays, so you might have to wait in line to speak with a buyer.
- eBay Markups: Their online prices on eBay might be slightly higher than in-store prices because they have to cover eBay seller fees.
How to Get the Best Deal at Wilshire Coin
If you decide to visit or buy from them, here are some practical tips to get the most out of your visit.
First, check the live spot prices of gold and silver before you go. You can check these on official sites like the United States Mint or other financial trackers. Knowing the current price helps you understand their premiums. Premiums are the fees they charge over the melt value of the metal to cover their business costs and make a profit.
Second, organize your items before you walk in. If you have a bag of mixed coins, separate them by type. Put the silver quarters in one bag and the pennies in another. It saves time and shows the dealer you know what you have. If you have coins in cardboard holders, leave them in the holders. Do not clean your coins. Cleaning a rare coin can ruin its value, even if you think you are making it look better.
Third, ask questions. The staff at Wilshire Coin are knowledgeable. If you do not understand why a coin is priced a certain way, ask them. They will usually explain the grading or the rarity factor. This is a great way to learn more about the hobby of coin collecting.
Is Wilshire Coin Right for You?
Whether you are a serious collector or just someone who found some old coins in the attic, Wilshire Coin is a solid place to start. They have a good reputation, a long history, and a physical location where you can do business face to face. If you are in the Los Angeles area, it is worth a visit.
Your next step is simple. Go look through your drawers or safe box. Find those old silver coins or broken gold chains you never wear. Put them in a bag, look up the current price of silver, and head over to their shop on Wilshire Boulevard to see what they are worth.
