The Coin Box is a locally owned and operated, experienced, licensed and bonded coin dealer. Our passion for coins started in 1964 at the age of 10 and from there our knowledge of coins, gold, silver and diamonds progressed.
We opened our first shop in 2001, the 2nd in 2007 and a 3rd in 2012. In 2013 we decided to take our inventory worldwide with 3 e-Bay stores that have grown to become huge, top rated sellers. We are members of the Grand Rapids Chamber of Commerce and have an A+ rating as an official member of the BBB. Live feeds to our 3 e-Bay stores can be found on our e-Bay Store page. To find out more about our inventory, or to inquire about a specific piece that you may be looking for, please call us at 218-999-7509 or fill out the form on our Contact Us page today. We look forward to helping you!
We believe in abiding by the best practices of the gold, silver & coin industry and treat our customers with the greatest service possible. Information regarding the industry best practices can be found below so that you can make the best decisions regarding any transactions. If you have any questions about gold, silver, coins or other collectibles, call us or stop in today!
Mon, Tue, Thu, Fri: 11:00am - 6:00pm
Wed, Sat: 12:00pm (noon) - 6:00pm
We Buy and Sell Jewelry & Coins
A+ Rated Member of the BBB
BBB Consumer Tips for Precious Metals & Collectible Coin Buying & Selling
Research the Company
Beware of any Business
Red Flags to Watch For
Common Industry Terms
Precious Metal - Is a rare, naturally occurring metallic chemical element of high economic value (for example: gold, silver, platinum and palladium.)
Spot Price - The price at which the international market identifies the value of precious metals. It is also what is used by dealers to calculate what price to set for the consumers. Spot price is a reference point that can be used to calculate base value of an item.
Bullion – A precious metal, in a variety of forms, which is traded near its intrinsic value such as bars, ingots, coins, or rounds.
Numismatic - Items whose value depends more on their rarity, condition, dates, and place of mint rather than on their bullion content.
Intrinsic Value – A value of a coin's precious metal content, which may be different from its collectible value.
Collectible Value - What a collector or dealer may be willing to pay for a coin or jewelry which may be more or less than the intrinsic value of the item.
Premium - The additional value of precious metals, coins or bullion over and above the spot price. The premium includes the value of fabrication, distribution and a dealer fee.
Scrap – Industry term referring to a precious metal item which has an intrinsic value and is purchased with the purpose to be melted and refined into another form.
Locked in – When a price has been confirmed between the buyer and the seller; it becomes is a binding contract between the two parties. Subsequent price fluctuations do not change the obligation to complete the transaction by either the buyer or the seller.
Better Business Bureau of Minnesota and North Dakota
220 S. River Ridge Cir
Burnsville, MN 55337
Ph: 651-699-1111 E-mail: email@example.com
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These tips were created by the Better Business Bureau,
with input from representatives of the local coin and precious metal industry, to assist consumers in making educated buying decisions.
Precious Metal Industry - Dealer Standards & Best Practices
Precious Metals Industry - Minnesota Scale Requirements
Minnesota requires that commercial scales and all associated equipment have an NTEP certificate of conformance, and be suitable for the transaction which will be conducted on the scale. To determine suitability, the MN Department of Commerce Weights & Measures Division uses the guidelines in Table 8 of section 2.20 Scales in NIST Handbook 44, 2.2 Theory of Tolerances in Appendix A, and definitions of the same handbook.
Table 8 says that the smallest item weighed on a class II scale with a division size of 0.1 g should weigh at least 5 grams (50 divisions). The smallest item weighed on a class II scale with a division size of 0.01 g should weigh at least 0.2 grams (20 divisions).
In addition, the Theory of Tolerances states that the tolerance allowed on a commercial device should not cause economic injury to either the buyer or the seller. A class II scale with a division size 0.1 g is allowed 1 division (0.1 g) maintenance tolerance for weights between 0 and 500 grams. At the current market prices for gold, that tolerance would allow a monetary error in excess of $3 on every transaction.
Handbook 44 requires that all scales be marked with “d”(Value of Scale Division) or “e”(value of Verification scale division) if “e” is different from “d”. “d” is the smallest subdivision or the difference between two consecutively indicated or printed values expressed in terms of mass. “e” is a value, expressed in units of weight(mass) and specified by the manufacturer of a device, by which the tolerance values and accuracy class applicable to the device are determined.
For these reasons, the Weights & Measures Division requires that
scales used for precious metal transactions have an “e” less than
or equal to 0.01 g. If the scale is not marked
with “e”, then “d” must be less than or equal to 0.01g.
In addition, some vendors sell computer software which connects to the scale and which will convert the scale reading into any unit desired. Even if the software claims to be able to convert the scale reading to 0.01 g divisions, it cannot be more accurate than the scale itself. A conversion to hundredths of a gram would be meaningless if the scale only measures in units of tenths of a gram. A scale which has a division size of 0.01 g could use such software for converting grams to pennyweights (dwt) or other units as long as the software meets the requirements of NIST Handbook 44. W&M investigators will be checking the conversions and the compliance with Handbook 44. For example: 0.01 g = 0.006 dwt, but Handbook 44 requires that all divisions be in units of 1, 2, or 5. The software should convert grams in divisions of 0.01 g to divisions of 0.005 dwt.
Precious metal dealers must also comply with the requirements of MN Statute Chapter 325F. CONSUMER PROTECTION; PRODUCTS AND SALES.
Specific requirements can be found in the sections governing precious metals 325F.73 - 325F.744 and can be found on the Legislative Revisor's website:
If you have questions regarding this, contact Julie Quinn at 651-215-5823
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