Springfield coin store closes its doors after 20 years of business
SPRINGFIELD, Mo. (KY3) - R&K Coins on Sunshine St. in Springfield is closing its doors after being in business for the last 20 years.
Despite staying open throughout the pandemic, owner James Kelley Eddington says that because of health issues, he’s no longer able to run the store.
“It’s disappointing," Eddington says. "I took a lot of pride in my place.”
Eddington says one of they key players in running this business was his brother, who recently had a stroke and has been hospitalized since.
“He hasn’t been able to go home for three months and they’re saying he may never go home," Eddington says. "I can’t run this place anymore. It’s just too much for me.”
All of the coins from his store are now being sold in online auctions. Mike Easterly owns Easterly Auction Co. and says the coin business has been focusing more on online sales recently.
“You go to a live auction and look around, you’re gonna find that probably 50-55 is your youngest people there buying," Easterly says. "We’re trying to get the younger generation involved in auctions.”
They’re planning to hold about eight online auctions over the course of the next few months to get rid of the rest of the inventory in the store. Eddington says about 90% of his customers are in that 50 and up age group and because of the coronavirus, they haven’t been coming into his shop as much.
“They’re scared and I don’t blame them," Eddington says. "When you get that stuff, there’s a real good chance you’re not gonna recover at our age.”
Eddington says the pandemic isn’t why he decided to get out of business, but it was the last straw for him.
“They’re selling them on eBay cheaper than I can buy them from them. They’re trying to run us out of business and they’re doing a good job of it.”
The next few auctions are as follows:
Copyright 2020 KY3. All rights reserved.