I went to a small coin show today, about 12 dealers. One dealer had something I was interested in so I sat down at his table to wait until he was done talking to a man and woman who were behind the table with him. I sat there a full five miutes without being acknowledged once while he and the other fellow discussed ways to sell coins on ebay. Among other things, the dealer explained that he sets his prices at 30% above Grey Sheet and "if they want it, they'll pay." Hearing this, and still being ignored, I got up and found another dealer from whom I made a substantial buy, with an order for something else to be brought to next month's show. Needless to say, the first dealer won't be getting any of my future business. One other thing that I have seen for the first time is the abundance of Copper being sold - ounces, grams, pounds, kilos - in bars, rounds, copies of Morgans, etc. I guess Copper is the next PM de jour.
Saw the copper thing at a recent show, too. It bugged me because the premium to spot they were charging made me want to buy boxes of pennies. Yup. Sometimes you gotta shop around at a show. Don't be afraid to walk. Time is money, thank you for your time.
Ya there is a local dealer that treated me like that at a show and also made fun of a couple of slabbed coins that i wanted to trade I see him at the shows and even though he has had some coins that I would consider I won't deal with him.
One of my personal favorite tricks to pull is when I flex my, how do I put this delicately, credit worthiness. Was at a table buying 2-3 Morgans in the Whitman B'more show back before this most recent one. The dealer I was working with didn't want to give me the coins for my check. Then I pulled out my receipt from a national level dealer (who takes my checks) and their dispositions changed. "His checks are good with !" Now I'm with Peter. What did you buy??!? "WHAT IN BOX??" The suspense is killing me!!!!!1111
I've also seen a lot of copper at recent shows, large and small. I suppose collectors are buying it or they wouldn't have it there. I also agree about the rude dealers. If someone is conducting a deal with another collector I'll step back and wait my turn, but I expect to be acknowledged at least. Bruce
From what I've read on CT the past few years, there seems to be a significant number of dealers (including B&M and 'show only') who are less than personable. Or maybe it's just a few that are brought to our attention. One coin shop I visit had the owner playing cards with two of his buddies.... I felt like an intruder. Even though I'm a repeat customer, I didn't stay long that day.
I have seen the copper too. Its a shame since its never a decent deal. The markups are atrocious. Most of the time copper would have to double to break even. I believe most people aren't even aware of the price of copper when they buy these things, its just a function of some people's panic. If I wanted to invest in copper I would be better served to wait until 12/2 copper romex was on sale. At least there its in a usable form. Chris
I don't think you can buy copper at the spot price. I bought a 1/4 sheet of copper for work and it cost a fortune. As soon as it comes in I'll figure out what it cost per lb.
Its an industrial metal. You can buy it near spot, but only for large purchases. Its the same as buying stainless, cold rolled, nickel, etc. These "spot" prices are for large accounts, multi truckload business. I have bought copper at spot in business, but to get there you have to be a sizable account and a continuous buyer. These large mills have no time for small quantity since they have millions of tons to move. Therefor, any spot purchases probably go through 4 or 5 hands before they can get in the form, and small enough quantity, for someone to buy. If someone wanted near spot, go to a recycler would be my suggestion. Offer to buy some scrap off of them for a little over spot. If you are lucky maybe they will let you cherry pick the type of scrap you like for a small premium.
When I approach a busy dealer's table I too wait patiently for him to finish what he is doing and address me. I understand that sometimes it can take more than a few minutes. And I try to tolerate that his conversation may have nothing to do with coins. Shoot, the guy is just living his life and may need an occasional distraction to keep his sanity. So I try to size it up. This gonna take a while? I'll return later. Not much longer? I'll browse his display cases. There's almost always something interesting. Try not to feel like your time is being wasted. It will spoil your mood and the fun of being at a show. Lance.
I'm finding that most reputable dealers out here in San Diego only care about bullion investors. I go in, drop my measly $100-$200 a month on a few pieces, they could care less about me. They only seem to like the customers that are shelling out $5-6,000 on bullion.
Well - how he sells on ebay does not bother me - several do worse than that. But I am a little more patient before moving on. Sometimes my local dealer has bigger deals to work on, so I can be patient - but they are working, they still find time to pull a roll of coins for me (I might hold them for 10 minutes before they put them back) and back to the other customer.
I just picked up a few things to bump up my type set. The pictures aren't the best and the coins themselves have issues but that's the kind I like. Slabbed MS69/70 is one thing, pocket change shows real coinage. it's like the difference between having a 1957 Chevrolet Convertable that you always leave in the garage and a 1957 Chevrolet four door sedan that you drive every day. Trailer queens don't impress me nearly as much as cars with honest use and wear. The first two are half dmes. The IHC is a No-L. The 1866 $0.05 is w/rays
