At The Show, A Study in Different Dealer Methods

I been in sales ever since I left the Army. I once had a seasoned sales trainer early in my career tell me that the person that speaks first in a financial trade is usually the person that loses the upper hand. I always lived by that credo and it makes sense on a lot of levels when you give it some thought.

So I have observed that there are three primary ways a coin dealer trades at a show. There are others, but these three are by far the most prominent.

1) This is the most disarming as a buyer. The floor always gives the buyers name tags. So when you walk up to a table he knows your name. You typically do not know his. The dealer has the upper hand…… You point to the Peace dollar that has a small sticker handwritten $120.00. He takes the piece out and tells you that you have a keen eye. And Randy, I’ll give you this one for $100.00. Win-win for the dealer. You have been disarmed, and the dealer has played straight to your weakness. This is a good play for the dealer and is likely the dealers most successful sales scenario.

2) I do not like this one… You walk up to the table and you see trays of lovely coins that interest you, but no idea what the dealer values any of them at. You ask to see the Peace dollar. Silently, he takes it out of the case and hands it to you. You turn it over hoping to see some indication of value, but no information exists. What troubles me about these type dealers is that it is typically done in uncomfortable silence. No small talk. Only uncomfortable silence. I always walk away from these scenarios. They are far too uncomfortable to me. And I cannot believe these are overly successful scenarios for the dealer.

3) I often wonder if this scenario is a set up or not. The dealer is talking so his helper steps up to help you. You ask to see the Peace dollar. The small talk tends to revolve around the helper not being very adept at the coin world. He is just helping out this weekend. That sort of thing. You turn it over hoping to get an indication of value and you see a series of letters/numbers like the 2X2 below. You recognize immediately that this is code meant only for the dealer to understand. You ask the value. The helper studies the letters/numbers and responds $120.00. You begin to hand the dollar back and he says, “wait, let me ask”…. And the dealer tells his helper to let me have the piece for $100.00.

So yeah, it is a boring subject, but I have long studied people in sales scenarios simply because sales is core to the health of my own business. So tell me what works for you either from the seller or buyer perspective.

 

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I like #1 the best. For example, the manager of the local coin store is very nice, and if it's a raw coin, a variant of #1 happens. If the place isn't busy, there's a lot of pleasant chit chat, and what not.

Not only that, but when I went there in person when I was having a health crisis and temporarily staying with my parents, he was very kind. Not only did he give my dad a deep discount on a coin, when I tried to purchase a couple of coin boxes (these particular ones were stuffed with those cardboard flips), he refused payment and gave two of them to me for free. The price on those was 11 each, or similar. I had to throw the flips away, as I only needed the boxes, but I thought that was kind.

It's been 14 years or so since I've been to a coin show. I'll usually do a walkaround first, scope out what they have, clearly address to them that the first time is a walkaround, and come back to what I like best.

I hate when there's no prices on there, but it doesn't seem to happen too much with the dealers in ancients, IIRC.

There's also a much rarer, but good for the buyer scenario. At a tiny local coin show in 2009, a dealer happened to have a common, but super-nice Antoninianus of Probus. I asked, how much? (was one of those cases where I had to ask). Twenty dollars was the reply. "Twenty!" I exclaimed incredulously because it was so cheap. "Yes, and I won't go lower," said he, thinking I was haggling. I shoved that 20 over so fast... Such a coin would have been $70-100 even then.

 

The guy with the 'no price' on the holder I avoid like the plague. The first fellow scenario I can deal with.

 

I used to buy Peru Crowns (Un Sol) from a dealer that always had prices on them. Usually they were in cardboard holders. I found a Sol once that was struck from a die that broke in half. It had raised metal rim to rim that was 3/8 of an inch wide, and no price on the holder.

The guy was totally gushing to someone about his Bellsouth stock. When I handed him the coin he just starred at it. He knew something was wrong but he didn't want to be bothered at the moment: "Oh, I don't know. Gimme four bucks."

With pleasure. Four dollars at that time was scrap value.

 

I would prefer #1. Did you have an encounter with the TPG that you mentioned earlier?

 

Who has time to change prices every month?
This precisely why I don't sell anything...I ain't got time to price everything for a show

 

I prefer to deal with someone, a dealer, at a show that greets me and talks first with me while I’m looking. He has prices on all his inventory but he will discount. Sometimes he offers a lower price, other times he accepts or counteroffers.
I can deal with the scenarios mentioned by walking. Their attitude determines weather I say thank you.

 

There was one dealer at the last show I was at who had a box of unpriced coins. A sign said "Tell us what it's worth to you." I didn't even look because I hate that. I want to know his starting point. I think it was supposed to be folksy but I hate it. As a seller though I'd love for the buyer to make an offer because he might offer more than I was going to charge, and if it's less then I just say no.

 

I really dislike when the holder has a code on it and I have to ask the price. I really prefer when the price is clearly displayed (doesn't even have to be on the front, if its on the back and I see it when I pick it up, that's fine... just be clear).

Agree. I want the dealer to recognize me, say hello, and then let me look. If I want to chat I will, but please let me look in peace. But if he has codes instead of prices, I'll probably keep walking.

 

All of your scenarios sound like they could play out in a telenovela! Drama around every corner!
I agree with you. There are some dealers I don't even give a second look and there are others that all of your scenarios could play out. It's the chance we take when we're out there hunting for our next piece to add to the collection. I think we have to be able to react in each situation.

 

No I didn’t. I chose to send my stuff to ICG instead.

 

My want list is short enough and expensive enough that I don't care whether prices are marked or dealer's approach. If it's on the list, I'll get the asking price and walk away. Then do some research and establish max I'll pay. If asking price was way above what I'll pay, no need to go further. If close, go back, ask best price and maybe make a deal.

One of my favorite things to do at shows is chatting with and learning from dealers. But actual buying needs to be kept very businesslike.

Cal

 

I personally think that was a good move.

 

Remember buy the coin not the code on the back
I had a good friend with an older baseball collection that he wanted to start selling off.
I drove to Phoenix Friday with another friend.
The 3 of us stayed up all night looking up and pricing cards.
My friend had a table reserved at a local show.
At the show when we set up, dealers flocked to the table and cherry picked what he had.
Must have sold $3000 in cards in 15 minutes.
My friend said that's it, something isn't right.
Priced too low?...We didn't know what we didn't know.
He packed it up and said let's go...
I guess if it's your business you stay on top of prices.

 

I'm mostly a collector but also a part time dealer. My approach is most like #1. Everything on my table has a clearly visible price.

When I'm at a show as a buyer the single thing that bugs me the most is when you walk up to a table and aren't acknowledged. I understand if the dealer is in the middle of a transaction but when no one is at the table and he won't even look up to make eye contact.

Everyone that approaches my table gets greeted, so I guess I fail at sales 101.

 

I like to be greeted. But most of the time it is just a look and a head nod if the dealer is busy. What I don't like is when a dealer try's to sell me a coin or multiple coins, as if I am there to just buy whatever they want to sell that day. As soon as they start shoving coins in front of me, I usually walk to another table or out the door. Reason is most of the coins are drek and they obviously think that they see a sucker, or they are coins that are out of the price range of most collectors.

The best dealers are the ones that go about their business and say let me know if you have any questions or want to see a coin.

 

I like the friendly ones, as long as it isn't something egregious, like trying to pass off dreck to me. I try to be polite, try to read the dealer if he's talkative or not, etc.

It's been a long time, but I'll nod or make some greeting, or if it's in the walkaround stage, say so.

Is Jon Kern the only ancients dealer at the July Cinci show? I've bought a few of my favorite coins from him.

For example, in 2002 he had a bulk bag of Lysimachus large silver Tetradrachms (they go for a lot nowadays). I picked a gorgeous one out, which had small ding on the cheek, because I knew it would be more affordable. I got it for $200-something.

It's really tough if one's a budget buyer and one's budget might be $500 or 600, tops. One has to be wise with the buy.

One such buy was in 2009 when I was just on the verge of completing a buy for a Constans II solidus when I spotted a Heraclius 'Jerusalem' solidus on his table. The Constans quickly went back, and I walked away with a bucket list want.

Looking through pick bins or bags is fun, but it's easier just to sit at home and browse through vcoins at my convenience. Coin shows are great for that special coin, though.

 

Nope you are doing it 100% correct.
They just don't teach that in school.