I am going to be a dealer at a coin show in November, and I was wondering what the best coins to take to a show would be. I have quite a few different coins to take there, but I am also aware that I have a lot of small coins. I know that a lot of them could be larger coins, but I would love to hear your experiences at a coin show, whether as a dealer or a buyer. I would also want to know if the best coins for a show should be certified, ungraded, or both. Thanks in advance for any advice!
If you're interested in buying from the public you should put up a "We Buy Coins" or "Sell Your Coins Here" sign. If I had coins to sell and I saw your sign, I would most likely go to you first.
I cannot offer any advice regarding your choices of merchandise. However if you have never set up at a show it would be worth the time to learn about the various ways that thieves might try to harm you, especially when you are most vulnerable. Always be mindful of your personal safety and the security of your merchandise. No doubt some of the CT members who are dealers who can give you some more pointers. When I was a gem dealer one of the most common tactics was to distract you by squirting mustard or ketchup on your clothes, if you put your bag down to wipe off the goo an accomplice would grab your bag. They would then pass it on to another accomplice who had a false bottomed suitcase and in a few seconds your bag was gone without a trace.
That's a nice suggestion! Depending on where my table will be in the building, I could position the sign toward the front door, and use eye-catching colors to an advantage. That's crazy how people will go that far as to steal things. I will definitely look into buying something to protect myself, like a small knife that also doubles as a collectible. A good thing, though, is that I will have at least 2 other people with me. I do believe that your piece of information is quite an informative one.
I would think having a variety would be ideal. That way you appeal to the largest number of folks. I've seen tables with just Morgans or only gold. If I was looking for one of those, I would stop by but people have different interests and might skip your table if what you have is not what they want. With a variety, more people will stop by to see if you have what they like (and in the process might even go for something they originally were not planning on getting). Also, by having a variety, you can see which items attract the most interest compared to which don't. That way you can be more prepared for the next show with more of the items that tend to sell and less of the other stuff.
The best thing to have is what you specialize in. When I go to a coin show and I see a specialized dealer... those are the guys I want to talk to.
Just a little add toward the security end of things: Be sure you maintain a current, detailed inventory of all your products and keep it separate from your bag.
A weapon is not necessary, vigilance is key. You have already taken the best possible step for security in that you will have two people with you.
Take plenty of change. Do not make change for the person at the table beside you. YOU ARE NOT A BANK. If they come unprepared then TUFF LUCK on them. Accept only cash. No checks unless it's your mother. Hold Firm to your prices. When someone starts to haggle I tell them to go to a flea market or yard sale. They have the privelege of looking at your coin in hand. Can't on Ebay. Ebay seller might not send the coin. Coin won't get lost in the mail. They pay your price and get to walk away with the coin. Get the currency checker from WalMart.
Whatever you are going to buy and sell, make sure it's within your area of expertise. If you have junk to unload, either wholesale it to another dealer or put it in a $5 or $10 junk box. If you know Morgans and somebody wants to sell you a Buffalo, politely decline, "Sorry, these aren't for me". At a show, you won't have time nor focus to do detailed research. So stick with what you know. If you watch good dealers, you will see them use the Greysheet as a reference, but it's to confirm what they remember - they already know which page they want and even where on the page the number they're looking for lies.
No knowing much about the size and scope of the show, predicting what to take is not easy. In general I'd take anything you you are sure you want to sell. Shows are unpredictable. When I went to my first selling show in the mid 1970s, I took a thousand dollar coin with me. "This will never sell because of what it's worth," I thought, but it sold within the first hour. Later I found out that I sold it a bit too cheap. Still, a thousand dollars in the mid 1970s was a lot more money then than it is now. You never know what might be attractive so someone who has the funds.
Be safe and be aware so you can provide the best security possible. Dealers are robbed not just at the show but on a stop to fill the gas tank on the way home as they are followed. If you plan on buying, advertise it. As for sales, you need to consider the show size, dates and times. Have a good selection as you have no idea of what each person is looking for. Take a little more of what you specifically collect or have an interest in. Be prepared to talk a little about that and above all, be safe and have a great time.
As a buyer and never a seller, and only having gone to small local shows, I'd say bring something different. I've always left a show disappointed. All it ever seems to be is Morgans, gold, Buffalo nickels, Mercury dimes, Lincoln and Indian cents. I realize that you have to cater to what people collect. I'm there looking for slabbed Barber (or at least nice raw ones) and older Canadian silver, and if a dealer even has any it's always thumbing through boxes of overpriced low grade 2x2s. I guess I should go to a bigger show sometime.
It would be helpful to know if the intended show is small (25 to 50 tables), mid (50 to 150 tables) or large and what the expected attendance might be. I assume your purpose in being a dealer at this show is to sell your coins for a profit, not just to eliminate dupes or unwanted coins regardless of the price realized. Also, that your target customer is the retail collector not other dealers. So, how to maximize your chances of sales: First, if you can, identify any significant characterization of the show's attendees. Are they mostly bullion people, US Type, ancients, world, low-end US series, slab buyers versus raw buyers, etc? Cater to those buyers if you can, while not eliminating the possibility of sales to other customers. Arrange your cases in such a manner that will make it faster and easier for customers to focus on what they're looking for. To that end, separate slabbed coins from raw, separate bullion coins from others. Arrange those major divisions by denomination and date. The rationale for this is: The longer someone takes to determine if you even have anything that might interest them is time at your table that another customer can't use. When I'm at a show, I always scan the cases to determine if there's anything of interest to me. If it's an unorganized jumble, I often just pass on by as time is too precious. For example, I don't collect Morgans so if I see a dealer with three or four cases of Morgans I don't even scan those cases. But if that same dealer has one case with slabbed early US Type, I will stop and look. The only reason that dealer got my time was because he separated his stock so I could quickly and easily make the first decision "Do I stop and give this case a look?" Decide in advance your pricing policy. If it's "no haggle", then just put your price in view on the coin. That saves everyone time and trouble. If you're willing to haggle, decide in advance what your minimum acceptable price will be and put something slightly higher than that on the coin. About 5% to 10% higher is a nice margin which you can give to a customer and let them walk away feeling good. Don't ever get insulted or peevish over a lowball offer. This is business. Either counteroffer or stand your ground. Be polite, nice and firm without being dogmatic or stubborn. Do not price your raw coins as if they were slabbed. There are exceptions but they tend to be genuine rarities. But if, as I assume, you're mostly selling generics or commons of one sort or another, then raw coins are just not worth as much, all else being equal. After all, when you sell a raw coin all the risk is assumed by the customer such as grade, details, and genuineness. Don't ever fall in love with a coin you are offering for sale. You should always look at a coin for sale as cash on the hoof. That coin's value can't earn you any more money until you sell it and roll the inventory for cash that can then be invested to make more money. With that in mind, you should never, ever, tell a customer "I can't accept your offer because I paid more than that for it." Any dealer that tells a customer that is displaying his contempt for the customer. Accept, counteroffer or reject, don't explain why.
Bring what you want. Experiment by starting with what excites YOU, and expand on it. Find your own space in the coin dealer world. Build on it and maybe specialize in it. Always have a few books for the Patrons to review and look and educate, about your particular niche and other interesting everyman books. It is not all about How much/the Greysheet says/the other dealer has it for/blahblah. It is about Love of the Hobby, exuberance and generating interest. An example that comes to mind: Legend is one of the old-timers that built on this....she still gets excited about a Joe Dirt coin that is pure and wholesome and a presentation piece, and still educates and enjoys being educated Another example: Mark Feld, although not a direct dealer anymore, has the same love for the Hobby, and is a great educator and still enjoys new info. That
Having only gold coins seems like a demise already. I know that there are a lot of different gold items, and some lower-priced things, but there are some people at coin shows who simply don't collect gold. That is one thing, though, that I would include at the table as a trial. Honestly, I haven't gotten to the stage where I specialize in certain coins, but one thing I do sell a lot of is silver coins. I like buying them mainly for the melt value if not sold, and I do hope to have lots of them at the show. I can see your point, though, about specialized dealers. They often are educated better on certain subjects than the average coin dealer's knowledge of that subject, with an example being Morgan dollars. It's a good thing that I can keep track of almost every coin I buy. Often this involves eBay transactions, and "photographic memory" as quoted by some people in my family. However, I do attempt to remember each one of the prices if I do not have a reference. LOL, no checks will be a problem I won't have to deal with! My mother is actually coming to the show with me, partially as another set of sharp eyes. I do agree, though, about not being a bank. While I can make change for a buyer, it would be weird to make change for a neighboring dealer, so I see 100% where you are coming from. Sticking with what I know is another good piece of advice. I do find it cool, though, that dealers can remember Greysheet bids for shows, looking it up just to confirm their remembering.
Be prepared for the dealers to swarm you as soon as you show your face. They will ask for a significant discount because it's a 'dealer to dealer' transaction. "I can't make any money off of you at that price", should be what you want to hear, IMHO. As far as what to take to sell, I would suggest underpriced coins. Serioiusly though, maybe go to some shows or local dealers before your show and ask them what's popular, what's selling, etc.
I've actually been in a couple of scenarios where I have sold a coin that I thought I wouldn't, but the main one is a Shield nickel that I sold for $6 (had 2 holes). However, selling one for $1,000 is quite the real deal! Especially in the 70s. I would definitely advertise that I would be buying coins, especially with my interest in about anything. Thankfully, an interest in about anything would hopefully help when I want to sell a lot of items. It does seem like the Morgan dollars can take over coin shows if you don't watch. I hope that taking some half dollars to the party can loosen up the tight coin band a bit, along with possibly a slabbed Barber. The sad part is, a lot of the slabbed Barbers like the VF halves are often found at well over Greysheet. Pricing raw coins and not falling in love with coins are 2 of the best pieces of advice I have ever heard! Honestly, I try to price my raw coins between 10-50% back of the Greysheet, with very few being priced differently. I don't know if I have truly fallen in love with a coin before selling it, though, but it easily makes sense. While I try to be careful with selecting eye-appealing coins, it can sometimes get in the way of dealing versus collecting. The show mentioned in the post is November 23, but today I learned about a coin show in Indianapolis that occurs every second Sunday of the month. Hopefully if I go to the Indy show, it will be quite the experience! One good thing that I do continue to build on is silver coins. Most of my slabbed coins that aren't PR-69's are silver, such as Eagles, Franklins, etc. But, as I build on it, I am always open to new info - that's exactly why I came here for answers. Underpriced coins can be one of the best ways, in my opinion. I always like giving people a deal, especially when I can get a coin a coin cheap enough to not just put the Greysheet in the window, but to throw it straight out the window. Getting swarmed by dealers is a good heads-up, though. I've had little true experience with it outside of one in my coin club who is highly interested in slabbed coins.
