Coin shows, your opinion? My first impression from one: grossly overpriced coins

Coin shows, your opinion? My first impression from one: grossly overpriced coins, with no way of buying high quality coins at market prices. waste of time.....

 

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Which show?

 

Griffin show in CA

 

Long Beach is just as bad. Not many ancient dealers & the ones that are there, very expensive.

 

How many tables were there? Did you spend any time trying to negotiate?

Chris

 

Not sure about this show as I reside on the 'right' coast.........it has been my experience that you can get some really nice pickups at major shows, and you can wind up quite disappointed as well (regarding affordable coins). My tag line to the dealer (negotiations) is "OK, that's what you charge the tourists.......Now what do you charge the 'locals'?" Sometimes that bumps them down a bit in price. Otherwise, it's window shopping as usual.......

 

Hi Chris, there were around 40 tables, negotiated?? how? if I know the market value of the coin is $1, and someone is trying to sell it for $10 and then tells me I will give you a deal for $5, it is still a 500% markup. no way to negotiate if the $1 coin is selling for $10.... to me- this is a waste of time

 

Exactly, 500% markups - Joke, best i can do, to account for the gasoline that dealer spend to get to the show + maybe, for entrance fee, but no way i will be paying more than 10% over a market price

 

Then ya move on brother. And let the dealer choke on it........

 

Agreed Mat, probably these show are for those, who doesn't check a market price and just buys at whatever cost

 

Most are over priced, which is where cherrypicking for varieties and being able to grade better than the dealer can get you deals. Spotting an under graded coin in a holder and having the dealer ask the current grade price, is like finding a dealer selling below wholesale. You can do it, you just have to look. It's also what makes it fun to go to show's, the thrill of the hunt.

If everything was priced lower than it currently is, then that would be the new retail. That new retail would then be considered over priced, and you would want the prices even lower. So just go with the advice above and enjoy the hunt.

 

To me, it is much easier and more efficient to participate in online auctions, where your true market value is determined by buyers, rather than look at coins which are priced at 10X market price. no fun, no time, no desire.

 

I have heard that about California. I was last there in 1973. No need to return, I guess. Similarly, back then, you could buy a house with ocean view for $60k while the same house in Virginia was $30k and an hour from the water. Now? The difference is a mite more. Here I do better at shows than online but my friend in California paid 10x the price of mine for a house not as nice. When the average show goer has 10x the money, I would be surprised to see anything less than a 5x markup. How much do fast food joints near that show charge for things from the dollar menu?

 

The dealers at the small shows do have to cover their overhead, but is it possible that you "wrote them off" prematurely? I love to haggle, and the art of the deal is what makes it fun.

Chris

 

But, how do you expect them to pay for all the earthquake, mudslide and wildfire damage?

Chris

 

Here I choose smaller shows 20 to 30 tables over the larger shows. Yes I love the bigger shows as already posted more inventory to look at.
However the larger shows a dealer may have $500 -1000 a table . So until the dealer recouped his over head most likely they aren't going to deal.
Try smaller shows....and also try to net work in to the dealers who set up.
Regular customers who return again and again are always appreciated by dealers.
Also smaller shows their table fee's are $100 or less.
That said the dealer has more wiggle room on a coin.
Next is body language study the dealers posture , are they friendly out going? Or do they just sit at a table and offer no conversation or that your presence exist .
Lastly offer a fair price no need to make offers that insults their inventory or their knowledge .
Good luck.....and don't let one bad experience taint others that can be rewarding.

 

I often have a table at this show, so I know it fairly well. This past one as I understand it there were only two ancient dealers, and both are really quite inexpensive. I have no idea what coins you might have been looking at but they could not have been in either dealers trays. Maybe that one guy who is trying to sell slabbed ancients at 10x average?

 

They are all outgoing, but when I see coins marked up 10X Market price, almost all of the dealers, I find it hard to even start a conversation -its a rip off.... I do use databases and online resources to know a true value of the coin, so when i see, rubbish items prices at 10X --> there is no deal here for me

 

Hi Ken, I saw at least 5-6 ancients, but as soon as I saw Cl.Albinus selling for $500 and Balbinus for $800 that was it for me..

 

if the slab is selling for 1X its ok, but non-slabbed for 10X, joke, true value of Balbinus is 300-350, it is just not feasible to sell it for $800, unless its MS* 5/5 5/5 grade, even though, i would price it at $600 in this case