OK to Take Redbook to a show or shop??

No, I do not bring the Red Book to shows. I always list the coins I am looking for (I don't browse), the grade/condition, raw or slab and the price range I am willing to purchase the coin for. Then I am outta there.

 

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By all means take it as a reference.

But if you are looking for specific coins it is better to look at recent auction histories for those coins before going to the shop or show for a more realistic price range.

 

:high5: Ok. I guess I was hoping to go to my 1st show to not get bored. Kinnda like going to Woodstock for the food.:hatch:

Not the best plan for all but if one must explain their actions with either reason.....or passion, why go?

 

Point Taken

Took some time to think about it. I'll trust ya and keep the books in the truck with the cash......1st time.

Kinnda like, never, ever go to the grocery hungry or the liquor store hammered.

"I'll have one of everything....to go.....now.":eating:

 

You know about those parking lot signs saying they are not responsible for items left in the car right?

 

Great advice all around! I've been following your posts here, and everything you say is golden.

I think it's okay to take everything short of a gun into a coin shop! I mean by this that it's an amicable sales transaction, when all is said and done; the dealer wants to maximize his good, you want to do the same. The only polite restraint I show is not haggling if it's over a low price purchase: the guy, after all, has to pay his light bill and a buck or two really is niggling.

 

Really? What am I doing wrong? I almost always leave with almost as much money as when I went in. OK I dropped a bundle at EAC, an a modest amount at the Chicago International, but almost nothing in the two years before that. (Which takes me back to another EAC show)

No by all means take whatever price guide or reference guide with you that you want. After all the dealer is going to have HIS references, price guides, loupe, and probably a computer hook up. If he can have all of his stuff you can surely have yours.

You should see my father and I when we go to a show. I have my notes on half cents, two references on early and middle date large cents, the Federal half dime book, my notes on bust dimes, Reivers VIM references on Capped bust half dimes and bust quarters, my notes on capped bust halves, four references on Conder tokens, and the Lamb books on French and German notgeld. That's fourteen books. The one thing I don't carry is any kind of price guide because they really don't exist for the things I collect.

My father has the 19th, 20th and 21st century world catalogs, a redbook, a copy of Schojth and the Hartill books on chinese cash coinage his own copies of the two Lamb books and several other smaller references. Oh and of course his wantlist. Not as many books but they are bigger.

 

I think a buyer should take any and all references he feels comfortable with. However, using the Red Book as a pricing guide is only good for seeing that one particular year of coin is more rare than another. As far as pricing, remember that the Red Book is published almost a year earlier than the year listed on the book, so it is immediately out of date as soon as it is published, and if you've had it a few months, all the more out of date.

The Grey Sheet, as Doug mentioned is a monthly dealer to dealer price guide and is meant for dealers. I'm not sure if you can even purchase it unless you have a resale number, but you also have to pay a minimum of $100 or so for a year's subscription.

If you are new to coin collecting, it would be very helpful if you subscribed to a coin magazine such as Coin World or Numismatic News and you can also get a monthly Coin Values Magazine with your Coin World subscription for an extra fee or a Market Guide with Numismatic News. These can be very helpful and are updated monthly, so they would be more useful than the Red Book.

There are also numerous price guides on the internet - PCGS has a good one that is updated probably weekly, but it is based on PCGS graded coins and is on the high end for retail prices, but at least it gives a a price for every specific grade and even separate prices for each color designation for copper, whereas most other pricing guides give prices for just some grades.

 

Most important things to bring to a coin show :
Common sense
Your brain
Manners
Bring these things and you will do fine. Traci

 

Anyone can buy a single issue of the Greysheet from their website and download it $4 a copy. For back issues it's about half that price... I get a new one every couple of months or so and it's pretty handy to have on the computer in a pdf file.

 

Charmy, it seems most of us collectors like to believe we can deal with the best of them at the very least pretend we can.

So the Greysheet applies whenever a dealer is willing to sell at those prices. The worst that can happen is a dealer says no deal at that price.

 

Good advice offered, I Imagine that the impulses one might experience at a coin show are a magnitude larger than the impulses you feel at the local coin shop.

Impulses baaaad, (l keep telling myself).

 

Of course, it's true for all of us - we want the most for the least. I'm just pointing out, as Doug did, that the Grey Sheet is meant for dealer to dealer sales, and that collectors should not have high expectations that they will often be able to get coins (especially not key dates, nor PQ, nor higher end coins) from a dealer at wholesale prices. Of course, there are dealers who do sell closer to wholesale but those coins are usually more common date, lesser quality coins, or coins with "issues."

 

mine redbook goes with me to every show and shop I visit. I have notes writen in it and love to look at mintages and other important information in it. Don't really look at prices other than maybe using it to give me a rough idea.

 

True, although I would argue that most dealers don't have a problem selling Key Dates so dealer to dealer prices are usually much higher than grey sheet anyway so all is good.

 

The conflict in this agenda of buyers wanting the most for the least is cause and effect. For dealers to wholesale to non dealers and still maintain a decent profit to remain in business someone has to suffer: the seller. However, watch those same buyers have a fit when they decide to sell and the dealer buys below wholesale from 'them'.

And the wholesale listings are out the window these days even with regard to less common and high quality coins. Rare high grade coins are being dealt more on past auction results than greysheet; especially if the auction results are less.

Back to the original post: take whatever sources you want to a coin show but any dealer selling to you at RedBook listings is over charging you so walk away. Afterall, how can you possibly consider a book issued for 2010 that was printed in 2008 a credible source for 2009 coin buying?

You shouldn't have to take one to a coin shop. The dealer will have one and will be happy to share their copy with you for checking mintage, confirming coin specs and explaining the disproportionate values listed.

 

I don't really agree with that... sure selling at Redbook prices is at times on the high side, but can just as easily be on the low side too.

I'll buy a 1909 VDB Matte Proof Lincoln at the Redbook price any day of the week, no matter what it looks like!!!!

I'll also buy 1909-O Barber Quarters at the Redbook prices all day long.

 

Who cares what the seller thinks, I dont-- I use a redbook to highlight want I have or need. Grey Sheet is great or if you dont want to carry the redbook a Coin Magazine is great it is light and fits in your back pocket. For you that have not been to a coin show I went to my first one in Houston last year and it was great!!

 

The Redbook as noted, isn't a serious price reference. I think it makes sense to get an index card, jot down the stuff you're looking for, and the uppermost you'll pay, and then carry that around in your wallet. I think that way you'll stay on track during a show, etc., and not just pick up stray stuff that looks good that day.