Sunday, I went to my first coin show (small) in Melville NY. Since I was able to get 11.7X for 90% & 4.4X for 40%, I completely sold out my Kennedy silver. I also sold the 3 2$ bills from this post http://www.cointalk.com/t77212/ for 60$ (a 50$ bill & a 1934A federal reserve note which I saved (thank you to Carl)), giving me (for my mostly self-sustaining collection) enough to warrant the purchase of my first modern commemorative 5$ coin. I also picked up some silver halves (41 walker & 64 Kennedy) below melt in a 50% off box, and my first standing liberty quarter (29). What I learned: 1: You never know what things are worth, and what will sell. I never expected 4.4X for the 40% (highest I have ever gotten is 3X), and I also was surprised with the 2$ bills. I also had some Walkers that I thought might go for more than melt, as well as some Ikes, but since they (the Walkers) were lower grade, no one was interested. As for the Ikes, dealers I spoke to said they could not sell them, so why buy them? (a good point) 2: Its hard to buy specific date common low grade coins. I wanted to get a 64D and 70D for my cardboard Whitman album, but the coins were only offered in BU, which was too much for what I wanted them for. 3: Its easy to buy general common low grade coins. 4: Most of the "general" coin dealers will be happy to talk with you, even if you don't buy/sell anything. They will also point you in the direction you want to go if they can not help you. 5: Since I know nothing about grading, I'm best off buying what I like and/or what I know is worth what I pay for it, rather than risk overpaying for a low grade coin. 6: Prices are negotiable if you are buying something that is not in high demand/high circulation. There was only one dealer selling modern 5$ coins in the original packaging, yet I was still able to bargin down by waiting and circulating. However, cull/low grade Morgans were "bought @14, sold @15" no matter who you went to. 7: If there is a croud around a table, they may have something to offer. The busiest table was not selling any coins, but buying silver at the highest prices at the show (much higher than other offers). I would like feedback from the CT community so I can learn from my experience. I have also posted pictures of the 5$ gold & the 10$ bill.
I do a few shows, on the other side of the table. You are right, "general" dealers are happy to talk to the public, as knowledge and education advance the hobby. But we do show a preference for people who are considering buying! Remember that dealers only have so much time at a show to sell. So dealers will appreciate your getting to the point and trying to help you find what you want, in their inventory or maybe someone else's. But a collector who tries to talk about every coin in their collection, with no intention of buying, is abusing the dealer's time and politeness. Glad you enjoyed your first show. I still enjoy them too!
Of course. Most of my "discussions" were in regards to the walkers I had roll searched, how to grade them, and what they would pay for them (melt ). I also offered my 2$ bills around a couple of times before I got pointed in the right direction.
Coin shows are always fun but you gotta watch out, they are allllll out to get you. At my local coin show theres always tons of people with crappy inventory and they are only trying to hustle you, then there will be one or two guys who are just there selling coins, not tryin to push anything on you or rip you off or anything. I ALWAYS find the best deals with the guys who are not TRYING to sell you on things.
Congrats on your first show. Sounds like you had a great time and did quite well. I think your points are generally correct at most shows. I like the last one, because I just went to a small (25 tables) show on Saturday in Laughlin, NV and there was always one table that seemed to attract a crowd. They were selling gold. Not gold coins, mind you, but gold nuggets. He told people the value wasn't in the content of the metal but rather the shape and matrix and location where it was found, but people didn't seem to hear this and assumed that the prices reflected the gold content, which it didn't. Some people aren't too bright this way. In essence, many spent $1200 for what would refine out to maybe 1/5 of an oz of gold. The guy made a lot of dough. So sometimes those crowded tables are full of fools. Guy~
Did I read that right? You sold 3 1976 $2 bills for 60 bucks? That can't be right. Please clarify....
I agree with your point about not abusing the coin dealer's time. In my area, the shows are few and far in between. Don't tie up the poor guy.
