Questions on coinshow etiquette.

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I use iCoin which is overpriced usually
I just got Coinbook Pro but haven't used it much yet.

 

Surgical or non-surgical?

Seriously, I have seen dealers with these concerns--with coins that are holdered, there are plastic sleeves to prevent scratching, etc.--I recently saw a dealer really upset by having coins returned back to him with the holders scratched. There is some product to fix scratched holders, don't know what it's called.

And on raw coins, I would say absolutely, no handling without something on.

Stopped at a hotel buyer recently who was already to break the gold coin out of a plastic capsule with his greedy little fingers, when I told him I did not want him to do this. But we have to do that to weigh it exactly, he said. I said it is a $5 gold coin, you can just do the math--.965 times gold price per oz. times a quarter.


One thing I have learned the hard way is that you have to lay down the rules when other people want to inspect your stuff.

 

I hear PCGS has a new system requiring subscription which has up to date pricing on everything they certify.

There should be a program where you plug in a coin, date, grade and any other relevant information and the computer puts out a price range wholesale and retail and population figures. Heritage has this but it is cumbersome to use sometimes, but free.

 

Good thread, I'm planning on going to a coin show soon. But I would treat the show like any other comic, sports card or stamp show I go to.

Carry a small list of what I want, I usually put the price of what its going for next to it. And since the dealer will never see my list he won't know I'm checking prices. I also expect the dealer to charge a bit more since they want to make a profit. On some things I don't mind paying a bit more but I always have a set price of what I want to pay.
I always carry a backpack but keep it on my back, inside I would have a hard case binder. This way I can store my purchases in it and when I lean back on a chair the stuff won't get damaged. And always keep things in order in which the dealer has it in, even if its not in order I still put it back the way it was.

 

Why ? That's where I have made my best deals. I mean I know one trader who was paying 23x for silver coins, selling at 25. That week the Gold & Silver Pawn Store quoted me a buy price of 6x for silver coins.

 

Not sure I understand your comments.

If the guy was buying your gold coins, by weighing them, wasn't he was only making sure the coins weighed to specs?
Or was it the fact he didn't have gloves on?
Last gold coins I sold, the guy looked up the weight specifications then weighed every one of them.

 

I went to a show early last spring when prices were still spiking. Melt value of silver was right around 26.5x. One dealer was buying at 25.5x; when I went back in the afternoon with more to sell, he'd upped it to 26x. I think he was selling at 27x. Of course, there was a guy over on the other side selling $10FV bags at 25x.

Last show I went to, I'd been looking for a non-holed ex-jewelry Type 1 gold dollar to use as a hands-on exhibit (showing kids the smallest coins that used to circulate in the US). Cheapest I'd ever found was around $120. Found someone who sold me two for $95 each, when melt was close to $85. Nice ones, too -- one with a clean obverse but damaged reverse, the other the opposite. I could easily flip them on eBay for $120-130 and turn a nice profit after fees.

So, yeah, you can get good deals at a busy show.

 

If it's your coin you have the right to say how it's handled. Of course, they may think you rude, but that is probably better than having a coin mis-handled that you still own.

 

That, sir, is a beautiful thing you said.

 

If your question is whether it is disrespectful to look at dealers coins with a CDN in hand, the answer is no. In fact it will signal to the dealers that you will be wanting a price close to graysheet and that's just fine. There once was a time when the CDN was for dealer-to-dealer trading but those days are long gone. It has now become a "savy" retail price guide. This explains why so many people are upset when a dealer will only offer 10 to 15 back of bid for their items. The truth is dealers often selling at bid or at best at ask, so the only way we can pay for the table and the gas and the hotel room is to buy back of bid. Therefore, bring a copy of graysheet with you and the dealer will offer you coins at a better price and more than likely it will be ask or a few bucks above ask.

 

JCB,

This is what I do at a show.

I ask the dealer for a price on a coin that I like. I wait for him to quote the price and then I look up whatever price guide I use. I decide if the price is close to what I am willing to pay or not and sometimes make a counter-offer based on his price quote.

If the dealer accepts the price, we are both happy and I haven't offended him. You can use whatever list or book that you like to find fair prices, but coin dealers may have more or less money than wholesale in a coin, and they don't always sell at the prices listed. If they got a particularly good deal, they may pass some of the good fortune on to me, if they had to pay more than wholesale, the greysheet price may not be viable for the dealer.

So, to sum it up, ask the dealer for a price, evaluate it, and make your decision. Don't try to figure out what the dealer should want. That's where most sellers become offended by would be buyers.

 

Another thing to keep in mind is any self respecting dealer will not be "offended" by a low ball offer. He may laugh and say "no way" but it's a game, plain and simple, and if low ball offers can upset a dealer then he/she is in the WRONG business. I get a kick out of some of the offers I've gotten while running tables. More often than not it's a feeler jab that is intended to measure the dealers personality and when you take it in stride or even laugh it off the buyer more often than not will result in a realistic dialogue that ends with both parties coming to an agreement. If you find a dealer who is unable to hide his/her anger and lose their composure over something as simple as an offer on a coin, turn around and walk the other way - ASAP! A dealer has forgotten that the customer is #1 then he/she is not a dealer you should feel comfortable working with. There are plenty of solid dealers who will gladly banter back and forth with you on a price, provided you're serious about the coin.