I plan on attending the NY Invitational Coin Show in NYC at the end of July. Since this is my first time attending a large show, I was wondering if I wanted to purchase something, do the dealers take credit cards, or are transactions all done in cash (or check)? Any other items you suggest I bring? Thanks!
Some dealers take credit cards, but very few. Credit card processing companies charge fees that eat into profits. Also, you need verfication and that requires lines for computer-like terminals, which are an expense at a coin show. (The show pays the (union) electricians to wire a table with connectivity -- and the show charges the dealer back.) Also, credit card fraud is often harder to prosecute than check fraud. As for checks, dealers tend to prefer cash, of course. A check is better than no sale, but some dealers prefer to avoid the risk entirely. If you are known to the dealer as a good customer, at least by reputation among dealers, that helps. Basically, cash is king. Some people bring CDN (Coin Dealer Newsletter; "The Greysheet") or similar price guides. Some collectors are terrified of paying too much for something and insist on bargaining at the dealer's price level. The other side of the coin is that dealers spot "fish" by the Greysheets they carry, thinking that it makes them look like the insiders that they are not. (Also, my own interests tend to be away from mainstream US collector coins, so the price guides do not help. And when the time comes for me to buy something like a Cameo Proof or Large Cent or Iron Mine Scrip, I just pay pretty much whatever the dealer asks, though I might counter-offer with a round down: "$17.50? Can you do it for $15?" And, really, I am pretty much in the Zen Blank Mind of the Full Moon on Still Waters mode. I just go there to look, and see, and buy what I did not expect. If I go to hunt for This or That, I feel that I have missed something that I closed my mind to.) I personally enjoy a convention as a practical examination in numismatics. When you hit the bourse floor, you either know your stuff, or you don't. If you haven't done your homework all term, crib sheets won't help with the final. I do bring a magnifier and my reading classes. Dress comfortably. Use your _DEEP_ pockets. Avoid carrying any kind of briefcase or purse if at all possible. (Sometimes, I am on contracts that require some office gear and after 90 days or so on the job, I am pretty comfortable in a suit with a briefcase, so I dress that way for a convention. If I am not working, I go to the show casual.) Take your time. Arrive early; stay late. Come two days or more if you can. Spend the first hour just walking the floor, looking, and smiling and nodding. There are very few items that are so rare that two people are not selling them -- and you will not see them at all if you run through the show against your clock. Also, a pointer: The seller quotes the first price. If you want to buy something, you ask, "How much?" of course. Conversely, if you have something to sell, you must have a figure in mind and say it out loud. Michael "Show dog"
Thanks for the info. I have trouble sometimes with grading, so is a convention a good opportunity to view a lot of coins and get an idea of the different grades? How open are dealers to discussing things like the grade on the holder and why it may have made that grade, etc. (or if a coin has particular eye appeal, why so, etc.).
Where does a rank amateur collector get a Greysheet? And how much do coin values fluctuate? If I have a 2 week old Greysheet, it can still be somewhat accurate, couldn't it?
You can buy individual copies of the most recent issue for four bucks direct from the source: http://www.greysheet.com/web_order/currissu_form.asp
Viewing a lot of coins is always good when trying to work on your grading skills. You can never see enough. As for dealers discussing things - it depends entirely on the person. It also depends on how busy they are. A dealer is not likely to want to stand and talk shop if he can be making a sale to another collector. Going to a coin show is a wonderful experience - it is possible you can learn a lot - it is possible you will learn nothing. For as the saying goes - you can't believe everything you read - well you can't believe everything you hear either. Dealers are just ordinary people - some know a lot, some know a little, and some who think they know a lot actually know nothing. But the more YOU know - the easier it will be for you to judge who knows what. So try to talk to folks - most love to talk about their hobby. If the dealers are busy - strike up a conversation with some of the collectors. Often times they know more than the dealers do. But take what you hear with a grain of salt Above all - have fun ! I've never been to a coin show and not had fun
Longacre, if you want the most insightful conversation and helpful advice from dealers, try them towards the end of the show on the last day. Those dealers that might have been unwilling or unable to discuss grading with you during the first two hours of the show may be more then happy to do so towards the end of the show. Just remember though, not all dealers are created equal. And, not all dealers know how to grade every series as well as they might like to think they do. If you want advice on grading Morgan dollars, seek out a dealer with a lot of action and a table full of high quality slabbed and/or raw Morgans. If you want expert advice on coppers, find a dealer who appears to specialize in early coinage.
Very good advice. I would suggest attending any show on the first day. Many wait until the last day to search for bargains. Hoping that the dealers will give away something because they don't wish to pack it back up. Well today is the last day of the Baltimore Coin and Cuurency convention. 400 dealers were in attendance on Thursday when the show opened. Today (Sunday) most (over 300) are not there. Even I packed up and drove home. Now onto what to bring or what to ask: If you have trouble grading, bring a copy of a grading guide. Most dealers do not have a problem with answering questions about prices or grades if time permits. DO NOT however argue over either. If the coin does not meet YOUR standards, move on to another coin or dealer. A copy of the greysheet is a good tool, but this will not assure that you will get good coins for good prices. That is where you knowledge about coins comes in. It is very rare that only one example of a particular coin is available at a large show. So walk the floor to see what is available. Also ask the dealer for any coin that you do not see. When we attend major shows, the table will only hold so much. We have two foot lockers sitting on the floor full of coins awaiting a spot in the case. Don't go in with pre-conceived ideas. Allow yourself to be open. Too often collectors will search out dealers or companies for which they are familiar. Many good coins can be missed using this method. Do not pretend to be the expert. I see this way too often during the shows. As mentioned earlier, a well versed dealer will spot you coming. If you don't know, ask. Every dealer in the place is there to sell coins. We all know, that educated customers spend more money, and buy better material. So it is in our advantage to assist you. A large show can be very overwhelming. Take comfortable shoes, and be prepared to spend a lot of time. PROPER ETIQUETTE: Never open a dealers showcase unless you ask. Don't assume because they allowed it an hour before that you can do it again. Never pull out more than one coin at a time. Always hand the coin back to the dealer or make sure that the dealer sees you put it back. Never take a coin out of the holder until money has changed hands. Never walk away from the table with coin(s) in hand. Many will turn around to show a spouse or child the coin and this can lead to trouble. Do not interrupt when the dealer is conducting a transaction. You would not appreciate it if done to you. Do not lean on the showcases. Do not place soda's or food on them either. HOW TO PICK A DEALER: This is a question that I hear a lot. The answer is very simple. Many dealers specialize in certain areas. Be it gold or copper or whatever. Dealing with them can lead to your education. You do not have to purchase material to ask a question. Take a lot of business cards. This will allow you to remember the dealer at a later date. Write that dealers table number on the back of their card. That way you can find them easily if you need to go back to their table. MOST OF ALL: Take the time to enjoy yourself. Don't rush around the floor. Here at the Baltimore show, many top coins were on display. Coins that have rich pedigrees, finest known tags, and million dollar price tags. Visit with the dealers. Make new friends and ask lots of questions.
