First (sorta) Big Coin Show

Hey everyone. Saturday, I am attending my first coin show(as in more than three dealers) in Biloxi, MS. I would greatly appreciate if anyone could give me some pointers on maybe how to strike up a good conversation with some people there, or just any advice in general. Thanks!

 

Log in or Sign up to hide this ad.

Here are my tips:

1. Cash is king. Show cash prices typically include sales tax. Card and check prices (if they're even accepted) typically don't.
2. Don't be afraid to negotiate.
3. If you're not sure about a coin, don't buy it.
   
4. The easiest way to tick off a dealer is to reach into his case without asking. Don't do that.
5. If a dealer's table is busy, move on and come back later, or hang around a minute and wait.
6. Don't fumble around with price guides at a table. If you need time to think about it, or look up a price on your phone, do it away from the table.

Most importantly: have fun. A coin show is quite a lot like visiting a gigantic brick and mortar show.

 

Thanks! I will heed all of this advice. It sort of sounds like you have experienced #4. Are you a dealer?

 

No, but I've seen it happen.

 

Me as well. My piece of advice, if you see someone do that and they get caught, don't give the dealer eye contact and give the dealer time to cool off before dealing with him if you choose to do so.

 

What are you looking for at the show?
That would possibly change my suggestions for you.

 

My number one piece of advice. Take some time the night before to make a detailed list of everything you're looking for. You won't know what you need if you don't have a list. It doesn't hurt to write down the values/grades you're looking for as well if you don't have that memorized yet.

Also, walk around the bourse once and see what they're offering before you buy anything (unless you come across a truly stellar one of a kind piece that smacks you in the face). There's nothing worse than buying a coin only to realize there was a nicer one for the same price (or less) at the next dealer's table. If the show comes with a table map, I usually take notes as to which dealers have the material I'm looking for, then I go back to those tables after my first walkthrough.

If you have stuff to sell, bring it with you. Most dealers will buy at shows.

 

make a check list 1st.
1 bring your list of wanted coins/with list of how much you want to pay for each coin/grade wise.
2 bring your own magnifying glass
3 bring possible coins to trade/sell if you have duplicates or just upgrade and paying the difference.
4 never interupt a dealer if he/she is dealing with someone else at his/her table already.
5 always ask to look in their cases. always be nice. if there are to many people at the table go onto the next table.
I always ask for a discount especially if I have know the dealer for many many years. but do not ask for a price so low that it may insult the dealer. I usually ask for a discount if I see that they have multiples of the same coin in the same grade. I also ask for a discount if I buy like 5-10 coins from the same dealer. never hurts to ask. I usually get a great deal by asking. there are some coins that will always demand firm prices. this will you learn after looking at thousands of coins.
6 most important have fun.
7 striking up conversations is always fun. I always introduce myself and ask hi "what do you collect ?" then I show them some of the coins I brought to show my regular dealers to the person next to me also looking at coins. I have met some very interesting people this way. talking coins to another coin collector is the greatest feeling ever. be humble because some people can only afford low/medium end coins while others may surprise you with very high end coins.
8 when leaving to go to your car... be careful... I carry a knife just for defense only. never leave your coins in your car if you are going out to lunch/dinner. take them with you.

 

That's an important one. I once traveled over a thousand miles to a show and forgot my glass. Had to buy one at the show. I enjoy just talking with folks in the hobby.

 

In answer to Duke's question, I am trying to sell a 1909 $2.5 Indian Head to either upgrade and get a better grade, buy a flying eagle cent, or a twenty cent piece. All of them appeal to me.

 

Questions:

1. Is a 16x loupe too strong?
2. Is sort of going if Heritage's online recent price guide thing a good idea?

 

10X is good enough I think (I use).

 

If the guy next to you asks the dealer for a certain coin the dealer may not have in his case just remember to keep quiet until the dealer is through. If you jump in with an offer to sell the guy yours or point him to another dealer you are likely to see a dealer meltdown. Wait until you both walk away.
Remember that the dealer had to pay a few hundred dollars for his table. And, he may have that coin somewhere in his backup inventory. So, just be cool.

 

16X is great for error coins where you need a really close look at a date, mint mark or a doubled die. For just normal viewing, 6 or 7x is what you need.
Too much magnification can make any coin look bad.

 

That may not be enough. Shows always encourage buying from or selling to the people who have bought tables, but making deals on the side is heavily discouraged -- the shows want to protect their revenue stream (table rentals), and they want to keep the dealers confident that their rental money was well-spent.

Trying to deal without a table can easily get you thrown out. This is something that surprised me when I started going to shows again. Fortunately, I found out about it before I embarrassed myself.

 

That must have been a lot of "FUN"! Larry, did you buy one of the loupes that over-grades or undergrades coins?

Chris

 

@Trust

Never ask a dealer, "Is that your best price?" Make him an offer!

Be sure to say "Thank you" even if you don't find anything you want.

Chris

 

@cpm9ball

I'm terrified about actually negotiating. When I'm selling I'm afraid I'll ask too much and offend his intelligence, or too low and lowball my own self. And when I'm buying I am afraid to undercut him. So any advice?

 

Practice negotiating at yard sales and flea markets, and remember, the worst they can do is say "No!". If they give you any other answer, it means they are willing to negotiate.

Never try to get a lower price by bad-mouthing a coin. All you will do is irritate the seller. When negotiating, always be polite. It's better to say something like, "Would you consider accepting $XX for this coin?" rather than "I'll give you $XX for this coin." Making it sound like an ultimatum almost never works.

Chris

 

Never take the coins out of the dealers sight. Always leave them on the table around where he can see.
Don't be afraid of half off bins. They are fun to dig through and you never know what you'll dig up!