What do I need to become a dealer at a coin show?

So if you have been in the General discussion in the past 10 hours or so you may have noticed that I am building a coin case for coin shows, if you haven seen it yet why don't you go check it out here: https://www.cointalk.com/threads/am-i-crazy.268993/ . Anyway beside a coin case what do I need. I have a general idea from the couple coin shows I have been to but I don't wanna miss anything. And before one of you wise guys come on here saying "Coins!" I would like a detailed description of what exactly you mean on whatever you said. Let me know if you need any more info.


Thanks for your help!

 

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Have you spoken to dealers at coin shows? That's where I'd start.

 

I have and what I got is pretty much a case and coins. I didn't want to bother them too much with a bunch of random questions.

 

Reference books, price lists, cash for change and purchases, scale, loupe and proper lighting are some that come to mind right away.

 

Red Book? I'm working on inventory so I'll probably print that out before I go. Easy just go to a bank. Check. Check. I'll bring my desk lamp, that should do.

 

Red book is a good reference, but not for prices. Have wifi access to coin cert verification pages, too. No checks! Deal only in cash.

 

Yea that's a good idea. Otherwise you might get something like this...

Suspect Buyer: "Do you accept checks?"

Dealer: "I sure do!"

Suspect Buyer: "What's your most expensive coin?"

 

Know how to detect counterfeit money, too! Don't rely on those iodine pens, they are not accurate at all.

 

I don't really feel like there is a lot of scamming going on at coin shows. Maybe I'm wrong but in the few shows I've been to everyone has violated those rules. I'll keep it in the back of my head but I don't think it is as important as actual being prepared as a dealer and stuff like that.

 

When was setting up at coin shows 90% of the business was done between dealer to dealer.

 

You will need someone to work the table with you.

 

I just did. That sure beats a cigar box. Best thing I think a starter can bring with him is knowledge. In particular, you should know your retail values and what margins you need to hit to keep your costs covered. That will also help you figure out what you can pay when offered coins for your inventory.

 

I'm not a dealer but I'm guessing it would be a good idea to check how much the fee is to set up at a show. Also estimate how many coins (more or less) you will need to sell to cover costs and make profit that is worth all the effort.

 

Maybe supplies to sell, like 2x2 flips, coin pages and stuff?

 

So here a list of questions I came up with, feel free to answer as many ask you can and even answer one that has already be answered.

How big is a table?
What equipment/supplies do I need to bring?
What coins should I bring?
How much cash should I have?
What else should I bring to sell?
How much money do I need to have enough product to sell?
What's is a reasonable table fee?
Should I buy coins?
Should I have a "deal box"?
Is it worth it?
What's a good guide for coin show prices (are the different because it's a coin show?)?
Should I advertise?
How often should I go to coin shows?
How do I set up my table?
How do I look professional?
Would any of you actually buy from a 15 year old?
Do you ever lose money?
Can you post a picture of your setup if you have one?
That's all I have for right now but I'm sure I'll think of a bunch more.

 

Sully, got two 10s for a 5?

 

I would suggest trying to piggyback with a dealer you know and trust that's willing to help you

 

If you are age 15, I doubt if state law allows you to enter into contracts, which some of your transactions (credit cards, for instance?) will be. For that matter, I doubt that they will rent you a table. And you probably can't legally write a check.

The most important tip (above) is to have a partner. Ten years ago, the guy set up next to you would "watch your table" when you went to whiz. No longer.

Finally, in Ohio, guys from the Sales Tax Division come around and ask to see your Certificate. I doubt that they visit flea markets or garage sales, however. Suggest you scrap this idea before you get into an expensive jam.

edit//Stay away from books and supplies. They're heavy, bulky, and a monumental nuisance. Plus, there's absolutely no question you "should" be charging sales tax on them. Some states have inadvertently tweaked the regulations covering bullion and coins, so you might get away with not charging tax for them, but it's a gray area.

 

I've never operated as a dealer at a coin show, but I've been to a number of coin shows. I would say the selling part is relatively easy to do. However you have to decide whether or not you want to be a buyer as well to the public who go there to sell their coins to the dealers. The buying becomes a bit more difficult with the expertise involved, fast analysis and competitive offers, etc, but that may be where the best opportunity exists for profit.

 

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