Who's going to NYINC?

Did you have these coins set aside for you in advance? It seems statistically unlikely to find 95% of coins within the first 15 minutes of browsing randomly.

 

Log in or Sign up to hide this ad.

In my experience at other shows, you definitely have more flexibility with cash and are likely to get a better price. There does come a point at which cash is impractical though and I have struggled with that conundrum myself. The short version is that I just don't carry much cash and if I lose on an opportunity or pay a little more, so be it.

 

No, there are a few dealers that many people - including myself - rush toward as the doors open as they carry the coins I collect (some of whom won't be in attendance this year).

 

Um, that sounds like one method of obtaining coins, but would not be my approach to evaluating and price-point. My friends who go Early Bird tend to like lower traffic on the floor. I have asked several times to dealers, and most say Early Bird doesn't really matter. Many dealer transactions simply move the coins around the floor, because dealers themselves don't have time to visit all 100 dealers during set up. But a lot depends on what and how one collects.

 

Here are a handful of the coins I've purchased on the Early Bird day which I was very happy to acquire (and which wouldn't have lasted long as there are other collectors who will sweep them up).

It helps to spend an unreasonably large amount of time looking at prices and old catalogs to know what is worth pouncing on when several collectors are all poring over a tray of coins.

I hesitated on one aureus a couple years ago and went back 30 minutes later to buy it but it had already been purchased by a dealer (I found them and gave them a modest profit for it but this is not an uncommon occurrence - that's not worth doing for every coin but when it's the nicest example of a rare type to surface in a decade, it's worth being aggressive).

 

Oh Good Lord. Now not only do I need to worry about getting there on Thursday, I also need to get there within the first 15 minutes else I'll be fighting with the other slackers over scraps!

 

Oddly enough my son is also in Toronto
doing post doc work for the university of Toronto - I was there for a night in 1977. Seemed like a nice city.

 

My son isn't quite at that stage; he's "ABD" in the History of Art PhD program at the U. of Toronto. Small world! I visited him there at the end of February/beginning of March 2020, just about 10 days before the borders closed because of the pandemic! I haven't left New York City since my return. While I was in Toronto, it was way too cold to do a lot of walking around, but we did visit the ROM a couple of times, and I loved it. I took a lot of photos of ancient artifacts and coins that I posted here.

 

Spectacular! But if I miss out on that level of coin by not going on Thursday, that's OK. I'm sure that each of them is way beyond my budget. Especially after having spent a good portion of my (entirely theoretical) annual coin budget on the Vespasian aureus! As someone said in my thread on that coin, I do have to leave myself enough to eat for the rest of the year!

 

Correct. This is exactly what happens. One has a priority list of the dealers who tend to have non-internet-advertised high quality coins and there's a rush. If two or more people hit their table at the same time, the etiquette is once someone has chosen a tray to look at then that's their tray which you can't touch til they cede it, but a dealer likely has several trays of interest. Purchases are price-agreed very quickly sometimes within a minute or two, dealer puts the coin aside for later payment, you cede the tray and either choose another tray or rush to the second dealer on the list and repeat. Because of the tray etiquette - once you are examining a tray no one else can pick a coin from that tray - it doesn't feel as rushed as it sounds. And as for pricing it's relatively easy. A coin is priced at $1500, you ask "will you take $1400 for cheque or cash" they say yes or propose a different number and it's done. Gotta have your wits about you but once you are in control of a good tray with new material, don't rush, take the necessary time to consider quality and value.

Obviously much of the good new material that is not on the internet is sold (but perhaps not paid for) within the first couple hour of the $125 early bird day, but don't despair: dealers buy material also over the counter, and may get material they bought cheaply from auctions earlier in the week, and sometimes dealers one isn't expecting e.g. US dealers may have some ancients, may have surprises

for foreigners like myself who cannot pay by US cheque nor can practically carry cash, work out how you will manage payments in advance: be prepared to pay 3.5% credit card fee or be able to "phone a friend" by which I mean, know others on the bourse who would front - or just guarantee - your purchase in exchange for a separate transaction between you and your temporary banker buddy

 

The old saying is true, "Cash is King"

 

Thanks for this information, it is very valuable. Having never been to Early Bird Day before I would not have guessed that such a feeding frenzy takes place. I’m sure it is closely held information which are the dealers to prioritize for Roman Imperial. Maybe I can hope that if I follow the crowd, there will be some scraps left at minute 16. I’m probably considered a bottom feeder among the Early Birds, so scraps might be good enough for me.

 

Previews today for Heritage, Classical Numismatic Group, and The New York Sale.



edited

 

Its pretty eye opening to see coins of this quality being sold without ever being auctioned or listed on any website.
It makes me wonder just what gems I’m obliviously missing out on

 

I'm not surprised at all that coins like this are sold without hitting the website. But I would have expected them to be placed directly with important clients by phone call or email. The 15-minute Early Bird phenomenon seems unusual to me. Maybe it is a quirk/feature of NYINC.

 

I believe the NYINC bourse is as much marketing/advertizing as anything - maintaining visibility and a reputation for desirable coins. Also a way for dealers to network and trade I suppose. I've heard smaller dealers complain of sometimes barely making enough to even cover attendance expenses, but no doubt some do better. Obviously no-one needs to be there to sell coins that would sell themselves.

I doubt important clients' want lists are being forsaken for NYINC stock - but otherwise dealers are going to withhold some coins coming up to a show like this in order to have something exciting to offer on the floor.

 

Maybe the real purpose of going to big shows like this is for the dealer to meet new well-heeled clients to buy their stuff from then on?

Meeting and talking to people in person might help to build a stronger relationship with new clients and give them the edge in getting their business down the road.

 

A smooth process overall today (Monday). I wanted to re-orient to the hotel, check which nearby bars are still (not re-)open(ed), and pay the early bird vig. The check in folks were impressed with my Excelsior Plus app status, which I suppose was worth getting a third shot for. The hotel is smaller than the Waldorf or Grand Hyatt, but more pleasant and less crowded with other groups. Otherwise, very much like every other recent NYINC so far. I only viewed CNG, due to my particular interests and slab-dis-affinity.

 

edited

 

edited