Attending my first Coin Show

Hello all,

I'm new to the community and on Thursday I'm attending my first coin show in Tinley Park, Illinois (Greater Chicago Coin & Currency Show)

I recently inherited a large coin collection (80% of it slabbed and graded, and a variety of gold and platinum bullions and eagles as well as circulated rare coins) that I'm in the process of organizing. What tips do you have for attending my first coin show? My plan is to educate myself and collect information from dealers. I'm planning on bringing my inventory list as it is so far, and perhaps a few examples of coins from my collection (honestly if I can sell any that day, that would be awesome, but I'm not sure the etiquette for these things if you're random person attending the event)

What advice can you give me so I go to the show most prepared and I get the most out of it?

 

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How much do you know about coins? Did you collect before you inherited?

 

Dealers are (almost) always happy to buy from the public at shows.

You're not supposed to directly sell to or buy from other attendees; the folks set up at tables have paid for the privilege of doing business there, and don't want unpaid competition.

It's a BIG no-no to interfere with negotiation between a dealer and an attendee. Even if you're sure a dealer is low-balling an attendee who's trying to sell something, stepping in and offering the attendee a better price is a sure way to get shown the door.

Around here, most dealers will pay cash, as long as the transaction isn't too big -- I've never done deals much more than $1-2K, and I wouldn't be very comfortable walking around with a giant wad of 100s anyhow.

Don't be in too big a rush to sell too much, though. If you sell without knowing what you have, you could come away with a lot less money than you deserve. Most dealers will ask "how much do you want for it?", and if you ask for a tenth of its actual value, they'll pay you that with a clear conscience. Asking "what do you think it's worth?" puts the onus back on them, and an honest, ethical dealer will give you a fair assessment. Just remember that (1) not all dealers are honest or ethical, and (2) all dealers do need to make money, so they need to buy for less than they sell for. If you see a coin on display in their case for $300, don't expect them to pay you $300 for an identical coin.

 

Congratulations!

Selling coins at a show as a collector is easy. The only etiquette to observe is that you should never try to sell on the bourse to anyone who doesn't have a table at the show, and never interfere with the dealers doing business.

Are you intending to buy or only to sell? Do you intend to keep collecting? If so, what do you want to collect? What's your purpose in attending this show? There are several possible answers to each of these questions, and how you answer will affect the advice I'd give.

 

Take your time. Walk around and see who is selling the same type of material. Get a couple offers. Especially if you are looking at less common material.


Be aware that if you are selling stuff that is selling slowly, the dealers who already have 'enough' to sell may not be interested in buying from you today. That doesn't mean next show they won't have a major need...

Common 'stuff', well - American Silver Eagles (ASEs) are common. They are 1 oz bullion coins (albeit in a couple finishes) and most grade MS69 or PF69 (the scale runs from 1 to 70, theoretically a 70 is a perfect coin). The deal with these is the big dealers buy boxes from the mint, hoping for a decent % of 70s. 70s pay the bills and make the money, 69s are sold off -hopefully- at break even. But the prices are heavily dependent on the current (spot) price of silver.

Circulated truly rare coins are less common - there is a market, but it's not always a big, fast moving one.

If you post some examples of your inventory, we can give you some ideas...

 

Just to emphasize what was already heavily suggested above, research what you have and ask for opinions. Honestly, you should probably hold off on selling anything at your very first coin show. Collecting opinions from dealers is fine, but if you're brand new to the industry/hobby the chances of making a sale that you might regret later are probably high. Read. Research. Observe. Talk to people. Get to know a few dealers. Establish relationships. Get multiple opinions. Learn the trade and meet some people and then you may get the most out of your sales.

 

Like others have said familiarize yourself with the material you have and get a feel for what a show is like first before diving into buying and selling. Don't avoid buying or selling, but make sure you don't rush into a decision or feel pressured into selling at any price.

Also, note that the Tinley Park show is a medium sized one. The major one for Illinois is the Central States show in April (in Schaumburg). That show will have more dealers and a potential to get more offers.

Experience the Tinley Park show first, and then you'll be more prepared for the next big show (like Central States).

Some details on Central States:
http://www.coinzip.com/central-states-coin-show

 

This might help a bit to explain where I am in the process:

https://www.cointalk.com/threads/best-digital-organization.290974/#post-2648336

 

1 & 4 I do not intend to buy, only to sell, but my main purpose for attending is to educate myself on coin collecting
2 & 3I do not intend to keep collecting, but I am finding it interesting and plan to keep some of the collection

 

FYI I've done a lot of research online (this forum has helped), bought the latest Red Book, and dug into ngc and pcgs websites. First and foremost, I need an inventory of everything I actually have. I've begun, but I'm starting with the easiest (everything that's slabbed and graded) and I'm only about 25% finished with my inventory list.

I'm attaching a few photos of what I'm working on and a few examples of what I'm working with, but be aware I won't be ready for much advice until I actually know what all I have. I have not included photos of the coins that are not slabbed, as there are many of those as well (most of those are also $5, $3, and $2.50 pieces, as well as older 1800s eagles).

This is my main purpose in attending the coin show: to educate myself. I figure in person knowledge is more helpful sometimes than simply researching online.

I do plan on eventually liquidating much of the collection, but not doing it without the confidence behind being somewhate aware of the industry and the coins I have.

I have left my job to work on my father's estate (he was a farmer as well) and I want to make sure I handle this properly and I thank everyone for their advice.

 

Someone else said this, but I will say it again. Don't sell ANYTHING until you've been to 3 or 4 coin shows, and don't take any coins with you. Just be content to browse and listen and observe.

Many shows have free samples of coin papers and magazines; pick them up on your way in - by the time you leave, they'll be gone.

Most dealers don't have time to teach you anything. This is a business, not a flea market. They may be "accessible" if you look like you're going to buy something, but when one of their
regular customers shows up, you're toast. You might buy a 2018 Redbook; the prices aren't especially accurate, but the amount of general knowledge inside is astounding.

Good luck.

 

Since most of the coins I'm currently dealing with are already slabbed and graded, and I've looked up everything on my inventory list in the Red Book, I'm aware of the values on them--should I expect to receive what ngc lists as the value, and should I be asking for that amount if I want to sell, or should I expect in this situation to receive less? I know Red Book and NCG list retail values, not necessarily what a dealer will give you. Thanks for the input and advice!

 

Thank you, good to know what to expect, I appreciate it.

 

I don't think a coin show is the best use of your time if you just want to liquidate the collection and get the maximum money out of it.

Since you have primarily slabbed coins, I would find someone to help you sell it at auction. For the non-bullion coins, GreatCollections.com might be a good place to check into. Bullion coins, unless you have slabbed MS-70s, you can unload pretty much anywhere for a reasonable amount, based on the current price of the metal.

 

also do NOT leave your coins in your car if you go to lunch or in a hotel. keep them with you. do realize that dealers have to make money on a coin. you will usually never get full retail unless it is a very rare coin. I once used my well known dealers to come over to a table and give me their opinion on a coin and it's grade. it never hurts to ask.

 

I have heard it is always a good idea to keep in mind the Red and Blue book prices are at least a year old so they are a rough estimate. Places like ebay, heritage auctions will help if you look at completed sales they will give you an idea of what people are paying for some of your coins. Remember to only look at recent sales. Just my thoughts because how can you be sure who is honest without some degree of knowledge yourself. Good luck

 

As others have said, dealers must offer you less than they expect to sell the coin for, or else they can't stay in business.

The Red Book gives some idea of relative value, but its prices are almost always high. You'll never get that much for your coins, and if you pay that much, you've probably been had.

For slabbed coins, you can use completed auction results to see how much equal-grade coins have sold for. There are caveats with that, too, though:

* Not all coins are equal, even if they have the same grade from the same company. Better coins can always get more money.

* When you sell at auction, the auction house gets a cut. On eBay, the buyer pays the listed closing price, and the seller is charged a fee of up to 10%; at other auction houses, the buyer pays the listed closing price plus a "buyer's premium", and the seller may or may not be charged a fee as well. These fees can easily add up to 20% or more of the closing price.

One closing thought: Dealers are often ecstatic to see sellers who are new to the hobby, or not interested in the hobby, because those sellers end up providing the best deals for the dealer -- in other words, selling coins for much less than they should. Don't be eager to leap into that role.

 

Definitely working hard to educate myself so I don't become THAT person, the whole point of being on here, researching, and learning as much information as possible to NOT become a sucker

 

Never! I'd always keep them with me.

 

At least 30% of the slabbed coins are MS-70