Coin show question.Help & advice needed

Thanks for the information, Paddy.

 

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Hi Keith and Sonny boy!!
Great info by all the contributers thus far. Not one bad piece of advise.
One that really stuck out for me was that indeed with the economy the way it is right now, you are in the drivers seat to negotiate a better deal with a dealer. Thats right too..move on to another if they don't budge. Just remember tho the dealer is trying to make a living, so don't be too aggresive. My fear is that they may see newbie written all over your faces and may think you dont have the interest and drive in strategic negotiating. One way I do it is ask, 'Whats the best you can do for this?'
Pay cash as well...to avoid paying sales tax as there is no paper trail for the dealer.
One last suggestion, if this is your 1st show, why not stick with buying the common dates that you need for his collection, and stick to his price guides. You are less likely to purchase something that may not be up to snuff as far as what it was the suggested grade. As you become more familiar with the format and atmosphere of a coin show and more educated on coins themselves you can step it up down the road with confidence
On another positive note you will find that buying at a coin show a great opportunity to window shop prior to buying. Its great being able to choose the best for the money which is something that lacks when you are going to a coin dealers store you frequent because he is the closest to your home. Your choices are limited. Make sure you get their business card and/or ebay-web addresses of any dealrs you meet that you like. I wouldn't dismiss buying from them on-line if you get a good gut feeling about them.
I think you will find that all dealers enjoy interacting with the younger crowd, as they always enjoy the 'kid-factor' with collecters.
Please make sure you let us know how you made out.

 

One other note I thought I would mention because it's happened to me is, if you run across a coin that you really want to take home, you may want to buy it while you're there. I know it may go against what you would normally think but you have to remember that this isn't shopping for the best desk lamp at Walmart. Very likely, the place will be packed with people, and probably several will be looking for the same stuff you are, with cash in hand.

I was working on my MS Franklin half set at one show. I ran across a guy that had both the 54-S and 55 and they were really nice. I decided to shop around and come back. Low and behold, I didn't find anyone else even selling those dates let alone in that condition. I came back about 30 min. later and the 54-S was gone. So I got the 55 and bought the 54-S at another show 3 months later. Luckily this was an easy lesson, because I knew I would find another. It just made me mad. Next time though, it could be something rarer, and more one of a kind. You have to seriously consider handing it back and coming back later because it just might not be there if it's something nice at a great deal.

The last show I went to with a friend. We both were looking for a nice set of BU war nickels. I had been watching them sell on ebay for weeks for 113-125 range. I ended up finding an unbelievable set at this show in Rockford. They were in a capital plastics holder and they looked like they were minted yesterday. The guy wanted 75.00. I couldn't get my wallet out fast enough. That was the only nice set that was there, (or left) that day. The rest we found were average circulated.

I think there's better deals at shows than there is on ebay. For one, you don't have everyone interested in the entire world, looking at the same coin. It's in person, cash. The seller has no selling fees besides the table he rented. There's no shipping cost or risks and you go home with it for likely cheaper than ebay. Ebay's just kind of my nicotine patch until the next show

 

I can't say THANK YOU enough.You guys have been more than generous,to us new guys.I think after posting this and talking with my son,i am about as excited as he is.I told him to think of some coins that he would like to have and write them down,then we could go through his books to get an idea as to what he would pay.As Dollar1948 has ask,i will let you all know how it go's.

This will be our first time ever going to a coin show.Anymore tips or advice for me,or encouragement for my son would be greatly appreciated.

God bless,Keith

 

I may be a bit of a wet blanket on this but I wouldn't travel for three hours to get to a 36 table show. I don't know where you live but I would check for closer or larger shows. On the other hand I'm also a more advanced collector who is not likely to find anything at a small show. For a new collector it WOULD be more worthwhile to travel a longer distance to a small show because they ARE likely to find material they can use.

 

Considering where you live, you might want to research shows in Mobile, Pensicola or New Orleans (Metairie) as well. Depending on what you collect, shows can be well worth the trip. I suppose people trying to fill out a one per date collection will do best with a list but the real fun at a show is seeing something that you did not know existed (perhaps hard for US collectors but to be expected for World/Ancient collectors like me). The last small show I attended was a complete disapointment as far as things I knew I wanted in advance but I still found 'deals' I couldn't pass up making the trip rewarding.

 

For some possible further hints, tips and suggestions, here is my list.
1. If your not from the area make sure you park so people entering or leaving can not see your car. In some areas cars tell that your from far away and not familiar with the area, people or situations.
2. Keep all money in front pockets.
3. Do not keep all money in the same pocket or roll.
4. Do not take a check book or credit/debit cards unless you really know what your doing.
5. If you do use a credit/debit card or check, make really sure no one is standing behind you watching or using a camera phone to photo your info.
6. If you do use a check, make sure you cover any personal information on that check while filling it out.
7. Do not take more money with you than you really want to use and remember that trip home may need money for miscellaneous reasons.
8. Do not take a Red Book expecting to find coins for those prices. And a Red Book is tip your an amateur.
9. Now here is an important item. Remember that a coin show is in reality a flea market for coins. In other words you are expected to chew down prices. Most dealers know this and have raised the prices accordingly. If you pay the price they are asking, you blew it.
10. If a dealer will not go down in price, walk away. Probably spotted you as a sucker.
11. If you feel like someone is always around you, go to a washroom to see if they follow you there. Then pretend to go outside as if you were leaving and then go back inside.
12. If you feel like someone is following you when you do leave, continue going in and out several times to let them know you know.
13. When leaving a coin show make sure no other car is leaving the same time in the same direction as you. If so, go back to the parking lot and see if they follow you.
14. Do not take a back pack to a coin show. Most aisles are small and a back pack bumping into people is not appreciated. I've seen people asked to dump the back pack or go home.
15. Be friendly with all dealers regardless if they appear a little harsh at times. Remember they are dealing with people all day and nothing is worse than dealing with people all day.
16. Move to Illinois. We have 4 coin shows a month within 15 miles of my house.

 

This travel distance thing brings up an important point.
I usually factor in transportation and any parking costs when making an offer on a coin from a dealer and always include it when recording what I paid for a coin.
Same thing when bidding/purchasing on-line when S&H fees come into play.
Of coarse this factor is irrelevant with this guy and his son....its a good day out together.:high5:

 

Hey Just Carl,Thanks for the list.My son and i will read it i am sure more than once before we go.
Thanks Dollar1948,i think you,as well as others here understand.My son an i have never had much in common,and now after 14 years,we found it.We were at a local flea market,when my son saw some coins,we got to looking and he said he would like to start collecting,and it went from there.I have enjoyed our time surfing the web and reading whatever we can find on coins.We have read a lot,but don't know a much.This will be our first coin show,and i think a small show will be just what we need.I was able to help him get a start on his collection.But back in March 08 i had my 4th back surgery and have not been able to work since.with my wife the only one working,and 2 kids,things get tough.Not much coin buying.He has been working this summer and saving his money,so he will be able to get him a coin or two.As far as the drive,well i think that will be one of the best parts.Plenty of time to talk,something we do not do much.

Well,i guess i have rattled on long enough.And with all the replies,my son is getting more excited with each one.
Thank you all,and God bless

 

And your not the only one. If you frequent coin shows you would notice that the really large shows have dealers from all over the country. They have to stay at hotels, motels, etc. if the show is a multiday show. This cost money. They have to eat food out, buy miscellaneous items for road travel, gas money and/or plane fares, etc. All these fees have to come from somewhere and since they are selling coins and coin collecting merchandise, those items are usually inflated for that purpose.
I go to from 2 to 4 coin shows a month and over many, many years have noticed the best deals are always at the smaller coin shows. These are usually dealers from the area so not much expense as noted above. And if they are from the area you can usually put in request for some items whereas in a large show, your just a passing purchaser they will never see again.
HKWW you should also look into purchasing a Red Book by Whitman. Don't pay to much attention to the prices in that book since for some reason Whitman prices coins about 5 years in the future. Still one of the greatest coin books for information.
As to my previous list of things for coin shows you may have noticed the emphasis on security. Possibly in your area things are not as bad as where I'm at so those might be overkill. I live near the Chicago area and around here it pays to be carefull. Always better to be safe than sorry.

 

Thanks Carl.He has the 2009 issue Red book,that he recently got.After you mentioned reading it,i asked and he said he had read some of it.Well i looked through it and there is a lot of reading.As far as security,I don't know much about security and coin shows,but like you said,better safe than sorry.I know most people are good,however i try to keep my eye on people wherever i go.You just never know.

God bless,Keith