I went to coinfest yesterday and it was very different than what I expected, and I gained from it, but not as I though I would. I expected coinfest to be similar in scope to the other shows that I have been to, just larger. In reality, it was a completely different show. I was mainly looking for peace dollars, hoping to fill many holes in my set, as well as some modern Comm. dollars. The problem that I found was that most of the dealers that had peace dollars had them in key dates, high grades. That placed them way beyond my price range, and when I discussed this with one of the dealers, they basicly told me it was not worth their effort to shlep 40-50 dollar coins with them. Almost no one had moderns, except for one guy with a table full of Ikes. I was able to pick up some coins, including my first CAC stickered (35S in 63). There was not much traffic on the floor (at least compared to the Parsippani shows, but that may be due to it being a weekday), and (as compared to greysheet) prices were fair. The upside of having less traffic was that the dealers were able to spend some time showing off their wares, even though I wasn't a buyer. I said hello to Mz. Harker, & Rick Snow showed me a cool BU doubled date 55 cent in late die stage. I got to see in person examples of the octoganal & round 50$ Pan-Pac. I sat down with Bob Paul (http://www.bobpaulrarecoins.com/) and discussed collecting in general, and got opinions on some of the coins I have inherited (I also bought & sold to him as well; he was one of the few exceptions to the high end only rule). So to sum up: Pros: Lots of cool coins to see, some bargins to be had (under bid) attentive dealers in many cases, lots to learn. Con: High end coins, some dealers were trying to get the better of me (happens at every show, this time it was an MS64 1924P Peace offered at 70, then a "good deal" at 60). I think overall I was happy that I went (I couldn't go to Philly, and Baltimore is too far), but the show was too high end for what I was really looking for. Your thoughts?
Two factors lead to high end stuff at that show - lots of big $$$ New York collectors, and tables are $1000 each dealer cost... much more for corner tables. At 10% margin, a dealer has to sell $10,000 gross just to pay for the table. When one factors in other costs, such as food, cabs, lodging, airline tickets, and so forth, a dealer has to sell 20 grand just to break even. Only then can one start making a living.
I'm glad there were a lot of talkative dealers. That's a big plus for our hobby / industry. A dealer should be quick to show you a coin even if you're not considering purchasing it; it's educational for the hobbyist and good for everyone. I'm glad you enjoyed the show.
