Discussion in 'Bullion Investing' started by Bman33, Jul 6, 2019.
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prices so shoppers know they are getting a better deal with you.
Not a bad idea. I will also have other dealers there that I have to compete with. I guess I can just figure a fair price and run with that. I don’t want to be negotiating all day unless it’s a huge purchase.
Imho, best wishes!
One could always better your chances on more sales if they purchase more than one for a better price!
10% off for 2
15% off for 3 ....ect.
Yet ,make a limit on percentage.
Good point. I haven’t seen show prices in months. I’ll figure it out one way or another.
I have 41 really junky silver dimes (Barber and Mercs). I could give them out for a purchase.
Hmm, seems kind of backwards to me. Not saying it is not true for you, but gold, being priced almost 100 times higher than silver, seems to be more likely to be the planned purchase versus something so much cheaper.
Myself, I buy silver all of the time on a whim, a lot of it just for the kids. Gold, (lately platinum), is more of the planned purchases.
You are right. I will plan out purchases of silver. Then standing in the dealers place my eyes will focus on the gold gleaming under the glass. I’m worse than a kid walking by the candy counter!
Also, make sure you have a method of tracking what spaces should be empty, vs what shouldn’t. Use Lincoln cents or something.
Limit the number of people and coins/bars you have out at a time. Make sure your buddy taps in when you have a lot of customers.
And, do NOT stop for gas or food on the way home. If you do, your collection goes with. Some dealers have been followed and robbed at gas stations, restaurants and even in their hotel rooms once they left the collection alone.
Be prepared to buy. Most dealers I personally know buy more than they sell...
Lastly, know what all the other dealers are buying and selling for.
From what I have heard from dealers, this is some pretty solid gold advice OP.
Do a test layout at home before you go. If time permits, make an inventory organized based on the layout. Leave space to do regular inventory checks and/or write how much you sold it for. This will help you track your sales and do inventories at the show.
Rehearse your inventory process. Have someone remove a few items from your layout, once it’s set up, and see if you can identify it right away.
Any time you have down time, you should be confirming inventory, calculating what you can afford to buy/sell in your next deal. Know what your bare minimum price for sales will be and haggle down towards it slowly as needed.
Make a poster advertising your intent and attract attention.
Cash on hand will be important to provide change, or to make purchases. Make sure you have a method to quick count it and pull money from it.
Use a fanny pack (if you have one) or something like a backpack. Keep it locked with a small lock (if you have one, you should). If you use a backpack, wrap the carrying strap around your leg and leave it on the ground, or wear it on your back. You’ll feel someone trying to steal your Fanny pack or backpack. You won’t feel someone swiping your metal cash box while you help a customer.
Have a security plan for theft (see what/if the show hasn’t anything in place). Know the doorman and have his number on speed dial.
If you’re not going to display everything at once, have a secure storage plan for those items.
When I retire and open my coin shack in the mountains... You have a job!
If I don’t retire from my job, I will very likely need it! Haha, I’d love to work in coins when I’m retired. My wife says hard no, though, because I hate selling, and she knows my store would just be a front for me to buy more coins.
Lol, yeah, that is my problem. My wife knows full well being a "coin dealer" for me to lead to much more money going out than ever coming in.
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