Discussion in 'Coin Chat' started by slackaction1, Mar 22, 2023.
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There is nothing wrong with taking coins with you to try to sell. Trading can be a bit complicated sometimes. Might be better to sell to one dealer and then use the money to buy from another.
Sounds like it should be a pretty good show from what I've heard. Not huge, but big enough.
Take your time shopping around and making decisions. And please give us a report on the show in general. It's one I may attend next time they have it.
I am going to try to purchase Gold if I sell anything was wondering about Security at these things if they search you going in with a bag of coins that you have.
I've never had security stop me wearing a backpack at a coin show. Plenty of folks in the show will be doing the same thing.
Have fun at your first show and be sure to share with us how it went and all of the goodies that you bring home!
Leave the gun at home.
Security (if it exists) might or might not ask to look in your bag/backpack when you enter the bourse.
Some other advice; if it's a small show, do a walkthrough of the bourse first to see what type of material is available and from what dealers. That will help you to know where to go to compare coins if you're looking for something particular, and it will also help you to identify which dealers are likely going to be the best target for what you're selling. For example any old dealer may make you an offer on your ASEs based on melt value, but a dealer with a case full of ASEs might give you a better offer because he would have a more established clientele for them and a more nuanced understanding of their value.
While sometimes yes you do see the right coin at the right price at a table and it jumps out at you - absolutely just buy it. But for more common material don't be afraid to look around before you buy. You don't want to buy a coin at the very first table you see only to go to the second table and find a significantly better example for the same price or less.
Make sure you bring a loupe with you and also bring cash. All purchases are assumed to be priced for cash unless something else is specified or posted at the table.
Quite true........you do get some odd looks and raised eyebrows.
A few years ago I attended a small show with a particular date Booker T. commem in an NGC holder that I thought I could swap for a PCGS holdered one (how's that for a run-on?). I found a dealer with what I needed and initiated my proposal.......odd looks, head scratch, and chuckles. In the end he did trade me the PCGS but I won't try that again.
Actually, if I was trying to upgrade a coin to a higher number I might try it.......Coin + cash.
really bad slump, and my usual dealers said they just weren't buying. Their loss; you're supposed to buy low.)
Do make the rounds asking people what they're offering. I've seen offers vary by 20% from dealer to dealer for common stuff.
I've never had anyone ask to search my backpack, but I haven't been to many different shows, so I don't know what's usual.
Good luck, and let us know how you do!
I made some really great TRADES at coin shows, but selling doesn't go to well as most of them dealers buy coins at wholesale prices! That amounts to a minimum of 30 percent lower than retail so if you don't mind making that kind of profit go for it. Much better to TRADE tho!
I can't speak for you experience with trades, that's great if you've had good results with that.
But regarding selling at wholesale prices, don't get caught up in the retail price. It's not accessible to you anyway.
If you have common US material, that is very hard to sell at retail and it takes a long time and a lot of work. The best you can do is eBay and you're paying a lot in fees and in time photographing and listing individual items. Time is money. A dealer may be willing to pay wholesale and buy a large quantity of common material all at once because they can just put it in their storefront and wait for a few years for it all to sell. You're getting that money up front.
It matters even more when you get into specialized US (varieties) or specialized foreign material, because as a collector you most likely do not have the means available to sell an item like that at a retail price. You don't have access to a broad client base for that material, and you don't have a brick and mortar where people will walk in looking for that material. Even if you consigned it to an auction house (even eBay) you're paying significant fees. So the idea that you can sell a coin at retail yourself is simply not true.
Let's say you had a specialty coin that could sell for $1k. If you sold it on eBay assuming you found a buyer at $1k which might take 6-12 months you would net about $840 after fees and shipping costs, and you're taking on a lot of risk. A general dealer in that material might offer you $800 cash in hand on the spot. The extra time and risk in selling it on eBay is not worth the $40 difference here.
Even better if you can find a specialist dealer in that material they might be able to offer you $950 cash on the spot because selling that material is faster and less risky for them. They might even have access to a buyer for the coin at $1200 that you don't know about.
So don't get caught up on retail pricing. If you're not a dealer you're generally not able to realize those prices anyway. Selling for wholesale and having cash in hand is valuable. That's money you can immediately turn around and put into something else that's making you money.
This. Dealers have to make money. It's not reasonable to expect their buying and selling prices to be the same.
Having said that, dealers at shows are competing against each other, and some of them only sell at shows (or online), and don't have the overhead of a brick-and-mortar store with staff and other expenses. I sold my favorite show dealer an AGE, and watched him flip it for a $50 profit. That was something like a 3% margin; I don't begrudge him that in the slightest.
Well, there's another thing for my Bucket List.
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