Log in or Sign up
Coin Talk
Home
Forums
>
Coin Forums
>
Coin Chat
>
First Time Coin Show Vendor (maybe) Questions
>
Reply to Thread
Message:
<p>[QUOTE="1865King, post: 7779720, member: 103207"]I'm not going to bother looking at anyone else that responded to your post because it may affect my comments.</p><p><br /></p><p>If you have never been to a coin show <b>DO NOT</b> set up a table and try to sell your coins. You should first go to at least a few shows before thinking about setting up. That way you'll at least get a feel for what a show is like and how other people are selling their coins. Watch how they make transactions and maybe buy a coin or two for yourself to see how the transaction takes place. Don't assume a coin show is like a flea market. Some very small shows are but, the larger show are a totally different.</p><p><br /></p><p>Don't forget you'll need to pay for the table space and at some shows this can be pricey. At larger shows you may have to actually rent the table too. </p><p><br /></p><p>Once you figure out how a show works then you need to decide on how you want to get your "feet wet". If you're friends with a dealer at the show maybe they would let you sit behind their table just to get a better look at the process. It's similar to a coin shop but you need to be very alert and watch each customer that stops to bourse and look at coins. Most people are very honest but, watch their hands when they look at the coins. Don't get side tracked by someone else that "just" stops by to talk. </p><p><br /></p><p>Next thing you need to do is depending on the state you will most likely need to get a Federal and State tax ID number with the state your selling in. This is so that you can pay them the sales tax on items you sell and of course income tax too. Getting a tax ID number is usually easy. However, I would advise you talk to a tax accountant. They will be able to explain the process as well as tell you what permits if any you need. Do not skip this part thinking you can get way without doing what's required. </p><p><br /></p><p>I've had my own business for over 30 years selling industrial equipment and the tax man will want their cut. I have never seen it happen but, I have heard of the state tax man just showing up at coin shows to spot check people selling at the show. The tax man will NOT walk around a show advertising who they are. They may look just like any other nut at a coin show. So it's in your best interest to have all the proper info on hand. The tax man doesn't care if you didn't charge the buyer sales tax (which is common at a coin show) they will assume you included the tax in the price. So it's best to record each sale and keep that paperwork handy. It's nothing fancy a simple binder or note pad is all you need. Write what you sold and the price. </p><p><br /></p><p>Good Luck![/QUOTE]</p><p><br /></p>
[QUOTE="1865King, post: 7779720, member: 103207"]I'm not going to bother looking at anyone else that responded to your post because it may affect my comments. If you have never been to a coin show [B]DO NOT[/B] set up a table and try to sell your coins. You should first go to at least a few shows before thinking about setting up. That way you'll at least get a feel for what a show is like and how other people are selling their coins. Watch how they make transactions and maybe buy a coin or two for yourself to see how the transaction takes place. Don't assume a coin show is like a flea market. Some very small shows are but, the larger show are a totally different. Don't forget you'll need to pay for the table space and at some shows this can be pricey. At larger shows you may have to actually rent the table too. Once you figure out how a show works then you need to decide on how you want to get your "feet wet". If you're friends with a dealer at the show maybe they would let you sit behind their table just to get a better look at the process. It's similar to a coin shop but you need to be very alert and watch each customer that stops to bourse and look at coins. Most people are very honest but, watch their hands when they look at the coins. Don't get side tracked by someone else that "just" stops by to talk. Next thing you need to do is depending on the state you will most likely need to get a Federal and State tax ID number with the state your selling in. This is so that you can pay them the sales tax on items you sell and of course income tax too. Getting a tax ID number is usually easy. However, I would advise you talk to a tax accountant. They will be able to explain the process as well as tell you what permits if any you need. Do not skip this part thinking you can get way without doing what's required. I've had my own business for over 30 years selling industrial equipment and the tax man will want their cut. I have never seen it happen but, I have heard of the state tax man just showing up at coin shows to spot check people selling at the show. The tax man will NOT walk around a show advertising who they are. They may look just like any other nut at a coin show. So it's in your best interest to have all the proper info on hand. The tax man doesn't care if you didn't charge the buyer sales tax (which is common at a coin show) they will assume you included the tax in the price. So it's best to record each sale and keep that paperwork handy. It's nothing fancy a simple binder or note pad is all you need. Write what you sold and the price. Good Luck![/QUOTE]
Your name or email address:
Do you already have an account?
No, create an account now.
Yes, my password is:
Forgot your password?
Stay logged in
Coin Talk
Home
Forums
>
Coin Forums
>
Coin Chat
>
First Time Coin Show Vendor (maybe) Questions
>
Home
Home
Quick Links
Search Forums
Recent Activity
Recent Posts
Forums
Forums
Quick Links
Search Forums
Recent Posts
Competitions
Competitions
Quick Links
Competition Index
Rules, Terms & Conditions
Gallery
Gallery
Quick Links
Search Media
New Media
Showcase
Showcase
Quick Links
Search Items
Most Active Members
New Items
Directory
Directory
Quick Links
Directory Home
New Listings
Members
Members
Quick Links
Notable Members
Current Visitors
Recent Activity
New Profile Posts
Sponsors
Menu
Search
Search titles only
Posted by Member:
Separate names with a comma.
Newer Than:
Search this thread only
Search this forum only
Display results as threads
Useful Searches
Recent Posts
More...