Going to 1st coin show... question?

Hello all, I'm going to my first coin show this weekend (Northern Virginia) and I was wondering if the dealers prices are firm or can I bargain like a flea market?

Any other tips would be appreciated!

Quite excited to buy coins I can actually SEE first (unlike Ebay) and maybe I'll see some of you there!

 

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Really depends on the Dealer and the coin. Most don't mind if you ask, "Can you do any better on this one" but don't insult them with lowball offers.

 

prepare to be overwelmed. I know my dad was at the same show. If you see him there, remind him to buy high grade coins and not just fillers. And make sure he gets me that nice PCGS coin holder for Christmas.

Have fun!

 

Just me:

• When I buy a single coin from a dealer priced below $25 I usually pay his asking price.
• If I'm buyijng multiple coins, or >$25, I usually make an offer within 85% of his asking price.
• If I don't think the coins are worth 85%, I'm off to the next table without them.

 

In terms of pricing, I have found that sometimes there is some negotiating room particularly on larger purchases. I think you still have to have a good idea of what a coin's current sell price is, and don't forget the condition of course. (My "window shopping" suggests to me that the overpricing is more from overgrading than straight overpricing; i.e. it's a decent price for a VF, except that the coin isn't a VF.)

My sense is that if the coins are significantly overpriced, you still won't get a "good deal" even if the price is negotiated down; it might wind up where it should have been in the first place and it took a while to get there. I guess I am more a fan of "the price is the price".

I don't know what you're looking for, but sometimes those "half price deals" or "bargain books" can be tempting. You still need to understand what the fair price should be. Also, I have seen a few "bargains" where there are significant problems with the coins, so they are not so much of a bargain.

I am not trying to be negative here, just cautious. On balance, I have really enjoyed coin shows even if my own purchases are minimal (which is frequently the case). You will most likely get to see items that you wouldn't otherwise. I have certainly seen coins and paper money that I can appreciate without actually owning.

Have a great time-- be sure to report back!

 

My advice:
Don't buy any key dates that are not slabbed, unless you are confident in your grading/counterfeit skills.

Dealers usually are open to negotiation, although if they say they are firm on their prices, it's best not to even try to haggle. You will quickly learn who will haggle and who won't. Also, try not to pay red book prices, if that is your price guide. These are typically inflated values, but that is not always the case. Most importantly, have fun, learn some stuff, and hopefully pick up a few coins for the collection.

 

Hey vanwag...which show are you going to? I didn't mean to hijack the thread but it doesn't look like you have PMs enabled. I'm in the northern VA area as well...

 

BARGIN AWAY> BRING LOTS OF CASH not a credit card, and dont be rude to anyone unless they are first. Also KNOW WHAT YOUR BUYING. Dont be afraid to pull out a redbook or a value sheet right in front of them. Also if you have loop? BRING IT. Almost every seller there is marking things UP knowing they are going to have to bargin with a collector. Another thing is to NOT LET SOME SELLERS PULL YOU IN. by this i mean, our standing there just looking and the seller starts wipping stuff out saying look at this look at this. I have to say it and please dont take me wrong becuase im a small time seller, but most deallers are SHARKS. As in some way so would you be if you had so much invested. I dont want to say to much about how I go about my way at shows and how i pick out a deal. But i will say this. Look at the seller, listen to how he talks. Ask yourself is he fishing for me or is he just talking? IF YOU SEE A COIN THATS WIZZED, CLEANED OR DAMAGED. Say i see how it got what ever wrong with it. I my self love doing that. lol Last show i went to a dealer was like, Look at this pillar its i great shape. But the fact was it was WIZZED and CLEANED. I said oh yeah ,,look nice for a coin that has been Wizzed,, i saw his face, he then walked away and had his partner try to hook me, lol oh by the way. he was asking 400 for that coin.

 

Thanks Nathan... the loupe is a good idea I hadn't thought of!

Hepcat... Annandale Dec 16-17, at NoVa Community College...ever been to that one?

Thanks everyone else for the suggestions...very helpful & please keep em coming!

 

Do you all bring your Redbook to check values, or will this mark me as a 'novice' (ie... a sucker) to the dealers?

 

Why would having a redbook mark you as a sucker. It only means THERE IS only so many thing you remember. I mean think about it. How many types of US coins are there and HOW MANY DATES. I mean not for nothing, newbie or not you cant remember every single error or price's to match grade's, let alone how may vams there are for Morgans if you are indeed looking for just those. I have seen people at shows with Books and thought nothing but, hey either hes a newbie or hes making sure hes not getting porked. Frankly I stand by not getting porked. Good luck at your show. DONT FOR GET CASH. I cant tell you how may times I have been to a show and thought i wish i brought more. lol

EDIT TO ADD> also ou know if you dont want the dealer to see you wip out the books, You can do a few things, Bring a note pad and pen, stand over what he has and write down what you are looking at with interest. Then go around a corner and look it up. ALSO PLEASE MAKE SURE IF YOUR BUYING SOME THING THATS GRADED by the dealler him self that you FEEL his GRADES are correct. Its a very commen practice to over grade. MAKE SURE YOU CHECK THAT OUT. Or you stand to be spending not just a little bit more then book vale but A LOT. Dont be afraid to buy a few things from the same dealer if hes willing to make a price cut. Thats how i do it, I find a few guys that i like and work with them, Also even though you stand a chance of missing out on something you could get your hands on the first day on the show. Or even if you do go the first day, Go the last day as well. I have noticed that most dealers are more willing to bargin away some stuff those last hours of the show. It means there less for them to go home with.

 

Personally, my advice is never, ever, EVER bring a redbook with you. If you want to bring a greysheet/bluesheet, or if you're a copper nut a copy of Copper Quotes by Robinson or the like, then feel free, but I'd keep it out-of-sight unless and until you need it.

Another bit of advice, is either not to buy anything at your first show, or at least to do a full circle around the room before you buy anything. It helps to keep you slow and also allows you to prioritize what you actually want to look at and think about buying.

Best of luck to you,

Fish

 

Nope, never been there vanwag...but plan on going some time this weekend. This will be a first for me as well...

 

NO redbook, take a list of what your looking for, know your grading skills, and yes Bargain. I went to a show last weekend, picked up a coin marked 57 bucks. It was worth that, I asked the dealer if he would take 50 for it, he came back with 52, I ask if he was willing to loose the sale for 2 bucks he said no, you can have it for 50. I gave him the 52..

 

I usually say: "so much for the tourist price, how much do you really want?" or "How much do you have to get on this coin?"
Really-- bargain away.
Try to get them to use the grey sheet for you, bid and ask prices.
Good luck.

 

It really depends on what you are looking to purchase and how much you are willing to spend! Most Dealers will give discounts or accept offers or make counter-offers on larger purchases but most won't budge on insignifcant purchases. Plan to attend everyday if possible, pack you some food and drinks and be there when the doors open and leave when they close up. The early bird gets the worm per say and the most persisten birds gets fat!

Most Coin Shows have a map of where all of the Coin Dealers and other Vendors are located. If you are looking for specific items, check out each table in the Show for any or all of these. Ask about the prices at each table and note on the map which Dealer it was, in this way you can get an idea as to the going rates and note any real bargains. It is really easy to get caught up in the craze at Coin Shows, so beware that you don't miss a real bargain by moving on to another table when the Dealer at the last table or the one prior to that, had significantly lower prices than anyone else. The coins you wanted, might already be sold when you get around to returning to that table! Keep your eyes open for bargains, your ears tuned to the small talk and your mind tuned to your task and what is going on around you. You might just pick up on some chatter by other Customers about a Coin Dealer that has some really good deals or negotiate a simlar deal that a Coin Dealer gave to another Customer.

If you are looking to Cherry Pick for Errors, Varieties, mismarked Key and Semi-Key Dates or just good old bargains (i.e. coins that were priced many years ago and still have the old prices on them, although the value of the coin has gone up 25 to 40%), don't miss looking through every box and folder of 2x2'd coins. Note: If a coin has a price on it already and the Coin Dealer decides to mark them up in front of you or ask for a higher price for the coin, then tell the Dealer that you will pay the original price and no more, or otherwise you are walking. He might just let you have them at the old price as this is seen as a no, no that Dealers should not do and will relent to save face! (A friend of mine, recently searched through a box of loose Indian Head Cents that a Coin Dealer had at a Coin Show. The price of the coins in the box were $1.25 each and my friend picked out 100 nice old Indian Head Cents and got the Coin Dealer to take $1.00 each for them. We looked through them later and found that most were Fine to Very Fine in grade and most were dated from 1880 to 1900 with quite a few in the 1860's and 1870's and very few past 1900. Heck, he had picked up some Indian Head Cents that were worth from $15 to $30 each and a couple that were worth over $40 each.

Also, try not to sell or trade any coins at the Coin Show, if possible! However if you do, remember that the Coin Dealer has to and is looking to make money, so they are going to come out of the deal on the much better end of the old stick per say and you will probably leave with a bad taste in your mouth!


Good luck and happy collecting...Frank

 

"Note: If a coin has a price on it already and the Coin Dealer decides to mark them up in front of you or ask for a higher price for the coin, then tell the Dealer that you will pay the original price and no more, or otherwise you are walking."
Frank:
This actually happened to me. The dealer checked the grey sheet and realized that the coin had gone up, from $275 to about $425.
He then offered it to me, since he was in 'right' at $325.
I told him to put it where the sun dosen't shine, and walked away.
That was very unprofessional. And he lost a good customer, I have never dealt with him again, and we used to do a lot of business.
He lost in the end.
I used my one weapon, my wallet!

 

I agree with everything said here---a coin show is a great place to find good coins--I wouldn't take a red book----if you are looking for a coin you know of check out what they are going for and remember that in your head---and other wise if you think that it is an alright deal and you are willing to pay it then the coin is a good deal---remember---do it because you like the coin not to make a fast buck.

I strongly disagree with that---if they are rude just move on---there is nothing to be gained by being rude--

I also disagee with that---if someone asks you what you think of a coin or ask you if you think there is a problem then tell them your thoughts but never disgrade a dealers items---that would like me telling you that you look ok but your nose is alittle big---if you don't like the coin you don't have to buy it just walk away---dealers seem to be almost a close network in themselves---if you are rude to one they will all hear about you and not be likely to give you a good deal.

Speedy

 

I usually try to negotiate a little bit, but as someone else said, try not to insult them with too lowball of an offer. My show advice is to make the rounds a couple times before you start spending money. If you know what your looking for and what its worth, you can probably find a very good deal at any large show. Also, if the dealer already has prices labelled on their coins, I like to ask how much they want for them. Its like asking if they will go any lower without actually saying the words, and usually they'll drop it a few bucks.

 

Everything is negotiable. I usually just ask the dealer what the lowest is he can go on a coin, and if I'm willing to pay that, done deal, if not, there are plenty of other dealers there. One rule: never argue the grade with a dealer, only price.