Prices on slabs at coin shows

Sure, as long as they're not standing around at an empty venue, chatting with buddies and complaining how slow it is. I don't know what a busy coin show looks like, haven't been to one of those.

Acknowledging a person, letting them know you see them, excusing yourself for a minute from the longer sales pitch, those are all options I've seen used on me by real sales people.

 

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Yeah good point. I hate when when you sell and a dealer says, "what are you looking to get?" They r just fishing to see how educated you are, and to see if you will lowball yourself so they don't have to. It's part of the game tho

 

Good long topic. After reading all, make sure you remember to ask the priced coins dealer for a sticker residue removal discount.

 

Ha yeah. I bet next time we go to major shows, more dealers will have stickers on their coins! I hope so, with all the activity in this thread and concerns mentioned.

 

I'm not certain I want to enter this thread again, but there are some comments by folks that might show both sides a bit better if a dealer posts his/her take on the observation in question. Also, it appears that there is quite a bit of angst or built up anger from some people toward dealers in general, and/or dealers who do not post prices on their coins in particular, in this thread and I thought I might address that minefield, too.

As disclosure, I am a full-time dealer (I do this as my sole source of income) and I do not place prices on the front of my inventory. However, my inventory is always priced on my website and I also place stickers with prices on the back of each slab when at shows. Interestingly, these prices placed on the back of slabs at shows are lower than what I have listed on my website. That is, I engage in what is sometimes called "net pricing" at shows. I do this for two reasons. The first is that if I can sell a coin at a show I do not incur the expense and risk of shipping. The second is that I generally do most of my business with other dealers, which means I do mostly wholesale business instead of retail business. Therefore, the coins are priced at what I consider wholesale levels at shows. Oddly enough, collectors will look at my inventory and often tell me a tough to find, attractive coins is priced too high, but then any number of dealers will come over and buy the coins at the same price only to put them on their websites at higher levels and have them sell fairly quickly. I believe many collectors are willing to pay more from larger dealers with larger reputations than they are willing to pay from others and this could explain why I have noticed this strange occurrence. Also, obviously, the number of eyeballs one has on his/her site can greatly affect the turnover of coinage.

Now, on to some specific comments in this thread. Please not that I am not slamming anyone, but there are so many similar quotes and ideas that I wanted to address as many as possible in this response.

"dealers are too busy talking to their "buddies"...other dealers"

The above can and does happen at shows, but many times these conversations are about selling coins to one another or about advice regarding the value of a particular coin. This means they are not simply shooting the breeze discussions, but are work related. Of course, there is also a fair amount of general chatting between dealers to pass the time. It might be good for folks to keep in mind that this dealer-to-dealer talking might actually be business and not simply entertainment.

"stuffing their face with food and don't want to be bothered"

Believe me, I understand the above statement all too well. I think most folks understand that it is tough to eat when you are part of a one or two person operation at a table. Bourse hours might be as long as 8:00 AM to 7:00 PM, thought most are slightly shorter than that, and many times auctions interrupt the days or start just as the bourse closes and can stretch late into the evening (I have been at auctions where they were still calling lots around 1:00 AM and I had to be back on the floor at 9:00 AM). I eat a protein/granola type bar with an Excedrin and a bottle of water just prior to the opening each morning. That is typically followed by four or five more bottles of water during the course of the day along with two more protein/granola bars, as needed, during the day and two or three more Excedrin. The Excedrin are needed due to the hard, concrete floors that we stand and walk on all day since they can really do a number of your back. The food options at most convention centers is limited and oftentimes not very appealing. Since dealers are generally traveling to shows with lots of other items, we cannot often brownbag lunch. There is no private area to eat lunch and I detest eating my lunch or dinner in front of a line of collectors. I do the protein/granola bar thing while others buy the convention center lunch. Obviously, we know it isn't elegant and we don't enjoy attempting to eat as quickly as possible in front of anyone; there just aren't many options.

"Walking by dealers with these coins definitely may be a loss for both parties, but I would think most are overpriced"

I don't agree with the above thought, but that does not mean it isn't a valid idea. I net price at shows and extend the courtesy and respect to the buyer that I expect them to have some sort of idea about market value for each coin. Other dealers think similarly. There is also a security concern regarding possibly expensive material in a case where a dealer might not want a sign on a coin saying "I am very expensive and it might be good to steal me or rob this dealer".

"I mean if a coin is greysheeting at 400 and his price marked is 1300, I do not even bother to try negotiating or making an offer"

This might be an example of damned-if-you-do-damned-if-you-don't. In my niche, classic type and better date coins, the Greysheet is often far off of market reality. As an example, a few years ago I purchased a much better date half dollar in a PCGS EF45 holder and paid about $1,900 for it at auction. The coin had a Greysheet value of around $400 in EF40 and $1,000 in AU50 at the time. I paid market value and the Greysheet was out of touch, but if I had that coin marked at $2,200 you might have thought I was either nuts or was trying to rob you blind and you might have walked away.

"In an active show why bother with a dealer that makes no effort to price his wares"

I can understand the above thought process if you are looking to buy easily acquired coins such as newly released ASEs or generic Morgan dollars. If, however, you are looking for tough coins such as original, attractive mid-grade better dates from classic series or would like superb gem coinage with outstanding eye appeal then you man not want to ignore the pieces once found. Even if they have no prices.

"I guess they're fishing for tourists. Tourist prices are the best, never on display and always changing for no apparent reason"

There is actually some grain of truth to the above and I have put that part in bold. Truly, I do change my prices at times during a show. My business model dictates that I am always polite to clients and potential clients, I attempt to educate anyone who wants to learn, I am happy to do show-and-tell and I offer many other services. However, if I detect that someone is rude to me then I am less inclined to give them my best price, which I guess means that I change prices during a show.

"I hate when when you sell and a dealer says, "what are you looking to get?""

When you are attempting to sell a coin at a show then you are now acting as the seller or dealer and the dealer has become the buyer in this transaction. You should know what you want from a sale, just as a dealer should know what they want from a sale. While some dealers might use this information in an attempt to make a score, more often we want to be certain that there is common ground.

I hope everyone keeps in mind that I am not slamming anyone. It just seemed like the experience of someone who works behind a table might be helpful in this thread.

 

Something like this... "I was chatting with a dealer friend of mine at the show, and every so often rude people kept coming up, interrupting us. The nerve of some..."

Now I have to read the rest of your essay.

 

Then your website pricing is most likely overpriced and you are trying to sell what did not budge in the store. Green bean SLQ 1917 D AU 58 FH for $525, steep.

Does your website offer free shipping?

Explaining yourself like this, makes it sound like you aren't your own boss. "But are work related discussions", it's a fun and social event, chat away, just don't ignore customers, make eye contact with them, that's how you'll learn if they want to talk to you. I can chat with one person and look at another, it's easy.

I usually don't have anything in mind when I pop in to a show. If I see a good price, I won't even haggle, no time for that since I don't plan on staying for more than a couple of hours. Sounds to me like there are many missed opportunities for a quick and easy sale and that some dealers prefer to sell less and talk more, so they don't display prices.

Just looks like you are able and willing to play games, both with the higher prices on your website and the above admission.

Absolutely. If possible, it's better to deal with a guy/gal who has prices on display and you can see at what price he/she is selling a similar or same coin that you want to sell.

 

It seems to me that the problem is not the lack of posted dealer prices, but the misplaced assumption that one can simply pop into a coin show for a couple hours and get an optimal experience.

If one allows time to browse that is commensurate with the size of the show, one won't be so bothered by dealers who are not in a rush.

 

That's good, lets forget the customer and adopt an attitude where "the dealer is always right". Just out of curiosity, how long should one suffer at a small show? I don't go to the big ones, for many of the good reasons listed in this thread.

Tom B already pointed out a couple of things. There are dealers who sell coins faster than him and for more money. They have a better reputation and a larger clientele. I'll let you in on a little secret, for one reason or another, it is the customers that determine the size of your clientele, the prices you can sell for and your reputation. How you treat them probably plays a part in their decision. Try to do something to stand out to potential customers, win them over by not standing and chatting with other dealers or stuffing your face.

Here is a gold mine of information from guys who buy coins and yet, there are still those who know better what their client should do, how long he/she should be at the show, how long he/she should wait for their acknowledgement and what an optimal experience should be. When buying a ticket, maybe the "Optimal Experience" should be listed in point form and described in detail, so that all customers know what they should expect from all dealers.

I'm starting to get the impression that people who deal in coins are often introverts. Maybe, it's easier for a few extroverts to be more successful in this field?

 

Overpriced? This exact coin sold at Heritage Auctions on 7 Dec 2013 for $411. Another SLQ 1917 D AU 58 FH CAC sold at Heritage Auctions on 12 Jul 2014 for $470. JJ Teaparty currently has one listed, non-CAC, for $399. PCGS Price Guide? $320.
Quality coins speak for themselves!

 

So do quality dealers. I'm sure they aren't arguing against common sense in this thread. The customer concerns here seem legitimate and unanimous based on real life experiences. No one is complaining about quality dealers that attend to their customers/potential customers and provide visible pricing.

 

One could argue, that you either adapt or perish holding onto old and out of date ideals. The evolution of common courtesy dictates that not wasting people's time, not ignoring them and displaying prices is also a common courtesy. You want to sell to tourists or hard working individuals who don't have the time to putter around a coin show for 2 days? If it's tourists, great, enjoy.

This hobby is mostly male dominated. When was the last time you met a guy who enjoys spending his weekends in malls, window shopping, chatting with staff, etc? When was the last time a guy spent the whole day in a hardware store to get the, "Optimum Experience"? I don't know, some people here seem to be a bit out of touch with reality. I need a tool, I get it in minutes, maybe I'll spend 45 min. looking at new stuff, if I know that there is something I'll need or want down the road. The puttering experience and chatting all day with seniors, does not result in many fruitful sales, at least not ones that will compensate you for all the time you spent chatting, instead of selling.

 

I understand your point of view. I was merely addressing your comment to Tom B on this particular coin that his price of $525 was steep. I just happen to believe it is a fair price when considering the strike/toning for this particular coin.

 

I understand. I just think $425 is what the coin is actually worth if you believe in all the CAC and FH hype.

 

That must be nice to have the luxury of the coin dealer. Not to always provide the best possible service to a person. Of not having to act professionally no matter how the other person acts. Being able not to charge a uniform rate, based on your perception of either how much more can I make or how much a person annoys me. Having the ability to spend someone else's time to be able to negotiate a better rate of pay. Not having to acknowledge a persons existence based on what your opinion of them is.

I don't have any of these luxeries in my field. I can't even imagine how quickly I would be removed from my workplace if I did any of those things on a constant basis.

Because this is the standard I am held to I personally am not interested in buying my coins from anyone who does and if I feel like any of the above is done I take my cash and either buy from someone else at a show or move on. I am the customer and I have the cash. I can pay you the profit or ebay. As a customer with the internet you the coin dealer have competition from every dealer with a website, every dealer who lists on ebay and now even from other collectors online selling their own coins. If you are a dealer you can make a real profit with a customer like me. I buy nice coins. but I don't choose to tolerate behavior that I personally would not be able to display when I am on the job. The thread crapper has some very good points and anyone selling anything would be foolish not to listen. I understand that a dealer does not have all day to just help me just as I expect those I work for to understand that. But I walk away from coins I would have bought rather then tolerate this behavior. And it is not a lost oppertuinity for me because I can go on line and find great coins. I only buy what i like. I don't collect series and am not bound by needing that one coin you might have that others don't. I'm an impulse buyer who just likes pretty coins.

It is legal for a coin dealer to treat people any way they want and price as they see fit if there is no misrepresentation going on. But you will do this without my money supporting you.

 

... and not everyone is as picky or meticulous as the dealer who already analyzed his/her super valuable inventory six ways from Sunday. People are often happy with a nice affordable example of a coin. Having visible price options on display does demonstrate transparency, legitimacy, respect and common courtesy for the customer with a life.

Now, when I'm retired and have aspirations of becoming the P.Hilton or K.Kardashian of my local coin show circuit, I can understand how waiting to talk to all the dealers, for as long as they'll let me stand there, can become very very important.

 

I haven't got much of "life", but I still appreciate the transparency of visible pricing. If I go to a dealer table and see 6 coins that have some interest to me, most dealers become visibly irritated after I've asked for a price after 3 coins are so.

There's also a nagging feeling that I'm being sized up before I get a price and if I fall into the "idiot with too much money" category I'll get a much higher price than the "shrewd" collector. That may not be true, but I wouldn't bet against it.

 

If we are going to go back and forth on this could you please post a pic as I don't know the web address for tomb's store. But it had better have
awesome toning to get a collector like me who pays serious premiums to consider that deal.