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Taking the plunge - I am renting 2 tables at my local coin show
Geoman
Posts: 2,491 ✭✭✭
I have finally decided to switch from "coin collector" to part-time "coin dealer" and am taking 2 tables at the local coin show our coin club hosts. This will be the first time behind the table and was wondering what advice some of you could give. The show is a smaller, local show with 25 dealer tables and is a 1-day show from 9am - 4pm. While I have helped a dealer on a few occasions behind his table at a few shows, I haven't tried it solo yet.
I believe I have a good idea of what to expect, but was hoping for some feedback and experience on your "first time." I should have enough inventory and will have cases and lights. I don't plan on doing too much buying, but how much cash do you think I should have ready - mainly for making change, etc. Of course, if a good deal comes along I want to be able to buy it. Keep in mind this is a smaller, local show and I doubt many higher ticket items will be brought in. For a first timer, should I accept checks?
Since I will be working the table myself, is it appropiate to ask a dealer in the next table to watch your items while you make a quick bathroom or food break? I have seen this before and most dealers seem to have no problem watching over the table next to them (no one wants anything stolen).
Is there any comradery between dealers? Or is it more cut-throat since you are "the new guy" and they view you as taking some of their business? I am hoping if you treat others like you should, other dealers will respect you (and maybe even help you along with advice, etc).
I believe I have a good idea of what to expect, but was hoping for some feedback and experience on your "first time." I should have enough inventory and will have cases and lights. I don't plan on doing too much buying, but how much cash do you think I should have ready - mainly for making change, etc. Of course, if a good deal comes along I want to be able to buy it. Keep in mind this is a smaller, local show and I doubt many higher ticket items will be brought in. For a first timer, should I accept checks?
Since I will be working the table myself, is it appropiate to ask a dealer in the next table to watch your items while you make a quick bathroom or food break? I have seen this before and most dealers seem to have no problem watching over the table next to them (no one wants anything stolen).
Is there any comradery between dealers? Or is it more cut-throat since you are "the new guy" and they view you as taking some of their business? I am hoping if you treat others like you should, other dealers will respect you (and maybe even help you along with advice, etc).
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Apropos of the coin posse/aka caca: "The longer he spoke of his honor, the tighter I held to my purse."
Cool thing. Please let us know how it turns out!
I've always wanted to "get my feet wet" like that.
I think you'll do fine.
Too many positive BST transactions with too many members to list.
``https://ebay.us/m/KxolR5
(Years ago I tried that and found I could have made more by selling burial plots in Shangri-La.)
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
<< <i>but was hoping for some feedback and experience on your "first time." >>
My first time was in the back of Brown's Theatre in Snohomish, WA.
Russ, NCNE
Also, thanks for the well wishes. Anyone have any other advice?
Recipient of the coveted "You Suck" award, April 2009 for cherrypicking a 1833 CBHD LM-5, and April 2022 for a 1835 LM-12, and again in Aug 2012 for picking off a 1952 FS-902.
did someone end up with accented hair?
p.s.
best of luck with the show
That poor sheep was never the same.
siliconvalleycoins.com
Presumably after viewing Russ' collection of Accented Hair '64 Kennedies in the back of the theatre?
However, I decided that I would rather go around cherrypicking than get stuck at a table.
Good Luck in your venture...
"La Vostra Nonna Ha Faccia Del Fungo"
John
________________________________________________
I got my first table a year ago. It was a total blast. It was like walking into a new fraternity with instant comraderie. But yes, Dealers will try to cherry pick you. Hold firm and sell to the public, they'll back off unless you let one cherrypick, then the word will get out. On the other hand, it's a great way to make some trades if you know what you have and what you want from them.
The Dealers in my city didn't mind me moving into the show at all, or at least from what I can tell. I've never had a problem with neighbors volunterring readily to watch the table while I went looking at other tables.
I try to make my money at shows by buying, as I assume most everyone else is there for the same purpose. I carry 6 figure cash. I don't want a sweet deal to walk in and loose it to someone else with Cash. It'w way cool when the public walks up to your table looking to sell something. I've had good shows and bad shows financially. First one I made well over 10k profit, second one I don't think I made a dime, but still had a blast.
The best way I can describe it is - FUN, FUN and more FUN., Of course, I'm a collector not having to make a living and pay for traveling expenses.
Let us know how it turns out.
Excuse the spelling. It's not that I'm uneducated, I'm just being lazy right now.
Edited to correct 6 figure. Oopps, meant 5 figure, as in 10k +
- Rube: "I have a bag full of high-circulated-grade Bust dimes, quarters, and half dollars. Who should I sell them to?"
- Dealer specialist in NCLT: "Hmm. Try the guy in the porkpie hat."
====
From Spinal Tap:
Marty: Now, I notice this here, you've got this cricket bat here...
Ian: Yes.
Marty: Do you play?
Ian: No, I carry this partly out of, uh, I don't know some sort of, uh, I suppose what's the word...uh....
Marty: Affectation?
Ian: Yes, I mean it's, it's, a it's a kind of totemestic thing you know, but to be quite frank with you, it's come in useful in a couple of situations. Certainly in the topsy, turvy world of heavy rock, having a good solid piece of wood in your hand is quite often...useful.
Marty: Mhmh.
<< <i>I carry 6 figure cash. >>
Does that quarter mil fit in your pocket or do you have to take a briefcase? How many armed guards accompany you Amigo?
The coin club putting on the show will have officers working the show. Have the Sergeant at Arms or Bourse Chairman stand by your table when you leave to go potty.
Don't expect to make any money. You may, but then again you may not sell enough to have the amount of needed profit to cover your expenses. This is not a good time of year for a coin show. Late October through late March is much better.
Take along an extension cord and lamp. The kind that screws onto a table is best. 100 watt bulb.
Have at least a couple hundred dollars in small bills for making change.
Might be a good idea to take a folding chair. You'll probably have a backup table for each table, but not a chair to sit in if the show slows and you get tired.
Take a lunch. Take your price guides.
Good Luck.
Ray
WS
<< <i>Get yourself some sort of unique identifier --- a monocle, or a cape, or something. This will establish you in the public eye and bring what's called "top of mind awareness."
- Rube: "I have a bag full of high-circulated-grade Bust dimes, quarters, and half dollars. Who should I sell them to?"
- Dealer specialist in NCLT: "Hmm. Try the guy in the porkpie hat."
<< <i>
Whenever I think of a guy in a porkpie hat, I think Kolchak, The Night Stalker!
It'd be a pretty good outfit if you're selling a lot of Romanian coins, I suppose.
-don't assume that you can trust the dealer next to you or any of your customers (sad, but true)
-be prepared to sell your really nice stuff to other dealers before the bourse opens to the public
-bring change for cash transactions
-bring cash/checks for buying opportunities
-make the seller tell you his sell price first when offered merchandise
-smile
-greet browsers and buyers alike, ask if you can show them something or if they have something to sell
-enjoy
-most importantly: before you head to the show, offer me your bust half dimes!
have a great time, thanks for sharing.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>Why are you renting two tables? If you are just starting out, I would think that you try a single table, especially if you are working alone. >>
Because he has that much inventory, I would think.
Joe G.
Great BST purchases completed with commoncents123, p8nt, blu62vette and Stuart. Great coin swaps completed with rah1959, eyoung429 and Zug. Top-notch consignment experience with Russ.
j/k good luck!
Good thread about setting up at a coin show
When you need a potty break, lock all of your cases, take your keys and do your business.
Good luck!
An authorized PCGS dealer, and a contributor to the Red Book.
<< <i>I suggest you read the following thread which discusses this topic in some detail:
Good thread about setting up at a coin show
When you need a potty break, lock all of your cases, take your keys and do your business.
Good luck! >>
This is a great thread.....once again Rich gives out the goodies...
<< <i>
<< <i>I suggest you read the following thread which discusses this topic in some detail:
Good thread about setting up at a coin show
When you need a potty break, lock all of your cases, take your keys and do your business.
Good luck! >>
This is a great thread.....once again Rich gives out the goodies... >>
DRUNNER created it, I just remembered where to find it. So DRUNNER should get the credit for this one.
An authorized PCGS dealer, and a contributor to the Red Book.
<< <i>I don't plan on doing too much buying, but how much cash do you think I should have ready - mainly for making change, etc. >>
I bring two zipped bags. One has $100 in it for making change. I usually have $2 in change, $18 to $28 in singles, 4 to 6 $5 bills, 3 $10 and a $20. I've never had to scrounge for change given that start. The one thing I have run into is that a guy will be something for say $110 and drop two $100 bills on you. It's OK to ask if he has anything smaller.
<< <i>Of course, if a good deal comes along I want to be able to buy it. Keep in mind this is a smaller, local show and I doubt many higher ticket items will be brought in. >>
I bring a second zipped bag with my check books and $1,000 in cash. It's good idea not to handle a lot of cash, especially for dealer to dealer tranactions - do as much as you can by check. The reason is that it can be traced, and if the IRS ever audits you, bank recored transactions are easy to prove.
When buying from the public, sometimes you have to pay in cash. But it's over a grand and they won't take you check, watch out. Although some people are paraniod, there are others who might be selling something they should not have ... if you follow my drift. Buying stolen stuff is no fun, because YOU will be the loser in many cases.
<< <i>For a first timer, should I accept checks? >>
It's something you have to do if you sell any quantity of stuff. And checks are better to carry than a lot of cash.
If you are taking checks from people you don't know, get their telephone number, their address and take down the info from their driver's license. Make sure the data on the license matches up exactly with what is on their check. And avoid "new checks" that that banks had out for new accounts. They can be trouble. If they are willing to give all of that data, chances are the check is OK.
In ten years of business I've never lost money on a bad check, and I've had less than 10 bounce on me. After you have been in the business for while, you get to know who might bounce checks. I had a couple of those guys, and they had to pay cash if they wanted to buy anything.
<< <i>Since I will be working the table myself, is it appropiate to ask a dealer in the next table to watch your items while you make a quick bathroom or food break? I have seen this before and most dealers seem to have no problem watching over the table next to them (no one wants anything stolen). >>
It's OK, but two things. It helps if you know the guy. Second don't leave for hours and expect him to sit there. You can't think you can put a ball and chain on the guy. AND don't expect him to show your stuff to potential customes. That's your job.
<< <i>Is there any comradery between dealers? Or is it more cut-throat since you are "the new guy" and they view you as taking some of their business? I am hoping if you treat others like you should, other dealers will respect you (and maybe even help you along with advice, etc). >>
Every dealer is naturally out for himself, but there is some comradery too. One of the first shows I did, there was a "ringer" there who was known for trying to sell counterfeit coins at shows. One dealer yelled at the top of his lungs for all hear that this guy was headed down the row. Yes we do take care of each other to an extent.
On the other hand don't be surprised if a bunch of dealer desend upon you as soon as you set up. Some new dealers sell stuff too cheap, and the veterans are always ready to pick him off if possible. Your prices need to be fair. That means you need to know the market. Selling to other dealers can be a very important part of your business. It keeps your inventory moving, and you can make money from it. But you must charge fair prices to keep going. That means not too cheap and not too expensive.
I hope this helps.
Bill
(1) Take a wide variety of material. What plays to one crowd might play to nobody in that crowd. I obviously had a lot of VAMs, but my Buffalo nickels and proof Ikes are what really sold well. Glad I brought them.
(2) Be organized and know what you cost basis is for each coin and what a rock bottom price and reasonable current market price is. I prepared a sheet, in advance, just for that in case. Keep such information close to you at all times though. You can also devise a code system to get this onto your slabs/flips for instant access when someone hands one to you for a best price.
(3) If you leave your table, make sure your cases are locked (a no brainer) but also that you have nothing valuable on your back table. The guy next to you will probably watch your zone while you are away, but he isn't responsible.
(4) Also expect thieves. There's money around, they will try to get it. Some of them are quick with their hands. One guy, at one show several years back had a very valuable Morgan dollar in a PCGS slab. The thief apparently located a similar looking Morgan slab, worth considerably less, returned to the table, asked to look at it and slight of hand swapped it. The dealer didn't notice it until the thief was gone. They also use accomplices to distract and steal. I think overall it is fairly uncommon but definitely not unheard of. A new dealer with a nice coin will be a primary target.
(5) You might find yourself doing a lot more business with dealers than expected, especially at the very beginning and end of the show.
(6) Price your coins, not your rock bottom prices but not high prices, or they won't move well. I did a two day show. No prices the first day and I sold very, very little. Second day, I priced everything and covered my table fee lickety split. Sure, I could have gotten more on some than my initial asking price and some security guys will caution against this, but the fact is it can work.
(7) Don't kick out the tire kickers. First, they might actually buy later in the day or the next day. Second, other folks see you as a friendly dealer, and that's the kind of dealer everyone likes. (They go to some unfriendly ones only because they have to in some cases to get particular coins.)
Good luck! It should be fun and a great learning experience.
NSDR - Life Member
SSDC - Life Member
ANA - Pay As I Go Member
1) Don't give other dealers first crack at your best 10% or 20%.
2) Don't buy anything you already have unless it is very, very cheap.
Chris
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
<< <i>I have done this at my local monthy show twice, for what its worth I had "0" success with slabs. Seems everyone is looking for raw material at these type of shows.
Chris >>
If you only have very common modern coins in slabs, I can understand why you have not done well. Ditto for common date Morgan dollars and "widgets." The slabbed coins that work need to have some rarity and sadly that involves a major investment in inventor, which is tough for weekend warriors.
I give away money. I collect money.
I don’t love money . I do love the Lord God.