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Thread Title: Setting up as a dealer in a coin show tomorrow
Created On Friday August 23, 2013 5:55 AM


WestySteve
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Friday August 23, 2013 5:55 AM

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We have a small local show here tomorrow. Tables are so cheap that I figured I may as well set up. $25 for a table. I figure I have enough stuff now to make it worth my while. If I don't sell anything, I'll have made a nice donation to our club and helped our club by providing some variety.

I'll let ya'll know how it goes.

Steve

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Edited: Friday August 23, 2013 at 6:49 AM by WestySteve

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Smittys
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Friday August 23, 2013 6:58 AM

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Do you have a tax number ?
a lot of times agents for state sales tax departments check out these type shows

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Tookybandit
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Friday August 23, 2013 7:32 AM

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Don't scary the guy!
If he is not set up as a full fledged business he can use his SS# and he's good.

Edited: Friday August 23, 2013 at 8:36 AM by Tookybandit

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BrownBackFive
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Friday August 23, 2013 4:36 PM

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Hey Steve! Good luck at the show! I am sure you will find it a fun experience and you may even find some goodies to buy. (As for the tax license comment - virtually all states have an exemption for those who only set up less than 3 times per year - I wouldn't worry about that)

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Interested in nice Brown Back notes and anything cool ! Read my "Hotz Off the Press" column in Banknote Reporter every month.

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Andres
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Saturday August 24, 2013 2:25 AM

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Do you have an assistent to keep an eye on your stuff, when you are talking and showing goodies to a potential buyer ?

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collector of Indonesian-Dutch-and US paper money & Shipwreck coins

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Smittys
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Saturday August 24, 2013 5:40 AM

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<< Hey Steve! Good luck at the show! I am sure you will find it a fun experience and you may even find some goodies to buy. (As for the tax license comment - virtually all states have an exemption for those who only set up less than 3 times per year - I wouldn't worry about that)

I've set up in four different states and ALL required a tax number.

But the best way is to check with your local office.
It wasn't to scare to but to protect you.
Good luck I started doing shows when I was 19, it great fun !!!


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Jimjumper
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Sunday August 25, 2013 7:18 AM

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Let us know how it went. I've thought about occasionally doing the same thing. You new guys are the ones to look at closely cause you have stuff I haven't seen at the last 3 shows. Good Luck!

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WestySteve
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Sunday August 25, 2013 7:56 PM

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Hey guys,

Thanks for the feedback and the luck. Well, the show was interesting. First of all, there was a big show 200 to 300 miles from here in Dalton, Georgia, so that may have hurt our attendence. Compounding things, we found out the day of the show that we also had another show in Chipley, FL, which is about 2 hours or so from us, so we really only had a chance of pulling people from the local area, and maybe from the east.

Then, we only had 7 dealers show up, wich was probably actually a good thing since the small amount of traffic was only divided seven ways. Since this was just a club show, the tables were only $25, and I only bought one...they gave me two anyway since the dealer numbers were so low. So with a paltry $25, the bar was set low...right?

I got there before the show opened and set up. I had my 12 year old daughter along, and borrowed a locking display case from a club member, so I felt pretty secure. I put some checks into a display case as one of the two exhibits we had at this small show. Then I cleverly put some checks up for sale, thinking that my exhibits might inspire people to buy from me. Didn't work!

So after I set up, I had about $4 or $5K worth of currency, less than $100 worth of vintage checks, and only 12 coins. Yes...12 coins.

Then I went around and shopped the dealers for any good deals on currency before the doors opened. One of my dealer buddies had a couple of nice NEWPs that he had priced, but not put in his books (placed in inventory). They were CU 1935 SCs and his asking price was $10 each. I had my Lindquist book with me, and learned they were worth $30 and $50 respectively because they were semi rare blocks, so I bought them immediately. The note worth $50 might be a gem...nicely centered. While we're on the topic, later in the show, I noticed one of the coin dealers had a few small containers of notes. Most were pure dreck, but one box had some CU modern $1 stars. Out came the Lindquist again and I bought 6 CU notes for $3 to $4 each that were worth $5 by guide (mostly because I misread my guide in haste!)...but I did buy two XF and one CU notes that had a value of $50 in CU for $3 and $4 each, so I made out pretty well on a $26 group purchase. I'll never attend another show without Lindquist! I almost bought a nice run of MPCs that probably AVERAGED CU66, but they were spotted by a sharp-eyed rival first who saw them in a coin dealer's backstock. The DEALER NEVER SET THEM OUT! I was kind of miffed about that...he wanted to sell them, but didn't set them out for sale when he had a fellow dealer selling almost exclusively currency? That baffled me.

OK, so how was the show? Most of the people were there for coins. But since the show was slow, I tried to show them currency anyway in a very low pressure manner. Not to turn them off, but to promote our hobby. I think it helped.

Customers? Not many. One guy came up and bought one of two problem free large cents that I had for sale. It was a coin I bought for $25 that I sold for $50, so that paid my table fee. Then I showed him currency, and ended up selling him a nice VF+++ raw funnyback for $20 that I bought for $10...mostly because I wanted to be in the black. I had lots of people show up and only look at coins and leave. But I did sell a couple of cheap foreign notes to a completionist, and finally, I sold a Silder AU58 $1 Hawaii and a UNC funnyback with serial number like xxxxxxyz ...interesting...but not worth much of a premium. We were both happy on the sale. Later in the show, I had a collector sniffing hard on my other problem free large cent, and I almost sold a nice replacement MPC, but no sale. Had one guy who really wanted to buy another one of my Hawaii notes, but he wanted stuff that was more low grade.

I had three buying opportunities. Two were total dreck and I passed onto a dealer who handles lower end stuff and he was fairly busy the whole show. Dreck sells if you buy it (almost) criminally cheap and sell it cheaper than everyone else. The third buying opportunity was unbelievable. At the end of the show, a middle aged couple had some gold to sell. Most were mint products (bullion), but they had one BU $20 Double Eagle (1903) with lots of luster. I think it could be MS63. They were asking melt...and if they keep their word, my wife and I will purchase it tomorrow to hold longer term. Should get it for $1340 (melt), and if I'm grading it right, I think it's worth $1500 to $1600. Not a great deal, percentagewise, but we were looking to buy more gold anyway.

This is a long, long post...thanks for staying with me....here's your dessert. What did I learn? I learned that I need to adjust my inventory. I think midgrade interesting cheap notes might actually sell well if you pay wholesale and resell at a good price. Like perhaps VF Hawaii $1 notes might do well. (contact me ) I do not want to be a coin dealer, but I can see that if a guy knew what he was doing, it could make a lot of sense to buy really nice coins to resell when he could get them at a good price. Like problem free large cents or bust coins. You know...just to supplement sales.
Finding uncleaned, unmonkeyed with coins at a good price would be a challenge, but they'd definitely sell...so I'm thinking of seeking them out. As for currency, I want to stick to the higher end material, but it might make sense to carry midgrade bread and butter stuff like those Hawaiis, Africas, Gold certificates, etc.

Steve





-------------------------
Buying Scrap Gold Rings: Link for More Info


Coming Soon: My new website for your collectibles purchases

Edited: Sunday August 25, 2013 at 10:09 PM by WestySteve

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Constantine
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Sunday August 25, 2013 8:16 PM

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Steve, your experience seems like the norm for a small local show. Dreck does indeed sell when it is a bunch of people looking to spend a max of $50. But that does all add up for the right sellers though. I agree that the low mid-grade stuff is good for a local show and focus on bringing the "good" stuff for a bigger show.

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Buying Fancy Serial $2 FRNs ~ 1976 to 2013


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Jim61
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Monday August 26, 2013 4:37 AM

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Interesting read on your first show report. Thanks for your observations.

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Jim61
Looking for $1 CU FRN radars 16566561, 16977961 and 16888861.
Looking for $1 CU FRN 99999961
Looking for $50 FRN 00000061

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Tookybandit
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Monday August 26, 2013 5:30 AM

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I enjoyed the read! Sounds like a good experience and a win overall! Looking forward to hearing about your next adventure.

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Jimjumper
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Monday August 26, 2013 8:08 AM

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Thanks for the post-show report. It's interesting to see the dealer side of shows even if they are smaller shows.

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mfontes
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Monday August 26, 2013 8:56 AM

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I agree as well. It is interesting to hear stories from the other side of the table. Thanks for sharing.

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lettow
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Monday August 26, 2013 9:53 AM

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<< Steve, your experience seems like the norm for a small local show. Dreck does indeed sell when it is a bunch of people looking to spend a max of $50. But that does all add up for the right sellers though. I agree that the low mid-grade stuff is good for a local show and focus on bringing the "good" stuff for a bigger show. >>



I have helped out a dealer with his paper money only table at local coin shows. This has been my experience as well. Cheaper, interesting stuff sells based primarily on the "cool" factor.

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