Newbie questions from someone setting up at a show for the first time

abbyme24

Apologies if this is not the right place to post this - I dont see any dealer-specific forums and while my dealing focus is not U.S. coins, this forum is far more active than the world one.

Anyway, I will be setting up my first table at Long Beach Expo in a few weeks. I had some questions that I was hoping some of the experienced dealers here can answer:

1) Do you display prices on your coins? Why or why not?

2) How do you price your coins at the show compared to how they are priced on your website?

3) What are some things I should bring with me? Aside from inventory, I plan on bringing business cards, stickers, a hanging sign, little boxes for any coins I sell, and a credit card processor for my phone. Is there anything else that a first-time exhibitor might be forgetting?

4) Any general tips or things that you wish you knew before your first time setting up at a show?

Thanks in advance for any feedback!

Cougar1978

1. Have done both. But prefer not putting prices on except cost and sell code on back of holder. Everything negotiable, if they not asking prices people coming in to the show are broke. Putting prices on - other dealers undercut you or you may have moved it at a slight lower price during negotiation vs putting price on.

Coins and currency priced based on what trading for in marketplace and most negotiable. The CDN Dealer app works best for me for research. Beyond that bring red book and Bluebook.

Practice good security, lock your cases if leaving table, if case won’t lock put it’s contents in one that does lock. Never ever leave table with unlocked cases.

Have a cart where you can take everything from car on one trip.

My first setup was sharing a table with a friend who had been setting up for quite sometime. Other Dealers may try lowball a newbie.

Understand your customers - one big spender guy would pick up a bunch of stuff, ask price, counter offer at 30 pct off. Then buy it at that.

abbyme24

@Cougar1978 said:
1. Have done both. But prefer not putting prices on except cost and sell code on back of holder. Everything negotiable, if they not asking prices people coming in to the show are broke. Putting prices on - other dealers undercut you or you may have moved it at a slight lower price during negotiation vs putting price on.

Coins and currency priced based on what trading for in marketplace and most negotiable. The CDN Dealer app works best for me for research.

Practice good security, lock your cases if leaving table, if case won’t lock put it’s contents in one that does lock.

Have a cart where you can take everything from car on one trip.

My first setup was sharing a table with a friend who had been setting up for quite sometime. Other Dealers may try lowball a newbie.

Understand your customers - one big spender guy would pick up a bunch of stuff, ask price, counter offer at 30 pct off. Then buy it at that.

Thanks for your feedback! All good info - I definitely plan on being negotiable on my prices, whether or not they are put on the holder.

I understand your reasonings for preferring not to put prices on, but my case might be a bit unique. After perusing all of the tables at ANA last week, I discovered the following:

• The majority of what I will be selling is not being offered by other dealers (maybe 15% of what I have, other dealers had equivalents to)
• Of the ones that had similar items, my prices would already undercut them by a fair bit

Under those circumstances would that change your prefernece at all?

ShaunBC5

Are you selling premium stuff or normal collector stuff? Do others not have it because it’s esoteric and lightly collected, or just out of the price range for most collectors?
I’m kind of trying to figure out who your target market is (not a dealer, it curious and think it’ll help everyone help you).
Good luck.

Cougar1978

I am not set in concrete on price as long as positive p&l. During a show (pressure on to move it) so my perspective may change to let something go at a lower price to move it. If they see u undercutting them they may lower theirs (negotiation w customer) to beat your price. The bigger ticket they are the more narrow my spread likely to be.

From a strategic view, I have a lot of coins and currency that are low pop and most likely only one in the room. The goal is at least to have positive P&L vs the show expenses.

I do walk around the show at intervals see what other dealers have stuff for. One show a wholesaler sets up (owns swanky shop in another city) so he is going to attract a lot of buyers. Sometimes I might pickup a coin from him. Other dealers may have stuff on invoice (low spread to sell) from local millionaire coin dealer. Example 10 generic PCGS Saints on invoice at bid plus 5 pct. A dealer may buy a few at that or sell / flip some slightly over making a few bucks.

abbyme24

@ShaunBC5 said:
Are you selling premium stuff or normal collector stuff? Do others not have it because it’s esoteric and lightly collected, or just out of the price range for most collectors?
I’m kind of trying to figure out who your target market is (not a dealer, it curious and think it’ll help everyone help you).
Good luck.

Thanks! They are premium Japanese coins. Not lightly collected based on my sales and what I've seen sold, just underrepresented on the show circuit (and maybe for a good reason, so this show is sort of a test for that). They range in price from $300-$30,000 with the average being about $1,000.

TomB

I'll give you insight into how I set up at shows, but be aware I have never been a high-throughput seller and have to be viewed as a "boutique" dealer of attractive, cool coins regardless of grade.

1-I don't display prices. I have a dealer code on the back of the slab and will readily disclose a price if asked, but don't want it displayed. This is partly due to the fact that I always handled really nice coins and really nice coins typically cost more to acquire than not really nice coin and, as such, if folks just walk by and glance at a price they might be rebuffed even if the coin is superb. I want to do business with folks who recognize quality and are willing to pay for it, which in this hobby-industry is a vanishingly small percentage.

2-Priced the same, but willing to come down more because I don't have to ship it and I know it is sold.

3-In addition to your list I would bring an extra loupe or two because you may lose one, paper invoices, some pens for filling out the invoices or handing to folks who might write a check, plenty of water and snacks (I don't need the near-universal fat dealer with mustard stained shirt comment here as I am in far better physical condition than most anyone who has ever approached my table) and Tylenol, Excedrin or some NSAID that works for you since concrete floors can kill your back and a headache isn't good when looking at coins. No doubt I am forgetting things off-hand.

4-Security is everything. Without it you are nothing. Do not do the show if you are not prepared for everything beforehand from the time you are preparing to leave to the show itself to the time everything is put back in a safe place to the time you get home. Repeat, security is everything.

AZDAVY

I put prices on all my coins . Does not waste my time or the customers asking how much? If interested they will ask to see it. One still has the option to negotiate and discount if necessary. Having prices on the coin is simple and easy, customers tell me they appreciate it and wish other dealers did the same.

abbyme24

@TomB said:
I'll give you insight into how I set up at shows, but be aware I have never been a high-throughput seller and have to be viewed as a "boutique" dealer of attractive, cool coins regardless of grade.

1-I don't display prices. I have a dealer code on the back of the slab and will readily disclose a price if asked, but don't want it displayed. This is partly due to the fact that I always handled really nice coins and really nice coins typically cost more to acquire than not really nice coin and, as such, if folks just walk by and glance at a price they might be rebuffed even if the coin is superb. I want to do business with folks who recognize quality and are willing to pay for it, which in this hobby-industry is a vanishingly small percentage.

2-Priced the same, but willing to come down more because I don't have to ship it and I know it is sold.

3-In addition to your list I would bring an extra loupe or two because you may lose one, paper invoices, some pens for filling out the invoices or handing to folks who might write a check, plenty of water and snacks (I don't need the near-universal fat dealer with mustard stained shirt comment here as I am in far better physical condition than most anyone who has ever approached my table) and Tylenol, Excedrin or some NSAID that works for you since concrete floors can kill your back and a headache isn't good when looking at coins. No doubt I am forgetting things off-hand.

4-Security is everything. Without it you are nothing. Do not do the show if you are not prepared for everything beforehand from the time you are preparing to leave to the show itself to the time everything is put back in a safe place to the time you get home. Repeat, security is everything.

Thanks for the detailed responses!

1. That all makes sense, appreciate your perspective on this. I will say as a customer I prefer to see prices up front, but if you're doing lower-throughput of high-priced items then I can understand why you wouldn't display them.
2. Good to hear, that's what I planned on doing or maybe a slight discount (2-3%)
3. The extra loupe is a great idea, if not for me then for a customer in case they forget one. Pens are a good thought too, although I planned on bringing a receipt printer (forgot to mention that in my original post) for invoices
4. I will have a second person with me for setup/takedown and most of the show, but I will need to adjust to being security-conscious 100% of the time.

abbyme24

@AZDAVY said:
I put prices on all my coins . Does not waste my time or the customers asking how much? If interested they will ask to see it. One still has the option to negotiate and discount if necessary. Having prices on the coin is simple and easy, customers tell me they appreciate it and wish other dealers did the same.

It's interesting to hear differing experiences. As a customer at shows I always appreciate seeing prices. I definitely see merits to both but my gut tells me that I should start with prices. Would be easier to remove labels at the show than to spend the time adding them on during it.

BStrauss3

@abbyme24 said:

• The majority of what I will be selling is not being offered by other dealers (maybe 15% of what I have, other dealers had equivalents to)

The simplest explanation is that it's low margin and/or won't sell, so the dealers don't waste space bringing and/or showing it. Were the few dealers with similar material local?

abbyme24

@BStrauss3 said:

@abbyme24 said:

• The majority of what I will be selling is not being offered by other dealers (maybe 15% of what I have, other dealers had equivalents to)

The simplest explanation is that it's low margin and/or won't sell, so the dealers don't waste space bringing and/or showing it. Were the few dealers with similar material local?

As I mentioned upthread they are Japanese coins, so definitely not common at shows. They were not local, it was ANA so they were from all over the country.

RichieURich

Here is a really good thread by DRUNNER discussing his experience at the first show he set up at:

https://forums.collectors.com/discussion/567319/market-report-first-show-set-up-long

Some additional thoughts: I put my list price on every coin except those over $5K. Those coins I price on the back of the coin. I don't want someone screaming "Look - that coin is $35K" so that everyone in the room can hear them. And this did happen until I changed my policy for coins over $5K. The reason I priced every coin below $5K on the front is that the potential customer can see if my price is within his/her "ballpark" and if so will ask to look at the coin. I didn't want to quote prices for 50 coins, would rather quote prices for the selected few that the customer is interested in.

TomB is right about security. You can have a great show, but it's not a great show if someone steals your entire inventory. Suggestions: the coins come out of your vehicle first and are locked to the table. On the way out of the show, the coins are packed last, and are locked to your car with a bike lock. Take a circuitous route to see if you are being followed. One good trick is to take an exit that immediately returns you onto the main road. Look in your rear view mirror, if someone is following you, this will be quite obvious. Then the most important - - no stops to eat at a nice restaurant on the way. Every week we see a report on someone who breaks this rule, and gets their coins stolen.

BLUEJAYWAY

In regard to security,don't stop to eat on the way home.

abbyme24

@RichieURich said:
Here is a really good thread by DRUNNER discussing his experience at the first show he set up at:

https://forums.collectors.com/discussion/567319/market-report-first-show-set-up-long

Some additional thoughts: I put my list price on every coin except those over $5K. Those coins I price on the back of the coin. I don't want someone screaming "Look - that coin is $35K" so that everyone in the room can hear them. And this did happen until I changed my policy for coins over $5K. The reason I priced every coin below $5K on the front is that the potential customer can see if my price is within his/her "ballpark" and if so will ask to look at the coin. I didn't want to quote prices for 50 coins, would rather quote prices for the selected few that the customer is interested in.

TomB is right about security. You can have a great show, but it's not a great show if someone steals your entire inventory. Suggestions: the coins come out of your vehicle first and are locked to the table. On the way out of the show, the coins are packed last, and are locked to your car with a bike lock. Take a circuitous route to see if you are being followed. One good trick is to take an exit that immediately returns you onto the main road. Look in your rear view mirror, if someone is following you, this will be quite obvious. Then the most important - - no stops to eat at a nice restaurant on the way. Every week we see a report on someone who breaks this rule, and gets their coins stolen.

Thanks for the link, very interesting read!

I like the idea about only omitting prices for the higher end stuff. Seems like the best of both worlds. Like you I don't want to have to spend the time quoting a bunch of coins, especially because for a lot of coins I have identical year but MS62,63,64,65,66 etc. I feel like it will be easier for both myself and the customers to be able to see/compare right away.

Appreciate the tips for security, will keep that all in mind.

MFeld

If you have a particular desk lamp that you use/like and feel it would be good to have it at your table, take it with you. Consistent lighting can make a big difference and often, show lighting is far from ideal.

I echo the warnings about security and the next most important thing after that is to have fun!

RichieURich

@MFeld said:

>

I echo the warnings about security and the next most important thing after that is to have fun!

Definitely agree with Mark on the "have fun" part. This is a "people" business and the people you meet will determine your success.

RiveraFamilyCollect

The follow home crew is very quick. Like BlueJayway don't leave your car for food. When you get home get your inventory secured right away, they will break out your windows if you go inside briefly.
If you notice you are being followed stop at the police station.

abbyme24

@MFeld said:
If you have a particular desk lamp that you use/like and feel it would be good to have it at your table, take it with you. Consistent lighting can make a big difference and often, show lighting is far from ideal.

I echo the warnings about security and the next most important thing after that is to have fun!

I do plan on bringing one that has a built in magnifier, but otherwise I was going to use the ones provided by the show. Although another dealer mentioned that they bring their own lightbulbs for consistent lighting which I think is a good idea.

abbyme24

@RichieURich said:

@MFeld said:

>

I echo the warnings about security and the next most important thing after that is to have fun!

Definitely agree with Mark on the "have fun" part. This is a "people" business and the people you meet will determine your success.

Yes that is my favorite part about coin shows! My day job is very solitary and so the social aspect of coin shows (and the little bit of vest pocket dealing I did at ANA) has been very fulfilling.

mr1931S

@AZDAVY said:
I put prices on all my coins . Does not waste my time or the customers asking how much? If interested they will ask to see it. One still has the option to negotiate and discount if necessary. Having prices on the coin is simple and easy, customers tell me they appreciate it and wish other dealers did the same.

Seriously, why not put prices up front on your pieces for sale with a price label? Easy enough to change price at will. Old price label comes off, new label goes on. Price is the thing with most coin collectors. Let me know how much money you want right up front.

FrankH

Just don't put P.O.R. on them.

Manifest_Destiny

Always use Dijon mustard on your hot dogs, which is a sign of wealth and will impress the other dealers.

lermish

@Manifest_Destiny said:
Always use Dijon mustard on your hot dogs, which is a sign of wealth and will impress the other dealers.

PeakRarities

@mr1931S said:

@AZDAVY said:
I put prices on all my coins . Does not waste my time or the customers asking how much? If interested they will ask to see it. One still has the option to negotiate and discount if necessary. Having prices on the coin is simple and easy, customers tell me they appreciate it and wish other dealers did the same.

Seriously, why not put prices up front on your pieces for sale with a price label? Easy enough to change price at will. Old price label comes off, new label goes on. Price is the thing with most coin collectors. Let me know how much money you want right up front.

Another strong point against displaying prices, given to me by Laura, is that would-be thieves casing a show will target a dealer with expensive inventory...I started out displaying prices at my first show but as of ANA I am no longer doing so. I'm just going to do cost codes on the back from now on.

Like @TomB, I don't sell commodities, so I think that anyone spending money with me should know that the price is secondary to the quality of the coin, and I'm certainly not worried about having the best prices.

From a collector's perspective, it is much easier when prices are displayed, but oh well.

seatedlib3991

I have never been a coin dealer but if the coins you are trying to sell are so esoteric I would make one suggestion. I would bring support materials, ie: price guides, reference books etc. that could help you identify the rarity of the pieces. I don't even know if such things exist but I think they would be helpful. James Good luck

MrEureka

A few random tips.

After setting up your lamps and laying your coins in the showcases, walk around to the customer side of the table and see if anything needs to be adjusted.

Many showcases provided by coin shows are old and worn out and can be easily opened (in a second or two) without a key. Play with them before laying out your coins, figure out if they’re secure, and don’t hesitate to ask for replacements if they’re not.

Don’t arrange your coins in a perfectly orderly retail display. Most dealers and collectors are attracted to anything that signals that you’ve been actively buying and selling, not to a case that makes you look like you’ve just been sitting around with a perfect display waiting to catch a rich retail fish with more money than brains. Unless that’s what you’re actually doing, in which case you should also wear a suit and tie.