Tricks of the trade at coin shows?

epruyne

I'm going to my first coin show this weekend...it's a local county show so it won't be that big at all I figure 40+/- tables. Just wondering if anyone can give me any advice or any tricks of the trade when going to these things...what to look for what to avoid, the basics.

thanks

braddick

Dress like a total bum.
The Dealers aren't clever enough to have picked up on that trick yet.

ScarsdaleCoin

numobri

Be nice and ask for a discount,you might get it.

ScarsdaleCoin

bum trick...we dealers figured that one out a long time ago....but heres 2c advice.....dont buy a coin more than $50 bucks if it isnt certified by a decent grading company.....dont rush to buy something just to buy yet if it is a really good coin that is very rare dont be afraid to buy it...case in point...I had a fantastic set of halfs in a capitol holder that I purchased at last week show...best set I have seen in years...put it out on the floor for $900...had a fellow look at it 3x he said its the best thing at the show and also the best set he's seen in years....took my card to buy the set...trouble is sold the set to someone else.....those who snooze lose! enjoy the show good luck

mbbiker

When trying to get a deal on a coin don't offer a low amount you know he wouldn't accept. Word gets around that your cheap and dealers won't want to waste time with you then. (happend to someone at my local show) not me.

also bring enough money, if you see a coin and have to go back and look at it 3 or 4 times BUY IT you will be sorry if you didn't

nwcs

Also, don't let your emotions about a coin overwhelm your better instincts. Odds are, that coin or another is always available. I learned a few lessons this way when I got back into collecting. Thankfully, I didn't lose much money (about $40) but it's good to not act merely on impulse.

MadMonk

Don't walk around with a red book, coin mag, etc. (keep it in the car for coin facts)
Try not to impulse buy if you don't have a real good idea of Fair Market Value (FMV)
If you have a want list. List your items with prices that your willing to pay, preferably in code.
If your going with a large budget, invest in the appropriate graysheet. Coin better be nice at that price.
Be Nice.
Don't be a know it all.
If you can't get a cheaper price on an item, you might get a better price buying more than one item.
Don't drool on the coins!

Steve27

Be knowledgeable, which is to say a lot of coins will be overgraded and/or cleaned; be prepared to make those determinations. Carry a copy of the gray sheet, it helps present an image of being an informed consumer. Above all, don't go in with the idea that you have to buy.

nwcs

<< <i>Above all, don't go in with the idea that you have to buy. >>

Excellent point. Again one that took me a few lessons to learn. Get only the coins you really want. That way you're never disappointed. Also, try to look at the coins in all sorts of angles. The lighting at shows is bad and sometimes can hide flaws till you get home and look at it under different lighting conditions.

ferd

I see nothing wrong with having a redbook at your side. There is no need to try and memorize all the prices. That is impossible. Who cares what the dealers think. I always take mine and the dealers are always nice to me and usually will give discounts on their coins. BRING YOUR REDBOOK.

LincolnCentMan

1) Take a greysheet... be sure the dealer that sees you buying sees that priceguide in your hand.
2) Never be rude.
3) If a dealer quotes you an outragious price, dont act like he's trying to rip you off... just say, "I really like the coin, but I think we're too far apart on it." ...refering to the price.
4) Prices on the 2x2 or slab rarely mean anything. If you see something that intrests you, ask to look at it. If after looking at it, you like it. Hand it to the dealer and ask him what his best price is on it.
5) It's ok to haggle, but remember that they've got to make a living to. Dont carry haggleing too far. I used to fight tooth and nail over every dime. It get to the point to where it's not worth it.
6) Have a great time.
7) Buy nice coins!!!

Best wishes,
David

sinin1

Don't spend all your money at the first table - the first time is like going into a candy store - before you go decide what you are buying and why ( complete your collection, long term investment, short term resale)

Remember ther will be tens of thousands of dollars worth of coins there - some will be bargains - some will be 2-3 times what you think they are worth

Talk to the dealers if they are not busy about stuff - their specialties/interests/how they make all their coins look the same/how they make their AT dollars/etc.

gmarguli

<< <i>I see nothing wrong with having a redbook at your side. There is no need to try and memorize all the prices. That is impossible. Who cares what the dealers think. I always take mine and the dealers are always nice to me and usually will give discounts on their coins. BRING YOUR REDBOOK. >>



Sorry, but Redbook means sucker to a dealer.

Bring a Greysheet, not a Redbook. Redbook is retail + some and dealers will know you are clueless about prices if you use it.

nwcs

Another thing to help is to read up all you can on grading. Also, the ANA has good videos on grading, counterfeit detection, and AT. It won't make you an expert, but gets you over a big hurdle and will save you $$$ in the long run.

IrishMike

Get there early so you have first pick of the coins. If you find that coin that blows you away, don't hesitate, buy it. Ask the dealer for his best price and if it's not low enough ask him or her if they can do better. Refrain from negative comments about the coin or the price.

Singapore

My advice -

If you see a coin you like, at the right price, buy it.

If you see something that you MIGHT like, or otherwise aren't sure about, do not get pressured into buying it right away "before someone else buys it".

Most anytime you see something decent you'll probably be told that "someone else was looking at that coin and he'll probably buy it if you don't".

Let him buy it.

gsaguy

Don't blow your budget and don't let anyone 'sell' you a coin. In other words, buy what you like! You'll never go wrong with that.

GSAGUY

CharlieB

For you, I would suggest that if you find a coin you like check
it out thoroughly then hand it back. Walk around the floor some
more then go back and ask to look at it again. If it still looks
as good the second time then buy it.

DocMortar

You should never forget that it is your money! Not theirs. Watch out for pickpockets both figuratively and literally.

Elcontador

If you're new, expect to pay for your purchases in cash. Dealers who know you will typically
accept your personal check. Larger dealers will accept a credit card if the purchase is over a specific amount (varies with the dealer), but expect the credit card fee to be included in the price of the coin(s).

If a coin is fairly priced -- ignore the price on the coin, ask the dealer for his "best price" if you
are interested -- expect to get a 5 to 10% discount. If they are willing to deal on the coin and come down much more than that, it is often a problem coin and you don't want it.

Know how to grade the coin(s) that interest you. Most slabbed material you see will be "just
made the grade" to mediocre for the grade. Most dealers will try to get PQ prices for this
material. Know what is and is not PQ before making a purchase.

If you know someone who has more knowledge than you do re coins on your wantlist, get that person's opinion on the coin(s) before buying it.

I typically pay greysheet plus 10% for a really nice Unc. 19th Century type coin. This varies by
series. It helps to know the "going rate" before making a purchase.

Avoid raw material if you are spending what you think is serious money on a particular coin.

Woodwind

Excellent tips from everyone. Time for me to subscribe to the Greysheet.

About all I can add is be careful of raw overgraded coins. Also, I go with an idea of what specifically I am looking for. Nothing more awkward for me than having a dealer ask you what you are looking for and respond with, "Uhhh, well, nothing really. Just looking."

If this is a smaller show, it may be a great opportunity to get to know many of the local dealers.

indianabyron

The gray sheet is one of the best things you will every buy. I have noticed most dealers like the fact you have one and are looking at it. It does make you look more informed. But still its best if you have an idea of what your looking for. Never go into a coin show blind, one you will get lost with all the pretty sights and sounds two the dealers can smell the rubes and they wont deal with you. After all they are called dealers for a reason. Also if these are dealers in your area get to know them before the show, you will be amaized the deals they will cut you once you know them. Case in point the last coin show I went to I picked up a 1921 1921D mercury Fine both for 60$ each he cut me a major deal.

Aslo know what your going to buy read a little bit no read alot about them. Get to know the coins. if the dealer is worth anything he will be very willing to help you out.




Byron

airplanenut

There is one time to bring a redbook- if you are completing a set... I've seen people walking around with them so they can cross off what they have... they don't look like novices, however, just people using a resource for an extra purpose.

Jeremy

sinin1

If you are looking at top end raw, know what to look for with - cleaned, whizzed, artificial color, and other blemishes that would return them to you in a bodybag from PCGS.

ARCO

keep impulse purchases to a minimum. Smaller shows can be tough pickings sometimes. I recommend looking specifically for coins within your collecting goals. Learn to grade and what a nice eye appeal coin looks like and how the market prices them.

I will add to scarsdales opinion. Nothing raw in UNC. over $50.00. Circulated coins are fine to about $250-$500.00 if you are proficient at grading them, you know how much you could sell them for and they are not dates that are commonly altered (1909-S VDB).

I dont carry any pricing guides as I know generally what any given coin in any given grade is worth within my series, but having stashed in your jacket a greysheet guide is a good idea.

Tyler

Cam40

Be wary of nice looking raw coins in 2x2 flips.In other words,Know how to grade fairly well before buying these.
Buying only slabbed coins .....let me back up..buying coins slabbed by PCGS ,NGC,or ANACS is your best bet by far.
Next to anything in original packaging those are your best deals for getting truely nice coins.

Next to some kind of price guide to take along bring a loupe if you have one.And a pencil and paper to jot down prices for comparing.
It is overwhelming to see all that coinage if your a newbie so try not to get too star-struck.

RGL

Do not allow yourself to be intimidated! If you have particular expertise in a series, do not doubt your sense of grade/price just because a dealer disagrees. They, of necessity, have to be generalists and, odds are, you know more about your specialty than they do. But, do not argue over the finer or little points or try to be a show-off with the dealer. If they get a sense you know your coin and its proper value, you may well get a better price than someone who does not! And agreed ... leave the Redbook, grab the Greysheet or better yet -- with a particular targeted coin -- be prepared to quote bid and ask from memory, shows you know the proper range and have done your homework.

michael

only buy coins with discretionary income

and specialize,,,,,,,,,,,,,,, know exactly waht you are looking at and the value of it!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

if you see a coin within your speciality that you are looking for
and has amazing eye appeal
and has excpetional qualities and it is ressonably priced buy it!!!!!!!!!! if not pass if the seller volunteers to sell it for less ask him what is his best price if you like the price then buy it if not pass just say at that price the coin is not for me

sincerely michael

michael

also bring any books you want to to look up a coin but be polite and do not hog the table dress as you want to

who really cares waht the seller thinks???????????????? and if for some reason a dealer thinks anything negative of you as long as you are acting politely and respectfully [as on anything from that dealer!!!!

move on to another table there are always more coins to buy elsewhere!!!!!!!!!!!!!!!!!!!!!!!!!!!

believe me there is always a better coin at a better price right around the corner

sincerely michael

Endocrinologist

Bring a wishlist and prioritize the list.

Don't buy from jerky dealers. Rudeness doesn't pay. They should go out of business. After a while, when going to a local coin show, you end up only visiting a few tables of your trusted dealers.

Endo

dorkkarl

buy something you LIKE. no , buy something you really, REALLY like!

K S

mrfred

Wipe the sweat off of your hands.

At my first coin show (Central States), I bought my first US Trade Dollar -- I'd been looking for one. The dealer sold it to me totally raw -- not even in a flip. But from previous reading, the price was good and the grade about right. I was so nervous! As I walked away from his table the coin went spinning out of my sweaty hand.

CLING!

It hit the hard cement floor in the exhibit area. Everybody looked at me.

NEWBIE NEWBIE!