My First Show - as a Dealer
Prethen
Posts: 3,452 ✭✭✭
Well, I finally did it. Plunked down the table money, borrowed a couple of display cases, lamps, some extra inventory, and played the part of a coin dealer...for the first time ever. The show was a two-day firearms show in Castle Rock, Colorado. There were two other coin dealers. I thought this would be a good way to get my feet wet and force me to get my inventory properly organized to show. Heck, the table was only $35 for 2-days. I spent somewhere upwards towards 100 hours getting prepared (some of that time was not necessarily for the show but it does factor into my inventory preparation and research).
Day 1 - SUCKED! I barely made enough to buy a burger and fries (which is typical dealer fare as far as I can tell) and definitely not enough to make up the table fee. Quite demoralizing of a day. I did have the fortune (sort of) of have someone want me to buy all of the "key" proof silver eagles and modern proof sets (93-95 SAE and 2001 clad proof set, 2-1995 silver proof sets, 1999 silver proof set, 2001 silver proof set). I paid what I thought was fair money. That night I could barely sleep thinking about and dreading the thought of just sitting on that stuff. I've been noticing the prices on most of that stuff softening recently. So, not only did I not really make any money, but I just spent more and on stuff that I normally would prefer not to hold.
Day 2 - Better. I sold the proof stuff I bought the day before to the dealer next to me for a 4% profit. I really didn't want to hold onto the material and the dealer agreed with my feelings. He said that he knows of someone he could quickly turn a couple percent profit. He doesn't want to hold it too long either. Phew! That was one load off of my mind. I only sold 2 collector coins (both varieties of 1858 Flying Eagle cents) the whole day. The cool part about that even though it wasn't much money, the collector didn't blink when it came to the grades after examining the coins. It took me about 24 hours later to realize, "Hey, someone else agrees with my grading." That might seem like a funny thought to have, but I'm trying to be careful to properly grade the stuff for sale. I'm new at doing this for resale so it will means a lot to me to find myself on equal footing with dealers and collectors on that contentious issue of proper grading. I had two items go out the door that I honestly didn't think would sell. A small part of me sort of wishes I didn't sell that stuff because they've been part of my collection for over 12 years. These items were a Reijersdahl salvaged 1741 Pillar dollar w/ cert. (which some may consider junk but it has been quite the conversation piece for these past 12 years) and raw gem BU short set of Mercury dimes in a Capitol holder. Some might think that these items are "collector coins" and I won't argue with that. What I meant by the above note is the type of coins where someone is looking to fill holes.
In the end, I netted enough to pay myself about $2/hour of time I invested into the ordeal. Boy, I feel wealthy now. And, yes, I'm looking forward to my first coin show (probably at the end of March in Aurora). I need material though...badly. That's going to be the tough part. Also, I'll need to constantly scrounge for cases until I feel I'm in this for good and break down and buy a couple.
Oh....how did I make my first $1 you ask (okay, I'll tell you anyway!). I bought 6 currency holders from the dealer working next to me for just under $2. I actually didn't need them that badly but that's okay. I had NO sales up until about 2 hours left in the show on the first day. A rancher comes by my table and asks me if I happen to know where he can by some currency holders. I sold him mine for $3. Long after he left, I had to laugh. So did the dealer next to me when I told her about how I made my first dollar.
I got new tidbits of "dealer knowledge" all day long for both days from my dealer friend next to me. That was truly invaluable.
Day 1 - SUCKED! I barely made enough to buy a burger and fries (which is typical dealer fare as far as I can tell) and definitely not enough to make up the table fee. Quite demoralizing of a day. I did have the fortune (sort of) of have someone want me to buy all of the "key" proof silver eagles and modern proof sets (93-95 SAE and 2001 clad proof set, 2-1995 silver proof sets, 1999 silver proof set, 2001 silver proof set). I paid what I thought was fair money. That night I could barely sleep thinking about and dreading the thought of just sitting on that stuff. I've been noticing the prices on most of that stuff softening recently. So, not only did I not really make any money, but I just spent more and on stuff that I normally would prefer not to hold.
Day 2 - Better. I sold the proof stuff I bought the day before to the dealer next to me for a 4% profit. I really didn't want to hold onto the material and the dealer agreed with my feelings. He said that he knows of someone he could quickly turn a couple percent profit. He doesn't want to hold it too long either. Phew! That was one load off of my mind. I only sold 2 collector coins (both varieties of 1858 Flying Eagle cents) the whole day. The cool part about that even though it wasn't much money, the collector didn't blink when it came to the grades after examining the coins. It took me about 24 hours later to realize, "Hey, someone else agrees with my grading." That might seem like a funny thought to have, but I'm trying to be careful to properly grade the stuff for sale. I'm new at doing this for resale so it will means a lot to me to find myself on equal footing with dealers and collectors on that contentious issue of proper grading. I had two items go out the door that I honestly didn't think would sell. A small part of me sort of wishes I didn't sell that stuff because they've been part of my collection for over 12 years. These items were a Reijersdahl salvaged 1741 Pillar dollar w/ cert. (which some may consider junk but it has been quite the conversation piece for these past 12 years) and raw gem BU short set of Mercury dimes in a Capitol holder. Some might think that these items are "collector coins" and I won't argue with that. What I meant by the above note is the type of coins where someone is looking to fill holes.
In the end, I netted enough to pay myself about $2/hour of time I invested into the ordeal. Boy, I feel wealthy now. And, yes, I'm looking forward to my first coin show (probably at the end of March in Aurora). I need material though...badly. That's going to be the tough part. Also, I'll need to constantly scrounge for cases until I feel I'm in this for good and break down and buy a couple.
Oh....how did I make my first $1 you ask (okay, I'll tell you anyway!). I bought 6 currency holders from the dealer working next to me for just under $2. I actually didn't need them that badly but that's okay. I had NO sales up until about 2 hours left in the show on the first day. A rancher comes by my table and asks me if I happen to know where he can by some currency holders. I sold him mine for $3. Long after he left, I had to laugh. So did the dealer next to me when I told her about how I made my first dollar.
I got new tidbits of "dealer knowledge" all day long for both days from my dealer friend next to me. That was truly invaluable.
0
Comments
Please check out my eBay auctions!
My WLH Short Set Registry Collection
Hang in there (and be sure and hang onto that first $1 bill).
Dave
Good luck.
<< <i>The show was a two-day firearms show >>
Thats the main reason. Do a coin show and you will sell more coins.
Cameron Kiefer
<< <i>The show was a two-day firearms show >>
At least there were no security issues!!!
<< <i>I netted enough to pay myself about $2/hour of time >>
Man if I could pull in that kind of money selling coins I'd be sitting pretty.
I guess the big question is - how many guns did you sell?
My posts viewed
since 8/1/6
Glad you enjoyed your new role in life
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
I'd love to hear what these "tidbits of dealer knowledge" are - I just KNEW they had some secret info they've been hiding from us collectors!
Great story - go get 'em!
Congrats.
-----------
etexmike
<< <i>The cool part about that even though it wasn't much money, the collector didn't blink when it came to the grades after examining the coins. It took me about 24 hours later to realize, "Hey, someone else agrees with my grading." >>
More likely he didn't blink because you got your ass cherrypicked.
Russ, NCNE
<< <i> but I'm trying to be careful to properly grade the stuff for sale. >>
I just figured out why you didn't make any money.
Mike
I was thinking that too, but oh well it's a learning process.
<< <i>More likely he didn't blink because you got your ass cherrypicked.
I was thinking that too, but oh well it's a learning process. >>
Perhaps I was cherrypicked. At the same time, I'd rather incidentally slightly (hopefully only slightly!) undergrade a coin than overgrade it. Chances are that collector is more likely to give me more business if I'm not overly optimistic with my grading. I try to grade the coin as if I was the buyer of that coin. However, with those two flying eagles, I remember looking them over a couple of times before assigning a final grade and had a dealer who's a bit more knowledgeable with Indians look 'em over and give me his assessment. I think I was pretty much right on (so I could see how my grades in a blind test compared to his). To be honest, they're a little difficult to grade by the reverse and easier on the obverse. Even if it's a strike issue, if it's not obvious, I'll downgrade it because I don't want to sit on the coin or dicker about the grade if I was too optimistic.
I neglected to mention that this collector asked specifically to only examine that date of coin and I offered to show him both varieties (SL and LL).
keep them coming
<< <i>It would appear that it's sort of the "in" thing to do for some of the local dealers here in Colorado is to go to the gun shows. >>
Who cares if it is "in". You gotta be able to sell coins and make a profit instead of be hip and trendy with whats "in". I would skip it and stick to coin shows.
Cameron Kiefer