Anatomy of a Coin Show
RYK
Posts: 35,800 ✭✭✭✭✭
It seems like coin shows have transitioned to a roughly three-day plan with the following format:
Day 1 (often a Thursday) is a "Dealer Set-up Day", which is a bit of a misnomer. It does not take most dealers four hours to slop their wares out in their cases. It should be renamed "Wholesale Day--Collectors and Wannabes Keep Out". I have been fortunate enough to attend several of these, and, as a collector, they are vastly overrated. Unless you are well-known by most of the dealers on the bourse, you aint' gonna seen nuthin' you would not see (and buy for at the same price) on Day 2.
Day 2 (often a Friday) is the first open day of the show and is a mix between wholesale and retail activity. Many serious collectors will make the effort to attend the show, often skipping out of work or other regular Friday activities. Many vest pocket dealers will already be gone and will probably not be caught dead at the show beyond noon. Similarly, the national dealers are starting to antsy, and you will see them starting to peel off. The grading company tables (if they are present) will be taking in new submissions, returning graded coins, and receiving many of those coins back immediately as they did not get graded "right" the first time.
Day 3 (or Saturday, for a longer show) should be renamed "Tire Kicker Day". This is when the less serious collectors show up in droves, point at cases with MS-67 DMPL Morgans and exclaim, "I have a whole jar of those at home." Serious collectors who could not get off work will show up and often be disappointed, as many of the high-end and national dealers will be long gone. Many bourses will be one-third to one-half empty. The people attending the grading company booths look about as bored as I would be at a Beanie Baby exhibit.
Day 4 (or Sunday) should be called "Dead Day". If the show is even open, it is in its death throws. The tables are about one-third attended. The people at the grading companies have packed up and left town. The show has all the buzz of the funeral of someone that no one knew. Many serious collectors and dealers choose to pretend that this day does not exist.
Day 1 (often a Thursday) is a "Dealer Set-up Day", which is a bit of a misnomer. It does not take most dealers four hours to slop their wares out in their cases. It should be renamed "Wholesale Day--Collectors and Wannabes Keep Out". I have been fortunate enough to attend several of these, and, as a collector, they are vastly overrated. Unless you are well-known by most of the dealers on the bourse, you aint' gonna seen nuthin' you would not see (and buy for at the same price) on Day 2.
Day 2 (often a Friday) is the first open day of the show and is a mix between wholesale and retail activity. Many serious collectors will make the effort to attend the show, often skipping out of work or other regular Friday activities. Many vest pocket dealers will already be gone and will probably not be caught dead at the show beyond noon. Similarly, the national dealers are starting to antsy, and you will see them starting to peel off. The grading company tables (if they are present) will be taking in new submissions, returning graded coins, and receiving many of those coins back immediately as they did not get graded "right" the first time.
Day 3 (or Saturday, for a longer show) should be renamed "Tire Kicker Day". This is when the less serious collectors show up in droves, point at cases with MS-67 DMPL Morgans and exclaim, "I have a whole jar of those at home." Serious collectors who could not get off work will show up and often be disappointed, as many of the high-end and national dealers will be long gone. Many bourses will be one-third to one-half empty. The people attending the grading company booths look about as bored as I would be at a Beanie Baby exhibit.
Day 4 (or Sunday) should be called "Dead Day". If the show is even open, it is in its death throws. The tables are about one-third attended. The people at the grading companies have packed up and left town. The show has all the buzz of the funeral of someone that no one knew. Many serious collectors and dealers choose to pretend that this day does not exist.
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Day 1 (Friday) Dealer only day
Day 2 (Saturday) All collector day {serious and tire kickers}
Day 3 (Sunday) All collector day {serious and tire kickers} with the understanding that those dealers that have a long distance to travel may leave a bit early.
<< <i>Serious collectors who could not get off work will show up and often be disappointed, as many of the high-end and national dealers will be long gone. >>
Tying into the thread about what could be done to spur interest in coin shows, this is certainly one thing. The current structure of most major coin shows screws working stiffs who can't get out of the office.
<< <i>
<< <i>Serious collectors who could not get off work will show up and often be disappointed, as many of the high-end and national dealers will be long gone. >>
Tying into the thread about what could be done to spur interest in coin shows, this is certainly one thing. The current structure of most major coin shows screws working stiffs who can't get out of the office. >>
I agree. The Man is keeping us all down.
Your anatomy of a coin show is pretty interesting. I always wondered what the purpose of the "dealer only" day was, because I assumed that the dealers are so networked already that they don't need a special day set aside to transact dealer-to-dealer business. Take a market maker like Doug Winter, for example. He can saunter into a show on a Sunday afternoon, and dealers would flock to him like a rock star with their southern gold for his consideration. So I think that the Thursday portion of the show can be eliminated. That might create even more buzz for the Friday show, and possibly spill over into the next two days.
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)
it does not make it seem like i have any chance in heck
to find a good half eagle for a decent price. i will have to
step up and pay strong money for the ones that are left
around for me to see..
auctions sound better and better to attend.
The dealer days allow dealers to BST wholesale early to get new inventory to sell retail when the collectors come by.
Then the serious collector day lets serious collects pick up the choice pieces early.
Finally, the tire-kicker day lets them check out the show left overs?
The only reason they have a Sunday is to keep the dealers from leaving on Saturday -- and it's not even that effective.
Your observation that Saturday is filled partly with serious, but disappointed, collectors is spot on. It's my impression that the good material often never sees the floor on the public days, and any that does make it out there is usually gone by Saturday/Sunday.
Sigh....
Chicolini: Mint? No, no, I no like a mint. Uh - what other flavor you got?
<< <i>The grading company tables (if they are present) will be taking in new submissions, returning graded coins, and receiving many of those coins back immediately as they did not get graded "right" the first time. >>
I gotta chuckle out of this.
This is my impression of dealer day, from discussions in this forum. (I never attended one, so correct me if I'm wrong.) Dealer day is when dealers try to get raw or undergraded coins from other dealers and immediately submit them for same or next day grading. The freshly slabbed (hopefully) upgraded coins are then sold to collectors for multiples of what the dealer paid for them the previous day. If they don't get the upgrades, then the dealers will complain that the show wasn't any good because grading was too tight.
Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
<< <i>auctions sound better and better to attend. >>
I like the way you are thinking....
AL
<< <i>It seems like coin shows have transitioned to a roughly three-day plan with the following format:
Day 1 (often a Thursday) is a "Dealer Set-up Day", which is a bit of a misnomer. It does not take most dealers four hours to slop their wares out in their cases. It should be renamed "Wholesale Day--Collectors and Wannabes Keep Out". I have been fortunate enough to attend several of these, and, as a collector, they are vastly overrated. Unless you are well-known by most of the dealers on the bourse, you aint' gonna seen nuthin' you would not see (and buy for at the same price) on Day 2.
Day 2 (often a Friday) is the first open day of the show and is a mix between wholesale and retail activity. Many serious collectors will make the effort to attend the show, often skipping out of work or other regular Friday activities. Many vest pocket dealers will already be gone and will probably not be caught dead at the show beyond noon. Similarly, the national dealers are starting to antsy, and you will see them starting to peel off. The grading company tables (if they are present) will be taking in new submissions, returning graded coins, and receiving many of those coins back immediately as they did not get graded "right" the first time.
Day 3 (or Saturday, for a longer show) should be renamed "Tire Kicker Day". This is when the less serious collectors show up in droves, point at cases with MS-67 DMPL Morgans and exclaim, "I have a whole jar of those at home." Serious collectors who could not get off work will show up and often be disappointed, as many of the high-end and national dealers will be long gone. Many bourses will be one-third to one-half empty. The people attending the grading company booths look about as bored as I would be at a Beanie Baby exhibit.
Day 4 (or Sunday) should be called "Dead Day". If the show is even open, it is in its death throws. The tables are about one-third attended. The people at the grading companies have packed up and left town. The show has all the buzz of the funeral of someone that no one knew. Many serious collectors and dealers choose to pretend that this day does not exist. >>
Perfect explaination! You must have attended the Santa Clara show last week!
Rob
"Those guys weren't Fathers they were...Mothers."
Many of the larger shows I've attended most of the buying is done by Wed. or Thursday. If you wait until Friday much of the dealer buying demand is satiated. By Saturday it's gone.
roadrunner
Auction viewing on Wednesday, and Thursday. With several hundred,or thousands of lots to view, one needs these days to prepare for the sales. I sometimes spend 10 hours viewing, and discussing the merits of high end coins, and then have to price the ones that are possibles.
Meetings/Discussions--The John Reich Society, Barbers, and other good presentations are very interesting at some major shows.
Preview coins at special rooms, before dealer set-up. Several dealers will allow collectors to see what is available, and conduct buy/sell transactions.
If you are at the show to sell coins, contact the dealers whom you know will be interested before the show, and set up times for viewing. It can become hectic when the show opens.
Make pre-show plans for dinners, as when the show begins, most dealers have already commited to the evenings available for collector meetings.
While the above may not apply to smaller venues, there is a lot more happening at the big shows.
<< <i>The grading company tables (if they are present) will be taking in new submissions, returning graded coins, and receiving many of those coins back immediately as they did not get graded "right" the first time. >>
Probably the truest statement in the entire thread. It's also pathetic to think that a coin show begins to decline 4 our 5 hours after the doors open to the general public even though it's supposed to be a 3 day event.
<< <i>For a major show--FUN, Baltimore, and the Summer ANA, there will be some additional activities that are really beneficial to the avid collector.
Auction viewing on Wednesday, and Thursday. With several hundred,or thousands of lots to view, one needs these days to prepare for the sales. I sometimes spend 10 hours viewing, and discussing the merits of high end coins, and then have to price the ones that are possibles.
Meetings/Discussions--The John Reich Society, Barbers, and other good presentations are very interesting at some major shows.
Preview coins at special rooms, before dealer set-up. Several dealers will allow collectors to see what is available, and conduct buy/sell transactions.
If you are at the show to sell coins, contact the dealers whom you know will be interested before the show, and set up times for viewing. It can become hectic when the show opens.
Make pre-show plans for dinners, as when the show begins, most dealers have already commited to the evenings available for collector meetings.
While the above may not apply to smaller venues, there is a lot more happening at the big shows. >>
I agree with Dale. I was mostly talking about bourse activity for the typical show. The social aspects of shows, connecting with fellow collectors and dealers, cannot be underestimated. Similarly, educational programs and exhibits that typically accompany the larger and more organized shows may enhance the collector's experience.
<< <i>I don't buy the "rock star" or 'superdealer" analogy. If you walk into a show later Saturday and anytime on Sunday, the buying dealers are typically spent out. Unless you are giving stuff away, they are usually not interested (assuming they are present on Sunday).
Many of the larger shows I've attended most of the buying is done by Wed. or Thursday. If you wait until Friday much of the dealer buying demand is satiated. By Saturday it's gone.
roadrunner >>
There are always buyers for scarce and saleable coins at coin shows, even on Sunday. 24/7 for that matter.
I firmly believe in numismatics as the world's greatest hobby, but recognize that this is a luxury and without collectors, we can all spend/melt our collections/inventories.
eBaystore
<< <i> so what is a promotor to do???? I would love to see a dealer set up Friday morning... open late on Friday.... and show on Sat...lets skip Sunday >>
I was just going to say the same thing. Skip Thursday and Sunday and everyone will be happy.