What is the etiquette for selling items at a Coin Show??
eCoinquest
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I am going to attend the Long Beach Show on Feb 4th??, not sure if that is the correct date??
I have a couple of coins I am hoping to sell at the show so that I may purchase other items.
What is the etiquette for this? Are dealers willing to look at coins to purchase or are they only there to sell? Is it appropriate to approach dealers to sell my coins?
I know it is a silly question but I would like to know from the experts who have been to Coin Shows..
Thanks!
I have a couple of coins I am hoping to sell at the show so that I may purchase other items.
What is the etiquette for this? Are dealers willing to look at coins to purchase or are they only there to sell? Is it appropriate to approach dealers to sell my coins?
I know it is a silly question but I would like to know from the experts who have been to Coin Shows..
Thanks!
0
Comments
You lose nothing other than a few seconds of time and you can still take them with you if they fail to sell.
I would think that a collector would pay a higher price than a dealer most of the time.
Worry is the interest you pay on a debt you may not owe.
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If you are among the most fortunate and the dealer wishes to buy your coins, it is improper to express any show of celebration. He will tell you how much that he is willing to pay and you should never, NEVER question his absolute authority and expertise in this area. He will lay the money on the table, in the form of a check or cash, and you will pick it up with your right hand (and thank your lucky stars). Do not attempt to shake hands with the dealer as this might cause security to be called, the room evacuated, your arrest, etc.
<< <i>Just remember that you should always accept the dealer's offer since he would never try to rip you, especially in a weak market.
Because it is sooooo easy to get ripped off when you name a price and say pass or play....
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<< <i>You'll get a better price from the BST than from a dealer. >>
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
They will ask what your price is and give it, say "I'm asking XXX" to leave the door open for counter offers.
If you get a counter offer ask if that offer is good later or just now before you leave the table (if they say "just now" walk away)
I have found I could show a coin to a dozen dealers who will act as if I just showed them a turd then I'll find the right dealer who will not be afraid to make it clear he is interested. That is the guy you can negotiate a fair deal for both of you.
<< <i>Dealers are there to both sell and rip.........er, buy. >>
I also agree with the above suggestion - BST first. Likely get a better price selling to a collector than a dealer.
People keep saying that, but it has not been my experience such that I rarely even list coins on the BST any more. In fact, it's not unusual for me to see coins for sale that were in a dealer's inventory at "X" a few months ago that are now offered on the BST for "X + 20%".
My most recent experience is a coin that I sent on approval to a forum member, who bought a lower grade example of the same coin while my coin was in the mail, paraded the other coin on the forum for everyone else to see, returned my coin to me for "quality issues" even though I and the world knew that he bought a lower quality example. I sold the same coin to a national dealer for 10% more than the forum member collector was willing to pay. In short, I prefer the no nonsense, hassle-free sale to a dealer in most cases.
When going to a show to sell coins, it is important that you approach the most likely buyers. For example, if I am wanting to sell generic gold, junk silver, or similar material, I always go to the Silvertowne table at the local shows. They pay a good price, the transaction is painless, and I leave confident that I have a good check. If I am selling specialty material, my first choice is always to go to a specialist dealer, and in many cases check first with the dealer who sold me the coin. Be armed with pricing information, be realistic, and don't be disappointed if someone says they are not interested.
<< <i>I also agree with the above suggestion - BST first. Likely get a better price selling to a collector than a dealer.
People keep saying that, but it has not been my experience such that I rarely even list coins on the BST any more. In fact, it's not unusual for me to see coins for sale that were in a dealer's inventory at "X" a few months ago that are now offered on the BST for "X + 20%".
My most recent experience is a coin that I sent on approval to a forum member, who bought a lower grade example of the same coin while my coin was in the mail, paraded the other coin on the forum for everyone else to see, returned my coin to me for "quality issues" even though I and the world knew that he bought a lower quality example. I sold the same coin to a national dealer for 10% more than the forum member collector was willing to pay. In short, I prefer the no nonsense, hassle-free sale to a dealer in most cases.
When going to a show to sell coins, it is important that you approach the most likely buyers. For example, if I am wanting to sell generic gold, junk silver, or similar material, I always go to the Silvertowne table at the local shows. They pay a good price, the transaction is painless, and I leave confident that I have a good check. If I am selling specialty material, my first choice is always to go to a specialist dealer, and in many cases check first with the dealer who sold me the coin. Be armed with pricing information, be realistic, and don't be disappointed if someone says they are not interested. >>
I liked your first answer better.
Didn't wanna get me no trade
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Working for the boss every night and day
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<< <i>My most recent experience is a coin that I sent on approval to a forum member, who bought a lower grade example of the same coin while my coin was in the mail, paraded the other coin on the forum for everyone else to see, returned my coin to me for "quality issues" even though I and the world knew that he bought a lower quality example. I sold the same coin to a national dealer for 10% more than the forum member collector was willing to pay. In short, I prefer the no nonsense, hassle-free sale to a dealer in most cases. >>
Just because you had one recent bad experience with B/S/T, don't write it off. I've bought tons and sold a little with no hassle at all.
And, "the no nonsense, hassle-free sale to a dealer" is only if you get the right dealer. Many will give a boat load of nonsense and a bit of hassle as well.
<< <i>dealers who are sellers at coin shows need to get their head out of their arse and learn that they still need to have their online inventory up-to-date for buyers who aren't able to make it to the show. >>
Easy for you to say. I am lucky enough to work for a company that can send more than one person to a show so that we can try our best to remove coins from our online inventory as the day goes along or in the evening. The problem is that there are a lot of 1 man operations who have stuff to do at night and after 11 hours on the floor want to eat a good dinner, have several drinks, and go to bed. Dealers are human and there are limited number of hours in the day to get the work done. Be happy many of them are able to wake up Monday morning and have their updates done at the beginning of the week. Only the largest dealers can afford to have inventories and computer set ups at shows to handle this.
No, it's not, really. I don't like biting the hand that feeds me, but the way this good-ol-boy, suckass network seems to be working these days, I've about had my fill of some you dimbulbs. The sooner many of you realize that we're not here for your benefit, you're here for our's, then the better off this whole coin business will run.
Once again, reality = this is the way we've done it for years!
bs
Many times I have offered a nice coin to a dealer or other collector for what I know to be significantly below the current selling price. Almost 100% of the time they will decline sure that I am overcharging them by $2 (I will then sell on ebay for a nice profit but it takes more effort). These same dealers and/or collectors will happily pay double for the same coin at auction and not give a second thought to the 20% auction fee.
Have others noticed the same phenomena?
Other times the coins sold themselves.
When you buy a coin from a dealer, he tells you what he wants. Do the same when selling to the dealer.
Tell him what you want, and he can either buy or pass.
Expect a lot of rejection if you're too close to retail. Most dealers want to buy at about 60% of what they sell the coins for.
Ray
Don't approach my table looking to get 80% retail for your bust halves, but if you have Lincolns, I am a very strong buyer. Don't bring Lincolns to a guy with a case full of Toned Morgans.
Know what your ballpark is.
Trades leave some leeway.
I will offer a buyprice before you state what you want if you prefer. Sometimes I buy the whole package, other times I have been looked like I was a predator. Go figure, all folks are different, that just how I do it.
Seriously, be polite but remember these are your coins and you should be setting the price
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<< <i>"Easy for you to say"
No, it's not, really. I don't like biting the hand that feeds me, but the way this good-ol-boy, suckass network seems to be working these days, I've about had my fill of some you dimbulbs. The sooner many of you realize that we're not here for your benefit, you're here for our's, then the better off this whole coin business will run.
Once again, reality = this is the way we've done it for years!
bs >>
This is how we have done it for years.... yes right. Because the internet has been such a big part of our business for the last 50 years.... Be thankful that some of these older dealers (I am referring to the 50+ year old contingency who grew up in the old days) actually have functional website where they are willing to put the effort in to show you their inventories. If you can't make to the shows then it seems to be that in fact you do need them and that they are there for your benefit. I am not sure where you are coming from but I assure you that over time things will get better but you need to be patient.
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<< <i>If yoiu purchased some of your "for sale" coins from a dealer at the show, I think it is good form to offer them for sale back to them. You do not have to accept any offer that is made, but some of the dealers I work closely with will feel slighted if I do not at least offer the coins to them. >>
Good advise, and a way to see if your dealer has a +1 grading advantage when selling
Maybe there are collectors over on the Dealer's Universe board?
This is lost money sitting here.
Why does this process keep getting messed up? It's very few of the people involved, it's the process.
*not all
So I gather from the above comments that it is exceptable to approach dealers to sell coins.
Thanks to all of you for the info, serious and comic.
Also, RYK, I thank you for sharing your wisdom on dealers. I wouldnt want them to be offended. lol No Soup for you!
Never deal with anyone that does not have a bourse table at the show. If you have something that another member of the public wants, have a dealer offer it to him and pay the dealer a commission.
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.
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<< <i>Many good suggestions have been made, but one more needs to be noted:
Never deal with anyone that does not have a bourse table at the show. If you have something that another member of the public wants, have a dealer offer it to him and pay the dealer a commission. >>
Or take cash only, small denomination bills, and keep your sunglasses on
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
make sure it is something similar to what they got before offering
Heritage usually was a crew buying for their inventory/sales
especially if they are having an auction at that site
they will give offers on most things at competitive prices
(just don't be disappointed if you see them sell it for 20% more in a month - remember you are getting payment then
with no sellers commission fees and waiting for auction payments to clear)
what I have done a few times is find something I like to buy
and tell the dealer I don't have that much money and wonder if they would be interested in any
of my offerings as part of payment
just remember sometimes they are very busy, and for most, selling is more of a priority than buying
some also have signs posted -
buying 90% silver at XX, 40% silver at XX
One other point: if you bring it home to sell later, remember that there will be expenses, such as eBay fees, auction house seller fees, shipping, etc., so sell in person, if the offer is close enough to what you expect to net on-line.
my early American coins & currency: -- http://yankeedoodlecoins.com/
Sorry to bring back an old thread but I didn’t want to start a new thread for this experience I recently had at a coin show.
I made a mistake at a coin show attempting to sell a coin and I still feel bad about it.
I offered a coin (Julius Caesar denarius) I wanted to sell to a coin dealer and after the dealer declined it saying it wasn’t for him (he didn’t deal in ancients, just world coins), I overheard two collector’s near by talk about ancients and one said he was looking for a Caesar. I showed him my coin and told him I was looking for $1200 just to get my money back (I offered it to a few other dealers earlier and most weren’t interested in it with only one offering me $1000). He took a minute to look at it then said “I can’t do $1200” so I said “do you have a counter offer?” Right after I said that the dealer that declined the coin said “no selling to collectors.” The two collector’s immediately left the area and the dealer proceeded to explain the proper etiquette expected at the coin show. I thought since I already offered it to the dealer and he declined (and didn’t have any Caesar coins of his own for sale) that it was alright to offer it to the collector. Nope. I felt so bad and got scared I would now get in trouble or have a ruined reputation at the show I had attended for several years. The dealer was nice about it though and explained why it was bad etiquette. I understand now that dealer’s pay a lot of money to be at shows and if I sell to a collector then a dealer might not get a sale they would had gotten otherwise.
While it’s considered improper to do such business at or in close proximity to a dealer’s table, I think it’s an overly broad generalization to state that collectors can’t sell to other collectors at shows. For example, there are usually seating areas inside the shows or right outside the rooms in which the shows are being held.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Interesting situation. It’s bad etiquette to sell something at/by a dealers table to someone other than the dealer. Even though the dealer has no interest in your coin if you sell your coin to another collector there’s now $1000 less circulating at the show.
If I was in your shoes I would have found a spot away from the bourse and tried to work out a deal.
A dealer will allow me to place some coins at his table for sale to collectors at an upcoming show. Is this arrangement improper or poor etiquette?
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