Advice for a first time dealer

Halfhunter06

This March I will find myself on the other side of the table at a local coin show. What advice would you give a "first timer"? Anything i should be concentrating on? Thanks Guys

STONE

Watch all hands

barbershopper

Keep a close eye on people handling your coins and be willing to
negotiate at least a little.
JT

Geoman

Oh boy - look out for the vultures!! (er: other dealers)

Geoman

Seriously though, you may get the other dealers stopping by at set-up to see if you are under-priced on certain items, and they will try to cherry pick you. I know this first-hand experience - it is tough being the new guy. I started "on the other side of the table" a little over a year ago, and most dealers would stop by while you were setting up to see if they could steal anything for a cheap price - thinking you are a novice and may not know what to price everything. Then, they pretty much kept to themselves. Basically, I was the "new guy" invading their territory.

Also, if you are doing it alone, as I do, you have to watch out for people taking coins. It happens, and if you don't watch them and their hands like a hawk, it will happen to you. It is tough to take a break while being the only person.

But - have fun and talk with the other dealers. They are a good source of information, and will eventually warm up to you.

Coxe

Bring what you feel is appropriate for the buying crowd at the show. I made the mistake of setting out a lot of inventory that was great but not the sort that moves at a local show once. Sold all of the stuff that I didn't figure would be of much interest though.

Bring windex and paper towels. Those glass cases get smudged up pronto.

Know your inventory so you don't have to look much up.

Have enough change as you can't count on the customers to have it.

Be prepared to be fresh meat. Seasoned dealers will descend on you like sharks to see if you have anything interesting and try to pick you for peanuts at the beginning and at the end of the day.

Don't show too many coins simultaneously.

If there is a sales tax requirement for coins where you are, make sure you have the required seller's permit and that you collect tax as applicable. I know most dealers will say to forget this. Really depends on where you are, the laws, the day of the week, and how aggressive the state revenuers are.

Have fun and relax.

Coxe

<< <i>Also, if you are doing it alone, as I do, you have to watch out for people taking coins. It happens, and if you don't watch them and their hands like a hawk, it will happen to you. It is tough to take a break while being the only person. >>



Definitely. I know of a case where a dealer got slight-of-hand ripped off big time before. Showed an expensive Morgan dollar to the person. It was handed back and the dealer put it back in his case only to realize minutes later, to his horror, that the coin returned was a much more common one. Same date, different mint mark, same grade and same look. Always look at what you get handed back.

SilverEagles92

Carry a gun

robkool

Remember... Knowledge is KING... Don't let NO ONE take advantage of you, including dealers.

RichieURich

Try these for lots of good ideas:

Here's one thread

IMO the best thread on this topic

Halfhunter06

thanks guys, this stuff is priceless

collegecoincollector

If you don't keep all of your inventory in the glass case or elsewhere on the table, please let your customers know as they pass by. Sometimes they are looking for specific items that you could easily have with you at that time, but not visibly.

Coxe

<< <i>If you don't keep all of your inventory in the glass case or elsewhere on the table, please let your customers know as they pass by. Sometimes they are looking for specific items that you could easily have with you at that time, but not visibly. >>



And be careful about waht you keep on your backup table. (Know the dealer on the other side...with an adjacent backup table.)