I played dealer at a small coin show yesterday...

Meltdown

This is a one day only Sunday show here in town put on by one of the local dealers.
I thought it was well attended and steady without ever being too packed or busy at one time. Which is just about perfect for me.
I've decided I don't care for getting picked over by dealers before opening to the public. I had to refuse a couple sales right off the bat because I was getting what I considered lowbal offers from a couple persistent dealers.
The last show I set up at, I sold my best/favorite stuff to the dealers before the show even opened and was sorry for it at the
end of the day.
I had a good time all day long and made a small profit at the end of it all. I purchased 36 ounces of silver for $1 under spot which I thought was pretty cool. I traded a really nice MS 66 common date buffalo nickel for a 1921 Peace dollar. I broke even selling my mostly complete set of Washington quarters and feel pretty happy about the whole thing. And I bought a neat 2ounce french silver ingot for my stash.

Here's my booth. I think I was one of 12 dealers who set up.

johnny9434

wtg, im glad you did well and did have a nice set up

shorecoll

How about a play-by-play on what you went through to set-up, either this time or your earlier one. Inquiring minds want to know!

Prethen

The problem with turning down certain dealers is that they likely won't be too happy if you try to make deals with them early in a coin show (or during setup). I also played my hand at being a dealer for several months. It's an interesting game and a fine line to play. Do you undersell some of your best inventory so that you have the chance to make similar deals or turn off most of the dealers from picking at your stuff in the hopes of retail sales?

Meltdown

Setup for me was pretty frantic. I worked at my "real job" the night before until midnight. I was packing up everything I wanted to take until about 1am, then I lost an hour of sleep because of daylight savings. I got there at 9am with an hour to get ready for opening at 10am.
I ran out of coffee too soon and was pretty tired by noon.
The show itself is a blast, I love talking to people about what they collect. I like trading information and discussing grades, mintages, problem coins and varities. It's fun to get lost in an entire day of nothing but coins, barters, other people's inventory...

MadMarty

I like the red stickers on your slabs, is that the new CAC red hot series of stickers?

Swampboy

Great report.

What year was the OGH JFK?

Meltdown

<< <i>The problem with turning down certain dealers is that they likely won't be too happy if you try to make deals with them early in a coin show (or during setup). I also played my hand at being a dealer for several months. It's an interesting game and a fine line to play. Do you undersell some of your best inventory so that you have the chance to make similar deals or turn off most of the dealers from picking at your stuff in the hopes of retail sales? >>



Good point. I was polite about the whole thing, even apologetic about one certain coin I just purchased and wanted to keep.
(This one...)



I'm still a rookie who's torn between loving my collections and buying& selling.
Both are equaly rewarding to me in different ways so it's often a struggle for me at shows.

Meltdown

<< <i>Great report.

What year was the OGH JFK? >>



73D in MS67.

Geoman

I know the feeling about getting picked over by dealers before the show opens.

One thing another dealer does, is cover his table up before open so he can walk the floor and talk with other dealers.

au58

Good for you.
Will that 89-CC Morgan slab? I don't usually suggest it, but it's a coin that can use a slab.

Meltdown

<< <i>Good for you.
Will that 89-CC Morgan slab? I don't usually suggest it, but it's a coin that can use a slab. >>



It will. I plan to send it in this week. I just purchased it last week.

Walkerguy21D

Nice photos and a good experience - thanks for sharing it with us vest pocket/on-line wanne-be's.
From what I've seen, there is nearly as much haggling and deal making going on dealer to dealer as there is dealer to public. I guess know what your real bottom line is, and don't take less than than no matter who is making an offer, unless you really just want to unload it.

SeaEagleCoins

<< <i>The problem with turning down certain dealers is that they likely won't be too happy if you try to make deals with them early in a coin show (or during setup). I also played my hand at being a dealer for several months. It's an interesting game and a fine line to play. Do you undersell some of your best inventory so that you have the chance to make similar deals or turn off most of the dealers from picking at your stuff in the hopes of retail sales? >>



When I first started setting up at shows, I learned quickly... the dealers who try to pick you off for lowball offers ARE BOTTOM FEEDERS hoping to rip the newbie... and should you fall for it in the hopes of a "fair" deal from them... fugeddaboutit... when you go to buy from them you'll be lucky to get grey sheet ask for a buy price...

The "good guys" know better than to try and "frisk" the newbie...

I quickly developed a rule... "you can get one good one from me... no return from you?... then we don't do business anymore"...

Prethen

<< <i>

<< <i>The problem with turning down certain dealers is that they likely won't be too happy if you try to make deals with them early in a coin show (or during setup). I also played my hand at being a dealer for several months. It's an interesting game and a fine line to play. Do you undersell some of your best inventory so that you have the chance to make similar deals or turn off most of the dealers from picking at your stuff in the hopes of retail sales? >>



When I first started setting up at shows, I learned quickly... the dealers who try to pick you off for lowball offers ARE BOTTOM FEEDERS hoping to rip the newbie... and should you fall for it in the hopes of a "fair" deal from them... fugeddaboutit... when you go to buy from them you'll be lucky to get grey sheet ask for a buy price...

The "good guys" know better than to try and "frisk" the newbie...

I quickly developed a rule... "you can get one good one from me... no return from you?... then we don't do business anymore"... >>


You're absolutely correct on all points.

JJM

Blackhawk

"The problem with turning down certain dealers is that they likely won't be too happy if you try to make deals with them early in a coin show (or during setup)."

I'm considering setting up at a local coin show and will be putting up a "no sales to dealers" sign. While they might take umbrage, the truth of the matter is that I'm just there to move some stuff so that I can refocus my collecting - I paid retail or close to it for most of the stuff that I'll be selling. Now some of the stuff might be interesting to a dealer, but I too have seen dealers cover their tables early in a show so they can rove around and cherry pick, and I really don't want dealers taking up the two chairs at my table; pulling things out of books that will have to be put back in order when they later learn that I'm not going to sell my stuff at 30% back of bid just because they're a "dealer".

If I were actually a dealer, and bought my collection at bargain basement prices, maybe I'd feel different about it, but as it is I don't have to sell my items at a loss just so I can feel like I'm one of the guys at a show.

jmski52

Great thread, with very informative commentary about setting up as a newbie dealer. I've thought about moving some extra stuff the same way, but I don't have the kahunas to do it.

AUandAG

Brian,

Good job and nice to see a face with the name!!

bob

streeter

Blackhawk.
Putting up a 'No sales to dealers' is prolly not necessary. Just quote them your 'normal' asking price. They'll get the message. Or tell them you appreciate the offer and ask them if you need to move it fast to raise cash...is the offer open all day? Don't let the bottom feeders drag you into the gutter. They'll never reciprocate the deal.

No point in making negative points with your selling neighbors....your response to them will indicate that you are in control of your inventory--not them.

good luck

PerryHall

<< <i>Putting up a 'No sales to dealers' is prolly not necessary. Just quote them your 'normal' asking price. They'll get the message. >>

Justacommeman

<Blackhawk.
Putting up a 'No sales to dealers' is prolly not necessary. Just quote them your 'normal' asking price. They'll get the message. Or tell them you appreciate the offer and ask them if you need to move it fast to raise cash...is the offer open all day? Don't let the bottom feeders drag you into the gutter. They'll never reciprocate the deal.

No point in making negative points with your selling neighbors....your response to them will indicate that you are in control of your inventory--not them.

good luck >
great advise.........MJ

joebb21

why care if dealers come over and try to buy your stuff early?
if you plan on selling the coin for $200 and a dealer offers the $200 first- who cares?
yes maybe he'll go and resell it for more- but you only wanted $200.

the only down side I thought of in getting picked out early, is that later on when the public comes in, your case will either look empty or have not as exciting things left.

then again, the same would happen if you sold to the first guy from the public

in conclusion;
set up with a price in mind. take it from whomever will give it to you.

Meltdown

<< <i>Great thread, with very informative commentary about setting up as a newbie dealer. I've thought about moving some extra stuff the same way, but I don't have the kahunas to do it. >>



This is my 3rd show and it only gets easier to deal with. It really isn't very intimidating if you enjoy buying & selling along with talking coins!

The coin in question dilema was my fault in the first place for putting it out there in the case.
It wasn't so much that it was a lowball offer, he upped his price a couple times and offered some trades... I thought I could sell it for more down the road and I really want to send it in to PCGS to test my own idea of it's grade against theirs.

The main thing for me is, I'm still torn between collecting my coins and selling my coins.

Southcounty

I was at that show. I didn't think we would have any forum members there at such a small show. I purchased a few nice coins from the dealer on your left as well as a few from the dealer a couple tables down to your right. I mostly ask for seated or bust material and there is usually not much for small shows on the West coast.

I have considered setting up a table myself a few times. Thanks for the post.

Scott

Meltdown

<< <i>I was at that show. I didn't think we would have any forum members there at such a small show. I purchased a few nice coins from the dealer on your left as well as a few from the dealer a couple tables down to your right. I mostly ask for seated or bust material and there is usually not much for small shows on the West coast.

I have considered setting up a table myself a few times. Thanks for the post.

Scott >>



I keep meaning to get a color print button or something of my Franklin avatar with my forum name on there.
I'll do that before my next show.
The tables beside me always have nice inventory. They're nice people to deal with as well.

ajman

Cool report. Thanks for posting Brian. I'm hoping to do that someday myself, so it's nice to get some tips some someone who has gone through it themselves. Tony

DRUNNER

Brian . . your difficulty in selling good inventory is echoed here. I also look at the premier coins in my case (on the rare occasions that I sell instead of buy), and find myself wondering if I should have really put the coin out there or if I would be happier keeping it in my collection. I can't give you a perfect answer to that problem. I know I spent 700 miles driving from SLC to LA at the last ANA trying to decide if I wanted to sell a complete Registry Set of Morgans. Finally decided to do it, but I knew (and it was certainly true) I'd get creamed off as soon as I hit the bourse floor. I also had relationships with many dealers who approached me so it became twice as difficult to sell. I wanted to keep them in my good graces, but it was hard to tell them a price when they pull a greysheet and offer you 10% back of bid for a CAC key date. Still . . if you need a sale . . .??? It's part of the game.

Hang in there . . . have fun, and don't let your absolute cream get sold off to the wolves. Eventually, a collector will come along (happens to me all the time) and be astounded at your prices, buying everything they can afford. You'll then get much closer to what you want and not have to deal off items at bid - 10%.

Drunner

jdimmick

Its nice to see fair prices for a change

morgandollar1878

Great post. I have thought about setting up a table at the monthly show in KC area, but I have not had the guts to do it. I am just not sure if I can sell the stuff I have. Maybe some day, and then I will be able to get different stuff.

coindeuce

I used to have another dealer from N.Y. come to my table and ask to see items before the opening to the public. He would always politely ask if he could take the item to his table to examine it more closely. Then he would hold it for the entire show and make me go to him and ask for settlement. Now, when he approaches my table, before he can utter a word I just ask him if he has cash in hand. NEVER let another dealer walk away from your table with any of your inventory unless it's paid for, or unless you already have a good working relationship. If a dealer wants inventory on memo, they should state so up front, and they should be the one to make an offer for terms of a memo.