2013 F.U.N. Show Report and observations from a new dealer.
Hintonator
Posts: 95 ✭✭✭
2013 F.U.N. Show Report and observations from a new dealer.
While I am not a “new” dealer, this was my first show as a full time dealer, meaning buying and selling coins is my only source of income. As such, mistakes cost me a lot more than when I had a steady income to fall back on. It has also given me a new perspective on some aspects of being a dealer. For anyone wanting to have an idea of what it’s like to be behind the table, I will be writing these reports after each show I attend. Looking at the calendar that is one every weekend for the next couple of months at least. I specialize in US Philippine Coins (1903-1945) but due to the relative small market, I also do US type coins and some currency. My coins normally range from the $100 to $1,000 range.
I arrived in Orlando on Wednesday and headed to the convention center after unloading our bags in the hotel room. The line for dealer registration was really long and very slow… After about an hour… I finally obtained my badge and headed to the bourse floor to set up. Once I organized my booth how I wanted it, ran extension cords and mounted lights, I started placing coins in the display cases.
When attending my first local shows a couple of years ago I was warned by some of the dealers that other dealers would look for the “new guys” and try to pick their cases, find mistakes or bully them into cheap prices. Because of that expectation I have always been a little nervous when a seasoned dealer checks over my inventory or asks about specific coins. I get really nervous when seasoned dealers pick something up and buy it without even asking if I could do better on the price! As with anything else, I am sure that confidence will come with time but I know it will still happen as I still pick coins from seasoned dealers myself occasionally.
I laid out my US type coins first which took up about a case and a half, and then started placing my US Philippine and World coins. By that time a dealer had scanned my US and asked to see five coins. I handed him the coins, he placed one down and said I will buy these four. He looked at them for maybe a total of 10 seconds and did not ask my price at all. He told me to write them up and that he would be back to get them later. If you read the above paragraph, you know what I was thinking. Once I finished pulling out my entire inventory, I rechecked those four coins about three times. I had discovered that I had two of them priced at slightly under the market, one priced over market, and one priced just right. Even though I sold two for less than what I could have got, I was buried in one coin and happy to move it in the package deal.
Once setup was complete I started walking the bourse floor looking for nice US type and US Philippine coins. I was able to buy some really nice coins. There was a lot of dealer to dealer trading going on. Most of my purchases were from other dealers throughout the entire show. Strong Coins sold for strong money and weak coins either sold at a discount or were packed up and taken back home. It appeared to me that anything dated 1861 was selling quickly and for strong money, or maybe I was just lucky. I sold two 1861 50C, one 1861-O 50C, and an 1861 25C in grades F-12 through EF40 for almost triple grey sheet prices, three of those sales were to dealers as well. The market is down on error notes except for really outstanding examples. Common mismatched serial numbers and minor to moderate error notes were not selling. This was the opinion of other dealers who sell error notes as well. The bourse floor was really active on Thursday and Friday but slowed down a lot on Saturday. I used Sunday to finish a few wholesale deals and re-organize my inventory before packing up. During the show, inventory turnover was quick, items would often sell within hours of me placing them in my cases.
I was able to meet a few forum members both from Cointalk and PCGS but I had very little time to talk to most. I was a lot busier at this show than I have ever been at the local and regional shows I attended in the past.
Overall, I think this was a great show and I plan to continue to come back.
Some Lessons learned… and learned again…
Check prices realized over grey sheet, they can be vastly different either way.
There is no need to wholesale unless you need the cash flow.
A small loss is better than sitting on an overpriced coin for too long. The money you have tied up in that coin could be working for you, making up that loss in no time.
Nice coins always draw attention to your other and you should keep some stunners in your cases. Do not be in a hurry to sell your best items, set a fair price and stick to it.
Most of the time, raw coins are raw for a reason. This is especially the case if said coin is from another dealer whom you do not know, or is willing to give you a “discount” because you are new.
If you see anyone, whether a dealer or not, shopping a box of coins and no other dealer is buying them… be very cautious. Usually I don’t even waste my time; if there were nice coins in there someone would have already bought them.
While I am not a “new” dealer, this was my first show as a full time dealer, meaning buying and selling coins is my only source of income. As such, mistakes cost me a lot more than when I had a steady income to fall back on. It has also given me a new perspective on some aspects of being a dealer. For anyone wanting to have an idea of what it’s like to be behind the table, I will be writing these reports after each show I attend. Looking at the calendar that is one every weekend for the next couple of months at least. I specialize in US Philippine Coins (1903-1945) but due to the relative small market, I also do US type coins and some currency. My coins normally range from the $100 to $1,000 range.
I arrived in Orlando on Wednesday and headed to the convention center after unloading our bags in the hotel room. The line for dealer registration was really long and very slow… After about an hour… I finally obtained my badge and headed to the bourse floor to set up. Once I organized my booth how I wanted it, ran extension cords and mounted lights, I started placing coins in the display cases.
When attending my first local shows a couple of years ago I was warned by some of the dealers that other dealers would look for the “new guys” and try to pick their cases, find mistakes or bully them into cheap prices. Because of that expectation I have always been a little nervous when a seasoned dealer checks over my inventory or asks about specific coins. I get really nervous when seasoned dealers pick something up and buy it without even asking if I could do better on the price! As with anything else, I am sure that confidence will come with time but I know it will still happen as I still pick coins from seasoned dealers myself occasionally.
I laid out my US type coins first which took up about a case and a half, and then started placing my US Philippine and World coins. By that time a dealer had scanned my US and asked to see five coins. I handed him the coins, he placed one down and said I will buy these four. He looked at them for maybe a total of 10 seconds and did not ask my price at all. He told me to write them up and that he would be back to get them later. If you read the above paragraph, you know what I was thinking. Once I finished pulling out my entire inventory, I rechecked those four coins about three times. I had discovered that I had two of them priced at slightly under the market, one priced over market, and one priced just right. Even though I sold two for less than what I could have got, I was buried in one coin and happy to move it in the package deal.
Once setup was complete I started walking the bourse floor looking for nice US type and US Philippine coins. I was able to buy some really nice coins. There was a lot of dealer to dealer trading going on. Most of my purchases were from other dealers throughout the entire show. Strong Coins sold for strong money and weak coins either sold at a discount or were packed up and taken back home. It appeared to me that anything dated 1861 was selling quickly and for strong money, or maybe I was just lucky. I sold two 1861 50C, one 1861-O 50C, and an 1861 25C in grades F-12 through EF40 for almost triple grey sheet prices, three of those sales were to dealers as well. The market is down on error notes except for really outstanding examples. Common mismatched serial numbers and minor to moderate error notes were not selling. This was the opinion of other dealers who sell error notes as well. The bourse floor was really active on Thursday and Friday but slowed down a lot on Saturday. I used Sunday to finish a few wholesale deals and re-organize my inventory before packing up. During the show, inventory turnover was quick, items would often sell within hours of me placing them in my cases.
I was able to meet a few forum members both from Cointalk and PCGS but I had very little time to talk to most. I was a lot busier at this show than I have ever been at the local and regional shows I attended in the past.
Overall, I think this was a great show and I plan to continue to come back.
Some Lessons learned… and learned again…
Check prices realized over grey sheet, they can be vastly different either way.
There is no need to wholesale unless you need the cash flow.
A small loss is better than sitting on an overpriced coin for too long. The money you have tied up in that coin could be working for you, making up that loss in no time.
Nice coins always draw attention to your other and you should keep some stunners in your cases. Do not be in a hurry to sell your best items, set a fair price and stick to it.
Most of the time, raw coins are raw for a reason. This is especially the case if said coin is from another dealer whom you do not know, or is willing to give you a “discount” because you are new.
If you see anyone, whether a dealer or not, shopping a box of coins and no other dealer is buying them… be very cautious. Usually I don’t even waste my time; if there were nice coins in there someone would have already bought them.
I actively collect, buy and sell US minted Philippine coins from 1903-1945. I am interested in anything during this period, Albums, Proof sets, collections, original rolls and bags, Cullion Leper colony coins etc.
Also a big fan of liberty seated coins.
Also a big fan of liberty seated coins.
0
Comments
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 was at tabe 232.
Also a big fan of liberty seated coins.
<< <i>I specialize in US Philippine Coins (1903-1945) >>
- Marcus Tullius Cicero, 106-43 BC
Also a big fan of liberty seated coins.
I know when I used to help a friend out who was a national dealer on the circuit, it was a true wake up call on what goes on
Larry L.
I don't think I would ever do a large show like that without someone who could watch my table while I was on the floor. The overhead is just too much to let any potential sale get away. It might be different for more well known dealers with an established cliental, but for me every little thing has to be watched right now.
Also a big fan of liberty seated coins.
Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
I give away money. I collect money.
I don’t love money . I do love the Lord God.
RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
CJ: 'No one!' [Ain't no angels in the coin biz]
<< <i> I remember seeing your table... more Philippine coins than I've ever seen in one place before. >>
Ditto, and thanks for sharing your report with us.
No Way Out: Stimulus and Money Printing Are the Only Path Left
Best of luck to you in your new venture.
Mike
and thanks for posting.
"Inspiration exists, but it has to find you working" Pablo Picasso
<< <i>Enjoyable reading.
and thanks for posting. >>
+1 and best wishes. Must be nerve racking but exciting times. Good on you
MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
The Penny Lady®
AB
Drunner
And, congratulations on your success at the FUN show!
An authorized PCGS dealer, and a contributor to the Red Book.
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.american-legacy-coins.com
Good Luck to ya, and don't let the big boys shove ya around...
Full disclosure ... none of the coins are mine but I am assisting the owner with the sale of these coins.
Wondercoin
Complete Set of Chopmarked Trade Dollars
Carson City Silver Dollars Complete 1870-1893http://www.pcgs.com/setregistry/showcase.aspx?sc=2722"
No reason to be intimidated here. It can be a tough crowd at times, with brutal honesty. But the advice from the experienced dealers and collectors is priceless. No ding on cointalk...but the forums are world's apart.
Lance.
I appreciate the approach you took, and thank you for taking the time to write it up so well
Liberty: Parent of Science & Industry
Also a big fan of liberty seated coins.