Pro and Con of booth at Flea market

unclebob

Locally, there is a void in the Brick and Mortar coin dealer arena. The one shop I know, seems mainly an extension of a pawn shop and has abnormal hours.

We have about two smallish shows annually. A few more within a three hour drive (usually the same dealers).

Locally, the void seems to be filled with flea market dealers. Three I counted yesterday, seemed to have a nice setup and brisk business. Another local PT dealer cycles in and out as well. Not including the odd stand offering worn Buffalo nickels and IHC, the stuff is not earth shattering but runs the gamut of gold/Silver bullion, raw Morgans, raw everything...

Got me thinking... another flea market has no dealers, table is $35 per day + $2 for electric, biz liscense is somehow included, and it's indoors. Why not take a shot?

My thinking long term... if I build it, they will come.

Positives... Lots of foot traffic, develop some contacts (we get a large influx of tourists), move some clutter, bring in some collections, move some bullion...

Negatives... I know the flea market is for bargain hunters, so I'm it might be a waste...

Any thoughts appreciated!

LindeDad

Big draw back of this type of set up I see is security. Do you have someone to man the table when you can't. Do you have your own lockable cases for the better stuff.
Another might be moving inventory to and from the site.

WTCG

Flea markets and swap meets are an ideal place to sell lower end material at retail prices. Coins ideal for flea market offerings include 90% silver, slider silver dollars and smaller silver and copper bars. Don't expect to sell high value slabs or high grade coins.

Also counterfeit slabs are rampant at those places. If you see a certified coin of consequence offered for sale make sure to thoroughly check everything before buying.

unclebob

My plan, initially, would be to set up a pair of lockable display cases on weekends while manning the table. Pack up and leave at the end of the day.

If it was profitable, a few months down the road, I would rent semi permanent space within the complex on a monthly basis. This would allow me to advertising space even when not I'm not available.

Again... packing out the coins at the end of the day.

SaorAlba

<< <i>Big draw back of this type of set up I see is security. Do you have someone to man the table when you can't. Do you have your own lockable cases for the better stuff.
Another might be moving inventory to and from the site. >>



I did a set up at a flea market once with locking glass cases. I made pretty decent sales, common stuff like wheats, IHC, Buffaloes and Morgans. I would never do high end stuff because eventually you could be making your ruin - a smash and grab could be real easy if the perp has an accomplice who gets your attention off of your cases. They can disappear into a crowd easily too.

BillJones

One thing that you always have to keep in mind is that you don't want anyone following you home or hijacking you on the road. That is the dread of many coin dealers. One well-known dealer had crooks following him for over a thousand miles. That's the extreme because he had a big inventory, but you get the idea.

ricko

All the coin dealers I have seen in flea markets had overpriced, over graded material....never did make a buy at a flea market. Cheers, RickO

PerryHall

<< <i>One thing that you always have to keep in mind is that you don't want anyone following you home or hijacking you on the road. That is the dread of many coin dealers. One well-known dealer had crooks following him for over a thousand miles. That's the extreme because he had a big inventory, but you get the idea. >>



It's very unlikely crooks will follow the typical flea market seller over a thousand miles to their home or even five miles.

Justlooking

Sounds like a good idea to me. If you need to buy new display cases, you can always use those later at other shows. You just might have fun.

PerryHall

<< <i>Sounds like a good idea to me. If you need to buy new display cases, you can always use those later at other shows. You just might have fun. >>



Agree. Bring a friend to help you watch your coins if you need to have a bathroom break.

CoinRaritiesOnline

Go for it.

GBurger717

I sell at a local flea market in dillsburg PA called Williamsgrove. I sell mostly new items but have a case or two of civil war relics and lower end coins. I do VERY well most days I am there. I sell a ton of wheat cents and silver rounds. In 2009 when the lincoln cents were out I had a good connection for all the boxes I wanted. I sold at least 400 rolls each sat and sun while I was there. Another thing you can do is sell cold drinks. I make almost 100 bucks a week selling bottle water and soda. Go for it. You have nothing to loose but please find someone to go with ya for extra caution......

BryceM

Might be fun. Be sure to advertise that you are a buyer and will do appraisals too. You never know what might walk in.

jdimmick

Here in town we have two flea market dealers, both get some of their material from me. They sell a lot of cheaper coins, and the past few years bullion. Lately, one of the shops has been getting a lot of word of mouth business, and has done quite well (bullion wise) Even a full time shop,in this area sucks for middle price and up collector coins, I was never able to do well in this arena . One reason why I closed up the storefront this past jan, Can do so much better at shows & internet. The scrap gold business was winding down as well due to price decline. There are two full time stores here (well 1 1/2), my old shop is losing business at a rapid pace.(for several reasons)

The biggest problem that the flea market dealers have is getting material to come into their place, many people refrain from taking their coins into flea market type dealers, as they feel they would be cheated. (which is not necessarily true as both of the dealers here are quite fair and straight forward.


AS far as business, the biggest problem as mentioned above is being able to buy at the right price and getting the opt to buy. I am looking at other venues to buy as we speak. I had a deal worked out for rights to buy from my old shop, but due to less and less business coming in, its getting tougher. It is also hard to buy from the other shop as well, guy is just too high, even cutting me a deal as a ( dealer). I am looking at running a couple of motel buying venues later this year, everybody always seems to flock down to them. Also, setting up at three local shows here in town and advertising for myself at the show.

jim

Cougar1978

I have found setting up at a flea market similar to a gun show - some are fun and others a waste of time. The advantages are cost and not as much competition like a coin show.

The main sellers are bullion, junk box coins less than $20, world currency, raw junk silver, circ silver dollars US mint products, cheap slabs under $100 etc. Higher end stuff over $300 well forget it. I will have everything priced and leave some room for negotiation so I realize the profit I want. Sometimes some good buys will walkup but your usually offerred mostly trash. The last one I had bought some 90% silver halves off the Bay for around BV and was getting BV+ 15% at the flea market for something I had just received the day before. On numismatic material like slabbed coins (NGC, PCGS, with a few ANACS, ICG) I take prices from CU, CW, or Krause and simply slap a price sticker on them. Perhaps that 1923 MS 64 Peace Dollar graded by NGC priced at $75 is grandma betty's bd and the guy wants it. Or a coin I have priced retail - at $275 (I have 150 in it) the guy offers $250 and its sold. I have let them go for as much as 15% off market if I am making good money. The coins sell themselves. For raw coins I like using Coins Magazine for pricing (put out by Krause) as its quick and easy. A flashy Oregon Trail Half in NGC 65 I bought off Ebay for $233 the week before sold for $395 (CW Trends was 400). These markets can be rewarding if people coming in have money and like coins.

The downside is security but I own 4 display cases that lock anyway plus provide 100 watt lighting like at a show. Just don't leave your table to go out to lunch.......I bring my own or some of these places serve food. I don't usually have a helper but pack heat. If leaving the cases overnight I remove the coins and currency to a briefcase and leave quickly. Another downside is people with little money to spend on coins.

Beware of counterfeits - I once had a $2.50 Indian set, complete in an impressive capitol holder offered to me raw probably around MS60 Bid.
Not only did most of them look AU, I don't think the 11D was real let alone a few of the others. The seller said "these are professionally graded" as the dealer who sold them left his sticker "CH BU" on the capitol holder. I politely passed and referred him to a coin shop. Another time I bought about 25 or 30 proof sets - now all of a sudden I was in the proof set business!

ambro51

Total and complete waste of time and energy. I in 500 people know "anything" about couns and at that level they are wary of flea market vendors. If you want to make money at flea markets sell soft pretzels.

robkool

I would like to give it a try one day...
I know several of these weekend markets here locally. Do you need to have a resale license ???

Topdollarpaid

Nothing ventured nothing gained

UNLVino

I posted a while ago an experience I had. Long story short - I went out of my way to go to the flea market when I wanted a couple common raw Morgans for gifts. I figured help the local little guy. He was the rudest human being I ever encountered! OK perhaps not the rudest but definitely in the top 100! Won't darken his booth ever again, but will still happily buy coins at a flea market or anywhere else.