YN setting up table at coin show
Taylor101
Posts: 275
I want to have my own table at a coin show. Any tips? I am a YN.
Taylor
Taylor
Also known as coinman101---
I am a YN and I do not want anybody to question my IQ Level! I don't know everything and came here to learn!
I am a YN and I do not want anybody to question my IQ Level! I don't know everything and came here to learn!
0
Comments
taylor
I am a YN and I do not want anybody to question my IQ Level! I don't know everything and came here to learn!
<< <i>I want to have my own table at a coin show. Any tips? I am a YN.
Taylor >>
If there is a contract, you are not old enough to sign it.
Contracts in general are not valid < 18.
<< <i>And you really need to delete your profile info. >>
What can you see?
taylor
I am a YN and I do not want anybody to question my IQ Level! I don't know everything and came here to learn!
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.american-legacy-coins.com
<< <i>Setting up at a show in your home state without the necessary certificate of authority to collect sales tax by your state could be a huge problem. Think in terms of having the table shut down and inventory seized if tax authorities decided to visit the show and inspect. >>
Oh.....Maybe I wont then.
Taylor
I am a YN and I do not want anybody to question my IQ Level! I don't know everything and came here to learn!
<< <i>Setting up at a show in your home state without the necessary certificate of authority to collect sales tax by your state could be a huge problem. Think in terms of having the table shut down and inventory seized if tax authorities decided to visit the show and inspect. >>
Some states (like Iowa) do not have sales tax on coins. You just have to report income.
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.american-legacy-coins.com
<< <i>
<< <i>Setting up at a show in your home state without the necessary certificate of authority to collect sales tax by your state could be a huge problem. Think in terms of having the table shut down and inventory seized if tax authorities decided to visit the show and inspect. >>
Oh.....Maybe I wont then.
Taylor >>
You can get a sales tax certificate without a problem, probably (I did when I was 14 or 15.) Just set up at shows you can afford, and try to make sure in advance that you have enough "good" inventory to make enough sales at the show to make more than the show costs you.
<< <i>
<< <i>And you really need to delete your profile info. >>
What can you see?
taylor >>
Your name and town you live in. Trackable.
Plus: a common mistake for newbie dealers: putting out their collection as inventory.
What is your intention in working from a table? It's your own personal answer to yourself that's most important in this instance.
Otherwise:
ork the floor at a couple of decent shows. Don't show off all you know.
Let table dealers condescend to you. You don't have to buy anything from them to learn a bit about "The Games People Play".
Project an image as unsure and hesitant. See who wants to rip you and/or intimidate, and who wants to help.
Bring cash amounting to maybe, at most, three months' purchasing budget, and some 3rd string coins you can sell (or trade) at marginal levels to build relationships with a few people you might do more with later. Losing 10% on $200 may turn out to be a good deal long-term.
OT and unsolicited. Eliminate the defensive from your sig-line, especially the IQ reference. "YN looking to learn" is plenty.
<< <i>The OP is in Commiefornia. >>
Ah... then yeah, what you said....
Your name and town you live in. Trackable.
Plus: a common mistake for newbie dealers: putting out their collection as inventory.
What is your intention in working from a table? It's your own personal answer to yourself that's most important in this instance.
Otherwise:
ork the floor at a couple of decent shows. Don't show off all you know.
Let table dealers condescend to you. You don't have to buy anything from them to learn a bit about "The Games People Play".
Project an image as unsure and hesitant. See who wants to rip you and/or intimidate, and who wants to help.
Bring cash amounting to maybe, at most, three months' purchasing budget, and some 3rd string coins you can sell (or trade) at marginal levels to build relationships with a few people you might do more with later. Losing 10% on $200 may turn out to be a good deal long-term.
OT and unsolicited. Eliminate the defensive from your sig-line, especially the IQ reference. "YN looking to learn" is plenty. >>
Great advice
Latin American Collection
<< <i>
<< <i>The OP is in Commiefornia. >>
Ah... then yeah, what you said.... >>
<< <i>And you really need to delete your profile info. >>
Why?
The name is LEE!
<< <i>
<< <i>
<< <i>And you really need to delete your profile info. >>
What can you see?
taylor >>
Your name and town you live in. Trackable.
Plus: a common mistake for newbie dealers: putting out their collection as inventory.
What is your intention in working from a table? It's your own personal answer to yourself that's most important in this instance.
Otherwise:
ork the floor at a couple of decent shows. Don't show off all you know.
Let table dealers condescend to you. You don't have to buy anything from them to learn a bit about "The Games People Play".
Project an image as unsure and hesitant. See who wants to rip you and/or intimidate, and who wants to help.
Bring cash amounting to maybe, at most, three months' purchasing budget, and some 3rd string coins you can sell (or trade) at marginal levels to build relationships with a few people you might do more with later. Losing 10% on $200 may turn out to be a good deal long-term.
OT and unsolicited. Eliminate the defensive from your sig-line, especially the IQ reference. "YN looking to learn" is plenty. >>
You sure paint an inspiring picture for the kids. Not that I disagree with anything you wrote.
Used my personal collection as inventory, was selling it anyway , as I wanted to get into car stereo and fixing up my car last year of high school. Been to a few shows as a helper with my old mentor dealer friend so I knew a little about what to expect.
As far as tax, setting up once or twice selling off your collection would not warrant a problem with the local tax authority here in NC, if you became a frequent, then yes it probably would. At that point I still lived at home, so any income generated, would have been miniscule and since I was on my parents reporting, not an issue for me.
The biggest thing I learned was I priced everything too cheap. Ill never forget, had one dealer from out of town take my entire inventory(minus one coin) in one swoop the first hour , left me a 26-s merc dime in xf-40, which I then sold with in an hour after that to another dealer. Closed up and went home. Was out of coins for a few years after that.
The dealer that bought all my stuff is still in business, in fact he is in the bullion / scrap gold side of the business now as has been for years. He gets a chuckle when I bring it up . I actually have done several million $ in business with him over the past few years.
Anyway, back then at the show when he scooped up all my stuff, he proceeded to write me a check, I did not know him from adam, and the expression on my face was (I hate to take a check from somebody I don't know) About that time , my old dealer mentor friend got my attention and gave me the thumbs up on taking the check, I later found out he was a very large national dealer from SC. ( John (mentor friend) told me his check was as good as gold). Knowing him , now that couldn't be more true to this day.
Q. David Bowers started out. Go for it! On the tip level: find a credible mentor of an existing dealer in your locale to give you guidance on how to master the task of the logistics of becoming a show dealer.
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.american-legacy-coins.com
To resell in California. You will need a business license and then you will need a reseller permit at minimum. They are not difficult to obtain but they will cost you a couple hundred dollars (if I remember correctly) depending on what your local city charges. You will then have to claim taxes in all of the different counties you have sold in and around the state because many counties have different tax amounts due to all of the local bonds and measures that have passed. In addition, you will have to file a California reseller state tax return declaring the amount you purchased, the amount you sold and the state taxes you collected by county (The minimum transaction number to avoid filing taxes is less than 3 or 5 transactions per year, essentially if you sell at one show, you need to file). It would be a very educational for you but it will also be very tedious. I actually did this a few years ago and the headache was just not worth it to me (If you are going to do it, do it correctly). So I stopped selling to the public (I started selling just to dealers) then I got out of selling all together. Might have stayed in if I didn't have a day job.
If you decide to proceed I would start with the San Jose, Concord, Fremont or Livermore CA shows.
Best of luck to you.
Rob
Successful Trades with: Coincast, MICHAELDIXON
Successful Purchases from: Manorcourtman, Meltdown
<< <i>To resell in California. You will need a business license and then you will need a reseller permit at minimum. They are not difficult to obtain but they will cost you a couple hundred dollars (if I remember correctly) depending on what your local city charges. You will then have to claim taxes in all of the different counties you have sold in and around the state because many counties have different tax amounts due to all of the local bonds and measures that have passed. In addition, you will have to file a California reseller state tax return declaring the amount you purchased, the amount you sold and the state taxes you collected by county (The minimum transaction number to avoid filing taxes is less than 3 or 5 transactions per year, essentially if you sell at one show, you need to file). It would be a very educational for you but it will also be very tedious. I actually did this a few years ago and the headache was just not worth it to me. >>
There's nothing quite like setting things up to encourage someone to start a business, is there? It's almost like somebody doesn't want people to.
The cost of a bourse table depends on the size, length and venue of the show. For a very small one day show tables can start at around $50 while large conventions can cost more than $1000. Coin show tables are actually very cheap compared to other industries where a convention booth can cost over $10,000 for a few days. Bourse fees generally require upfront and prior payment.
Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
Call the promoter and ask about reserving as a hobbyist and if you play off of your YN-ness they might even cut you a deal. And only sell to dealers at the very end.
First off costs are going to a be at least 10X what you think they are. (It's not just what the table cost in most cases time and transportation and other fees come into play)
Second your going to have to have 10x the inventory you think you need. (Remember not everyone collects the same thing.)
Third if priced right 1 in 10 of the items will sell. ( It's just that way no matter where you sell at any given time you only get so many of the customers.)
Forth everyone will want at least 10% off on everything. (Actually you will see more lower than that offers but I don't want to discourage you.)
And the tax man wants his 10% as mentioned before. (Actual rates might be lower but that doesn't account for your time for doing it.)
But if you dead set on setting up give it a go its proably a good learning experience anyways.
If I were a criminal thief, I would be hunting for profiles like yours. From it, I can tell your FULL name, the town you're from, your email address (to hack into). Couple that with coins or any other detail you may have shared on the Forums, and it becomes easy to either hack into your accounts, or two show up to your home and steal whatever coins you may have. I highly suggest maintaining some level of anonymity- especially since you say you're YOUNG. Not trying to belittle you, but again, if I were a scumbag thief, you'd be a walk in the park to steal from.
You'll find several people on here are not so anonymous. These men are, more often than not, very seasoned and very careful with insurance, security, arming themselves, and so forth. That just comes with experience, something you probably don't have yet.
So don't feel too sheepish- this is just advice for your own good.
Interests:
Pre-Jump Grade Project
Toned Commemoratives
<< <i>
<< <i>
<< <i>And you really need to delete your profile info. >>
What can you see?
taylor >>
Your name and town you live in. Trackable. >>
Taylor, we can see your first and last name, town, everything you put up. Please delete it. Mine says hardly anything, and nothing "pertinent" - (My name is not Billy Boy for example).
Eric
PS - I am now unsure about my email address being online because it does bring a lot of business and what I guess is called "fan mail" from around the world, which I really enjoy.
<< <i>
<< <i>
<< <i>
<< <i>And you really need to delete your profile info. >>
What can you see?
taylor >>
Your name and town you live in. Trackable. >>
Taylor, we can see your first and last name, town, everything you put up. Please delete it. Mine says hardly anything, and nothing "pertinent" - (My name is not Billy Boy for example).
Eric >>
Actually I can't even access your account information.
<< <i>
<< <i>
<< <i>
<< <i>
<< <i>And you really need to delete your profile info. >>
What can you see?
taylor >>
Your name and town you live in. Trackable. >>
Taylor, we can see your first and last name, town, everything you put up. Please delete it. Mine says hardly anything, and nothing "pertinent" - (My name is not Billy Boy for example).
Eric >>
Actually I can't even access your account information. >>
Ah. Thanks
Eric
If one of your local coin clubs puts on a show, that might be the easiest way to get started as the clubs are typically a bit more lax as to what sort of paperwork their own members need to get a table. It's better if you do get the proper paperwork in order though. It would likely be easiest for your parents to get a CA resale certificate to take care of the sales tax issue and a business license if needed in your city/county. They could also execute the bourse contract in their name too. If you do that, you'd effectively be manning their table as their employee which should be fine.
Here in SoCal, the small shows with 25-30 tables are around $100 for the day per table. Some are a little less, some a little more. If you go to a bigger 2-day show around 50-60 dealers, then you're looking at about $400 for the two days, give or take $100. When you're ready to go big and do something like the Long Beach show, then it's around $700-$1000+ for the 3 days, depending on where in the room you want to be. Of course, if you're starting out you probably don't even need a full table. Sharing a table with a friend is a good option as you have less table to fill with your own coins and then you only have to pay 50% of the table fee!!
Good luck and have fun
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
Here in North Dakota theres no sales tax on coins or bullion either.
Might I suggest you ask a local dealer if you could set up a table with them. Under their "umbrella" till you get the hang of it. Theres a lot of pit falls but much more positives in the industry from what Ive seen.
<< <i>Taylor,
If I were a criminal thief, I would be hunting for profiles like yours. From it, I can tell your FULL name, the town you're from, your email address (to hack into). Couple that with coins or any other detail you may have shared on the Forums, and it becomes easy to either hack into your accounts, or two show up to your home and steal whatever coins you may have. I highly suggest maintaining some level of anonymity- especially since you say you're YOUNG. Not trying to belittle you, but again, if I were a scumbag thief, you'd be a walk in the park to steal from.
You'll find several people on here are not so anonymous. These men are, more often than not, very seasoned and very careful with insurance, security, arming themselves, and so forth. That just comes with experience, something you probably don't have yet.
So don't feel too sheepish- this is just advice for your own good. >>
Agreed, you have made yourself a very easy mark with all of the information on your profile. It may be best to turn it off as many people on the forums opt to do. If you do it correctly under the profile settings, the glasses icon will disappear from the upper right corner of your posts.
Choice Numismatics www.ChoiceCoin.com
CN eBay
All of my collection is in a safe deposit box!
<< <i>In comic book conventions that I set up in during my youth, I always applied under a hobbyist category for a table and never dealt with any of that stuff. I had caps on selling but they we not enforced. I doubt small coin shows are very different.
Call the promoter and ask about reserving as a hobbyist and if you play off of your YN-ness they might even cut you a deal. And only sell to dealers at the very end. >>
Unfortunately, they are in CA
Rob
Successful Trades with: Coincast, MICHAELDIXON
Successful Purchases from: Manorcourtman, Meltdown
<< <i> You will also need a resale certificate which authorizes you to collect sales tax on behalf of the state. Despite the advice you might have heard from small talk, it is best to adhere to tax and business laws of the state.
<< <i>
Couldn't agree with Wei more here. If you are going to do it you have to do it right. Especially in CA, as I said it was not worth the headache to me so I stopped selling but there are several local resellers out there. You may want to reach out to some of those CA resellers when you attend your next show. Several of them have been doing this for quite awhile successfully and many would be very likely to assist a YN.
Again best of luck
Rob
Successful Trades with: Coincast, MICHAELDIXON
Successful Purchases from: Manorcourtman, Meltdown
1) Watch out for guys who shave their face, but who have longer ear and nose hairs than their eyebrows.
2) Wear plaid or flannel shirt, and suspenders with polyester pants. Wing tips and white sweat socks are optional
3) Lanyard with loupe hanging from the neck
4)
5)
6)
7)
...
.... somewhere in this list is "Have fun".
``https://ebay.us/m/KxolR5
<< <i>What is an optimal amount of cash to start with? You have to be prepared if someone walks up and wants to sell right? >>
When I had a table recently, I had a few people wanting to sell. I just referred them to other dealers. The stuff they had was of no interest to me even if I was buying. One might need $500 to make change with and maybe $2K for buying. Don't buy unless you know you can sell it or if you have to wait 6-8 weeks for the next show.
<< <i>... You sure paint an inspiring picture for the kids. Not that I disagree with anything you wrote.
Perhaps a bit of Bob Seger's "Wish I didn't know now what I didn't know then" coupled with some "Mothers, tell your children not to do what I have done.....".
city or just put the state.
If you know a seller at the show who is not using all his space, he might let
you set up next to him.
<< <i>Go for it Taylor! Find a small local show to start out. Would be best if you have a trusted friend or even one of your parents helping you at your table because it can be hard to do a show completely alone. It's nice to have another set of eyes watching your table and very nice to have that person there to watch everything if you need to step away for a bit.
If one of your local coin clubs puts on a show, that might be the easiest way to get started as the clubs are typically a bit more lax as to what sort of paperwork their own members need to get a table. It's better if you do get the proper paperwork in order though. It would likely be easiest for your parents to get a CA resale certificate to take care of the sales tax issue and a business license if needed in your city/county. They could also execute the bourse contract in their name too. If you do that, you'd effectively be manning their table as their employee which should be fine.
Here in SoCal, the small shows with 25-30 tables are around $100 for the day per table. Some are a little less, some a little more. If you go to a bigger 2-day show around 50-60 dealers, then you're looking at about $400 for the two days, give or take $100. When you're ready to go big and do something like the Long Beach show, then it's around $700-$1000+ for the 3 days, depending on where in the room you want to be. Of course, if you're starting out you probably don't even need a full table. Sharing a table with a friend is a good option as you have less table to fill with your own coins and then you only have to pay 50% of the table fee!!
Good luck and have fun
This
Steve
<< <i>TIPS for YNs setting up table at coin show:
1) Watch out for guys who shave their face, but who have longer ear and nose hairs than their eyebrows.
2) Wear plaid or flannel shirt, and suspenders with polyester pants. Wing tips and white sweat socks are optional
3) Lanyard with loupe hanging from the neck
4)
5)
6)
7)
...
.... somewhere in this list is "Have fun". >>
You also forgot to add "mustard."
Interests:
Pre-Jump Grade Project
Toned Commemoratives
I have decided that I won't set up at a show here, because of my age and my lack of capital to do paperwork for our nosey government. Instead I will help my dealer friend with his table. It should be fine till I am older.
Taylor
I am a YN and I do not want anybody to question my IQ Level! I don't know everything and came here to learn!
<< <i>Thank you all for your comments. I deleted my profile as best as I can.
I have decided that I won't set up at a show here, because of my age and my lack of capital to do paperwork for our nosey government. Instead I will help my dealer friend with his table. It should be fine till I am older.
Taylor >>
Well done- you're substantially more anonymous now. Probably a wise idea to wait off on the table, too, until your profits get large enough to afford the fees and gov't paperwork. It's great that you have a friend who'll let you work with his table- you'll get to network, learn the tricks of the trade, maybe even consign some coins to your friend- all for little-to-no money. Now THAT'S a good deal to me!
Interests:
Pre-Jump Grade Project
Toned Commemoratives
Coin Club Benefit auctions ..... View the Lots