How do you sell coins to dealers at a show and which dealers @ Long Beach are the best buyers for ty

TopographicOceans

I have only brought coins to sell at a show a couple of times and never had any luck.
Of course showing up in the last two hours on the final day limits the number of dealers present, but the guy with the "We Buy Coins" sign is usually still around.

I've got some duplicates in my type set I want to sell. I have some listed on eBay with BIN's priced with a small profit after all the fees and sell some from time to time.

I could bring 20 to 100 slabs but even though I'm a Silver HWI client that covers coins in transit, it is against my nature to be walking around with anything of value.

What's the best approach to try and sell to dealers set up at the show? Do I just walk from table to table and get quotes on any they are interested in, and then at the end of the day go back to the highest buyer? What is a reasonable number and value to bring?

Boosibri

One point...I don't think that walking table to table soliciting the highest price will work for you. No one wants their offer used against them. Have a price in mind ahead of time and if the deal fits, take it.

roadrunner

I've rarely been able to sell coins to anyone with the "we buy coins" signs.

Most of the time it really means, "we buy coins cheap."

golden

<< <i>I've rarely been able to sell coins to anyone with the "we buy coins" signs.

Most of the time it really means, "we buy coins cheap." >>

LindeDad

Only did it once made a price list of for 20 graded coins in a blue box with what the lowest I would accept for each in hand. Went to about 5 tables that were buying and asked if they were willing to make offers on any of the coins that I had most offers were below my cut off.
Think I sold 2 coins of the 20.
Put the box away and went home and listed the rest on eBay were I sold them at more than my minimum even deducting fees.
Unless you bought at dealer prices you cannot really sell at dealer price I found.

joebb21

Find dealers that specialize in the material that you are looking to sell and come with prices in mind.
As mentioned, dealers are very unlikely to make bids on items and then have you shop it around.

Have your best prices on the slab and tell the dealer "if we are close let me know".

TomB

<< <i>I've rarely been able to sell coins to anyone with the "we buy coins" signs.

Most of the time it really means, "we buy coins cheap." >>



+1,000

TomB

To give more insight, it is best to know what you want and what you are willing to accept for each coin. These are two different things. Also, an offer or price quote typically is only good while at the table and evaporates when you disappear. Dealers do not generally like to "guess" at what you want to sell an item for as this is not how you purchased the coin to begin with; that is, you didn't throw out a price to the dealer, but instead had a price already quoted to you. You may want to bring your material to dealers who sell similar material first as they will have a better grasp of that niche and likely more likely have clients for those pieces. Be patient, realistic and do not get frustrated. Good luck.

claychaser

I find it works best to limit the number of coins you show to dealers, and try to have only certain classes of coins in a box. Examples: 1) Type coins under $1000 2) US gold generics 3) Better dirty US gold 4) Classic commems 5) moderns. You the idea. I think dealers get some burnout when they see over 2 boxes of coins.

I also out "retail" price stickers on the coins, as I think it saves time so to avoid the $100 offers on a coin you think I worth over $300.

guitarwes

Try the BST forum first. You may get more bang for your buck and realize more $$$ than at a show. Set your price and your terms then let the forumites devour them (if they are reasonable).

jdimmick

I think lots of good points here.

Ahead of time find out who are the dealers that specialize in the coins that you have to offer. And I learned this a few years back, have in mind what you want and/ or will accept for your coins, dealers like first shot and hate to buy shopped around stuff. if your close, let em know, they might stretch a little if they really can use it. if an offer is fair, don't hesitate and check around, you may loose it on the return
jim

jdimmick

Also One more important thing, if you go expecting a retail price, you might as well not bother, dealers have to make a profit. I am not talking about low ball un fair dealers, but dealers in general need to have a little room.

Type2

I just walk around with my blue box and if some one want to buy them they will ask you if they can look at them or go by STACKS or any of the others auction houses and they will buy all of it most of the time not pick it apart.

DollarAfterDollar

TomB was pretty close to how I do it. You MUST have a list of what you're willing to settle for on each coin you bring. Oftentimes Dealers buying might not want just one thing (and you shouldn't let them cherry pick) so be prepared to package and look at the whole dollar amount. You can usually get 15% back of grey sheet (bid) on things that are attractive. Coins with super toning or eye appeal or condition rarities will command more.

The reason for your price list is to prevent you from getting confused (and you will).

Dealers who aren't really interested will still buy if the price demands it. Then again, many Dealers are cash poor from all the big auctions. Finally, consider trades when the situation applies.

TopographicOceans

There were a lot of good suggestions. Thanks.

Because the show is next week, I guess what I’ll try is to pick out like 20 duplicates, a few I’ve got a good deal on and some I overpaid and the rest somewhere in the middle and put a price sticker on each. It sounds like I should try Stacks first. If that works I’ll come back with more boxes the next day.

As I wander around and see someone who’s not busy with similar material I’ll ask if they want to look through the box. If they see something they like and make an offer where I don’t lose too much, it will be a done deal. I guess it's better not to try and run a mobile auction on the bourse floor.

I realize I’m dealing with people who would be buyers at a wholesale level.

After the show, I’ll try the BST and then send some to Heritage that are worthy and then put the rest out for the nice people on eBay. I rarely sell to collectors on eBay with no reserve auctions. 90% of the time they are bought by flippers who relist at a high fixed price.

At the show, it will probably turn out I’ll sell like two, but wind up buying 10

david3142

I have generally not had good luck selling coins at shows. Even nice things. Be prepared for people to tell you everything that is wrong with them. Many don't even make an offer on most items. It can be a little depressing at times, but other times you will find the right dealer that has a need for your coins. Specific to Stacks, I sold them a few things at their store (common 64 and 65 Morgans, some with pretty toning) and they gave me good prices.

msch1man

<< <i>At the show, it will probably turn out I’ll sell like two, but wind up buying 10 >>



If you're going to be buying, I'd suggest you "sell" your duplicates via trade as opposed to an outright sale. I would imagine this will net you more money.

themaster

I have had luck by knowing who the promoter is ahead of time. I ask at the entrance if the promoter is available. I then approach the promoter, tell him what I have to sell, and ask his opinion as to who might be buying said coins. Next I ask if he would mind if I told the dealer that he sent me to his table.

Good luck


Have a Great Day!
Louis

DaveG

Trying to sell to a dealer "cold" (you've never met or done business) isn't the easiest thing in the world.

I gather you have no dealer relationships on which you can rely. However, if you even know a dealer or two slightly, then call them before the show and ask to whom you should offer the coins (assuming they're not going to be at the show) - then say to that dealer: "Joe" sent me. Relationships go a long way in the coin business.

Make sure you price your coins with care - determine how the potential buying dealer sets his buy prices and then build on that knowledge. If your sort of coins are traded frequently on Heritage, then use their archives and price your coins enough below recent auctions to allow the dealer a decent profit. If the potential buying dealer uses the Grey or Blue Sheets, then check those prices to see if you'll accept offers based on those prices when you sell. (Dealers will use the Blue Sheet to see what their absolute bottom price is and dealers around me use the Grey Sheet to base their selling prices.)

On the other hand, showing your box of coins around and having all the potential buyers reject your prices is a powerful learning tool!


edited to add:Frankly, if you have nice type coins, you could do a lot worse than talking to/offering them to TomB!

Shortgapbob

Building a relationship with a "network" of go-to dealers is a good start. I have a lot of guys who come see me every show. Try to do fair business that works for both sides and you can do lots of business over the long-term.

BillJones

I have found that walking floor trying to sell coins at a show is very disappointing. Dealers have an attitude about "the public" which says they will pay as little as possible. They will pay more to another dealer.

When I was a dealer I could understand this to a point. If you really don't need something and are only buying it for inventory, you need to be careful about paying too much for lower grade, not very nice coins that have the potential to become "dead stock." Still, if it is a good item, and you can use it, why hose the "the public?" Just a thought.

Have you tried to buy, sell and trade sections here and ATS for NGC graded coins? I've sold some coins that way, and have gotten some fair prices. It's worth a shot.

TwoSides2aCoin

Walk up and say : "Are you interested in this for X amount ?" (fill in the blank)
9 out of 10 times a dealer will say : " ___" But he's thinking : " _____________________________"

AMRC

So you have tried to sell them at or about your cost plus a small profit and you are not having much luck. Is your expectation that a dealer will buy them at those prices? Contrary to popular belief it takes work and time to sell coins. Ask any dealer right now how they are doing in this market, and they will tell you things are slow. It takes time, if you do not want to spend the time, then you have to spend some of the value of the coins, in terms of discounting them, to compensate.

TopographicOceans

After reading some of the responses from dealers perspectives it shows me it's probably not such a great idea.
Below is what I did on eBay last year vs. this year to date.
What I'd like to do is eliminate the expenses, but they can't be. They would still be incurred by a dealer which would be reflected in a discounted price along with the profit they need plus the cost of money to carry the inventory.

The best I ever did selling coins was through Mark Feld listing them with HA (before he joined them), but that was some years ago and that was in a different market.

I figure it takes me about 12 minutes per coin to sell on eBay. I'll bring a box of 20 with me to the show just to see, but probably I'll just keep trotting along on eBay.
Oh well, it doesn't really take that much time and gives me something to do.

I want to thank everyone for their replies

Barndog

if you have prices in mind, visit Harry Laibstain.

SoCalBigMark

Never offer Anacs coins to a dealer with none in his case.

TwoSides2aCoin

When in Long Beach, do as the Romans: Conquer and divide by type.