Opening a table at this weekend's local coin show/flea market.
CommemKing
Posts: 2,202 ✭✭✭✭✭
Well I finally did it. I purchased two nice display cases, 2x2 trays and everything else needed for display. I have about 100 coins in 2x2 flips and about 45 slabbed coins. What else am I forgetting? What should I be prepared for? What do I need to bring? Any help would be appreciated.
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And Good Luck!
Do you have an inventory listing for possible "early birds" here at the forum? One for the table would not be a bad idea either.
Success to you on your venture!
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You best defense is know what you coins are worth and what you want for them in advance. Don't allow them to swarm you and take a bunch of coins out of your cases a one time. You need to keep an eye on everything.
The vast majority of dealers are honest and are ready to pounce on the crooks who steal coins at shows. There is a fraternal attitude among many dealers about that. BUT there might be a dishonest person in the crowd who is ready to take advantage of the situation.
Wholesale business with other dealers will be an important part of your business if you are successful. The trick is to be firm but polite with prices that are competitive. Establish that you are a person who knows the business and who brings a reasonable attitude to the table, and you will do just fine.
Collector, occasional seller
"If I say something in the woods and my wife isn't there to hear it.....am I still wrong?"
My Washington Quarter Registry set...in progress
You best defense is know what you coins are worth and what you want for them in advance. Don't allow them to swarm you and take a bunch of coins out of your cases a one time. You need to keep an eye on everything.
The vast majority of dealers are honest and are ready to pounce on the crooks who steal coins at shows. There is a fraternal attitude among many dealers about that. BUT there might be a dishonest person in the crowd who is ready to take advantage of the situation.
Wholesale business with other dealers will be an important part of your business if you are successful. The trick is to be firm but polite with prices that are competitive. Establish that you are a person who knows the business and who brings a reasonable attitude to the table, and you will do just fine.
The above from BillJones is great advice.
Bring small bags for people to put their purchases in. Some people wig out if they don't have a bag to put their stuff in.
Change is a must, but don't give it all out to other dealers before the show starts.
I don't know the size or buying habits of the attendees at your show, but flea markets usually aren't a good place to sell slabbed coins.
Your show could be different. Flea markets are a great place to buy and move junky stuff. Never underestimate the desire that some people have to accumulate near worthless crap.
As far as pricing goes, I've never been one to put prices on my slabs. But if you do, I would mark them higher than you really want because everybody wants a "deal," even if it is just an imaginary discount.
Project confidence and success will follow.
There will probably be a few there as Bill Jones suggested that will want to pounce on the new flesh.
Be firm but respectful in your dealings. When a dealer asks how much you want for a coin, don't say "Um, I think I would take about $40 for it" because you have shown them a possible lack of knowledge or confidence in your pricing.
Say "The coin is $45."
They will counter, think they got a deal and you will get what you wanted anyway.
I wish you success, and hope you have a great time.
The time will fly by, and hopefully you'll have some help so you can shop and pick up some cool stuff too.
Good luck, and please let us know how things worked out.
Be prepared to be inundated by established dealers who will be looking to pick off "the new guy." They will be ready to pick your bones like a piece of road kill, unless you are prepared for it.
You best defense is know what you coins are worth and what you want for them in advance. Don't allow them to swarm you and take a bunch of coins out of your cases a one time. You need to keep an eye on everything.
The vast majority of dealers are honest and are ready to pounce on the crooks who steal coins at shows. There is a fraternal attitude among many dealers about that. BUT there might be a dishonest person in the crowd who is ready to take advantage of the situation.
Wholesale business with other dealers will be an important part of your business if you are successful. The trick is to be firm but polite with prices that are competitive. Establish that you are a person who knows the business and who brings a reasonable attitude to the table, and you will do just fine.
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Bring someone else with to help watch your inventory while you deal with customers.
that works wonders and a real good idea.
Be prepared to be inundated by established dealers who will be looking to pick off "the new guy." They will be ready to pick your bones like a piece of road kill, unless you are prepared for it.
Yes I experienced this first hand at my first show .....
Now the other dealers come by to look at my cool chit but know they can no longer fleece me .....
Www.killermarbles.com
Www.suncitycoin.com
Sometimes letting yourself be picked clean by the established dealers is a good thing. You end up with cash in your pocket and are rid of coins you really didn't care about. Don't worry about milking every coin for every cent possible.
I agree with the last sentence for sure. I don't how some dealers stay in business, but a few of them want every last cent possible and then some. Those guys need to write a book on how they implemented their business model. I would be most enlightened.
There are levels of getting "picked clean." If you want to get rid of a lot of so-so stuff that does not interest you any more, that can be a good thing. It's certainly easier to sell from a booth or table that it is from suitcase walking around the floor.
On the other hand you don't want to give stuff away for at lot less than what it's worth. You don't want to be like the widow, decades ago, who had a $100,000 collection in 10 double row boxes. A dealer who has long since gone to his just reward
So you need to know what you coins are really worth. The dreck can be sold for dreck prices. Don't let your better coins get away from you at dreck prices.
In my examination of my own goals, I've determined this to be very important.... Understand and focus on what you know. Most people don't know everything about everything. Concentrate on the types of coins you know the most about and understand the market pricing. Know what you want to accomplish and what your backup plan is for some of your coins that won't seem to sell. I believe the #1 issue impacting small businesses is that people open a business because they enjoy something without having thought out how they can achieve their goals.
Enjoy yourself. If it's not fun, then what's the point. Hopefully this is a hobby and not to put food on your table.
I'm afraid my prices are too high. I have stayed close to the Grey sheet, though. The slabbed stuff is hard to price.
No, it isn't. There are an abundance of resources on the internet for fairly and accurately pricing certified coins, especially where high resolution images are available to make informed comparisons to your inventory. You just have to be willing to make the time for adequate preparation. If you're already gun shy about the pricing of your inventory, you're going to regret it.
I always keep a jeweler's scale and a gold testing kit / meter on hand in the event that someone offers scrap jewelry.
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.american-legacy-coins.com
And from a crass business perspective, it also gets the parents to stop and look at your wares.
Don't sweat the small stuff, have fun.
I still vividly remember my first coin show.
It was a rinky-dinky deal at a VFW hall, but those kinds of shows can be really good.
I wish you a fantastic day with lots of sales.
I did a thread a while ago that covered some thoughts on this topic, but I don't know how to recover it. It received some complimentary thoughts . . .and in retrospect, there might be some info there for you, but I am not sure how to find it.
Regardless, seeing the other side of the table at infrequent times gives you a very good look at what the market is like. It helps you see what different types of people are collecting, how pricing differs from dealer-to-dealer / wholesale / retail / etc. and assists in being realistic in the hobby. Preparation is key. I would start NOW if you are doing it this weekend. Frankly, I enjoy my coins and my 'play' with them is setting up a Word document that lists every slabbed coin, relevant data (my price code, Graysheet, any auction sales), and also a few words of description. I do a full listing in denominational order by date. I will print a couple of these off, and also do one less complete description for all of my 2x2s, listed as a "Raw" list.
When I arrive, I want to know precisely where I am on any coin in my inventory. Sure . . . I want to know pricing data from all sources, but I also realize there are coins I may be "in" quite right, and I can price them to sell accordingly, even if it may be a touch below Gray values or any other pricing structure. conversely, there are some coins I know are superb for the grade and I may want more than published values as I know they are worth it. So . . . I price the coins waaaaaay before I get there and know my absolute bottom line. Now . . . realize . . . when I do a show (rare), my plan is to SELL primarily, so I go into it with a collectors mentality of trying to price coins as a 'good deal', as opposed to jacking stuff up, hoping for a fish. And . . . on a few coins, I realize I may take a loss if I want to sell (or sit on it until the Zombie Apocalypse). It's all a part of knowing "where I am" on every coin.
I also like to educate . . . and I hope you take that time with a few of your customers. In any series you specialize in, I hope you help the customer along, answer some questions, and of course, be personable. Develop a personality. Greet the casual passersby. Comment on ballcap logos, smile, strike up a conversation with the dealer next to you. Get to know the show chair. Thank setup crew, other dealers, concessionaires, etc. In general . . . enjoy yourself and realize that every connection you can make in the hobby has the potential to be financially or socially rewarding in the future.
Prep in advance. Know your inventory. Take pricing stickers, a calculator, receipt book, plenty of cash for change, a few 2x2'd cheap coins for kids (free of course), pens/highlighters/Sharpies, Windex and a roll of towels, extension cords, Reveal bulbs for your lights (great for toning!!!), and a great attitude.
Have fun . . .
Drunner
No paragraphing.
Oh well . . . not going to sweat it. If it was one of my Junior English compositions, I'd crush their grade, but here on this site, with the randomness of what works and does not . . . you get what you get.
Drunner
mark
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......
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An authorized PCGS dealer, and a contributor to the Red Book.
Drunner
Crap . . . . .
No paragraphing.
Oh well . . . not going to sweat it. If it was one of my Junior English compositions, I'd crush their grade, but here on this site, with the randomness of what works and does not . . . you get what you get.
Drunner
Try <_p_> without the _s, and you have got it!
</_p_>
Don't feel bad about not being able to sell cheap enough to suit the public. Dealers often pay more than collectors and get the money out quicker as they know exactly what they're looking at. I would suspect some of the show dealers will try to buy from you, in order to flip for more money at their own tables. If you're there to clean house or get rid of dead wood, then be happy to do that for whatever price you think is acceptable, even if it all goes to dealers. I assume you'll have a state sales tax use permit with you. It takes some time to get the hang of doing shows. Don't worry much about how the first one goes.
Bring your 5X glass, red book, CDN, and other pricing guides....or a tablet/cell phone to tap into PCGS coin values. Bring some extra cash to buy with if something is offered to you and the seller wants only cash. Since it's your first show, unless you have a relationship with some local dealers, most will want to hold your check (and anything you buy with it) until it clears. Might be easier to just bring cash. Ensure if you're accepting a check that someone you know will vouch for that buyer. Bring a lunch and water in the event you're stuck at your table for most of the day.