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Why doesn't CAC work at shows?
lkeigwin
Posts: 16,887 ✭✭✭✭✭
Is it because they already have more business than they can manage? Is the environment somehow wrong?
What's the downside?
My guess is they would do exceptional business at bigger shows like FUN, the ANA, Baltimore, etc. I think a lot of us would patronize them. But it's been 10 years and nothing.
Lance.
Coin Photography Services / Everyman Registry set / BHNC #213
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Don't need to fix something that is not broken. Besides, don't some of their graders like Shamhart attend shows for personal dealing. I don't know for sure.
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Consistentcy in grading setups...and probably no need to increase business
Stickering is a feeder business for their quick flipping of coins @ wholesale. They make far more money wholesaling coins at a small margin rather than being out of pocket for travel and show costs just to sticker coins. If I were in their shoes, I wouldn't set up at shows either.
"Seu cabra da peste,
"Sou Mangueira......."
Dealers wouldn't like it. Too many people would want to buy contingent on stickering and it would interfere with sales.
They would be a distraction at a show. There would be a line wrapped around the bourse to get to thir table. And they don't need the business. When you aren't taking on new customers setting up at a show makes zero sense.
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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......
@Elcontador, you're a lot smarter than I am. Can you elaborate on their business model? Why does CAC bother with stickers if wholesaling is their business? Is that their source? Coins received for stickers? Sorry, I'm thick.
@MarkInDavis, I always love your opinion. Do you think that earning a sticker at a show is much different from getting a TPG's grade approval?
Lance.
As a collector, I'd be all for dropping off coins in person and hopefully have them returned by end if show, but if I had to stand in a line to submit more than an hour or so with a bourse calling I'd get impatient.
They don't grade just agree or disagree which could just as easily be done with a flashlight in a restroom toilet cubical
The speed might shock.
With ten years as a base, their business model is an apparent success. While I have no doubt, there would be plenty of business at a show, it would also introduce an entirely different element to their process. This is an issue that could work both ways, as many other enterprises have discovered. It is usually wise to stick to one's core competency. Cheers, RickO
CAC is a wholesaler. But, they only sell coins they like, hence the bean. To them, a bean on a slab indicates that yes, they have approved the coin and don't have to see it in hand again to make their offer on it. Anyone can contact them to get offers on their CAC coins sight unseen. I have done it occasionally on coins I have sent it just to see what CAC was paying.
I agree there are many scenarios where CAC could be disruptive at a coin show, but it also could be productive for many who don't want to mail their coins to them.
Best, SH
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NGC has been doing less shows than they used to. They don't need to, it's expensive and they do their best work at their base. When a company starts out then it does stuff like that.
Bingo!....Many like me don't like to put their coins in the mail for two reasons.....FEAR and $$$$.
One reason it may be good on the short term to have a travelling CAC to shows is that it might reinvigorate shows. Imagine if a show advertised that CAC would be there. More dealers would be there to wholesale, more collectors would show up in pursuit of the green bean. Probably would help some of the stagnating big shows, at least until the novelty wore off.
Best, SH
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Well they did set up at least once (maybe twice?) at the show in Connecticut that Legend and Scarsdale used to run every year. I don't remember it being disruptive or dealers complaining although they might not have said anything to me.
The short answer is JA looks at every coin ( and BS and others are also looking at them). I doubt JA wants to spend all his time at a coin show grading if he is even at the show.
"Look up, old boy, and see what you get." -William Bonney.
As a wholesaler who are CAC's biggest retail customers? Or what does CAC do with the coins that they buy?
It could be fun to watch.
I'd want to be armed though.
too much distraction for that
Best place to buy !
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My guess is that John does not want to sit at shows for 4 or 5 days when he can sleep in his own bed each night, printing money.
I think they'd get too many widgets that they have no business interest in like say 1884-O Morgans. Too much common junk would be submitted. If I'm marking coins for future interest, the last thing I'd want is to mark hundreds of nuisance coins. Just my opinion.
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Does any know about what percentage of PCGS slabbed coins sent to CAC don't get a sticker? Same question for NGC submitted coins? And yes, I know they only sticker A and B grade condition coins. Just wondering how many C's or overgraded coins they get and don't sticker.
Depends upon the submitter, but in the past the sticker rate was IIRC around 40%. Probly higher now.
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... because JA did his homework long before the show. In a different light , I’m thinking CAC is working (wonders) at the show(s) already.
Maybe another factor in CAC not attending is the realization that they'd have to endure unhappy show submitters arguing with their no bean decisions.
@Catbert said: "Maybe another factor in CAC not attending is the realization that they'd have to endure unhappy show submitters arguing with their no bean decisions.
IMO, the best answer in the thread!
haha definitely would happen. People would gladly wait in line all day just to tell them they were wrong about a coin
This same question has crossed my mind several times and you beat me to the punch Lance, thanks for saving me the "effort".
It would not work for them to actually process the coins on site, as some of their staff are dealers. BUT I always wondered why they can't have someone at a booth at the shows to accept submissions. It would be helpful to submit at shows and save on one-way shipping as a bonus. It would make the turn-around-time a bit quicker. PCGS and NGC take submissions at some shows that they don't actually set up at for grading and it's very convenient.