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How do you sell coins to dealers at a show and which dealers @ Long Beach are the best buyers for ty
TopographicOceans
Posts: 6,535 ✭✭✭✭
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?
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?
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Latin American Collection
Most of the time it really means, "we buy coins cheap."
<< <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." >>
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.
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".
<< <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
In honor of the memory of Cpl. Michael E. Thompson
In honor of the memory of Cpl. Michael E. Thompson
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.
==Looking for pre WW2 Commems in PCGS Rattler holders, 1851-O Three Cent Silvers in all grades
Successful, problem free and pleasant transactions with: illini420, coinguy1, weather11am,wayneherndon,wondercoin,Topdollarpaid,Julian, bishdigg,seateddime, peicesofme,ajia,CoinRaritiesOnline,savoyspecial,Boom, TorinoCobra71, ModernCoinMart, WTCG, slinc, Patches, Gerard, pocketpiececommems, BigJohnD, RickMilauskas, mirabella, Smittys, LeeG, TomB, DeusExMachina, tydye
Too many positive BST transactions with too many members to list.
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
Hoard the keys.
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.
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
<< <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.
Good luck
Have a Great Day!
Louis
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!
Check out the Southern Gold Society
For a large selection of U.S. Coins & Currency, visit The Reeded Edge's online webstore at the link below.
The Reeded Edge
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.
9 out of 10 times a dealer will say : " ___" But he's thinking : " _____________________________"
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