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Advice for first time show dealer- After show update
Yorkshireman
Posts: 4,613 ✭✭✭✭✭
I have been to more coin shows than I can count. However, this Saturday will be my first time to take a table at a area show.
Recently, I bought a collection. It was more of a hoard. It was all stuff that I don't really look at while at shows. So, your advice on how to price this stuff would be most appreciated!
Every thing is raw.
Common date circulated Morgan and Peace dollars.
90% WL, Franklin and JFK halves, Merc & Roosevelt dimes, SL and Washington quarters
40% JFK halves
Liberty and Buffalo nickels, plus silver War nickels
Wheat pennies, early ones are rough.
A few Barber dimes and quarters
I have picked out the few key dates and hope to price those to move without giving them away.
Since I don't shop for this stuff at shows, am not sure how to price it. Help!
Also, is there an easy On line VAM guide that might help me pick out the "good ones" to avoid selling a $100 variety for $25 (or whatever).
There is also an almost slick Peace dollar that might get in a lowball holder for a registry set.
What to do with that?
Thanks guys!
Recently, I bought a collection. It was more of a hoard. It was all stuff that I don't really look at while at shows. So, your advice on how to price this stuff would be most appreciated!
Every thing is raw.
Common date circulated Morgan and Peace dollars.
90% WL, Franklin and JFK halves, Merc & Roosevelt dimes, SL and Washington quarters
40% JFK halves
Liberty and Buffalo nickels, plus silver War nickels
Wheat pennies, early ones are rough.
A few Barber dimes and quarters
I have picked out the few key dates and hope to price those to move without giving them away.
Since I don't shop for this stuff at shows, am not sure how to price it. Help!
Also, is there an easy On line VAM guide that might help me pick out the "good ones" to avoid selling a $100 variety for $25 (or whatever).
There is also an almost slick Peace dollar that might get in a lowball holder for a registry set.
What to do with that?
Thanks guys!
Yorkshireman,Obsessed collector of round, metallic pieces of history.Hunting for Latin American colonial portraits plus cool US & British coins.
0
Comments
Seriously, I would take a lot of the advice others have given here to sellers/dealers with you and try not to be "that guy" who buyers/collectors despise.
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Make sure the other dealers do not take advantage of you.
There is a local guy I know with that reputation.
I hope he doesn't come to my table because he knows I don't care for him, for that reason.
Make sure the other dealers do not take advantage of you.
DO let him take advantage of you. You made your score on the buy end. GET RID OF IT
Couple things to note for setting up at small local shows.
Dealers will want first crack at the new guy at wholesale prices. Don't expect them to sell to you at the same levels as they expect you to sell to them.
1 of 50 people coming in the door will care about that rare VAM. The others will look at you like your asking prices are crazy.
1 of 100 or more will know about the lowball registry. The others will look at you like you are crazy.
If you price your raw coins around greysheet,(little above for retail, little below or at bid for dealers) you will sell some coins. Also check redbook pricing for retail as it seems around me, a lot of collectors still rely on it for pricing. Some dealers use CW trends, up to you.
Certified coins, especially expensive coins, don't seem to do well at the smaller shows around me. Usually the only ones I sell are the inexpensive coins.
Silver bullion and junk silver seem to sell well at the small shows as well. Bagging up small lots at reasonable to market prices will get some sales.
Oh and put on your extra thick skin that day.
Hope this helps.
My Ebay Store
1. On the dollars, instead of putting them all in 2x2's and marking individual prices, I'd lump them by condition and mark a price per. I count out the number of pieces I hand to anyone that wants to look at the pile that way they and I both know how many I expect to get back when they are done looking. For reference, the wholesale buy price for pre-21 f/vf is around $25.
2. I put 90% into bags of $10-$20 FV and mark them for the appropriate multiple. This saves a lot of counting and monkeying around with jokers that want odd dollar amounts. On the 40%, i would find out which dealer in attendance is the silver buyer and blow all the 40% out to them. In the 15 years I've been setting up at shows, no one has ever asked for 40%. Depending on cash needs, you may want to blow out the 90% to them at the end of the day as well.
3. For the slightly better or just nicer material, you may want to 2x2 them and put them in a bargain box. My bargain box is 50% off the marked price. My pricing strategy is for the net price to be slightly back of bid at the given grade. Everyone likes a deal and it helps me move material that i otherwise would have difficulty moving.
I hope this helps. Feel free to PM if you'd like. Have fun!
Andrew
Please visit my website Millcitynumismatics.com
Please visit my website Millcitynumismatics.com
Move your material for a profit and don't agonize about squeezing every dollar out of everything. Leaving room for the next guy always assures you that he will be around to do another deal next time.
My grandfather always said, "no one ever went broke taking a profit".
Move your material for a profit and don't agonize about squeezing every dollar out of everything. Leaving room for the next guy always assures you that he will be around to do another deal next time.
And this is great advice too.
Please visit my website Millcitynumismatics.com
DRUNNER's first show pointers
If you have a helper, one person can fend off the crowd of dealers while you set up the coins.
Although it takes a lot of time, I would suggest checking all of the silver coins with the Cherrypickers Guides to see if you have any good varieties, that would be worth more money.
Don't worry that you underpriced a coin if you sell it very quickly, you are there to sell coins.
Think "bulk lots" whenever it will work. It is far easier to sell a bag full of $100 of silver halves, than to sell them individually.
As DRUNNER said, preparation is key.
Security is important. Drive straight there without stopping, and drive home also without stopping.
An authorized PCGS dealer, and a contributor to the Red Book.
Thanks for the advice. I told you yesterday I was going to buy this. The sheer work was fun but draining.
The link doesn't work for me. I had heard about Drunner's comments before but never read them.
An authorized PCGS dealer, and a contributor to the Red Book.
Here is DRUNNER's famous post that pretty well covers just about everything you need to know:
https://forums.collectors.com/...ord1=first+show+set-up">DRUNNER's first show pointers
If you have a helper, one person can fend off the crowd of dealers while you set up the coins.
Although it takes a lot of time, I would suggest checking all of the silver coins with the Cherrypickers Guides to see if you have any good varieties, that would be worth more money.
Don't worry that you underpriced a coin if you sell it very quickly, you are there to sell coins.
Think "bulk lots" whenever it will work. It is far easier to sell a bag full of $100 of silver halves, than to sell them individually.
As DRUNNER said, preparation is key.
Security is important. Drive straight there without stopping, and drive home also without stopping.
Sage advice. I would add while not stopping on your way home, don't take an easy route. I used to have a route home from shows that would take me down roads where it would be obvious if someone were following me.
My Ebay Store
Security is important. Drive straight there without stopping, and drive home also without stopping.
Sage advice. I would add while not stopping on your way home, don't take an easy route. I used to have a route home from shows that would take me down roads where it would be obvious if someone were following me.
You could also consider swapping cars a few times along the way while wearing wigs and fake mustaches
Seriously if you need to make a bathroom stop make sure you have all your inventory in a roller case to take with you.
This will establish you as a force to be reckoned with and be sure to leave early to show disdain for shows in general.
Leave copious stacks of business cards on top of the case.
Watch the other dealers to note the expressions after they buy anything.
This will be a valuable clue to how to approach them in the future.
Don't wear a suit.
Unless you're an auction rep.
I give away money. I collect money.
I don’t love money . I do love the Lord God.
Put 9 screaming gems in the case and then walk off.
This will establish you as a force to be reckoned with and be sure to leave early to show disdain for shows in general.
Leave copious stacks of business cards on top of the case.
Watch the other dealers to note the expressions after they buy anything.
This will be a valuable clue to how to approach them in the future.
Don't wear a suit.
Unless you're an auction rep.
Roll out of bed a week before the show wearing the same clothes...
The more food stains you show up with the more your peers will respect you!
Too many positive BST transactions with too many members to list.
My grandfather always said, "no one ever went broke taking a profit".
Move your material for a profit and don't agonize about squeezing every dollar out of everything. Leaving room for the next guy always assures you that he will be around to do another deal next time.
Have what you know and know what you have.
I really like your quote, Thanks.
To guitarwes point about looks. I used to sell cars a long time ago. The best deal I made on an expensive pickup truck was to a gentleman that looked horrible and smelled really bad. It wasn't my turn with the next walk in, but the other salespeople did not want to talk to him. Well it turned out, he was a plumber whose work truck got totaled a few blocks away and he needed a replacement right away. He smelled due to the sewer lines he was working on that day and he says you never wear the newest work clothes as you throw them away after working on cleaning up sewer lines and cesspools. You just never know.
And rich people don't have to smell nice.
They've got money and if they stink, they think you should get out of their way.
Perhaps that's where the phrase Stinkin' rich comes from?
As far as the OP, my suggestion is put prices on your coins, or put your coins in bins/boxes that have the price.
Now I just need to figure out how much to charge for this stuff.
I will consider it all and any more that comes in today.
Tomorrow is my big day (even though it is a small show).
Thanks for the great advice!
I will consider it all and any more that comes in today.
Tomorrow is my big day (even though it is a small show).
Good luck and don't forget to give us a show report from a dealer's perspective.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Don't feel pressured, it is ok to tell dealers during setup you are not ready yet and to come back later.
Do not let too many hands get in your case at the same time. I was always rushed by other dealers back in the day.
So if you have 500 coins and think you'll sell 100 of them, and it costs you $100 to do the show and you want a 10% profit, add $1 plus 10% of your cost to each.
Add more for the better coins.
An authorized PCGS dealer, and a contributor to the Red Book.
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.american-legacy-coins.com
Yeah, I know that if you plan to be a full time dealer, it's good to build some goodwill with the other dealers. But if you are doing a One-Time setup, and have no plans to make a business out of it....to heck with wholesale! Set your price, and I don't think it matters if the buyer happens to be a dealer!
"I'm selling retail today. You're welcome to have a look, but the price-is-the-price, until maybe late in the day".
I had a blast working my first show! It was great fun, both talking to collectors and the other dealers at the show.
My table was flanked by two great gentleman, each from a differing neighboring state. Oh man, their inventories were so much better than mine. They certainly should have been as they have been at this longer. One of those guys was a professional dealer doing 25-30 shows a year.
He had a great quality inventory from Morgan dollars to early large cents. In fact, he had a great looking 1838 large cent in MS64 Brown that had some nice purplish toning to it.
I so wanted to take that piece home with me!! I thought better of it as I was there primarily to sell a collection I had just bought. The bulk of it (volume wise) did sell.
95% of my sales volume was bullion related. I had bags of 90% separated by denominations. Two guys bought all I had of that. I sold my foreign junk silver to the other dealer next to me.
He was a super guy from the other bordering state. He is a part time dealer averaging one show a month.
The remaining 5% of my sales were proof sets and real junk. One guy poured over my junk tray of Indian head cents (listed at 50 cents each). I only had about 60 that were all low grade. He studied each and every one of them laboriously. He bought 50 and asked for a discount down to $20. OK, I was glad to be rid of them. I sold the last 10 really junky ones to a little boy and his dad for $2. The boy was thrilled. I asked him to promise to care care of them. I hope he keeps collecting!
I look forward to doing another show sometime early next year after FUN.
Enjoyed the entire thread.
"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
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Here is DRUNNER's famous post that pretty well covers just about everything you need to know:
DRUNNER's first show pointers
If you have a helper, one person can fend off the crowd of dealers while you set up the coins.
Although it takes a lot of time, I would suggest checking all of the silver coins with the Cherrypickers Guides to see if you have any good varieties, that would be worth more money.
Don't worry that you underpriced a coin if you sell it very quickly, you are there to sell coins.
Think "bulk lots" whenever it will work. It is far easier to sell a bag full of $100 of silver halves, than to sell them individually.
As DRUNNER said, preparation is key.
Security is important. Drive straight there without stopping, and drive home also without stopping.
See http://www.doubledimes.com for a free online reference for US twenty-cent pieces
Thanks to all of you "expert" dealers, both professionals and hobbyists for the great advice.
I had a blast working my first show! It was great fun, both talking to collectors and the other dealers at the show.
My table was flanked by two great gentleman, each from a differing neighboring state. Oh man, their inventories were so much better than mine. They certainly should have been as they have been at this longer. One of those guys was a professional dealer doing 25-30 shows a year.
He had a great quality inventory from Morgan dollars to early large cents. In fact, he had a great looking 1838 large cent in MS64 Brown that had some nice purplish toning to it.
I so wanted to take that piece home with me!! I thought better of it as I was there primarily to sell a collection I had just bought. The bulk of it (volume wise) did sell.
95% of my sales volume was bullion related. I had bags of 90% separated by denominations. Two guys bought all I had of that. I sold my foreign junk silver to the other dealer next to me.
He was a super guy from the other bordering state. He is a part time dealer averaging one show a month.
The remaining 5% of my sales were proof sets and real junk. One guy poured over my junk tray of Indian head cents (listed at 50 cents each). I only had about 60 that were all low grade. He studied each and every one of them laboriously. He bought 50 and asked for a discount down to $20. OK, I was glad to be rid of them. I sold the last 10 really junky ones to a little boy and his dad for $2. The boy was thrilled. I asked him to promise to care care of them. I hope he keeps collecting!
I look forward to doing another show sometime early next year after FUN.
See http://www.doubledimes.com for a free online reference for US twenty-cent pieces
Thanks for the thread, and let us know when you do it again.
Hope to see you at the FUN show!
An authorized PCGS dealer, and a contributor to the Red Book.
In honor of the memory of Cpl. Michael E. Thompson