Options
Tips for setting up at your first coin show.
HiBucky
Posts: 624 ✭✭✭
I hope to be setting up and selling coins at my first coin show soon. My 2 display cases arrived today. I have inventory and some nice stuff. I have a strong inventory but what system do you guys use to track your inventory. What mistakes did you guys make and would change if you had to do it over? What lighting is the best? DO you price everything or nothing. Anything you want to share would great. Should i start off slow .. ? Thanks
3
Comments
There have already been several threads on this topic. One thing I remember reading is to be aware that the other dealers will try to cherry-pick the new guy without mercy like a flock of vultures.
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
Most buyers prefer to see prices at coin shows....Search some of the threads here on this topic....Good luck and let us know how you did and a report on the show....Cheers, RickO
Hopefully, you will find other threads on this topic and get more than enough good feedback from them and posters, here.
Here are some things that quickly came to mind when I read your post:
Security - coming, going and while there. Unless you know someone well and/or have very good reason to trust them thoroughly, one coin at a time to lookers and one looker at a time. Keep your cases closed and locked when you’re not retrieving coins from them.
Have you decided what forms of payment will be acceptable?
Incandescent lighting
Price your coins in advance and be prepared for counteroffers, no matter where you price them
Arrange your coins in a presentable and organized fashion
Business cards?
When someone comes to the table, find the right balance of greeting them and being helpful, while staying out of their way. That can be a fine line to walk.😉
Security again and again and again.
Good luck.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Pay attention to language. Dealers, Collectors, Stackers, and John Q Public who might be none of the above all speak different languages. Now I don't mean Spanish, French, and German..... but the approach, terminology, expectations all vary. Learn the languages. You probably won't accomplish this at your first show but you can certainly get a foundation of understanding to build upon. You have two options you can just be yourself regardless of who you are dealing with or try to speak that person's language. Even if you choose to handle every customer in the same manner knowing there language will still be of benefit. Dealers generally (not always) don't have much time to spare so everything needs to be quick and to the point. Collectors the opposite they expect some of your time and a feeling of not being rushed. Stackers usually want very specific products all bullion related and John Q Public is generally just passing time or seeking more knowledge.
John Maben
Pegasus Coin and Jewelry (Brick and Mortar)
ANA LM, PNG, APMD, FUN, Etc
800-381-2646
I’ll echo what Ricko said about pricing. If it’s a show or even the BST forum....if it isn’t priced, I just walk away.
MY GOLD TYPE SET https://pcgs.com/setregistry/type-sets/complete-type-sets/gold-type-set-12-piece-circulation-strikes-1839-1933/publishedset/321940
Make sure customers keep hands out of your display cases and NEVER pull out more than one coin at a time to let a customer review. I don't care how trustworthy they appear.
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Arrange your coins by series and dates, to help buyers who are looking for specific coins.
Here's a warning parable for coin collectors...
First, do you intend this show to be a one time thing?
If so, do whatever you feel like.
If it's a contemplated regular thing you'd like to develop, then:
Take NICE stuff. Even stuff you don't particularly want to get rid of.
Price your coins on the front of the holder. This ...may... make you different from the rest of the show.
Front pricing will make people look closer and longer.
Price the ones you don't want to sell at a price that would pry it from you.
Price the others on the low side. Stuff you'd like to ...dump.... go LOW. (Remember you won't have to dump them at auction if you can do it at the show.)
If you can...take a SUPER coin or two. It will create interest and legitimacy of your inventory. When I first opened my shop in 1979, I made sure I had a $5,000 coin in the case. I considered it a "fixture" and only wanted to impress first lookers.
TAKE MONEY !!!!
The best ...deals.... will be the coins you buy!
Coin dealing is CAPITAL INTENSIVE like few endeavors you'll encounter.
Missing a deal by not bringing money will haunt you.
I'd consider $10,000 to be a minimum.
DO BULLION TOO !!!
It will most likely be the most active part of the show. If there's a bullion guy there, introduce yourself and ask what he'll pay you for different bullion coins and if he is prepared to "settle" by end of show.
You can offer what you will get from him and create a healthy impression on potential sellers. But don't reference him in any way in any conversation.
You won't profit from buys unless someone walks up and buys it from you before you lay it off to Mr. Bullion.
But the foregone profit will be your cheapest advertising EVER!
As previously mentioned, have business cards. Have them FACE UP in your cases.
Many "locals" will make note and patronize you later.
Don't "start slow." IF you plan on it being something you'll want to continue.
That's about all I can think of right now. Good luck and knock em dead.
As opposed to collectors, who will be more than happy to overpay for everything.
Get a dolly that converts into a cart which will hold everything allowing getting into and out of the bourse room in one trip.
Beware of thieves especially somebody going thru multiple items outside your case. All it takes is distraction where you look away they can quickly slip into album. If your new many will try snow you w their BS.
In terms of pricing I prefer my sell code on back of slab. Other sellers will undercut you. You may be next to a wholesaler who is next to you selling everything at 5-10 pct below bid. I put prices on raw coins in 2/2 I have in binders. Graded material - no. What I may try move it for varies. Most buyers expect a discount if it’s priced. Serious buyers will ask a price have enough room to negotiate. I have code for cost, bid, market sell (could be CPG, TPG, or L&C Coins). You will find competition to be brutal and may not clear enough to make your table fee plus other expenses. Get familiar w how CPG (fair price collectors to pay) calculated in sheet so you can quickly price something once you know bid.
For those who quote bid (like that’s all they pay)- “do you have one sell me at that” or my my fav “do you have any slabbed coins at blue sheet or slabbed gold close to melt.” One guy came up to me “I buy below bid to sell to other dealers.” I told him “well good for you why don’t you go find one.”
I enjoy doing the shows but the online store outperforms them in volume and profit margin. If you have a junk box like this one guy - 6 world coins for a buck you should do well. If your trying sell a slabbed coin at 10 pct over bid or cost and the guy trying talk you down best line “that’s the lowest the consignor will go” or “best I can do as it’s just $5 over cost.” If guy still won’t buy see if they have something sell. Lately been burned out by the shows - fixed cost hole to get out of, low ball or broke buyers, tough stagnant market. Low pop / better date material the other dealers don’t have is a plus.
For inventory control and accts I use excel. For my PCGS items I use the PCGS Registry app which I can look up data on my PCGS coins cost, pop, CF, MV, etc. Get the easily removable stickers. I use one for cost/ bid and another for my sell price in code w Code for MV basis. Both back of slab. Serious buyers will ask price if you put price on front slab they will try talk u down.
Best to share table with a buddy who has some experience and can watch your back first time around. Organize material by country, denom, date /mm. Where space limited you can stack like material 6 slabs deep - ex generic walkers, dollars, slabbed ASE. Put nicest coin on top of stack.
I’ve had dealers buy groups of coins from me without asking discounts while setting up. I’m totally good with that. I figure they have customers for the material I don’t have. I only bring pieces I’m ready to sell and happy to see them go to who ever.
I like the advice you have been given . . .
I wrote a thread on this years ago that received some positive reviews from some of our stalwart members here . . . . . it is surely in the history.
Drunner
I remember your thread, but the search function here is so crude I was unable to find it.
I can't begin to tell you how many tables I've walked away from because the coins are not organized by series and dates. I'm usually looking for specific series/dates/mms and don't care to look at each coin and then check my list.
Another big turn-off is slabs without prices.
Don't leave half way into the last day.
Great transactions with oih82w8, JasonGaming, Moose1913.
Bring some water and snacks in case you cannot get away from the table.
Don't price, cheap but have an idea of what you need to get on coins in your inventory and offers you would consider.
In the internet age on steroids, most serious buyers know the market on coins they are looking for.
I would agree with everything sharp dealers recommended, especially Mr. Feld. Security, discretion and focus on using the show as a learning experience and networking tool. Business cards with your website link, Linked in url and or ebay link would be helpful. Since ebay costs you around 10% you can discount at that level or more.
Arrange your inventory so that no open slots exist. Fill empty slots with generic material so you can tell at a glance if something is missing. Learned that from local dealer and is easy security.
While I can understand that reasoning, such a system might also give the impression that nothing is selling. And that’s not the perception you want to convey.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
ask yourself how many coins you wish to sell. Then smile and have a good time
Dont set up alone, have a friend, family member or significant other to assist and watch. Even if they know nothing about coins they can be great assistance. Hell, I do coin shows for a living and my co-workers who know nothing about coins help out taking questions, doing sale/purchase slips.
Also, buy anything you KNOW you can flip for a quick profit. It can open you up to many deals in the future just by other dealers/collectors knowing you will make an offer on anything, low ball or not. Remember your trying to make an honest living and they need the cash.
What great advice ,,, Thank you all ... just a few more questions,,, I want to be a serious player yet not sure if I need to protect myself. Should I just get a tax number or a DBA or LLC ... ? Should I insure my coins or just bring my gun ....(Just Kidding) Is it worth doing a major show and how would you transport thousand of dollars of coins on a plane?
AGAIN ........ THANKS YOU ALL SENDING PRIVATE THANK YOU TO EVERYONE..
Most "local" dealers I know carry guns at the shows. I'm not a dealer but I always carry at shows... Although, I carry just about everywhere I can anyway.
Check out this thread:
Market Report---First Show Set-Up (Long)
https://forums.collectors.com/discussion/567319/market-report-first-show-set-up-long/p1
You will need to know the tax laws in your state and pay and/or collect any applicable taxes for your purchases and sales
Yes, you need to obtain a resale number.
If someone buying from you claims to have a resale number, you will need to get a copy for your records.
Depending upon value, insurance is strongly recommended. There are a few companies which handle a large amount of rare coin insurance and it’s typically better to go through one of them.
I’d recommend starting out with a smaller show, as opposed to a larger one. Use it as a learning experience.
If your inventory isn’t too large, you can carry it in a briefcase on the plane. Make sure you’re aware of the specifics of any coin insurance policy. In most cases, you won’t be covered if there’s a loss when the coins aren’t “on your person”. In other words, they need to be attended, not left alone in a hotel room, your car, checked in baggage, etc.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
It isn't always a problem with the search function, but often with the title of a thread. There may be a thread with the title "Thoughts?"......and it's about 1815 bust half dollars. Good luck finding that.
Or a thread titled "Just got back....." and it's about 1804 large cents.....
Makes searching a little tough.
HiBucky---Please let us know how it went after your first show as a dealer. I'm sure you'll learn a lot and we're interested in your experiences and any lessons learned.
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
Setup where the money is - Cali.
Unfortunately compared to Houston it’s hellaciously expensive there. I wanna move there when I win the lottery.
Here in Houston few can afford a 1 oz gold coin which is about a weeks check if they even get that much. I sell a lot of slabbed silver bullion coins at shows here / I just do them cost plus $5. Mexico Onzas most popular. More expensive slabbed coins I am doing Goal cost plus 10 pct but many forced just move them at cost plus $5. Takes lots of that recover table fee and that’s in my home town without airfare, hotel, rental car. So when something from online store sells at or near retail it’s like Santa dropped by especially in this market.
We do have good fast food here BK, JB, MCD, Whataburger and of course the strip club capital of the world. Ritz Houston just a 9 mile ride down IH 45 for me.