Any advice for a newbie selling at a coin show
mosjcoin
Posts: 114 ✭✭✭
Hello all. I was needing any advice I can get for a first time dealer at a coin show. I have been selling for about 5 years on the bay and decided to try face to face sells. I will be setting up at the Ozarks Coin Club in Springfield Missouri on October 24-25. Any tips would be appreciated to help out a newbie. Thanks
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Wear a mask. In a related story, President Trump and first lady test positive for coronavirus. https://abcactionnews.com/news/national/coronavirus/reports-trump-adviser-hope-hicks-tests-positive-for-the-coronavirus?fbclid=IwAR2mmOG3lRHxGIQMUcD__mjQA3ztEwRdN-e-7vm5cQDF8-XO5xDrZHE9vQM
Great topic for a thread. Please give us a report on how you did selling at a show. Many dealers will play games with you. When you solicit offers, some dealers will ask you to tell them what you want to get for your coin so have an idea as to what it's worth. Also, only solicit offers from dealers who are selling coins similar to what you have for sale. For example, don't try to sell a high grade Morgan dollar to a dealer who is selling ancient coins, paper money, or foreign coins. Always be polite and professional.
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
In addition to the information that you receive here, a search of past threads will show other useful information and tips. Good luck!
For starters, a Mask, hand sanitizers and swipes are required. Start by showing respect for the well being of others around you.
Be prepared in advance and have a realistic framework for prices. Think about how to best display your inventory to capture interest among those in attendance. Good luck
Experience the World through Numismatics...it's more than you can imagine.
My advice: know how much you want for a coin and what is fair. Don’t be afraid to walk away from a bad deal or a lowball. Most of all, don’t take anything personally.
Be safe, don't shake hands, patience, confidence, it's okay to decline an offer. Have a good show and share your experience here. Peace Roy
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Dealers will not pay retail prices.... Show attendees will negotiate (or walk). Have fun and be sure to post a show report.... Include your 'dealer' experiences as well as sales and show details. Cheers, RickO
Does most buying / selling at a coin show happen between dealers? Wouldnt a dealer go to a coin show to sell to collectors attending the show?
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Have a pretty good idea what you want for the coins your selling, you can adjust, but dealers will ask point blank.
This was the biggest problem I had years ago with my first experience in selling a decent amount of stuff. I was thinking you could just present the coin, get an offer ,and pass or accept. Not that simple.
I believe the OP will have a table at the show selling to collectors that attend the show. Most of the responses so far seem to be under the impression that the OP will be going up to dealer's tables to sell coins. If I am understanding your situation correctly and you have a table, my suggestion would be to make sure your display is organized and has good lighting.
Some thoughts off the top of my head...
Think about security - entering, while there and when leaving
Don’t leave valuables unattended in your car
Vigilance at all times
Keep case(s) locked
Don’t show coins to more than one person at a time
Watch carefully while people are looking at your coins
Be prepared to quickly quote a price, when asked
Keep good records of what you bring, buy and sell
Don’t allow anyone to rush or intimidate you
Get to know your show neighbors
Have fun
Use this as a learning experience
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
In one of the books I have (I can't remember which one) it talks about the best deals happening before the show starts when dealers are setting up and dealing with just each other. Based on that, I would say to get there early and make the rounds. The book speaks of some coins trading hands a few times before the end of the show and more than one dealer making money off of a coin before it finds a non-dealer customer by the end of the show.
Be nice to YNs. When comparing to the prices you get on eBay, make sure you take out your fees and effort when considering if an offer is fair...but you're not obligated to lose money on anything.
Good luck!
Be prepared to make offers on what you want to buy, and what you will pay. Decide in advance what you want, and what you don't want. Set a budget and don't get carried away. Accept that there are very few "retail" customers, whatever that is.
Also, a lot of coin types are introverted. Asking an open-ended question can get them started. "Are you enjoying the show?" "What's in the bag?" "Have you found anything interesting?" Never "Can I help you?" which is always going to get a "no, just looking" response.
"I'll be back" means "I won't be back." Deal with it.
A smile and a friendly face help. Be nice. Good luck!
Kind regards,
George
Do not ask “What’s in the bag?”! That’s a great way to make someone extremely uncomfortable.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
I think it depends on how you do it.
Look out for # One.
Be prepared to deal with dealers trying talk u down / rip you and little know it all tire kickers wanting talk you down with their silly BS. Don’t let them bug you.
Your charge is making enough cover table fee and other expenses of the show plus make money. Take care of no1.
Don’t give away your best coins - try get all the money. Do realize you may have to come down on some things sell them. I don’t sell anything for less than the higher of cost / bid plus 10 pct or $5 over cost. That won’t go that far towards paying table fee but at least it’s cash flow. At many shows true retail buyers rare.
Beware of big ticket material especially beyond your means. A lot of those crossed, sent in for upgrading to the hilt (crackout game). Don’t get in something can’t easily get out of or buried in get hosed later on.
For tire kickers trying talk me down / tell them it’s already at my best price, may make counter offer, or “that’s the lowest the consignor will go” or you can use the proven line “best I can do as it’s just $5 over my cost.” For dealers trying pick you off w their “do you have anything below bid? (Line). I just tell them “no - do you?” For somebody quoting bid - just say “send them a check” I don’t do this for free.
Practice good security traveling plus loading / unloading and during show. Don’t let yourself be distracted while showing material or let somebody horn in (get rid of them). Pack snacks, lunch if possible. Perhaps a cooler of drinks. Keep reference materials like CDN out of sight. For walk up sellers I offer them max of 80 pct CDN bid usually (this about best they realize from auc house if even that) or say 65 pct CPG (phone app). At shows here there is a wholesaler (boxes slabbed coins) I can walk over to his table buy at 90 - 95 pct bid. So practice good buying strategy mgt. You will find what public offers is mainly trash or they have a grossly inflated idea of what they can sell it for. Don’t let them dump on you. Pickers - they can take up valuable space at table, time is money at a show - if they don’t buy anything after a few minutes I get rid of them. Beware they looking for rip some simply there to steal. If they do pick something have your cp guide handy turn around refer to it if your giving it away “sorry not available / for customer, thanks for your interest.” Nothing wrong playing good defense. Don’t let anyone take material from your table unless paid for. At my first show in 1990 this pushy guy wanted take $10 gold cc Lib to other dealers table get his opinion of it. I refused, thinking gosh is he a a child can’t make his own decisions (lol). Later on realized a lot of them elevator doesn’t go to top.
Be decisive in what you do, execute quickly, remember now your in a real smash mouth game and don’t fumble the ball. Many coming in bourse room broke, have little money. Others came to steal. All my stuff in display cases even my cowans pages binder w raw stuff in flips / 2x2’s.
I live for coffee so if show has free coffee and donuts for dealers plus free pizza at lunch a plus.
I've head this line from many dealers. I wonder how often this is true.
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
If your material is overpriced it will just sit and tone. The buyers, both other dealers and collectors, want "deals".
Decide in advance if you are serious about getting rid of "dead' product and price it accordingly. (Many small dealers stocks consist almost entirely of "dead" product that is clearly overpriced.)
My advice is to use these shows to get rid of as much "dead" product as you can.
Do not let anyone distract you!
keep your cases locked!!
Have only ONE coin out at any time or you loose sight and guess what??
Do not show your most expensive coins just to show what you have!!!
Not everyone approaching you at your table is a dealer or collector..... crooks often work in pairs to confuse and distract you..
stand your ground.
Do NOT show all your coins in the cases.... you WILL loose control over what you have.
And remember, a dealer buying from you wants to resell for a profit.
I highly suggest for you to seriously watch other dealers first...and learn
Good luck
As a buyer at a coin show, my best experiences come from dealers who are polite and have a range of inventory. I suspect that is not always easy when you have the riff raff trying to bully you with their knowledge (other dealers and customers), make assumptions about your knowledge, or make assumptions about your budget. Inform politely if you can. Try to balance chatting it up with your buddies with customer attention. A few times I've gone to tables with a dealer chatting with a buddy, waited for a few minutes to engage, had no engagement, and moved on. If it were me, I would tell my buddy to hold that thought while I helped the customer.
I too echo being careful with your inventory. Sometimes I see dealers doing things that give me concern for their inventory, like handing over a couple coins for inspection, then turning their backs to the customer(s) to get a price sheet. Yikes...those coins could be gonzo or swapped. Keep whatever reference material you need in front, or don't turn your back unless all coins are secure in the case.
I hope you have fun and make a profit! As a buyer, I want dealers to make some profit. I don't impulse buy myself, I have a list of what I want and know the fair market price range by grade. Good luck!
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
An authorized PCGS dealer, and a contributor to the Red Book.
Other dealers will come and circle your table like sharks.
Know this!!!
Do you have good lights? A light with built in magnification? Cheapie samples to give kids/entice parents? How is your display set up?
Very good advise posted. As a customer at these shows. The one thing that I look for are the "bargain slabs". Or the "half off" box. These are very attractive to the people. What better when you see a PCGS coin for only $10-$15! You can't beat that. Even some older coins in a discount format, such as a Morgan/Peace dollar. Also, in a 50% off box, I always see crowds gather for these. Just remember, as mentioned in some previous posts. Be aware of the thief's out there. Pack your enthusiasm along with your patience. Good Luck, dude. Have fun and make some money!
One more thing... I see your in Missouri. Go Cardinals!
"Jesus died for you and for me, Thank you,Jesus"!!!
--- If it should happen I die and leave this world and you want to remember me. Please only remember my opening Sig Line.When you leave watch your rearview mirror for people tailing you. If you have a CCW I suggest carrying and then driving with it under your leg. You don't want to fumble around when seconds matter.
I did this twice many years ago for the learning experience, and boy did I learn lol. Unless the other dealers know you they will try and rip you even as you are setting up, its important to build relationships with those dealers if you plan to make this a monthly event but don't let them walk over you or you will become a mark. Lots of great advice above, most of all don't get caught up in feeling that you have to make a sale for the show to be productive smile and enjoy the show.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
Thanks for all the good advice. I will try to do a show report. Hopefully I won't make a fool out of myself. Thanks Sam
You know what's funny? For the last few years it has been cheaper for me to sell coins on ebay than at shows. It amazes me how many people seem to think it doesn't cost a dealer to set up at a show!
As a non-dealer, I find this thread interesting. So much concern about theft, deception, being taken advantage of, missing out. Much less about creating value for customers, differentiating your business, negotiating in good faith.
The issue of inventory turnover for a dealer also baffles me in the approach some are suggesting. If you are "underwater" on a coin and the market is decreasing for that item, why would you not drop it ASAP (at a loss)? Then you can use the funds for something else that will be profitable. As has been observed in the thread, some will hold permanently until sell price is higher than buy price. This ignores all kinds of holding costs and opportunity costs. But I am not a coin dealer so I guess I shouldn't judge.
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Pricing will be important.
Wear a mask and be nice to people.
If you have coins of real value, security becomes imperative. 20 plus years ago I thought a local show would be a good venue for selling certified coins. Not much in the way of profit, though buying opportunities were significant. https://i.imgur.com/KV7m5EU.jpg
The two biggest things to follow is to be friendly / personable, and have fair prices. Be organized with how you set up your table and don't just throw stuff in your cases. When you have a certain amount of order it makes it easier for people to scan through what you have and find what they are looking for. Ask yourself if you are willing to sell to other dealers as well as the public. Sometimes selling to dealers helps to "make" a show. My attitude is that I do not care who I sell to as long as I can make something on my stuff. I have been at it for six years this month and have been doing fine the whole time. Look me up when you get there, my business is Nomad Numismatics.
Many small Sunday bourse type dealers are retirees with fat pensions who don't need the money they make from the shows. This type of dealer often simply refuses to sell anything at a loss. As a result their stock just sits and sits until they finally die. (This is not a joke. I have seen it happen many times over the years.) Holding and opportunity costs are completely ignored.