First time dealer behind the table in Tucson THE CONCLUSION!!
AZDAVY
Posts: 69 ✭✭✭
This Sunday I have a table at the Tucson coin club show 6245 e. Bellevue. Now what makes this so exciting is I have not been behind the table for 5 decades! Not since a teenager.. I have not been this excited for an event in a looong time.
I have read as much as I can on these forums about the topic and am anxiously awaiting for Sunday.
I have been planning this during the last few years as my regular job is winding down .The last 3 months adjusting my inventory to reflect my interests but also to offer a wide variety of items priced in the 50 to 200.00 range. Will be interesting to see what sells.
I have priced each item so this will be easy for people to view my coins.
I think I have prepared for this but am sure I will learn a lot from the experience. Not looking to make a living at this but wish to enjoy coins and make a little profit.
Wish me luck
Ps my success, failures and overall observations will
Be added to this thread late Sunday .
Comments
Please give us a show report and don't let the other dealers cherry-pick you as they always do to the new guy.
Worry is the interest you pay on a debt you may not owe.
Good luck and have fun.
Keep a close eye on your material, as there are a lot of creeps out there looking for an easy mark. Don’t ever leave your material unattended.
I also agree with @PerryHall . It’s tough enough in this market without having dealers trying to lowball you out, so they can make a profit, themselves. You are not a wholesaler. This of course depends on what you have into the Coins but don’t take a loss just because the dealer pressures you to sell to them so they can make money. Never leave money on the table for someone else, unless it is above your breakeven point.
“I may not believe in myself but I believe in what I’m doing” ~Jimmy Page~
My Full Walker Registry Set (1916-1947)
https://www.ngccoin.com/registry/competitive-sets/16292/
Probably the single best bit of advice you’re going to get right here. Reports of thefts are reaching a ridiculous level.
Also, great call on having a good amount of inventory between $50-200. That’s a really good range that still (barely) affords the “hardworking stiff” a good shot at a decent coin. Good luck, stay strapped!
Having fun while switching things up and focusing on a next level PCGS slabbed 1950+ type set, while still looking for great examples for the 7070.
Dealer to dealer business is a huge aspect of the industry and only works because dealers leave a little bit on the table for the other guy. This is also how to build mutually beneficial relationships.
Different dealers have different specialties and customer bases. For example, you’ll be hard pressed to sell your premium southern mint gold for as much as Doug Winter. He has the customer base and reputation.
That’s not to say you accept a lowball - know what your material is worth.
But it doesn’t matter what you have into the coins. If you base everything on cost, you are not going to turn inventory in a falling market or when you make a buying mistake. Good way to end up with a bunch of stale inventory and tied up capital. Turn it quickly and move on to the next deal. Learn and do better next time.
Keep excellent records. Makes accounting and tax time much easier.
Good luck and have fun!
@Project Numismatics knowing the market is the whole key. if you’re buried, then ‘yes’ it is good to Free up capital to the fairest offer. But if you know that you can make a profit, don’t be strong-armed into selling just because you’re afraid of stepping on some toes. You have your own bills to pay and aren’t responsible for others’ profit margins.
“I may not believe in myself but I believe in what I’m doing” ~Jimmy Page~
My Full Walker Registry Set (1916-1947)
https://www.ngccoin.com/registry/competitive-sets/16292/
Good luck. Turn the tables. Go to other dealers before they come to you. See if they will let you cherry pick first.
Agree with the comments. I am a firm believer that you can only sell something once . If a dealer wants it great a collector great. Turn on inventory was one of the keys of my old job. I should not have a problem with that. I just hope to have a lot of dealers try and cherry pick , means that I have priced items competitively. Until I know what sells well and what margins work I would rather be too cheap than too high.
I’m all for pricing coins competitively and leaving a little meat on the bone. Just don’t make the mistake of thinking that you have to price your coins so that they’ll sell quickly at this particular show. There are only so many people at a single small show, they only have so much money, and their interests may be limited. You’ll be lucky if they even ask prices or look at half of your coins, much less buy them. Don’t worry about that. There will be more shows another day, and there are other venues available if you need them.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Don’t forget to wheel in your spare to put in front of your table for all the tire kickers.
Nothing is as expensive as free money.
Also, as you are setting up your cases, don't let anyone (dealers or otherwise) push you into letting them look in your double row boxes as they "are in a hurry." It is a great security risk. THEY CAN WAIT. Tell them to come back when you are done setting up. No ifs, ands or buts.
Have fun!
As others have said, have fun. and
Good time to bring up the first time I ever set up at a show behind the table. I was 14 and Un-accompanied, although my long time dealer friend and mentor was in the room close by. I was used to buying and selling for several years, but not as show dealer. I had some coins in old white anacs soap box holders, I dont believe PCGS was even founded yet. Anyway, I was used to selling back to dealers when I wanted to trade or liquidate a coin or so, so i had priced my coins to what i was used too. About 10 min after the show opened, guy walks into room sits down at my table and starts asking prices, literally buys every coin in my inventory except one. As he proceeds to reach for his checkbook to pay me, I got a kind of worried look on my face, (I dont know this guy) until my long time mentor gave me the signal, he's ok. later , I found out he was one of the biggest dealers on the east coast at the time and his check was a good as gold. After he left, another dealer from Durham NC walked over and purchased the one coin the first guy left. I then Closed up and went home after about 30 Min. As I was leaving , one of the other known to be (very arrogant) dealers made a comment, he couldnt sell nothing, and I sold out in a few minutes. Obviously, I sold too cheap, but it was a great learning experience to say the least.
Hey Davy!
Based on the way you negotiated during Ben’s show, you’ll do just fine. I love that you are putting prices on the coins. Do you think you’ll see up at the next Tucson show in January?
Good luck and have fun!
Tim
Hi Tim, @pointfivezero definitely yes for Ben’s January show. I have been told by Ben that he will probably have an economy section at the show. A very affordable rate in the back and smaller table. My plan is if he does have that section to definitely get a table. I have a potential 3 more of these small coin club shows to fine tune my bourse skills😀
This is an excellent point and worth thinking about. There simply are not "motivated buyers" for everything, even at a large show. Even premium items priced sub-wholsale might not have a buyer. That's not a problem with your pricing. It's a problem with the audience.
This can happen in any venue. I recently bought an MS63 $10 Canada gold in a Heritage auction for $1075 including shipping. It melts at more than $1150. But there was simply no one who wanted to bid against me.
In any transaction, the motivation of buyer and seller are very important to the price discovery.
CASH is king. No checks unless you know the person better than
your wife. Hold firm to your prices. If they want a discount tell
them the coin(s) they are buying won't get lost in the mail and
they don't have to worry about a crooked dealer.
I’ll most likely visit the show this weekend.
Don't forget to cherry-pick the new guy.
Worry is the interest you pay on a debt you may not owe.
Tip, Lower commons by 25%. raise scarce 25%, raise rare 50%. You may sell little
but consider most new dealers sell the best and get stuck with the rest.
@AZDAVY I also have a table at the upcoming Tucson show, this is only my second time. Look forward to meeting you and anyone else from the forum that can make it by.
Watch like a hawk.
I will be wearing a green shirt so it will be easy to locate the new guy to cherry pick😀
@AZDAVY. Good luck with your show. I have a brother who lives in Tucson. He would be easy to spot too. He would be the person being forcibly dragged there by 4 large men. James
There is no magic in this business; just tried and true methods and principles. After doing it for a couple years you'll probably have the advantage of being able to buy and sell with more confidence and opportunity.
Sell at your own pace, don't worry about telling someone to wait until your done dealing with another person.
Don’t let them talk you down. You could say: that’s the lowest the consignor will go, best I can do,etc, can meet you half way. Your call.
Watch them very carefully, don’t let them reach in your display case. Don’t let somebody else butt in on the deal. When their BS starts, it’s time for them to leave.
Make sure display cases locked if leaving the table.
Nothing leaves my table unless purchased. If new pickup I need time research just put it in a bank bag in my case so not give it away (too cheap).
Get a reliable cart (fits easily in car) roll in your cases and stuff in the bourse room in one trip.
Stand your ground - If they quote you wholesale or some rip off price in making offer to you on one of your items you could say “do you have one this nice sell me at that.” Or my fav “go find one.” I remember this tall dark haired (know it all) snotty guy with glasses came up to my table at a major show (decades ago) one time “well your competition has it for much less (1930 SLQ NGC MS 64 25c super luster)”. Told him go buy it from them. Had seen that coin while making rounds - it was crummy. Guy setup next to me said “do you know who that is?” Told him no - could care less. Had him try low ball me on another occasion - told him go find one. Always wondered who that guy was but stuffed him in the backfield lol. Maybe he was some celeb in coinland.
Have change
Would a anti-counterfeit pen be wise? For large bill payments by customers. You never know. Only takes one bad bill to ruin your day. Just a thought.
Show was concluded and my thoughts in no particular order.
1. A big shout out to everyone here who suggested helpful ideas. Thank you. All suggestions and comments were appreciated!
2. Very strange show results only 3 people asked to see coins , all 3 people bought , all 3 people came back a second time and bought some more. I was expecting perhaps 30 people asking to look at a particular coin and maybe 15 would buy.
3. Ten percent of my total dollar value of inventory sold! Very pleased with results.
4. Thank you @AndyK for seeking me out and purchasing my first coin! It was a pleasure meeting you. ( actually I had met Andy at the previous show and bought a coin from him. Not knowing he was on the forum)
5. I still do not have a clue what is popular for this particular show as I sold a strange mixture of coins with no pattern to them.
6. I had a blast!!! Loved meeting people , talking coins , handing out buffalo nickels to anyone that looked 14 years old or under.
7. Paid for a table in July I am hooked😀
Some pictures of my table before the show.
Glad you had a good time and some success!
Looks like you’ve got some good stuff that would interest a lot of people.
Hopefully I can make it to Tucson (or PhX) for one of the shows soon.
I'm very happy to hear you had a good first experience. Looking at your table, it looks like you have a good mix of coins. As you continue to do the shows you can refine what you bring to sell.
Good luck with your future shows.
Donato
Donato's Complete US Type Set ---- Donato's Dansco 7070 Modified Type Set ---- Donato's Basic U.S. Coin Design Set
Successful transactions: Shrub68 (Jim), MWallace (Mike)
Looks like a great selection of coins! Glad you had a good show
HAPPY COLLECTING
I had a great time as well, this was only the second time ever getting a table at a coin show. @AZDAVY was great chatting with you again and it was great seeing your grandson helping out! One of the highlights for me was finding a 1836 capped bust quarter at your table as I've been looking for one with good eye appeal for some time. I also wanted to note that I had seen this same quarter at auction and I didn't even consider it - because the pictures didn't do it justice. When seeing the coin in person I bought it instantly as it had great eye appeal and looked fabulous in hand! There is just no substitute for going to shows and viewing the coins in person!
I like that you have stuff clearly priced. So many times I had to ask about a coin and wait for dealers to look up and offer insane prices.
Never was a table dealer but can offer this advice. Never throw prices on areas unaware of. At one coin show had common $10 Roman coins and was looking to unload with dealers with ancients. Young dealer guy asked if had anything and mentioned Romans. He offered and then paid 3-4x what they were worth.
Impressive inventory, congrats on good show.
Very nice display with prices clearly marked. Way to go.
Glad that you had a good show.
Did you buy anything?
Wayne
Kennedys are my quest...
@goodmoney4badmoney sorry I can not reply to your inquiry. A glitch perhaps , but they were sold.
Thanks for the comments guys!
Looks like properly priced easy to sell coins in the right holders. I'm glad you sold a tenth of what you have. Do you also sell on ebay?
Well done! Interesting results.
Looks like you have a nice mix of coins, and I love that everything is clearly priced. As a buyer, that really helps.
Dave
Selling coins was the easy part. The hard part is replenishing your inventory. You will have to find nice coins that people will want to buy at a low enough price that will allow you to make a profit.
Worry is the interest you pay on a debt you may not owe.
I looked to see how you had them organized. I think you did well organizing them by currency. All pennies together, nickels, dimes, quarters and halves. You definitely want to make it easy to find what the buyer is looking for and I think you did a good job. If I was looking for a certain denomination it wouldn't take long at all to find it.
Glad you had a good time! And thanks for sharing!
https://www.the4thcoin.com
https://www.ebay.com/str/thefourthcoin
@WAYNEAS yes I bought two items from other dealers but everything that walked up to the table were as seen on tv coin deals “junk”😀
@logger7 no I do not sell on eBay perhaps later , what I failed to do was take better pictures to put up on the bst to have a virtual bourse. Next time I will remember.
For me I find it somewhat distasteful to sell a coin to a dealer for less than my asking price only to have him put it in his case and compete against me. The last time I set up at a local show I had some nice circulated early Walkers priced at my cost. A dealer who usually has nice stuff and prices to boot picked out about a half dozen and asked me to price them. As I recall I indicated that they were. Maybe sold him one, but I didn't feel that I wanted to be a discounter to dealers.
So true! I passed on a VG 74-CC that a seller had offered for $1575 until I saw the coin at a FUN show...and paid $2100 for it to another dealer.
That statement makes no sense. The "young dealer guy" must have known something you did not. He may have paid 3-4x what YOU thought they were worth, but they were worth that price to HIM.
I did not have good experiences trying to sell at shows; when I had quality in demand better date certified coins, I'd get very rude buyers pressuring me. Also got to love guys coming by with flashlights to blast your case. And had some thefts at one show. Just not worth the risks and upside profit/downside losses.
Interesting results. Congrats on your first show!
Collector
75 Positive BST transactions buying and selling with 45 members and counting!
instagram.com/klnumismatics
Glad that you had fun.