Being on the other side of the table at FUN plus New Pieces
Catbert
Posts: 8,149 ✭✭✭✭✭
I try to always attend Winter FUN since it is THE coin show of the year. My intent this year was to assist my good friend Al and his coin business, Desert Moon Numismatics at the show @Desert Moon . It was a volunteer opportunity to gain perspective sitting on the other side of the table and learn about what it is like from dealer day Tuesday, set up Wednesday, and retail days Thursday-Friday. I want to thank Al for welcoming me and for his sharing of perspective and knowledge about how he approaches the business. He’s truly a good and honest person that does credit to the hobby.
Dealer Day and Coin Pricing
Dealer day underscored a few things I already knew. From a collector perspective (acting as a dealer), having first shot at some nice coins at a discounted price is kind of a pleasant dream. While I didn’t see anything for me (and we did not hit every dealer in the room to examine their stuff), Al scored some nice coins for his inventory, and we had fun comparing our thoughts on coins he was considering. Having two sets of eyes really helps, although I know Al really didn’t need me.
The other reality check is that the coin’s price will likely go through several increases before the customer gets their opportunity (yeah, duh, eh?). The dealer day cost is a slight reduction from their set retail price to allow room for markup so the buying dealer can make a profit.
However, different dealers often buy that same coin again from each other that results in another upward cost to the ultimate end consumer, thus the cost chain keeps moving. At a major show, dealers often must replace inventory after retail buyers have bought their stuff so Al had many colleagues approach his table to see what they could buy. And then there are “vest pocket” dealers who walk up to present inventory they’ve cherry picked from others. Al picked several nice coins this way.
The above can bring some shock to the collector who is using a price guide, especially with coins of quality. The dealer is not going to sell a coin for less than he paid when it’s their fresh inventory. Both collectors and some walk up dealers were quite rude to Al when they didn’t get the price they wanted. Al was amazingly patient and, if it were me, I might have given them the @Cougar1978 treatment. Certainly, when dealing with the public, courtesy is the standard, but there are limits! As Al already shared, his sales results were fantastic because knowledgeable collectors knew his CAC material was PQ.
Set up, Early Birds
I played step and fetch it for Al, getting lamps and replacing bulbs, delivering a coin to another dealer and collecting payment, providing a few breaks for Al, and periodically leaving his table to look at coins for my collection. Thursday was incredibly busy ( @Floridafacelifter heard from a FUN rep that attendance was over 10,000 on Thursday where 2000 is the norm) and there were a good number of early bird collectors who got in early. I think the $100 fee (plus $20 FUN membership) is worth it. If you have a few favorite dealers, wouldn’t you want to have the collector first shot? I guess it depends upon your buying approach. So many times, collectors will see a coin, wait to look at all the other tables, and then decide to return only to find that coin they loved already sold. I try to buy heartthrob coins and when I feel that emotion, I want to act without delay assuming the price is reasonable. If the coin one is pursuing is common or in a common condition, then sure, do your due diligence.
Social Engagement
One reason to come to a major show is to meet other forum members and Instagram posters. I met several great collectors at Al’s table who introduced themselves to me and shared their collecting interests. There were too many to mention without leaving someone out. Dinners with several added to the connections made. Many in our hobby are introverts and, while such inclinations can make one hesitant to meet others, developing friendships just enhances hobby enjoyment IMO.
Al with John Butler of CACG
Heritage Lot Viewing and Premier Night Auction
A must do at a show is to take time to review auction lots. Learning how to grade must be informed by looking at a lot of coins. Lot viewing provides that opportunity. I don’t claim grading expertise, but I think I have a good eye for attractive and coins of good quality. Unfortunately, there are a lot of dipped out and ugly coins filling up lot boxes.
If one has a target coin in an auction, nothing beats seeing the coin in hand. I was really disappointed in several coins in the Ellsworth early copper auction that I thought were going to be nice based upon the pictures (always true that pics can never capture what the eye can see in person). Nonetheless, it was fun seeing a superb example in that collection here:
https://vimeo.com/1152387754?fl=ip&fe=ec
A memorable evening was had with @skier07 and @Pickwickjr with the early gold live auction. An open bar was available with free drinks (very wise of Heritage 
) and we three participated liberally. Of course, one must maintain decorum in such an event, but Mr. Skier tempted me with his bidder card lying about that I wanted to wave regularly out of the kindness of my heart. As I slowly reached for the card, I was threatened with a NJ mafia like outcome, so I ultimately demurred. We really enjoyed ourselves and Mr. Skier will have to tell you about his auction win.
New Pieces
I had brought three coins to the event to sell and I was successful in doing so although I only profited from one. The deficit was created due to a coin that I bought at auction due to feverish, not to lose, bidding. The coin was of great quality, yet I was ready to take the dollars to other coins. I've paid my tuition and won't do it again. My heirs will enjoy the tax benefit.
1940 Proof Merc (PR66 w/Gold CAC)
My first purchase was not a coin I needed but I just couldn’t say no. Bought from a vest pocket dealer while in the lobby before the show. I don’t have pictures, but here’s a video link:
https://vimeo.com/1152092185?fl=ip&fe=ec
1837 Half (MS64)
Reportedly failed CAC (color?) but I couldn’t resist. This is a coin that results in a WOW reaction to many I’ve showed it to at the show. Purchased from CRO. While this will be my third expensive no CAC coin, it joins the others in the eye appeal department. The TV pics are not quite on target (more forest green, and no yellow but white instead):
1877/6 Half (MS62 CAC)
This coin came from a consignment at Rarity7. @rarity7 Noah really worked with me on the price and I’m very grateful. While I’m not on the hunt for most of the series varieties and this one is so very hard to see, the coin has really nice color and surfaces (better pics will be obtained from @robec ). It’s a very scarce coin with or without the CAC sticker.
Just a touch of the upper 6 curl at the left top of the second seven.
OK, that’s it. Thanks for reading if you made it this far!
"She comes out of the sun in a silk dress,
running like a water color in the rain...."
Comments
Loved that 1837 half, Catbert! Good to see you again and happy to hear you had a good show.
"Look up, old boy, and see what you get." -William Bonney.
Great to have a chance to chat with you, @Catbert, and to see that stunning bust half NEWP in hand.
Great report & perspective Dan . And, it was nice meeting you!
Ken
“The thrill of the hunt never gets old”
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That 77 half has alot going for it, I like 👍
Great report and it was great to meet you and hang out!
chopmarkedtradedollars.com
Nice pickups Dan! Great seeing you at the show and getting to chat a bit.
I love the Dime, and that '77/6 is stone cold beauty for those of us who appreciate that type of crust (me, me, me!!).
I'm probably not going to do a show report this year, but I will say your comments ring true, through and through ... especially the one about lot viewing. I mean where else can you look at 100 (or more) coins, sometimes in a single series, and try to see what is being offered and also what the quality and grades are? And to be able to do so in a quiet, controlled environment is wonderful.
As for my show, I did sell some coins that either didn't fit for me, or were extras. Two to a collector and another five to two different dealers, and felt I did well on all of them. There was still meat on the bone for them as well. I found a few too, which I will to try to share on the Saturday Coffee and Coins thread over the next few weeks.
Overall I came home will less coins, more money ... and the funniest thing, my CBH Die Marriage count went up by one!
“We are only their care-takers,” he posed, “if we take good care of them, then centuries from now they may still be here … ”
Todd - BHNC #242
Great to hear your perspective on the Show Dan. Dan has an eye for uber pq colorful coins, it was interesting to watch him on the search……………. And thanks!!!!!!!!
Best, DM
Nice report, good writing and reading..
Great report! I've always liked the 1877/6 half dollar and even when I was a dealer specializing in Liberty Seated and Bust coinage, I saw very few of this coin. Of course, once you get below XF or so, the "6" disappears because of wear. So congratulations on acquiring this coin!
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Dan - congratulations and looking forward to lunch and show and tell for both of us !!
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Interesting viewpoint from a helpful assistant. Enjoyed your outlook.
I am impressed with your report and others here on the forum!
it appears the show is really bringing out the energy, numbers and enthusiasm in the market.
I also appreciate that others have mentioned a younger demographic at the FUN.
HiHo Silver!!
Nice report! It's interesting to read a perspective that combines the collector with a bit of the dealer side.
Great show report. Sounds like a really cool experience getting to work with/learn from DM and also finding time to locate some great coins for your collection.
Completely agree with you about friendships within the hobby and how much it can add to one’s enjoyment.
I love the look of that 1940 10c Dan - has the eye appeal of a 68 to my eyes!
Coin Photography
Awesome report! Nice seeing you at the show too.
10-4,
My Instagram picturesErik
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Great show report! Love the 1837 Half Dollar.
Excellent report. Great pickups!
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
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Wonderful to finally meet you Dan. I enjoyed seeing your coins in hand. Loved them all, right up my alley. I'm no John Butler but that 1837 half sure looked CACable to me. Had a great time at dinner with you, Al and others. You insights, show report, photos and videos are appreciated.
Beautiful coins! That 1837 looks absolutely hammered. The 1877/6 is a trophy as well. I laughed thinking about the free bar at a major auction. I'm glad you had a good show. Maybe next year I'll stay overnight and enjoy socializing with some of the great posters here. I miss that, but my fiancée and her son were at the show with me. She saw the show. I stood in lane at various TPG services and Great Collections. A quick check of the seated half dealers didn't produce any of the handful of so-called common date coins I need. Collecting seated halves can be tough sledding sometimes. On the other hand, I could have filled ten sets of Morgan dollars at the show.
Great to meet you and it was a blast hanging with you and everyone else. The Bust Half and proof Mercury are both awesome coins. The TrueView is an injustice to the BH. Looking forward to next year’s Heritage Premier Night Auction open bar and maybe they’ll serve 18 year single malt Scotch.
Thank you for inviting me again. I had a wonderful time. It was really nice seeing some old friends that I’ve know for years. Was also nice to finally meet many of the people I talk to but never met in person. It’s great to finally put a face to the name. I think this is just as satisfying as adding a pq coin into the collection.
Congratulations on all your purchases they are all wonderful. I like the 1877/6 half dollar the most, such a rare coin.
I expected a riposte from you, Mr. Skier.
"She comes out of the sun in a silk dress,
running like a water color in the rain...."
Great report! I also got a similar reaction when I helped my LCS and experienced dealer trading days. Awesome pickups!
Collector
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Very informative, thanks for posting.
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It was great seeing you Dan, the new additions are all fantastic! Wish I could have made it to your guys' table, but unfortunately I couldn't. Glad to hear you guys had a successful show!
Collector of Capped Bust Halves, SLQ's, Commems, and random cool stuff! @davidv_numismatics on Instagram
Great report @Catbert —that 1837 bust half is sublime!
Nothing is as expensive as free money.
Great meeting and talking with you Dan. Thanks for the great report. It's good to read these reports, even if you've attended yourself; different perspectives. It was a fun "FUN" show for sure. The eye candy had no end. I did picking up a matte proof PR66RB; the TV doesn't exhibit the color it has in hand.
Edit: it is CAC stickered.
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Now that sounds like FUN. Thank you for the report. Sweet Merc!
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