What exactly is a vest pocket dealer...and when do you become one?

Crazy4Coins · July 18, 2006 6:45AM

I've heard the term used several times......but exactly what is a vest pocket dealer?

relayer · July 18, 2006 6:47AM

Just a small time dealer with no storefront - someone who would/could carry his inventory in his pockets.

BillJones · July 18, 2006 6:50AM

In the old days it was a guy who did not have a store and might have pulled his coins out of his vest pocket.

Now it could be a guy who dabbles on Ebay or over the Net, but not in volume.

The term does not necessarily mean Bozo, crook, dumb bell or any other pejorative term. Some vest pocket guys are very knowledgeable and deal in material that is hard to find elsewhere.

seateddime · July 18, 2006 6:53AM

how many coins do oyu need to sell before you become a dealer?

Would you say if you are power seller level on ebay thay makes you a dealer?

Crazy4Coins · July 18, 2006 6:58AM

I think most here would probably be considered a vest pocket dealer then... a lot of ebay dabbling goes on around here.

Are there other criteria one must meet before he can officially be called a dealer?

seateddime · July 18, 2006 7:02AM

A store or a table at major shows?

MadMarty · July 18, 2006 7:13AM

Here is a picture of Russ at a local show, he's not a vest pocket dealer, he's a trenchcoat dealer!!!

ziggy29 · July 18, 2006 8:22AM

When you're a wannabe selling widgets.

bidask · July 18, 2006 8:29AM

<< <i>I think most here would probably be considered a vest pocket dealer then... a lot of ebay dabbling goes on around here.

Are there other criteria one must meet before he can officially be called a dealer? >>

Get a tax ID number and keep good records!

FullStrike · July 18, 2006 8:39AM

<< <i>When you're a wannabe selling widgets. >>

DARN ! Beat me to it.

OK on to my #2 definition of vest-pocket dealer. When a person can offer you superior Chinese Trade Dollars at very cheap prices - they are one of those vest guys. Also, you can get great deals on unslabbed raw Pillar Dollars.

morgannut2 · July 18, 2006 9:08AM

Vest Pocket Dealers used to be the same thing as "Pickers" in the antique trade. They were very knowlegeable and spent ridiculous amounts of extra time trying to find unrecognised "bargins-steals" ,. Then because they were short of cash, their finds would be wholesaled to the top dealers---who would spuce em up, or grade them, and ask full retail in a shop or major auction.

Tarmac · July 18, 2006 9:39AM

Didn't Mae West once say "Is that a PCGS slab in your vest pcoket or are you just glad to see me"?

RWB · July 18, 2006 10:31AM

"How to Become a Vest Pocket Dealer"

1. Purchase a three-piece suit (pants, jacket and vest). Be sure to get shoes so you will not be mistaken for Walter Breen's ghost.
2. Look in the front of the vest for pockets. There should be one on each side of the opening where the buttons are. For now, just put your thumbs in the vest pockets.
3. Take your very best certified coins and crack them out. Put them in PVC-laden 2x2s and staple shut on four sides with rusty staples. Scribble secret codes all over the 2x2s. This is very important in maintaining the image of casual poverty. Also carry several very rumpled Gray Sheets in your pants pocket.
4. Place some of the 2x2s in a vinyl coin wallet and put one wallet in each vest pocket.
5. In the back pocket of your suit pants, put a 5-inch magnifying glass. This is just for show when buying coins.
6. A set of $5 Indians in a black plastic holder kept under your shirt makes a nice surprise to pull out on unsuspecting dealers. This adds flare and cachet to your coin dealings. Don’t bother about the missing 1911-D – any old counterfeit or taken will fill the hole – the set is just for show. (Caution - pull this out slowly on hot days so that you do not splash sweat on others.)

Wander from table to table at small and large coins shows declaring that everything is too expensive, and that buy offers for your coins are way below bid. Your mission is to buy at one end of the row of tables and sell by the time you reach the other end, then repeat the process. You never sell any of the nice coins you have - they are window dressing.

You are now an official vest pocket dealer! Membership cards are available in the lobby....

WTCG · July 18, 2006 11:07AM

<< <i>Here is a picture of Russ at a local show, he's not a vest pocket dealer, he's a trenchcoat dealer!!!

>>

I don't think that's an accurate picture of Russ. The guy in the trenchcoat is way too attractive.

I define a "vest pocket dealer" as somebody who is a coin dealer on a part time basis. The connotation is not necessarily a negative one.

RWB · July 18, 2006 12:03PM

Agreed. My attempted humor aside, a "vest pocket dealer" is just someone who sells coins as a sideline or on a part-time basis and has no established place of business. He/she rarely has show tables except at very small community-type shows.

What exactly is a vest pocket dealer...and when do you become one?

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