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Good article about attending coin shows, link here, today only!
rgCoinGuy
Posts: 7,478 ✭
One of my favorite sites to check out for fun stories every day has an article about attending coin show that is a pretty good read. I am sure a lot of the regulars at coin shows could add to it, but at any rate, here is the Article . It will only be here today, as the articles change every day. Enjoy! Rob
Quid pro quo. Yes or no? 0
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By Frank J. Colletti
From page 50 of the February 2004 issue of Lost Treasure magazine.
Copyright © 2004, 2004 Lost Treasure, Inc.
So your coin collection has reached an impasse. A metal detector can only uncover just so many silver coins, and you crave something more varied for your collection, or have decided that you just have to have that special coin to round out the collection. What do you do next? Well, the easiest next step is to visit a local coin dealer.
During the 1960's there was a coin dealer on nearly every other corner of every neighborhood; now there may not even be one in a nearby town. The alternative is to visit a coin show. At this point, locate one within a reasonable distance from your home, especially if you decide you like the show and want to attend it regularly. If possible, obtain a copy of either Coin World or Numismatic News; these contain regular listings for shows by area. This is generally the easiest way, but CoinWorld.com is also an easy search. Just go to the site and click on the Events and Shows section. It will ask for your state and in an instant give a complete listing of events in your area.
Now, you finally arrive at the show on the selected day, what should you expect? What should you bring? The most important tools in your equipment for the show are a good magnifying glass and a price guide. A good glass may be purchased at nearly any coin store, or are available at nearly any decent hobby shop. You should try out a few and select the one that is best for your vision, viewing and comfort. The price guides are generally available at most newsstands; Coin Prices and other magazines are usually available.
Remember, these are only guides and dealers may price their coins higher or lower than the listed prices, depending upon current demand or lack thereof. The bourse, from the French meaning (Webster’s third definition) “a sale, as of coins or postage stamps, by dealers at a convention, exhibit, etc.,” may be overwhelming to a newcomer, considering there may be from 10 to over 100 dealers at the show, depending on the type of show you attend. It is strongly recommended that you keep your wallet in your pocket at first. Do not jump at the first opportunity to purchase that special coin that you really, really want.
Since there are other dealers in attendance, you may find the coin in better condition or at a better price in a little while. Look at the dealers’ cases of coins; don’t be afraid to ask to look at a particular piece, and especially don’t be afraid to ask questions.
If the dealer doesn’t have the time to talk to you, then I would strongly recommend moving on and spending time with someone who is willing to talk and explain an item to you. The easiest education you will receive is from those in the business. Ask them why they grade a particular piece a certain way, what they are asking for the piece, and don’t be afraid to negotiate the price. We all have our own way of negotiating. Mine is simply, “So much for the tourist price, how much do you have to get?” Or, usually, “How much do you have to get, and remember that I have a bad heart.”
Usually I get a small grin and then we discuss price. It is important to be able to walk away if you don’t agree with the quoted price. A quote is just that, and not a binding offer to purchase the coin. Most dealers will have a price on the coin, but will be willing to negotiate from that point. Make an offer, but don’t be silly, no one wants to be insulted, and don’t try to offer $10 for a coin that is marked $200. You will not be considered a serious buyer and you aren’t going to buy many coins (if any) that way. Take your time, compare coins in each dealer’s showcase and look around before you commit to a purchase. Usually most dealers will not accept a coin for return unless there is a problem with it. For example, if it is later determined the coin is a counterfeit. Any professional dealer will guarantee a coin to be authentic; however, you must still be careful.
Examine the piece and, if you wish, ask the dealer to remove it from the holder for further examination. I would only do this with expensive pieces; however, you can feel out the dealer for yourself. Many times the dealers may not have extra supplies on hand to re-package the piece and will hesitate to remove it. Explain that you are a newcomer and most dealers will work with you. When handling the coin only hold the piece by the edge! Never put your fingers on the obverse or reverse, many years from now your fingerprint will be prominently displayed as the coin tones.
Take every care with the piece, remember - what would be ugly to you, i.e. fingerprints, spots, etc., is going to be ugly to someone else; besides, you don’t own it yet and no one will appreciate your damaging their property. (Sounds kind of like metal detecting, doesn’t it?) The standard adage in coin collecting is to buy the book before the coin. You can never have too much education in numismatics (Webster’s, again, “the study or collecting of coins, medals, tokens, paper money, etc.”). There are reference books available today for nearly every set of coins, ranging from early large cents to varieties of Morgan dollars and everywhere in between. Look in the back of any numismatic publication and you will see ads for many reference books.
I have over 100 books and have read them all. I also review some of them before attending a show, especially my books on grading. Of special importance is a good grading book. But you have all of these, and now you are at the show. Look around and decide what area you are interested in collecting. Usually you will have a good idea before arrival at the show.
My personal favorite collections are the dimes, quarters and half dollars designed by Charles Barber; they were minted from 1892 until 1916, when Theodore Roosevelt decided that our coin designs were just too plain for such a young exciting country. I have several sets of each (except for the very expensive 1901 S quarter, which starts at $1,750 in a low grade) in all types of grades.
Since this area is my specialty, I am able to select choice pieces for my collection that may not, currently, be very expensive, but I know they are difficult to obtain. There are certain dates of Barber quarters that are under $20 that have taken me years to obtain in just nice condition, but are not considered rare or expensive. David Lawrence wrote the reference book on Barber coins and my experiences have generally duplicated his comments. With time, you can do the same thing for your collection.
The next rule in collecting is to buy the best that you can afford. A choice un-circulated coin will cost many times what a similar coin in average circulated condition will. However, the one in the choicer condition is the piece that will appreciate faster. The down side is that you will be able to obtain fewer coins for more money, and the set will take longer to complete. The advantage is that, on completion, you will have a set that you will be proud to display.
Next, remember that the key dates will increase in price faster than the more common ones. The key dates are those that are (usually) those with the lowest mintages, and correspondingly highest prices. When a set becomes “hot,” these are the ones that will increase in value the fastest and give you the most satisfaction. The previously mentioned 1901-S Barber quarter is a perfect example.
When I was first starting my collection, I had the opportunity to obtain one in good condition (generally the lowest collectible grade) for the princely sum of $750. I could not justify the price and passed on two pieces at that price level. Since that time, the coin has increased in price to $1750 (a 260% increase in price) and now I can’t justify that price. I may be sorry in the future, but that is a lot of money.
At the same time, the 1896S and 1913S, the other two “keys” to the set, have also increased in price—from $200 to $375 and $300 to $550, respectively, in good condition. Not bad increases, but nowhere near the increase in value of the 1901-S.
Back to the show, again, take your time and study the coin. Use a magnifying glass to look for scratches, digs, and marks. Any of these, or obvious harsh cleaning of the coin, will decrease its value and cost you money when you go to sell the piece in the future.
Take your time and decide that you are really interested in the piece before you ask what the price is going to be. If you are not sure about how to grade a particular coin (grading for each and every type of coin is different) then buy a grading book for reference and don’t be afraid to carry it around with you for comparison purposes.
If you are still not sure, especially with un-circulated coins (there are 10 grades of un-circulated, from Mint State 60, just un-circulated, to Mint State 70, perfect in every way) then there are “slabbed” coins available. Slabbed coins are those that have been graded by an independent grading service (for a fee) and have been encapsulated in a hard plastic case with the grade listed at the top.
As a beginner, this may be the safest way to purchase high-dollar value coins, since the service not only guarantees the grade, but also that the coin is authentic. Are there counterfeits out there? Yes, many more than you may expect, especially in gold coins and high priced key date pieces. Also, one rule I always observe is to not collect any set that is currently “hot.” These sets will cost much more than they did a year ago, and usually have the greatest potential for decreasing in value (yes, the coin market has ups and downs just like the stock market).
So, select the set that you like, learn about it, study the coin and buy the best that you can afford. Now, just sit back and enjoy. Never expect to make money for a coin collection, and then if you do when you sell it, that is just an added benefit.
Sources:
Coin World Comprehensive Catalog & Encyclopedia of U.S. Coins, World Almanac, New York, 1990.
Yeoman, R.S., A Guide Book of United States Coins, 55th Edition, 2002, Western Publishing Company, Inc., Racine, Wisconsin, 2001.
Sunshine Rare Coins
sunshinecoins.com/store/c1/Featured_Products.html
<< <i>Do not jump at the first opportunity to purchase that special coin that you really, really want. >>
I can't completely agree with that statement.
I took my daughter to her first (my second) coin show this past fall... At the end of our first row in the far back corner an elderly couple had an assortment of everything under the sun. My daughter began looking through boxes of silver dollars in 2x2's.... she pulled out a strikingly lovely Peace dollar ('21 I think?) in the most naturally toned shades of gray that I have ever come across. She wanted to buy it (heck, I wanted to buy it).... but I convinced her (against my gut instinct) not to "impulse buy" & to put it back while we looked at the other tables, and then we could come back if she still felt that this coin was "the one". She took note of the row of boxes and it's approximate location. When we came back a couple hours later, we went through dozens of boxes - to no avail... It was long gone.
Hindsight is 20/20... for the $15-$20 it would have cost, I think now that it would have been better to have that "extra" coin at the end of the show (had she found a better one later) that could have been sold.... than to come away with none at all. And after looking at all the other ones..... I think that 1st one was by far the nicest.
I say "Listen to your GUT".... even if your head is using all the logical/rational reasoning in the world.
<< <i>
<< <i>Do not jump at the first opportunity to purchase that special coin that you really, really want. >>
I can't completely agree with that statement.
I took my daughter to her first (my second) coin show this past fall... At the end of our first row in the far back corner an elderly couple had an assortment of everything under the sun. My daughter began looking through boxes of silver dollars in 2x2's.... she pulled out a strikingly lovely Peace dollar ('21 I think?) in the most naturally toned shades of gray that I have ever come across. She wanted to buy it (heck, I wanted to buy it).... but I convinced her (against my gut instinct) not to "impulse buy" & to put it back while we looked at the other tables, and then we could come back if she still felt that this coin was "the one". She took note of the row of boxes and it's approximate location. When we came back a couple hours later, we went through dozens of boxes - to no avail... It was long gone.
Hindsight is 20/20... for the $15-$20 it would have cost, I think now that it would have been better to have that "extra" coin at the end of the show (had she found a better one later) that could have been sold.... than to come away with none at all. And after looking at all the other ones..... I think that 1st one was by far the nicest.
I say "Listen to your GUT".... even if your head is using all the logical/rational reasoning in the world. >>
Some times there are rarity's as well where you might see them once every 5 years and in the grade you can afford even less.