Some overall advice for newbies at coin shows
RYK
Posts: 35,800 ✭✭✭✭✭
There were at least two coin forum members show newbies who had disappointing experiences at the recent Baltimore show.There have been many threads written about how to prepare for a coin show, what to bring (BTW, I did not once take out my loupe in B'more), what shoes to wear, how to get mustard stains out of your shirt in the men's room, etc.
Much less emphasis has been on the cognitive aspects of preparation. Here's some pointers from an average collector who attends both local/regional and national shows:
1. Buy an inexpensive coin early, to take the pressure off.
There is much anticipation built up as you approach the time of the show. You are certain that your dream coin will be in one of the dealer's cases. You are wanting to splurge on something. I have found that finding a nice, inexpensive coin early, eases the feeling of money burning a hole in my pocket, and I enjoy the rest of the coin show much more.
2. Make plans to meet people.
This is more difficult if you do not already know a lot of folks, but it is usually the social aspect of the coin show that keeps me coming back, not the ability to buy and sell coins. Meeting fellow collectors for coffee or a beer and show-and-tell, introducing yourself to dealers you have emailed in the past, and generally being social (which is understandably challenging for some people), makes the show far more enjoyable and also sets you up better for buying and selling in the future.
3. Don't worry if so-and-so dealer won't talk to you.
The coin shows like Baltimore are primarily wholesale for quite a few dealers. That means that the guy who is friendly and helpful by email may be aloof and unfriendly at the show. Often he is distracted by a myriad of potential transactions, some of which may involve vast sums of money, other contingencies, time deadlines, etc. Imagine if he came to your workplace with a bunch of coins and cheery attitude while you were working on a project with a deadline and your career on the line. How welcoming would you be to his presence?
4. Learn who the dealers are who are set up for retail.
Generally, these guys are extremely friendly, nice, helpful, and will often spend the time to teach you things, will look at your coins and give you an opinion, etc. They are looking to build relationships with you!
5. If you are planning to sell, do your homework and really know what you have.
The greatest disappointment many collectors have is that their coins are not valued as highly as they think they should be, and they often learn this lesson at coin shows. I know that's where I learned it. Rather than berating them for lowballing you, pull one aside and ask her for an honest appraisal as to why these coins are not desirable as you think they should be. We all think our coins are in the top 1% for the grade with 100% original surfaces, and universal appeal, but obviously, this cannot be the case.
Learn who are the dealers who are most likely to give strong offers for the coins you are selling, in advance. Don't try to sell VF Barber halves to Doug Winter or Legend, and do not try to sell MS-66 Saints to Rich Uhrich or Dick Osburn, as obvious examples. When in doubt, there's always auction, and at bigger shows, you can consign your coins to Heritage, Teletrade, and others while you are there.
Much less emphasis has been on the cognitive aspects of preparation. Here's some pointers from an average collector who attends both local/regional and national shows:
1. Buy an inexpensive coin early, to take the pressure off.
There is much anticipation built up as you approach the time of the show. You are certain that your dream coin will be in one of the dealer's cases. You are wanting to splurge on something. I have found that finding a nice, inexpensive coin early, eases the feeling of money burning a hole in my pocket, and I enjoy the rest of the coin show much more.
2. Make plans to meet people.
This is more difficult if you do not already know a lot of folks, but it is usually the social aspect of the coin show that keeps me coming back, not the ability to buy and sell coins. Meeting fellow collectors for coffee or a beer and show-and-tell, introducing yourself to dealers you have emailed in the past, and generally being social (which is understandably challenging for some people), makes the show far more enjoyable and also sets you up better for buying and selling in the future.
3. Don't worry if so-and-so dealer won't talk to you.
The coin shows like Baltimore are primarily wholesale for quite a few dealers. That means that the guy who is friendly and helpful by email may be aloof and unfriendly at the show. Often he is distracted by a myriad of potential transactions, some of which may involve vast sums of money, other contingencies, time deadlines, etc. Imagine if he came to your workplace with a bunch of coins and cheery attitude while you were working on a project with a deadline and your career on the line. How welcoming would you be to his presence?
4. Learn who the dealers are who are set up for retail.
Generally, these guys are extremely friendly, nice, helpful, and will often spend the time to teach you things, will look at your coins and give you an opinion, etc. They are looking to build relationships with you!
5. If you are planning to sell, do your homework and really know what you have.
The greatest disappointment many collectors have is that their coins are not valued as highly as they think they should be, and they often learn this lesson at coin shows. I know that's where I learned it. Rather than berating them for lowballing you, pull one aside and ask her for an honest appraisal as to why these coins are not desirable as you think they should be. We all think our coins are in the top 1% for the grade with 100% original surfaces, and universal appeal, but obviously, this cannot be the case.
Learn who are the dealers who are most likely to give strong offers for the coins you are selling, in advance. Don't try to sell VF Barber halves to Doug Winter or Legend, and do not try to sell MS-66 Saints to Rich Uhrich or Dick Osburn, as obvious examples. When in doubt, there's always auction, and at bigger shows, you can consign your coins to Heritage, Teletrade, and others while you are there.
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Comments
<< <i>Robert, that was an excellent post.
Okay, let's say it's advice for newbies and those that act like newbies.
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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
A dealer never knows how much you already know, and if you happen to trade some knowledge or information, it can be mutually beneficial even without the financial transaction.
All of RYK's advice sounds like good advice to me. Rob is a very good on-the-scene ambassador and I've appreciated his willingness to make the rounds with me a few times. Kudos to RYK!
I only have one question, what does Longacre like to look at - at a coin show?
I knew it would happen.
Larry L.
Best advice - Be prepared, educate yourselves first - then take your time when it comes to buying & or selling of inherited coins.
Do the best you can by being as knowledgable as possible.
Excellent advice and a very good thread.
<< <i>Excellent post. I believe if this advice were followed, it would improve the quality of shows for both sides of the table. Cheers, RickO >>
I wholeheartedly agree!
great advice, and the 1st picec is something I didnt think of, buy small first to get over the hump.
Thanks for writting this up for us, as I do think it will help collectors.
<< <i>The greatest disappointment many collectors have is that their coins are not valued as highly as they think they should be, and they often learn this lesson at coin shows. >>
I know a few times at local shows I was surprised to learn how much I had overpaid buying coins at retail.
I aso had to learn not to be put out by the off-hand way dealers break the news to you. Interesting that at times like that one person is learning something for the first time and one person is
stating something for the umpteenth time.
edit; overpaid is prolly not the word I wanted to use, but hopefully the meaning is clear.
"Inspiration exists, but it has to find you working" Pablo Picasso
Are you suggesting to buy something you really don't want, just for the sake of buying something?
WHAT! You mean... they...(sigh)...
Good post Dr. Bob.
–John Adams, 1826
<< <i>1. Buy an inexpensive coin early, to take the pressure off.
Are you suggesting to buy something you really don't want, just for the sake of buying something? >>
Of course not. Most collectors have several tiers of interests and collections including an inexpensive one, need a bullion fix, or have a coin to pick up for a youngster. Most people also run into coins that catch their eye for whatever reason. If it's inexpensive, and it takes the pressure off, go for it.
Sometimes the inexpensive coin that you buy just for fun keeps you from making a mistake buying the expensive one because you feel that you need to make a purchase. Said differently, would you rather come home from the show with a $50 coin that you really did not need or a $5000 coin that you wish you had not purchased?
Not only did I get some offers for my coins, the dealers were able to steer me toward similar coins in their inventories and also refer me to other leads, some of which I am still following up.
<< <i>Good post. I am thinking about attending the upcoming show in Ft. Worth, which would be my first national show. I have a question: Typically, what do most of the dealers accept for payment at these shows? Credit Card? I would imagine for onsite security reasons, that would be the most logical. Thanks. >>
I usually pay by check. If you are not known on the coin collecting or have references, some dealers will prefer credit card or cash. For less expensive purchases, I sometimes pay cash. I almost never use a credit card at a show unless the dealer prefers it.
Thanks
Excellent advice!
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<< <i>I have a question: Typically, what do most of the dealers accept for payment at these shows? Credit Card? I would imagine for onsite security reasons, that would be the most logical. Thanks. >>
If you want to pay with a cc, you should probably make that known before you begin discussing prices. Although I'm sure they're aware of the fact, most people don't typically consider that using plastic imposes an additional cost on a seller over and above accepting cash when making a purchase. If a seller agrees to a "best price" that allows for a modest profit before knowing that the buyer plans to charge the purchase, he may not react positively to having that profit diminished.
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