Setting up a Table at a Coin Show for the First Time- Advice Needed
JeffMTampa
Posts: 3,304 ✭✭✭✭✭
I will be setting up a table at a small coin show for the first time and could use some advice on how to price the coins I will be selling. Most of the material will be PCGS or NGC slabbed (problem free). I sell coins regularially on eBay at Buy it Now Auctions with fixed prices, but a coin show sale is new to me. My thought is to put a price sticker on the back of the coin, but what price?
I know that most customers at shows expect to dicker a bit (or a lot), but some don't like to play games and just want fair deals. I came up with a few options:
Option 1: Price the coin at NGC/ PCGS Retail, with adjustment if the price guides are too high or low from reality. I would be willing to accept less than these prices, so it allows some room for negotiation. Some people may not even bother to offer, however.
Option 2: Put my take it or leave price on the back of the coin. Obviously I'm not going to get people to offer more, so I may leave some $$ on the table, but it may encourage people to take advantage of a good deal.
Option 3: Put no price on the coin and just negotiate. I'm concerned people will not bother to talk with this strategy.
The question for you guys that do this regularially what works best for you? My goal is to sell my spare coins at fair prices- not wholesale but I'm happy to take less than retail to move on. I'm not trying to become a coin dealer, just get rid of my spare coins at break even prices.
I know that most customers at shows expect to dicker a bit (or a lot), but some don't like to play games and just want fair deals. I came up with a few options:
Option 1: Price the coin at NGC/ PCGS Retail, with adjustment if the price guides are too high or low from reality. I would be willing to accept less than these prices, so it allows some room for negotiation. Some people may not even bother to offer, however.
Option 2: Put my take it or leave price on the back of the coin. Obviously I'm not going to get people to offer more, so I may leave some $$ on the table, but it may encourage people to take advantage of a good deal.
Option 3: Put no price on the coin and just negotiate. I'm concerned people will not bother to talk with this strategy.
The question for you guys that do this regularially what works best for you? My goal is to sell my spare coins at fair prices- not wholesale but I'm happy to take less than retail to move on. I'm not trying to become a coin dealer, just get rid of my spare coins at break even prices.
I love them Barber Halves.....
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Then anyone who negoiates can get 10% off and it is easy to calculate.
It seems though that I do virtually no certified coin sales at small shows unless the coins are priced at wholesale or lower levels. The smaller shows around here tend to attract the raw coin collectors, bullion buyers and newer collectors who are looking for interesting lower value items so I try to bring that kind of stuff with me when possible.
My Ebay Store
I personally don't like it when I see a case full of coins with no prices. I have several good friends who are dealers, and their philosophy is to put the price they hope to get on their coins, but consider it a starting point for negotiations.
This. Of your options given, Option 1 is what I would do.
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Also, make sure to monitor your inventory with a close eye. A coin comes out of the case, the same coin goes back in if the buyer doesn't hand you money instead. At a busy show with lots of customers it's easy to let your guard down.
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Have fun.
Too many positive BST transactions with too many members to list.
I keep an ongoing spreadsheet based on dealer adds in CW or NN with many items selected off their pricelists. For items selected for my spreadsheet they are 1.21 x Market Value (CW Trends) and 1.44 x Greysheet on CAC coins. On non CAC material they are at 1.05 x CW and 1.26 x CDN Greysheet Bid. So as long as I am not above these parameters my prices are certainly fair but YMMV.
Being a newbie at a show many will try rip you with BS. If they quote sheet, ask the guy if he has one he wants to sell you at that. At a show I am there to buy and sell at my price, don't care who they are or about their BS. I don't take checks either - Cash, Gold Bullinon Coins at melt, trade in material about 60-90% of CDN Bid based on inventory needs and current market conditions.
Nothing turns me off more than a MS70 coin in a scratched slab the guy banged around like it was in the monkey cage at the zoo.
Will there be a business name to look for so I can say hi?
I like to see prices on the front of slabs. That is the START of any negotiation and it does not have to involve you saying a thing.
Quick and easy. Obviously price a little more than you might be willing to accept.
Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
I will tell you what I do, but it is not popular. All of my coins have prices on the front of what I would take. If someone wants to offer less, I will check to see if it makes sense vs. my cost, if I need to raise money, or if I have duplicates, etc. But most of the time it is really what I would take and some people take offence that I did not budge.
May not be popular doing that, with some folks, but it's what I prefer from dealers and where I usually make most of my buys.
Option 1 problem: If the PCGS/NGC guide prices are unrealistic, a response from a potential customer may not even happen as they may feel their (more realistic) offer is too far off. Especially true in many modern issues/high grades. Think SHQs, roosevelts, lincolns, jeffersons, MS70 SAEs, etc. Not sure what you sell, so just giving some examples.
Option 3 Problem: Many many many people will just walk on by and not even inquire. It's different if you have a coin that is very hard to find, looks good, in the right plastic, and that person who needs it happens by...they will inquire buy most won't and will just be looky lu type of folks or ones wasting your time.
Option 2 Problem: nothing different than you said. You may leave some money on the table or, someone who HAS to get a discount in order to feel good enough to buy, won't.
At the end of the day, I think it goes to "know your material and price ranges and how bad you care to sell or not" and then price around that area.
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
An authorized PCGS dealer, and a contributor to the Red Book.
Allow the public to look things over, don't chime in until they can digest what they see. If time allows and they have focused on a given coin, be all psychic and open the case and point to the coin that you think they are zeroing in on. In hand things get more serious. Then state a price that you're comfortable beginning at.
arrange slabbed coins so there's no holes in the pattern, that way when something's out of the case, you'll see the vacant spot it should reside in.
Keep a sales record, plenty of change and if you're not buying, just tell people that.
Be prepared for the person who wanders into a show and wants to ask 100 questions about their Aunt's coin collection which consists of junk silver and Indians. Be nice anyway.
At coin shows, same rules as c ocktail parties - don't make chitchat about politics or religion. Too easy to rub someone the wrong way when you're just trying to be nice. No matter what your political views, half the attendees (just playing the odds) will disagree with you.
-Fred
Edit - obscenity filter wouldn't let me use *****tail, hence the extra space
Successful BST (me as buyer) with: Collectorcoins, PipestonePete, JasonRiffeRareCoins
to you, including prices. I always take a quick look at a dealer's prices when I first approach their table -- if everything is priced really
high and I do not know them, I just move on. If they do not have any prices on their material, I will ask for a few quotes to get an
idea of their market concepts.
If you have a truly eye-catching coin (great toning, unusual grade and/or appearance, etc.) you can always try the old trick of listing
it as "Not For Sale" and see what happens.
You have a very limited market at these shows and most of the potential buyers are likely to be knowledgeable and cheap.
Jeff, there are a couple related threads on this going on right now. Much good info, and no one is steering you wrong -- it is just perception from individual collectors that differs, so you have to match up your pricing and selling philosophy with the advice you receive, and move in that direction. Your thread title was general, then your specific question was on pricing. I think you have a lot of good info to choose from. Let me offer one suggestion that has helped me in my occasional efforts on the other side of the table.
As a first time dealer (or even a seasoned pro in a new venue) you will be perceived as the guy with the 'fresh' inventory. That can be a good thing, but it also sets you up for some really rapid-fire and potentially confusing deals during dealer set-up or even the first hour or two at a show. I strongly suggest taking all your 'real' coins (eliminate the bullion, 1910 Lincs in F, generic Indians in VG, etc.) and make a full Word doc that lists all your pertinent info, just as it will lay in your case(s). I set mine up by denomination, then ascending year. List your coin, grade, slab number and PCGS/NGC/whatever , your cost, perhaps Graysheet Bid, and finally, your BOTTOM LINE PRICE (I call this my 'dealer' price). Make sure it is in a format you can readily fly through.
I learned it helped me when I did a few shows in the OR area. As a new guy, I would be descended upon as I was trying to set up (and I like organization) by one guy in particular, and a few others. They were perfectly honest and upfront, but use the 'shock and awe' technique to just pull half your inventory and then ask bottom line on each coin. One guy would even pull a large section of my inventory and go back to his table to work up offers, then come back hours later . . or the NEXT DAY!! I dealt with it as he actually DID buy a lot of stuff. I realized I was prone to losing money as I had to kill time doing the Graysheet bit, or look at my code, try to remember the coin and others interested in it, etc. So . . . for that one guy in particular, I made a price list. Now . . . as I set up. I can just work right around him, let him see the bottom line, and we then do our deal.
My secondary reason? For the entire show, I have all my data right there at my fingertips. My cost is coded, and you may want to even code your 'bottom line', but in any case, it keeps things moving, you don't have to do the perennial Graysheet look-up, pushing your reading glasses up and down your nose, you can deal with multiple people at a time, don't force a lot of wait' time on potential customers, look professional, and avoid mistakes and confusion.
It just requires prep beforehand, but I like coins, so that is fun for me. I want things organized -- and it helps me. It is possible in my situation, as I don't do frequent shows. For a bigger dealer travelling every week, my philosophy does not work.
Have a lot of fun!
Drunner
I love when dealers do this. Makes it much easier to see if there is a coin that I want when the coins are sorted. I understand that dealers who have a diversity of material may not be able to do this, but as a buyer it makes things so much easier.
Successful BST (me as buyer) with: Collectorcoins, PipestonePete, JasonRiffeRareCoins
Original suggestions by DRUNNER
An authorized PCGS dealer, and a contributor to the Red Book.
Why is everyone spelling the greysheet as the graysheet?
This is really bugging me!!!!
Why is everyone spelling the greysheet as the graysheet?
Oreville, it's 1:05 AM! Don't let the small stuff bother you! Relax!
An authorized PCGS dealer, and a contributor to the Red Book.
This is really bugging me!!!!
Why is everyone spelling the greysheet as the graysheet?
Traditionally, the word GRAY is for AMERICA and GREY is for Europe/England
so many people were taught this in school and just assume that the
founders of the publication spelled it correctly for the region that they are
from or the region that has the most readers (USA) but I am guessing they
did not.
It is like Soccer/Football, except for one letter in this case.
Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
2) Goo-Gone, Q-Tips, paper towels
3) Several grand in cash in a bank bag to also hold checks taken in.
4) Locate pizza delivery for lunch
5) Locate restrooms before you start setting up.
6) Don't drink too much coffee before 5)