Advice For Beginner Coin Show Attendee Please

What about debit cards? I hate to walk around unarmed with $5000 in my pocket. I don't have a carry permit. I live in Florida so maybe I should get one. A number of foolish dealers have been murdered here around Tampa by taking large amounts of cash to meet some guy in a hotel room to buy gold, silver or a rare coin. I cannot see why buying slabbed and graded coins is a bad idea for a beginner if he/she is going to buy a scarce coin. My LCS dealer told me to do that on ebay and when I am dealing with strangers or any large amount of money. If I were going to buy a 1916 LSQ, or 1916-d Mercury dime you bet I would want one that was graded.

If you have a smart phone, get the ebay app and use it. What may seem like like a great deal, you may see that the very same is available on ebay for less. I am not necessarily saying that you should buy it from ebay, but you can use that info to get a better price or skip a not-so-great deal.
I was recently at a show and looking at the 50% of bin. I was excited to see slabbed coins at half price. A quick ebay search showed me that the prices were quadrupled before reduction and were now only double fair market price. An older couple nearby noticed what I was doing.
Later at the show they came over to ask for my assistance in getting the right price on a heraldic eagle dollar prices by the dealer at 17 or 18 hundred. ebay showed the going rate to be less and the dealer acquiesced. I helped them save somewhere between $100-$250 (i don't remember exactly.) Their $5 thank you offer was politely declined.
My point is that a handheld source of ACTUAL sale prices and not theoretical red book/grey sheet prices will go a long way in saving you from being disappointed when you get home.

@Andrew - My bullion dealer does 3% on CC with no problems. I know his son, which certainly helps. But I loathe putting any purchase on a CC unless I can pay it off immediately; and at that point why not just pay cash.

@Jerseyben - In an ideal world every new collector would learn how to properly and accurately grade and how to spot fakes and cleaned coins; in the real world, they're better off buying certified coins until they do learn. Most of the dealers I know, expect that you know what you're doing, and that you know how to grade, if you are buying raw higher value coins. I'm all in favor of letting newbies roam around in the "face" junk silver boxes, but when they're looking at raw coins in the 3-digit and higher ranges, they can get burned real quick. Yes, it's a life lesson most of us older collectors learned the hard way, but that doesn't mean I want to see new faces learning the same way that I did.

Things I always bring - my tablet (for inventory) & a 10 or 20x loupe on a chain; a couple of sets of coin handling gloves; and since I'm into EAC, copies of CQR & Penny Prices, along with both Greysheet & Numismedia FMV. I also bring a small messenger bag with coinsafe tubes for raw purchases to be stored in. I usually only bring cash; bringing my checkbook tends to encourage reckless spending; but I bring the checkbook for certain EAC dealers because I don't like carrying that kind of cash around! Many of the major (national) dealers take checks, with drivers license & phone number etc, but it's more the exception than the rule.

Advice from me -- not much -- but:

- If it's a good fair price, don't negotiate it, just buy it. When the dealer is making $20 on a $500 coin, asking them for $10 off might be accepted, but won't win you any favors. Dealers DO talk to each other. Corollary: When you do negotiate, make a reasonable offer and then keep your mouth shut. He who talks first, loses.

- It's better to buy a coin you like but don't need than to buy a coin you need but don't like, but the best is to buy a coin that you both need and like.

- Be respectful of the other customers at the tables. Don't hog all the chairs, or insist on asking the dealer about every single coin, especially if you have no intent on buying any of them. Nothing irks dealers IMO more than someone who makes them pull out coins from cases for an hour and then doesn't buy anything at all.

- Knowing what you want to buy ahead of time is great, but boring. Save some money for impulse buys just for the fun of it. You might see something completely amazing that wasn't even on your list.

- Use your coin gloves when handling raw coins. Common courtesy, dealers don't need someone putting fingerprints, oils, food residue, and such on their inventory. You might be one of only a few people doing this, but you'll be remembered for doing it. Some dealers in raw bullion (junk silver) might not care.

- Keep your hands above the table at all times when examining coins. If you need to reach into your pockets, or your bag, set the coin you're looking at down and make sure the dealer sees it. "Shrink" is real, especially at bullion tables with stacks of raw coins.

- Most importantly: have fun! You can spend money on coins anytime; it's the experience of holding them in hand, seeing them, and the camaraderie that make shows fun. (And the gentleman who was brave enough to let me hold and look at that PCGS-slabbed MS graded 1776 Continental Curency (pewter), in my very own hands! Nothing like holding a couple hundred thousand bucks, literally.)

Many good points on this thread. I prefer live auctions to shows though. Perfessor has 3 key points. 1 Cash is king. 2 End of auction/show is the buy time. Most importantly 3 Grumpy is them not wanting to be there/sell. I met 2 dealers (older) that were polite and have truly beautiful collections. They do not do the internet thing for the most part. One of them I have done business with since on 3 occasions and has saved me considerable when he was traveling through my area. I haven't sold coins at shows, but always bring a couple high grade raw coins to get their opinions as an ice breaker. This softens the beginning of the negotiation process which will help you get your end result at a better price. Good Luck !

I'll chime in regarding show protocol. I think the most important thing is just mutual respect, and utmost respect for the pieces. I've seen potential buyers just flip coins back to a dealer, or be aggressive with the handling when declining a negotiation. Not everything falls your way, be prepared to walk away from a lot of "wants", and focus on what you deem current "needs". Regarding those needs, stick with a budget. I know it's hard when you have a "live" view of what you've been searching for on the internet, but it's better to have what you can afford. Some Dealers are Jerks, so are some customers. It's "Some" however, not the majority, and it's the majority that keeps me going back......and ultimately kept me here-J.

A lot of good points.

On negotiating, if you know what you ought to pay and the dealer is a bit higher than you'd like, then counter. If you haven't a clue, then don't just automatically counter every offer. All you will get is a reputation for auto-countering and you will get higher starting quotes.

Also, there are some dealers that will jack up the price once they know you are a collector, regardless of your level of sophistication. Either counter at fair market value or walk away. There are some dealers that are on some sort of political crusade to get collectors to pay high end retail as they believe it shouldn't matter to them.

@Andrew99: What I mean is that the local bullion dealer I visit will run your credit card at a show but he will charge you 3% on top of the sale price as a 'fee'. This is why I always pay cash or check. My point is that some dealers at shows DO take credit cards but they can and will charge you "fees" or percentages on top of the sale price.

Everyone has added some excellent advice! You guys are awesome, thanks so much. I'm going tomorrow since I have to work the rest of the show dates and will be sure to post any of my purchases I make. I haven't discounted out completely the notion of leaving without making a purchase but it's unlikely not to pick up a little something.

I did mention that I was going to be looking for raw coins over slabbed ones but that is only in regards to just a couple different types of coins. They are the ones I have spent most of the year studying, comparing and examining and slowly building my sets to have a very distinct look. However, In the situation with particularly rare and valuable coins, like a 1916 D Mercury dime than I am all for buying a certified coin. That also goes for any collectible coin I am not that familiar with yet until I know more about them and what I am doing.

Im really excited for the show now and appreciate everyones input. There was one dealer I met during the last show who was from halfway across the country and very helpful and kind. I'm hoping to find his table to buy something if he's there again since I didn't really know what I was even looking at last time.

I have white clothe gloves I'm bringing to just in case. I have a large pack of them for when I'm working on camera lenses but I will put a pair on whenever handling my own coins so it makes sense to have the same respect with anyone else's coins I may or may not buy.

Is there sales tax in CA when buying coins at a show and paying in cash? ($1000 or less) If there is tax, would every dealer charge it wether they are from CA or any other state, even DE or OR?