Coin Shop Etiquette

Do whatever you have to do to be informed. I'm a fan of the Red Book for specific info only not pricing. Use the greysheet or print out a numismedia.com FMV guide. Remember also, the dealer will have his grade on raw inventory, you may have your own opinion. I also agree that Coin Prices magazine is not bad either as a general guide for pricing.

I ALWAYS take a CDN greysheet with me no matter if it's a dealer or a show. It shows your an informed buyer. I've even had a couple dealers at shows at to see MY copy before they quoted a price! LOL Most dealers will use CDN and, depending on the coin, most will sell below the ask.

It's only $4 to get the latest electronic version of CDN monthly, it's all I ever need since it has all the latest Lincoln prices.

it's unfortunate that dealers are willing to take advantage of a "newbie" in the first place.

However, one of my friends would bring a RedBook around coin shows and stuff, but he used it to mark off what he already had - and he let the dealers know this as well.

I would disagree with that statement. Anytime I am looking at coins, my RedBook is next to me. Why? It is the best all around reference you can carry with you. Sure, the prices are not the best but so what- you have pics of some of the major varieties, mintage info, etc. I also use my RedBook as a bit of an inventory tracker and mark in it for various coins that I have acquired or ones I am looking for. Because I use it in this manner, I purchase a new one every year since the old one has written-up and dog eared pages and is just plain worn out.

I would not recommend using the RedBook as your only price reference. Giving a dealer a quick perusal compared to RedBook is ok and you will quickly know if the shop is way overpriced. Since the RedBook is only an annual edition, the prices tend not to be the most accurate and are usually a bit on the high side. If a dealer has all of his material over RedBook price, then that is probably not a place for your business. If the dealer sells stuff for CDN ask, then bully for you A reasonable rule-of-thumb for the Redbook(in most cases) would be 10-20% back of prices.

When I go to a show, I wear khaki cargo pants with a side pocket. The pocket is big enough for a spiral bound RedBook and I keep it there for quick reference. I also carry a sling bag with copies of the CDN and Coin Market from Numismatic News and my CherryPickers Guide. I use the RedBook at every show I go to and I have never had a dealer look at me like I have two heads- I just let the knowledge of what I am looking for do the talking for me. The CDN is a nice price guide and all but some dealers will not sell at ask prices which tend to be lower than retail. Also, some of the CDN prices tend to be unrealistic in the opposite direction(low). I would love to pay full ask for some of the 19th century type coins but that just ain't gonna happen!

My point to this whole post is this- there is absolutely nothing wrong with carrying a RedBook around a coin shop or show as long as you are not using it for a sole price reference. And if any dealer looks at you funny for doing it, then he is a snobbish grump and does not deserve your business

No there's definitely no shame involved in carrying a Red Book, as long as you realize that the prices were developed in the first half of the year BEFORE the date on the cover and should NOT be used as a pricing tool, except perhaps in the way mentioned by biokemist.

Take it with you in pride and use it the same way. It may give a warning that you are new or experienced, depends on the dealer. I have a very honest dealer and they have no problems with you doing this, in fact they will give you their copy to go around the store and help you out where needed.

Over the holidays I was visiting family and they told me about a local coin store that has a bid board and that now and then you can get some great deals so I went and checked it out. The first thing I did was take my personal list in case there were main items I really needed (no luck) and a price guide to get an idea on prices. The price guide was actually half of everyone's tool of choice and saved me a lot of money because I did not bid on the wrong coins (no one has them all memorized).

True there is nothing wrong with that but it is rather a heavy item to take along if not of much usage. Maybe it's because I'm old but I just don't like to carry excessive weight. I personally know many coin dealers and they all agree that their prices are based a lot on the appearance of the customer. Maybe shouldn't be that way but that is life. To produce a Red Book is just a symbol to a dealer that you may not know what your doing with prices. Yes you could walk away, but you might be missing out on great deals due to something simple.
Going to coin shows, coin shops, hobby stores for many, many years makes me just want to play the same game most people play.
Yes some dealers may loose a customer due to their ideas of what you can afford because your have a Red Book in your hands. But then too, why not get the best deal from everyone. As I've said I've only seen one Red Book being used at a coin show in many, many years.

Since alot of collectors are more focused on one series, it would be easier to just photocopy the pages you need and take them with you. or you could hand write the prices on a piece of paper, but that takes too long for me.

When I go to a show, I usually write down what I am looking for and look up current prices for what I am looking for. Don't forget to set a maximum price you are willing to pay for any particular coin. Though since I have no main focus on the world coins I collect, I would need a bookcase in a wagon to lookup prices of everything I like.