Coin Shows And Coin Stores

I know that lots of posts come up on CCF concerning shopping at shows and stores, mostly by "new" collectors (whatever that means ). I just wanted to share my thoughts and experiences with buying coins in person. If anyone agrees or disagrees with me, or has related thoughts and experiences you wish to share, please do so. And please forgive me if I tend to ramble

I should probably mention that I have been attending coin shows and stores for a little over two years now. Certainly, I do not have the experience with collecting that many here do.

First, a mention about coin values. This is of course a topic that appears repeatedly on CCF. More or less, the same advice gets repeated: the Red Book tends to give high values, Numismedia or TPG sites gives better values, but really, looking at sources such as completed ebay or Heritage auctions is a better way to get a feel for market value.


So, about coin shows...

I was at a coin show today where I picked up an NGC XF40 1925D Mercury dime for $110. The 2012 Red Book value for this coin is $110. So I paid 100% of the Red Book value. In terms of a percentage of Red Book value, this is THE best deal I have ever gotten at a coin show. This was the dealer's asking price, and he refused to go down any more, stating this was already wholesale value. Another coin he had was a raw XF 1927D Mercury dime and was asking $75. Red Book has $65 listed. Again, wouldn't come down any. I passed on this coin.

I am not trying to complain about this dealer in particular. But for me, this incident is extremely typical of my coin show experiences. At a show a few months ago, I tried to pick up a raw XF 1926S mercury from a dealer. He was asking $300, but would only go down to $290, saying $300 is wholesale. Red Book lists this coin at $250. Several other dealers at the same show had early date (but less valuable) Mercury dimes I needed for my set in the grades I wanted. But these guys were asking 2-3x Red Book, and again, would hardly budge on the price.

Although I am picking out the Mercury dime incidents, I have similar experiences with other coins like V-nickels, Shield nickels, or Half Dimes. And this happens at every show I have ever attended.

Of course, I do not have to buy these coins if I don't like the price. And I pass on most of them. I just find it extremely frustrating and demoralizing to go to a show, find 10-20 coins I need for sets I'm working on, but have a final price on every single one of them that is so high.

I understand having a high asking price so you have more room to haggle. But not coming down from that? And I can't tell you how many times I've been told by a dealer that he prices everything at wholesale when everything he has is priced over Red Book value.


Now, about coin shops...

I have visited three shops within an hour of me. I have visited each multiple times. The local store in my town has a fairly small inventory (in my opinion). He doesn't really haggle at all, but he prices his coins to be a little below Red Book value, and then rounds down your total bill so it's a nice even number. The owner also likes to shoot the breeze about coins or whatever.

The second store I frequent has a huge and dynamic selection. They are friendly but do not like to chit chat. All of their coins are priced over Red Book value, and I have spotted several coins that look cleaned but were not labelled as such. However, I always ask if they will go down on the price of a coin (I usually suggest what I feel is close to market value). Everytime, they take the coin in the back room for minute, and come back out saying "That price sounds good!". So as long as you know what you're doing (not that I do ), this can be a really great place to shop.

The third store also has a somewhat large but very dynamic selection. They price everything at Red Book value, and will not haggle. The owner is always up for a good talk! I have already learned a lot from him. This is the most expensive of the three stores, but I do have good experiences there. Their inventory is well managed and labelled. I feel safe buying there.


So, in summary...

I have been considering not going to coin shows any more. I really just don't see the point. When I shop at one of those shops, I feel extremely excited and motivated about collecting. When I go to coin shows, I feel like quitting. Again, these are just my experiences. And of course, online is whole 'nother story.


Ok, rant over...