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 Replies: 15 / Views: 1,764 |
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New Member
United States
15 Posts |
Hope this is in correct section of the forum Will be 1st time seller at upcoming coin show and need some advice Have about 30 decent graded slabbed wheat pennies (mainly PCGS)- all the most popular/sought after dates I bought these retail on e-bay or great collections - generally at good price (but not as low as the greysheet). I was thinking of displaying the listing of coins and my price (will be between greysheet and retail. I realize dealers that come will want greysheet or below to buy but than I loose $. Also I would put on table a "current price list" that shows for the coin, what it is listed by CDN Market Review (retail), 2025 Red Book, PCGS Value (from their website), last 3 sales going back to July from e-bay sales or auctions on e-bay as well as Haritage and Great Collections auctions. Also the current range of prices on e-bay if you were to buy it now. I hope to set my price below or in the ballpark of the prices listed on retail sites Should I include the Greysheet price even though that will be lower. What do you think? Also I read that some people set their price 10% higher than amount they want so that when buyers negotiate I have room to come down - What is your opinion? Question about payments - I obviously want cash but also would be willing to accept Zeille and Paypal. What do you think about checks? If so - what would you require - drivers license, check has their name and address on it. What about asking if any of other dealers know them (but then do you have to walk over to that dealer? - will be just my wife and I at the table Should I advertise forms of payment accepted on my table?. Lastly - Other than your pockets, where do you keep your money? How about a fanny/waist pack or wife's pocketbook? Any advice greatly appreciated Jake |
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Bedrock of the Community
United States
94367 Posts |
  to the CCF! |
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Bedrock of the Community
Australia
21786 Posts |
A successful seller has inventory that the market wants to buy at the price that is offered.
and should be independent of what the sellers's personal preferences may be as collector.
You need to know the market that you are selling into.
Frequent cash turnover is important.
Cash is king, - instant payment at the time of purchase.
Deliberate or (or more often) opportunistic dishonesty with some buyers can take many subtle forms.
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Bedrock of the Community
 United States
25056 Posts |
No checks. Most venues that host coin shows have an ATM on premises.
With only 30 coins, you may have trouble recouping your table fees. People look for bargains, and it sounds like you don't have a lot of wiggle room to start. You need to scrape up more inventory to attract attention.
Hope that you do well.
Inordinately fascinated by bits of metal with strange markings and figures
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Pillar of the Community
 United States
6483 Posts |
If you have a smartphone, you can get a Square credit card reader (magstripe) for $10 on Amazon. Square offers plans at $0 per month. You pay like 3-4% plus 10 cents per transaction. I don't know how flexible the Square app is about letting you enter a custom price for each transaction, but Square is a super popular small business tool so there is almost certainly a way. Letting people pay with a check seems like asking for trouble. |
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Bedrock of the Community
United States
25056 Posts |
 Square has been around for quite a while and is an excellent choice. Inordinately fascinated by bits of metal with strange markings and figures
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Bedrock of the Community
United States
19134 Posts |
The following isn't terribly helpful, but 'the market' will shape your experience. Let us know how things go.
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Pillar of the Community
United States
2333 Posts |
Quote:
Will be 1st time seller at upcoming coin show Can you tell us why you're doing this? ie...I'm going to continue to buy and sell... Wife is ticked off I spent all this money on graded coins and I have to sell to make her happy... Just wanna have fun with the wife because she enjoys the hobby as well... Quote:
Have about 30 decent graded slabbed wheat pennies (mainly PCGS)- all the most popular/sought after dates Are you bringing anything else to sell? 30 slabbed coins is a pretty sparse display imo. What is your table going to look like after you sell 10...? Now this is just me...but when I go to shows...I already know what coins I want and what I'm willing to pay. So as far as having sheets displayed of prices...maybe good reference for you if you get into haggling but I don't know about displaying them? Throw a sticker on the slab with the price you want and go from there... I've never taking a checkbook or a credit card to a show... Or...you could wait to have enough posts and been a member here long enough to post these coins in our "Post Numismatic Items You Have For Sale Here" section...and it's FREE...you can do it in your underwear  Good luck and I wish you and your wife well! Please let us know how the event goes... smat |
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Moderator
United States
187950 Posts |
Quote:
I've never taking a checkbook or a credit card to a show... I have not written a check in nearly twenty years.  I never used a credit card at a show until I had to. My wallet was $50 short of the dealer's bottom price, but said he would take a credit card for that balance if I still paid the bulk in cash. I am glad I did.  The point here is cash can be preferred, but be prepared to accept a credit card if it makes the sale. |
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New Member
 United States
15 Posts |
Further to my initial post Smat45 asked why I am doing this so let me give you background (sorry of not interested). In a nutshell, I want to sell what I got now do not want to take a lose of what I spent on the nicely graded coins buy selling at greysheet prices. Years ago I started filling the 2 Littleton Folders of wheat pennies and completed (must are lower grades) - 3 key dates (1909 s VDB, 1914-D and 1931-S are not in booklet but I have them graded/slabbed. That was many years ago. I then went on and collected the 1959 to current 2023 pennies Over past few years, I started buying some of those as well as others that were key dates which were 1922 no D. 1909-S, 1911-S. and 1924-D. All are graded and slabbed - mainly PCGS. Bought them at decent prices - mainly on ebay (some auction and some straight out) as well as great collections even though had to pay 12.5% (that hurt),- Most of them are right from a bank roll. I always thought of just leaving the coins for my children or grandchildren )to fight over - LOL) but none seem to show any interest. I guess they would probably just bring them to Pawn shop or get low balled by a local dealer. Thus this year I decided to try and sell them. I have researched and followed sale prices oninternet as well as occasional publications I did not want to pay cost of using e-bay so I brought a few mid grade coins to local dealer (good google reviews) to see how that would go. I was schocked - he didn't even want to give me the Greysheet amount. I then went to few coin shows and stopped at some tables and those with interest rarely offered anything much above greysheet. I understand that dealers need to make their money but I didn't want to loose money. At one of the shows someone suggested I may want to get a table at a larger show which I now did (large show).. At the coin show, I also will try and sell my complete set of 1909-2023 pennies in Lincoln folders Though my collection is small the coins are nicely graded and worth some decent money. For instance, I have 5 of 1909 S VDB coins - PCGS grades 35-58 and 5 of the 1922 No D with grades 20-30. All of these are selling on e-bay or Great Collections close to or excess of the CDN Market Review or PCGS.website value. The greysheet lists them hundreds of dollars lower. I expect to price them below ebay and Great Collections and higher than Greysheet- and should still be able make some money.Of course that is if there is any interest. One of the organizers of the coin show I am attending said there will be some interest in wheat pennies. Anything not sold, I will probably send go to Great Collections but I have been disappointed lately with the winning bid on some recent auctions. Upon my return, I may also go to local coin club meeting(s) to get ideas especially if I come home with the complete set of pennies. maybe someone in club collects wheat pennies. The club has their own multi-day show in January) That coin show is where I bought my 1st 1909 S VDB. Thanks to those who advised against accepting checks - I just wonder how many collectors or non-dealers will have the cash with them to pay for the two above mention types of coins Wife is coming along just to help keep an eye on things and perhaps be the "banker". We are retired and I could not get any of children or grandchildren to take off - it is a multiple day show. Any additional "tips" of the trade greatly appreciated. . |
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Pillar of the Community
United States
2333 Posts |
Great background reply...helps to understand the why? I'm kinda in the same boat...kids are not interested and don't want them to be taken... You have some very desirable coins! Quote:
3 key dates (1909 s VDB, 1914-D and 1931-S are not in booklet but I have them graded/slabbed Quote:
1922 no D. 1909-S, 1911-S. and 1924-D. Quote:
I have 5 of 1909 S VDB coins - PCGS grades 35-58 and 5 of the 1922 No D with grades 20-30. Dang...wish you would stick around here (as I'm sure others would as well) so "we" could get first dibs on these... Well...with coins that you have (graded) and your wife being by your side...sounds like a hoot! Again...I wish you well! smat |
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Pillar of the Community
Canada
999 Posts |
Good luck at the show. It sounds like you have some nice coins to sell. Personally I wouldn't put prices of what other sources list items for. Anyone interested in the coin already knows this info. Most people like to feel that they got a decent deal. That means be prepared to go a little lower on your price if someone haggles with you. If someone is in the market for a 1909 S VDB, then they probably have the cash on them at the show. Having the option to take cards is always nice, but I don't think it's expected.
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Pillar of the Community
United States
6483 Posts |
I think you are taking a sensible approach to deliver value to your heirs, and also to ensure that your efforts to collect wheat cents are transferred to an appreciative collector. If you are concerned about breaking even, keep two things in mind. First, any less-than-knowledgeable person who liquidates your collection is going to take far less than gray sheet value. If not because they don't understand the value to begin with, then because liquidating rare coins takes a long time and specialized venues, and a non-collector is not going to have that kind of patience. Second, as time marches on, it seems likely that the pool of collectors for early 20th century American coins might shrink considerably. If demand falls, and supply rises as more collections are sold at estate sales, prices will erode. Pretty much everyone I know who has inherited older coins had either tucked them away in a shoebox or taken them straight to a jeweler / coin store / pawn shop and accepted the offer without question. I'm sure 90% of them were ripped off terribly. |
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Valued Member
United States
345 Posts |
Touche ! Go with your instincts and have fun ... only by "doing" will you gain the experience. Exciting ... Good Luck !
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New Member
United States
15 Posts |
Just wanted to thank all of you for the advice and especially the kind words of encouragement. I agree with what some of you said - it is exciting and hopefully it will be fun. Right now I am excited but nervous.
I do need some more advice/opinions -listed at end
The coin show is not for a few weeks so will continue to track the sales, auctions to help me set pricing. The auction itself is one the the bigger ones, it is advertised as the "biggest in Northeast" so there will be a lot of foot traffic - just hope they stop at my table. Attendees will easily know what I am selling by table name. I put my application and paid in full back in May when they started accepting applications I was on the waiting list and was told had a good chance of getting a table. On Monday AM. I realized I was in (excited) when I saw my name on the first draft published list of dealers. I am awaiting a call to formally advise me. .
Know it is not as big as the Whitman show in Baltimore - went down last year to look around and was amazed but that show very expensive for a table and beyond my means a table. There is a regular there from Florida with at least 2 tables full of wheat pennies. I also went to few smaller ones in Pa but didn't feel I would sell much if anything. Most dealers were selling silver, gold coins or bills. Some had a few wheat pennies on their table.
I wanted a bigger coin show to ensure a better chance of selling and didn't mind paying few hundred dollars or driving 5 hours. I also had enough hotel brand rewards points to stay for free. Coin show is for 3 days )Thursday afternoon till Saturday at 4. so I have the ability to adjust pricing accordingly on the different days as needed. Funny, I looked up on the internet the people on my right and left - on my right are 2 guys - one from Chattanooga, TN and another from Massachusetts - both are well know in the industry as and travel the country to shows. .On my left is a guy with 2 tables and has a coin store in N.J. The draft Dealer lists shows people from all over the country. This is serious stuff and here I am.
Here is where I need you opinion/advice/comments
I am not so concerned about the graded/slab coins not selling as I have backup plan of at least using Great Collections for whichever don't sell. What I don't want is to come home with is the set of 1909-2023 pennies.
Let me know what you think of the following plan for the set:
I will have multiple options available and I am thinking I need to list planned price for each (?)
1) Complete set including their choice of 3 slabbled/graded coins for those missing in the folders to complete the set. No price but state a 5% discount on package. As I mentioned previously I have 4 or 5 of each (various grades) of those 3 needed coins so based on what they choose will deterrmine the overall price less 5%..
2) The set excluding the 3 slabbled/graded (no discount) - list a price - that will be used in #1 and will be cheaper than the aggregate of 3 and 4
3) Just the 2 folders of 1909-1958 wheat pennies (no discount) list a price - much higher than #4 as it has some decent valued coins
4) Just the the 2 folders of 1959-2023 pennies (no discount) - less than probably a tough sell though majority of them are Choice BU coins.
I have ideas on prices for 2, 3 and 4 as those have types of folders have been sold on e-bay
I will drop my listed price on items 2,3 and 4 or offer a % discount if needed sometime on Friday and Saturday and in desperation on the afternoon of Saturday advertise - Make an offer.
Not sure where to go if I come home with them - perhaps go to couple of meeting of the local coin club to see if any interest. When I was getting rid of all the excess wheat pennies that had no real value, local dealer was offering 3 cents each and straight for those 1959 and over
What do you think?
Thanks in advance
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Valued Member
United States
105 Posts |
First above price, have fun getting to know the collectors there, find out if they are just getting started or been in it a while. You certainly do not want to lose money but if you can reclaim what you have in it and make a deal and someone else smile, its a win. If this is a hobby, then you can be more giving in nature. If this is paying the bills, you definitely need to state your necessary price and stick to it as best as possible. If someone is buying volume, then seize the opportunity to package and price accordingly to avoid taking a loss on the outliers.... if they are taking 60% of the stuff, give them an option of clearing the table for X and be done with it.... If someone cherry picks what is highly desired and leaves you with the rest, you will not get anything near what you have in it.... I know this is beginning to ramble so I will stop.... Do not take checks!! I am a banker and am highly against them. Cards are an option but not really if your intent is to sell out and be done with it.... Good Luck!!
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Replies: 15 / Views: 1,764 |
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Posted 09/25/2023 10:16 pm
