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 Replies: 29 / Views: 4,448 |
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New Member
United States
20 Posts |
Do you think it is normal/acceptable to bring the Red Book into a show? I like to look through offerings at the show but I'm not experienced enough to know the fair market value of every coin I'd like so I'd like to have my Red Book on hand. I also like to use my Red Book as a checklist of what I am looking for. Thing is I went to two shows so far this year and I did not see a single person with a Red Book? Thank you! |
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Pillar of the Community
United States
615 Posts |
The RedBook (in my opinion anyways) is not a great indicator on value, as none of the dealers I know use those prices for any of their coins. However, the RedBook is a valuable tool as far as information on coins go. I say bring it, you never know what variety you might be missing out on, or you needed the mintage numbers, information is always handy. |
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Pillar of the Community
United States
2120 Posts |
Well it can give you a pocket refference as to where about a coin should be. If Red Book says $9 and the dealer wants $15... I just discount the Red Book by about 20% and that's my more targeted price. |
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New Member
 United States
20 Posts |
So really there are two questions here... 1.) Is it proper etiquette to carry the Red Book and use it at a dealer's table? I'm at the show to have fun -- but part of fun is getting a nice coin at a fair price (fair for both me and the dealer :) 2.) How does an inexperienced person (like me) know what is fair market value (FMV)? For example, a dealer this summer had a coin that was $90, said so right on the 2x2, that they said I could have for $55 -- but how would I know if it was a reasonable buy or if $55 was really more than the FMV? (p.s. I second guessed myself and did not buy it but when I got home and researched it I found it was a great deal and I wish I had bought it :) Edited by drain
08/16/2010 11:28 am
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Pillar of the Community
 United States
2448 Posts |
Remember this is just my opinion.
Nothing wrong with bringing books, mags, or grey-sheets to the show. I used to do the same thing. Now I concentrate on one or two particular set I'm trying to complete. I have cheat sheets that I compose so I stick to my purpose.
Unfortunately, I step into the show and see all those shinny coins and my mind goes blank, mouth gets dry, and after tow or three frivolous buys, I get back to my cheat sheet. The second day is usually my best day.
If you really want to try to formulate an offering price, go greysheet.com and buy the latest Grey and Blue sheets before you go to the show. It'll cost you 8 bucks and give you some real insight to the current valuations.
What ever you do, don't get upset if a dealer ignores you or gets upset at your offer. Remember, above all that, the show is the perfect capitalist market; it's a market economy. Only pay what the item is worth to you, not to someone else. If you don't get your price, walk away! There a lots of shows and even this forum to acquire coins.
Sundays I usually get the best price for coins. Like any market economy, no one want to haul all their coins back home; green stuff is a whole lot lighter in the pocket and easier on the gas mileage.
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Pillar of the Community
United States
608 Posts |
I agree with carmykle, the greysheet is the way to go for up to date values. A dealer seeing you with a RedBook may offer you a coin at the RedBook value, which is usually higher than the greysheet. |
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Valued Member
Canada
307 Posts |
knowledge is power and anyone that objected to seeing this book is someone you should stay away from....when I go to coin shows I carry reference material with me...here in Canada I carry Trends and my grading book as no one can be expected to remember every coin and every grade....take your book and walk proud  |
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New Member
United States
31 Posts |
I would say you are fine to carry any type of informatino source you wish. RedBook is by definition out of date,a nd overprices common coins. But, to "get you in the ballpark", you should not feel guilty at all carrying it into the show and referencing it. Also, don't feel bad about taking notes in it. Redbooks are not books to hold their value, so you should make notes of important things in it without worrying about affecting its value. |
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Pillar of the Community
United States
528 Posts |
I hate to say this but carrying a grey sheet instead of a RedBook will help get more attention from dealers. It just looks like you actually know what you are doing instead of walking around with the Red Book. Normally if someone comes into my store and starts comparing my prices with a RedBook I have a tendency to just automatically assume that they are pretty inexperienced. |
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Pillar of the Community
United States
3294 Posts |
Is it a bad thing that they underestimate you? With your handle, I would think you want that.
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Pillar of the Community
United States
1534 Posts |
Absolutely nothing wrong with bring a reference guide or loupe to a show. As others have mentioned, the Red Book is often very overpriced. However, remember that some coins don't need a price guide and will be over any book value you'll ever fund, especially very rare coins and those with superior eye appeal or toning. Many dealers consider those with Red Books new collectors, from my experience. Quote:
2.) How does an inexperienced person (like me) know what is fair market value (FMV)? For example, a dealer this summer had a coin that was $90, said so right on the 2x2, that they said I could have for $55 -- but how would I know if it was a reasonable buy or if $55 was really more than the FMV? (p.s. I second guessed myself and did not buy it but when I got home and researched it I found it was a great deal and I wish I had bought it :)
Gaining a little more experience in grading and authenticating will help you a lot over the long run. Why not research a bit more before buying? Most experienced collectors have a general feel for what they should buy a coin for, whether it is a series they collect or not. Also, that will open you up to other great venues like ebay. Edited by wheatguy
08/16/2010 6:21 pm
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Pillar of the Community
United States
2734 Posts |
Quote:carrying a greysheet instead of a RedBook will help get more attention from dealers. It's almost a "faux pas" to walk around the biannual Denver Coin Expo with a Red Book instead of a Grey Sheet.  Many of the dealers there have Grey Sheets on their table for their customers to check coin values, as well. |
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New Member
United States
20 Posts |
Quote:
Gaining a little more experience in grading and authenticating will help you a lot over the long run. Ahhh Yes that is the best advice... I just recently got The Official Guide to Coin Grading and Counterfeit Detection, 2nd Edition and it seems perfect for a new collector (like me) to start to learn :) Also I went online to the Grey Sheets and downloaded the PDF for this month for $3.99 :) Edited by drain
08/16/2010 7:59 pm
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Valued Member
United States
365 Posts |
Not to beat a dead horse silly,
but I ALWAYS have my favorite reference material with me at shows, b/c it also serves as my checklist and wards off buying lots of duplicates (unless done intentionally).
Not only should you avoid buying from people who grouse about you having greysheet/red book/whatever-you-like, but you might tell them to go jump!
Lastly, one thing no one has pointed out yet: don't be slavish about your adherence to cat values. After you've done this a while, you'll start to get a sense for times when you've come across a truly outstanding specimen of a type, date, whatever--whether due to eye-appeal, special toning, or some other aspect--and you should probably be prepared to pay more than standard fair-market-value rates or book values. Despite the preponderance of most US coin series since the mid-19th century at shows, the truly great specimens are indeed getting rarer daily. Such finds, I believe, are the ones you'll treasure the most over the life of your collection.
-SCS
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Pillar of the Community
Canada
3692 Posts |
Usually I'll browse the tables and take notes, go out of the bourse, read a bit, come back with some power in my head.
I try to buy everything from one person so that I get a bargain and I let them know I'm searching all of them for the best price. Most of the time they will match prices to get your business and mark stuff down for you. Others will go straight to the book and I don't even look at their merch anymore.
Where I would find a book handy would be for graded coins. Oftentimes these don't have price tags and you have to just come to a fair trade with the owner, so arming yourself with grading abilities will save your butt plenty. Then it's not about what the slab says it grades, it's simply buying the best looking coin that you grade yourself. If the slab agrees with you, bonus!
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Bedrock of the Community
United States
20753 Posts |
We have 4 coin shows a Month in my area and occationally even more. I try to go to about 2 or 3 a Month. As long as I can remember I think I've seen mayby one or two people with a Red Book. Just to many reasons people don't carry them to a coin show. 1. They are to heavy considering there are many other sources that weigh less. 2. The price in them are about 2 to 4 yesrs in the future. If you were to purchase any coins based on those prices, may as well just throw your money out in the street. 3. They are bulky and not easily put in a pocket or small bag. 4. Most dealers think of people with them as complete amateurs and may make easy pray. He says $5, you look it up in the Red Book and it says $7. You may end up buying a $4 coin for $5 thinking you just did really good. 5. If you drop it on someone's foot, you may end up in a law suite for a broaken bone.  |
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Replies: 29 / Views: 4,448 |
Posted 08/16/2010 10:48 am
