| Author |
Replies: 28 / Views: 3,865 |
|
|
|
Rest in Peace
United States
9104 Posts |
If you remember that WW is supposed to be dealer-to-dealer and NM is retail, the examples you quote are pretty much in line.
|
|
Bedrock of the Community
United States
20753 Posts |
Welcome back to collecting. As to coin shows. 1. Coin shows are different all over the country. Some are decent, some are expensive, some are small, some large, etc. 2. Coin shows are like flea markets for coins. Although at many some dealers sell currency, sporting cards, jewlery and I've even seen Indian Arrows. 3. Coin prices too vary all over the country so almost any price guide is just that, a guide only. Prices can be much higher, much lower, similar. 4. Really get to know the prices of coins in YOUR area prior to buying anything at a coin show. Regardless of what some people may claim, say, mention, unless they are in your area, all just a guess bassed on guess work. 5. There are many price guides out there. Most dealer's try to standardize by using the Grey Sheet but that is really also nogiable in most areas. True some dealers are stead fast for prices in some areas and in other areas, extreamely flexible. 6. At coin shows I try to not deal with dealers that do not post a price on a coin. When they want you to ask for the price, they usually look you over and try to estimate what you can afford. 7. As a rule do not take the Red Book to a coin show. Many dealers assume your new or just not up to normal prices. And in reality, almost any price in the Red Book is excessive. 8. As to what time to go to a coin show. Sort of the same as a flea market. Two different thoughts on that. Early bird gets the worm so to speak. Many dealers roam around early buying up anything cheap and resell later. Some say if you go in the last of the show, you might get a better deal since some dealers still want to make a few dollars. However, near the end, most all have been looked over and over and over. 9. Not always but usaully the larger the coin show, the higher the prices of coins. This is due mostly from dealers that travel to get there, may have to stay at hotels, motels, buy food at restaurants. All that and more must come from the sale of coins. Small shows are usually dealers in the area and just pack up and go home at the end. Many larger shows have you pay to get in, pay to park. Dealers have higher table rentals too. Yet of course the larger the show, the more to look at too. If you do a search on this forum for coin shows and similar topics, you would find coin show info has been discussed many times and some really good advice.
|
|
Pillar of the Community
 United States
500 Posts |
Thanks Carl, some good advice. #6 and #7 are good ideas. I don't like folks who "profile" and try to sucker others in any venue with "inflated by sizing up" prices, I think it a sleazy and dispicable tactic. I wasn't sure if carrying some "pre-done" lists might also be a miss-step, but I can't memorize it all this quickly! ;) I'm not sure I understand your #4. If my local dealers/area prices a given coin well above the "country-wide" norm, or GS/NM/redbook then I'm not better off buying locally than on ebay or some other nationally standard website. The "show locals" obviously have FAR LESS supply than ebay etc. has to offer so IMO they have to beat the "can get it at that price many sites" price to make it worth buying from them. Other than the shipping cost issue, why pay the same locally - let alone more? As a "newbie", figuring out what the "norm" is can be a bit difficult. I guess I'll start with the online guides and some ebay and other site "comparisons". But I just don't think "local area" prices are that germane - unless there is some glut of a certain coin in a given locale ( but even then you could buy them up locally and sell them on ebay for the higher "norm" value ). Just trying to learn and not be "the mark"! I am going to try to browse and learn and resist the temptation to buy too much the first few shows I attend. I asked for quotes, on those not marked, probably for 20 coins and only bought one. Same at the local coin shop, I've mostly bought supplies so far as their prices are not up to speed with what I can get online - and tax is often the same as shipping so it is a wash! Other than one silver eagle for a graduation present and a few "bin BU" walkers I have not found anything much competitive. Thanks again!
|
|
Bedrock of the Community
United States
20753 Posts |
Quote:I'm not sure I understand your #4. If my local dealers/area prices a given coin well above the "country-wide" norm, or GS/NM/redbook then I'm not better off buying locally than on ebay or some other nationally standard website. There really is no such thing as a country wide norm in prices on something like coins. Yes as I mentioned many dealers attempt to use the Grey Sheet as a country wide norm but their flexibility is what makes prices massively vary. And usually pending on the area you are in. For example here in Illinois I know a few coin dealers from Wisconsin that come here mostly due to they can demand higher prices here than in Wisconsin. One from there buys coins from coin stores and sells them here at a flea market and makes a real good profit. I've compared some prices with people in Tennessee I know and they come up with much cheaper prices for the same coins as here. It would appear the closer you get to Chicago, the higher the prices of coins. But remember, those are examples and many may come up with other situations just the opposite. Remember there is no manufacturer's list price on coins. The only real price is what is on the coin itself. A Quarter is only a Quarter of a Dollar but if you can sell it for $1,000.00, so be it.
|
|
Rest in Peace
United States
9104 Posts |
Once, we were doing a show in Chattanooga. We had more stuff with us than all the local stores combined. A local customer offered us three tips: - Wholesale is wholesale, retail is retail, and never the twain shall meet. If you buy something for $5, no one expects you to sell it for less than $10. If you're asking $10, no one expects you to pay more than $5.
- Don't be afraid to charge sales tax (6.25%, compared to Ahia's 4%). People pay tax on the air they breathe down here. Sure enough, not only did I get no quibble on a $200 coin no one had even looked at for years, he didn't bat an eye at $12.50 tax.
- Checks are good as gold. If someone's check is bad, hand it to the nearest law enforcement officer. The writer will be arrested immediately and spend three days in jail. THEN he goes before the judge in case it was more than just a mistake.
Real good show.
|
|
Pillar of the Community
 United States
500 Posts |
As a follow-up, I did take lists to the one show I went to last weekend. No one batted an eye. But then I went to a couple of local coin shops this week - all new to me - and took my lists to those as well.
One place was more of a "we buy g&s" shop and the guy asked if I was looking for stolen items off the "lists". LOL He said people come in with lists of stuff they had stolen and look for it in his display cases. He said he is willing to help them and tell them where he got the stuff from. He actually had a fairly large number of coins but seemed suspicious of my lists. I got the impression he didn't like dealing with an "informed" customer at all, probably used to ripping people off so much.
Two other "more coin oriented" shops didn't like my lists much. They kept asking where I got them and where the prices were obtained etc. I did find a good Walker I needed from one, but I didn't care for the 3rd degree stuff. I take it most folks do NOT go into their shops with shopping lists and price info in-hand.
|
|
Pillar of the Community
United States
1064 Posts |
I went to the Nashua NH monthly coin show this past Sunday, and it seems most of the folks walking around had lists, some had really dog-eared little note books. I assumed they were lists of what coins they wanted, or missing from their sets, maybe max prices they were willing to pay. I find I need some documentation when I go, as it's just too much to remember, especially when there is such a huge variety on display. While I was looking through some folders, I noticed the next table over was doing a good ASE business, even though I myself wasn't in the market. $40 each, and NH has no sales tax; seemed like a good deal.
|
|
Pillar of the Community
 United States
500 Posts |
A guy was selling 2011 ASE for $40 at the show I attended as well JackB. I had bought one for my niece about 3 weeks ago for her graduation at $41. With silver at 35-36 they shouldn't be asking too much more than that for a bullion coin. I do wonder a bit about taxes. At the coin shows I've been to ( a whole 2 of them ) no one mentions tax, but when you buy a coin from a shop it is 7.75% here in OH. Thus I don't buy from shops a lot - mostly supplies so far.
|
|
Rest in Peace
United States
9104 Posts |
We fought to get sales tax removed from coins and bullion in 1980 in Ahia. We don't like it any more than you do.
|
|
Moderator
 United States
188440 Posts |
Quote: Two other "more coin oriented" shops didn't like my lists much. They kept asking where I got them and where the prices were obtained etc... I didn't care for the 3rd degree stuff. Just my humble opinion, but you probably do not want to be doing business with them. I can understand if they were asking in an effort to help educate you, but my gut says that is probably not the case. If that is what you guts says, then stay away.
|
|
Rest in Peace
United States
9104 Posts |
I can't help "just lookers". I can help people with lists.
|
|
Pillar of the Community
Philippines
1156 Posts |
Same here, coinshows I brought along a krause world book, just to be sure on prices, until I met a dealer who told me he wouldn't go below list & he knows I would understand. So now, out w/the book, in with the small Ipad, that way that gives info that allows me to haggle a bit LOL
|
|
Pillar of the Community
 United States
500 Posts |
Quote: Just my humble opinion, but you probably do not want to be doing business with them.
I can understand if they were asking in an effort to help educate you, but my gut says that is probably not the case. If that is what you guts says, then stay away. AGREED! While I did find that one coin at the one shop that I was willing to buy, they will never see me in their shops again. My gut says they were not trying to "help" at all.
|
| |
Replies: 28 / Views: 3,865 |