We are going to our first coin show next month and I thought some more experienced collectors might have some advice to share on things to look out for or things they wish they knew at their first show. Also, have you ever had safety concerns just being at the show? Any kid related recommendations to keep costs down and excitement high? Thank you for any advice or stories you would like to share!
I would suggest... Know exactly how much you wish to spend and stick with it. My usual preparation. I divide my "joy" money into 2/3 spending in one pocket for what ever catches my eye and 1/3 as reserve for special coins. I walk the whole show once seeing what is there. Some people buy immediately on sight, but I think the first walk is important. It is important to acknowledge the dealers at their table, as it may affect what price you will be offered. Keep notes of what you like for the total. If they have business cards , get one to note something you may not have money for , but can email later if you get it. Most dealers and buyers will be older, be nice, smile and ooh and awwhh over a coin you might want later. If you are older also , have a lot of money, and in a hurry, buy the special coin you want first before someone else grabs it Jim.
The problem with taking a kid to a coin show is that a lot of the dealers are aiming for the high rollers and don't bring much of their low-priced inventory. Be prepared to see hundreds upon hundreds of graded Morgans. It is fun to look at but if you want to buy your kid something nice it's probably not what you're looking for. Hopefully you can find a few dealers who bring some bins of lower value stuff that you can look through and hopefully some old guy isn't camped out there for the entire day.
Very cool.... First time you walk in the doors, you will feel so overwhelmed. The perennial "kid in a candy store" feeling.... You will love it!! The big mistake I made at my first show... I had a list of target coins. I wanted to get a feel for the whole place so when I would see one of my target coins, rather than buying it, I wanted to see if there were better examples or deals to be had only to come back and find it gone.... So if you see a decent deal on something you want. Buy it because someone else will. Safety concerns? Never, not once. The last show I went to had a 1913 nickel on display. Easily a six figure coin. One nice looking fellow standing watch nearby. No security. I would have had armed guards around it if it were mine! Never ever felt the least bit worried about security at a show. Tends to be a very gentlemanly crowd. As far as kid related recommendations. I am assuming you mean you may have kids along for the adventure. I have never attended a show that wasn't geared toward the youngsters. The last show I attended had a whole quarter of the floor roped off for young numismatic activities. I couldn't get my kid away from that area long enough for me to do my looking! And don't be surprised to have dealers handing the kiddos buffalo nickels and the like. Coin shows tend to be very kid friendly. Personal etiquette.... Try to do your dealing in cash. It is bad form to negotiate over a piece and then pull out a credit card. The merchant loses three percent each time he transacts with a card. And don't worry about wheeling-dealing. Most of these guys are old school and love that sort of stuff. They will tell you if they have no room to move on a piece and there is nothing at all wrong asking. Most of all... Have fun!!
Never pick a coin up off the table without the dealer's consent. I once did this and got snapped at. It was an overreaction on his part- we were standing face to face and discussing it, and I mistakenly assumed it was OK to pick it up and look at it. By doing so, I reached into his (open) case. He overreacted, but my unintentional move was also a breach of etiquette. He should have known that I wasn't about to snatch and grab the coin and run, but to be fair, that's a big concern for dealers at shows. You don't let anyone just reach into your showcase, even if it's standing there open.
When I find something I like but I'm not sure, I write down the table number so I can find the dealer again.
All of these comments are great. I will also add something that I do at a show. If I do buy something I go out of my way not to look at more coins like my purchase. That way I can stay happy with my purchase, not upset I didn't look more. Unless you are probably looking for Morgan Dollars whatever you see, like, and in your budget will be gone. Randy stated this in his post, and it has happened to me before. I always have the "kid in a candy store felling". I love that takes a lot for me to have that felling, so go and have a good time.
Give your kid cash and say "That's all you get to spend". I took some friends kid who is part of our extended family to his first show and did just that. He had to look at just about everything to make sure he wasn't going to be broke and then find the greatest thing! haha Most of the dealers gave him a discount automatically which I thought was great! One thing he bought was fractional currency that I was totally unaware of that even existing! So I learned something that day and we had a great time at the show! We are going over to his house this weekend for his birthday party and I have a nice slabbed coin for him. Every time I give him a coin his mom tells me he makes them put it in the safe. Have fun is the first order of business. Enjoy!
I have very little experience with coin shows, but the few I've been to, usually have a tray or box of "culls" that they let kids pick from. The price is usually very good and geared towards a child's pocket. Safety? I don't think that's a problem, unless you are flashing expensive coins or wads of money around. If you do purchase something, be sure to ask and get a receipt, more for you records than anything else, but the receipts will remind you of the seller and coin(s) you bought, and usually has the dealers web site or contact info for future dealings. What coin show are you going to? Some of the big ones have events, talks, and presentations geared toward children, so make sure to check the information they give you when you go in.
This is all good advice. I would add to have a realistic price in mind for what you are looking for. The average profit margin on most coins is 10-20%, so keep that in mind when negotiating. Mike
Never question a dealer’s pricing by quoting some reference book. “But the Red Book says $80 in XF40. Why do you have this priced at $120?” That dealer is gonna then say, “Well, go buy it from the Red Book, then. Mine is priced at $120.” Don’t be afraid to tactfully ask a dealer if there’s any wiggle room for a modest discount, but don’t be one of those people who waves the book at them. Price guides are just that. A guide.
Just go. Don't worry about what or what not to do. It is not the Palace Dance. You and your family will figure it out. You will enjoy the experience. The only advice I would offer, if pressed to do so, is wear very very comfortable clothes and shoes. Nobody cares.
Cash only. Some dealers may take other forms of payment, but prices are all cash prices. Bring a loupe with you. One with a built in light is a good idea, since you won't know what the lighting is like at the show. Some tables also use lamps that make the coins look better than they really are, so bringing your own light gives you an impartial and consistent light to use to compare coins between different dealers. Bring a list of what you want to buy. You can bring things to sell, but generally do not try to trade. It's ok to sell to a dealer and also buy from him, but keep the transactions separate. Generally dealers are not looking to buy low value common material at shows. They get enough of that walking in to their shops, and they don't have to carry that with them on the road. If you're selling, you'll get a lot more business if you put your wholesale prices on your flips/slabs. Using small stickers is convenient. Everything is negotiable, unless a dealer tells you it's net priced. Even then I would expect some discount with volume. If a dealer is doing business with another customer, be patient. Wait your turn. Always ask before you pick something up to look at it. It's polite to sit down at the dealer's table while you're engaged in business. While sitting, do not put anything in your lap and do not bring the coins out of sight. If you need to get something from a bag, put down the coins you're looking at on the dealer's case and then get what you need and pick the coin up again. Don't just start buying things at the first table you see. If you're looking for something common, do a walk through of the entire bourse and see what is available so you can pick the best example for the best price. When I went to my first show, I bought a lot of coins from the first table next to the door only to find better examples for less money just a few tables down. If you see something truly special, especially if it's underpriced, that you know you're not going to see elsewhere at the show, don't hesitate to buy it. You may come back later only to find someone else saw it too and it's now gone.
I have never been to a strictly called a coin show. I have been to certain shows that have had coin dealers there in New Orleans. It’s common sense as some stated more or less. Take your time, respect the dealer. Some may deal but if someone acts out of line challenging a dealer rudely they will respond the same and vice versa. I don’t care whether I want it or not, I’m not buying from anyone who degrades another. So it goes both ways. Be aware of your surroundings. That’s in everything you do in todays world. Also, It’s like shopping for anything in life. Take your time and have fun.
