So you are thinking of attending a coin show? It can be an exciting event for a new collector full of opportunities. In this article we discuss how to behave at such events, things that veterans of these events know, but are seldom spoken of.
Do not do business with people that do not have tables at the show Dealers pay to have tables to sell their items at coin shows and should not have to compete with either other dealers that do not have tables or members of the public that have items to offer. The only deals that are permitted at a show have at least one party that is registered to do business at the show. One local show in Michigan saw a new collector doing business with an established dealer who did not have a table but was walking the floor. The collector was ejected from the show for violating a rule he didn’t even know about. Do not open dealer cases At Central States a dealer stepped away from his table for a moment, was less than 10 feet away and saw a member of the public walk up to the table, look around, open an unlocked case, reach in and pick up a note to look at it. The dealer came back, stopped him and ejected him from the show. He was lucky to not have been arrested as well. The individual claimed he didn’t see anyone around to help and and he just wanted to look at the note. This may have been just an innocent breach of etiquette, but those of us in the business know this is how many high value thefts have occurred. Do not reach into cases Just because a dealer opens his case to get something out, that is not an invitation to reach in and grab what you are interested in without asking. Again, etiquette, but this is also how thefts have occurred. Keep items in plain sight When looking at an item you’ve been given, keep it above the table and in plain sight. If you are going to buy it or are finished looking at it, whether or not you have made a decision, hand it back to the dealer. Keeping items in hand while asking about other items is a way items have been switched out by slight-of-hand practitioners. As a corollary, keep your bags and books off the table. Items have been slipped into bags and books and switched or just taken, so the dealer is vigilant about these situations and they set off alarm bells.
Mind your own business Avoid commenting on or engaging in conversation between two people trying to do business. Comments to one or both like “that coin looks cleaned”, “you can get this for 50c less at JM Bullion”, or “a dealer over there has this cheaper” can get you banned from the dealer’s table or even get you removed from the show. When it is just you and the dealer, all the above are appropriate negotiation tactics, but not when you are a third party.
Don’t waste people’s time At a busy show, dealers may not appreciate your going through a bunch of junk silver looking for dates or trying to attribute all their large cents just to see if you might be able to pick something, Often packaging is designed to discourage that, but we find that still people ask. We can recall someone that wanted to go through a large quantity of Walking Liberty halves so they could pick out everything VF and better. Dealers realize that such activities seldom lead to significant sales and are usually best avoided. Likewise, a dealer table is not the place to air your political opinions, it is a place of business. Cash is King Bring cash. Many dealers will accept nothing else from people they do not know. In order for a dealer to take a personal check from you generally will require that another dealer at the show vouch for you. Many of the younger dealers will accept Zelle, Cashapp, Venmo, Paypal, or credit cards, but its best not to count on this and if you do, ask the dealer up front before engaging in a negotiation on an item (see section above).
Negotiation
It is always appropriate to ask for best prices, but you may find tables where prices are all “net” and do not engage in haggling. “Pre-haggled for your convenience” is a statement one local dealer uses. Generally, if you do not know what something is worth, it may be best to avoid making offers. We’ve seen someone go around a show where silver rounds were being offered at $1 over spot asking if he could get a $50 discounts if he bought two rolls. Similarly, asking for large discounts on gold bullion offered near spot just demonstrates the individual’s naivete, may annoy the dealer and does not leave a good impression.
Selling
If you have something to sell, you can ask for offers and the dealer will give you a wholesale offer. Do not expect to be able to sell to dealers at retail prices. Knowledge of the market is helpful when trying to sell. We recently had an individual walk the floor with some AU/BU Saints asking for offers and getting below spot offers from everyone. That happened to be where the market was for such items at the time and arguing about it was fruitless. If you are taking an item from table to table and soliciting offers, then going back to your high offer, do not be surprised if your high offer then declines the deal. Dealers do not want to be the high bidder in an auction amongst everyone else at the show and offers would not be considered valid once you leave the table.
In conclusion Being aware of some of the unwritten rules of coin shows will result in you having a higher chance of a successful and enjoyable show. Further, it is recommended that some elements of this be posted by show promoters, as no one wants to run afoul of an unwritten rule.
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