Do you consider the term "vest-pocket dealer" to be derogatory?

[pendragon1998]

Just curious.

[James_OldeTowne]

Not in the slightest.

[123cents]

I don't.

[Revenant]

Why would it be?

[michael]

no not at all

[Schatzy]

Nope

[dooly]

Dont know as its something i have not heard of before

[PerryHall]

No. Wannabe dealer would be derogatory however.

[physics-fan3.14]

I'm curious as to why you might think it derogatory? Dooly, its basically a term for a part time dealer, but I've never heard any sort of negative implications associated with it. That is, unless you call someone a vest pocket dealer who is actually a full time dealer, then they might get mad.

[thebeav]

No.

[WinstonWare]

Does that mean someone who brings a couple of coins to a show? I usually do that in case I see something really nice and I need to free up some money...

[BillJones]

No. Quite often the dealers with the lower overhead can offer the better buys.

[James_OldeTowne]

To my knowledge, the term stems from a guy walking the floor who stops at bourse tables to buy and sell coins, generally motivated by profit. Let's say I have a table. He asks if I want to look at some coins, I reply "sure", and he whips out a coin wallet, literally kept in his vest. Or, perhaps he has a box of 2x2s, or a box of slabs, or even a valise (sometimes on wheels) in which he has several boxes of slabs. I have bought and sold countless coins in this manner (from VPDs), and in fact, it's possibly been a majority of my business interaction.

 

These folks very seldom have tables, never have B&M shops, and only sometimes have an internet presence. There are numerous very commendable and successful such vestpocket dealers. Jess Patrick, Ray Hinkelman and Greg Reff are three that come to mind immediately.

[Schatzy]

I have bought and sold countless coins in this manner (from VPDs), and in fact, it's possibly been a majority of my business interaction.

 

 

But aren't you still making a profit when you buy from a VPD and sell later.

 

 

I don't see anything wrong with VPD's.

I love to buy coins and later sell them but that is because I change my mind like I change my underwear!!

[MikeKing]

I like the idea of a vestpocket dealer

I wish one of them would come up to me during a show, and offer me an 1808 bust half that none of the known dealers seem to be able to find for me.

[James_OldeTowne]

I like the idea of a vestpocket dealer

I wish one of them would come up to me during a show, and offer me an 1808 bust half that none of the known dealers seem to be able to find for me.

Ray Hinkelman's son does his website , and his inventory changes often enough that you might want to give him a try.

[physics-fan3.14]

I like the idea of a vestpocket dealer

I wish one of them would come up to me during a show, and offer me an 1808 bust half that none of the known dealers seem to be able to find for me.

Ray Hinkelman's son does his website , and his inventory changes often enough that you might want to give him a try.

 

With a name like "Eye Appealing Coins" you know it has to be good.

[Houston Investor]

No - not in the least - it simply is a term describing a type of dealer who a table dealer will encounter at shows who walks the floor with his merchandise buying and selling with dealers. These dealers do not have a table at the show nor operate a shop. They are essentially sharp wheeler dealers who seek out business with those handling like material.

 

They are not a retail customer by any means but might have deals involving trades or something they are trying to flip. Just part of the overall "fun and games" of a show. One fellow I know of in particular specializes in world coins and currency. He is always a buyer of slabbed world gold (if the price is right) and has had some good deals on world paper money. He is a very bright guy, geolgist by occupation, world traveler, and always has some intersting deals. He is well liked by both dealers and collectors alike. Once in a conversation with him we both realized we had been bidding for the same world gold coin in a Teletrade Auction (at that time I was a World Gold Specialist).

 

I always cultivate positive relationships with vest pocket traders as they can be an excellent source for flips - both ways.

[braddick]

As long as that dealer is wearing pants, then no.

[Revenant]

As long as that dealer is wearing pants, then no.

 

I didn't realize that was a concern...

 

[physics-fan3.14]

As long as that dealer is wearing pants, then no.

 

I didn't realize that was a concern...

 

Hey you never know. I'm pretty sure newscasters do it too, sitting behind those desks where you never see anything.

[braddick]

So far, it's not.

But with the economy going the way it is and all. . .

[James_OldeTowne]

As long as that dealer is wearing pants, then no.

Beware of the ones who wear the same vest and pair of pants to 47 consecutive shows !!!!

[dooly]

I could see how "normal" dealers could get a bit upset as they have to pay for there pitch where as VPD pays nothing but his entry fee .. BUT if he was to offer them something "canny" at a nice price would there attitudes change ?

[Houston Investor]

I have no prob with VPD paying nothing but enty fee to show. Their mode of operation has its advantages and disadvantages just like setting up at a show. Each individual has to pick the operational mode which best fits their strategy.

 

I have set up at a number of shows that the public participation has been so lame that they were almost nonexistent in any worthwhile buying or selling. While there was the usual plethoria of lookeylooks (you could spend all day educating them and they still would not buy anything) and cheapsters (won't pay above sheet), once I determined they were not qualified buyers or sellers I sent them on their way. At these events the VPD's were certainly welcome at my table. Also bear in mind VPD's are not exactly allowed to conduct business with the public as they do not have a table. Many VPD's are very informed about their specilization and can offer a broad array of info, espceially where certain items can be found at low cost. I would say most VPD's are good at observing proper bourse room behavior. I won't hesitate to tell one to get lost if he appears to be trying to horn in on a deal (like I am about to make an offer to a a walkup seller on a group of coins).

[ant]

no, but i always wondered about "starving artists"

[James_OldeTowne]

I like the idea of a vestpocket dealer

I wish one of them would come up to me during a show, and offer me an 1808 bust half that none of the known dealers seem to be able to find for me.

Mike, Evan Gale (not a vest pocket dealer) of Aspen Park Rare Coins has a number of seemingly attractive 1808s on his website right now.

[physics-fan3.14]

Wow, the 1803 draped bust he has is hammered! That is an amazing strike!

[Conder101]

The only time you have problems with VPD's is when they aren't there to buy and sell with the dealers that have tables but instead try to buy and sell with the general public who are coming to see the table dealers. The dealers who have made comments here about how they don't mind a VPD coming to their table and dealing with them, how do you feel if they come up and start offering material to people standing there looking at your stuff?

[Coin]

On a flip side , I've been at a show and showed a dealer my cast-offs and bargain basement priced moderns that I was all but giving away , and had a dealer call over to a VPD that was floating around and referred me to him . The dealer said he was not interested in what I had left , but knew this particular 'floor' dealer was looking for cheap slabbed stuff to ebay off , so I haggled with the VPD and got a price that was more than fair to me and we did the trade right there by that dealers table ....I then turned around and bought four coins that I had eyeballed under his plastic cover , from that dealer. The dealer even cut me a deal on the total price for the lot and we all walked away happy. This was at the last Baltimore show before Whitman took it over a few years ago .