How do you define a "vest pocket" dealer?

[jtryka]

I've heard more than a few definitions, but how would you define one?

[EZ_E]

A private seller with no overhead, i.e. no shop or website just a few coins in the '"vest pocket" for sell.

[sanmary]

Ditto!

[stman]

Well they aren't going to like this but I'm used to it. So here it goes....

 

How do you define a "vest pocket" dealer?

 

Most of the posters across the street define your question. Or for a better term... Wannabe Dealer.

[JadeRareCoin]

I think that there's a difference between a wannabe dealer and a vest pocket dealer.

 

Wannabe Dealer : the guy who picks out 1 coin from my case and then informs me that he's a "dealer" and wants dealer pricing as he fans me with his 12 month old Greysheet.

 

Vest Pocket Dealer : a legitimate coin dealer without a store front or associated overhead. Typically someone who runs the show circuit with a live inventory. By "live", I mean that it is always turning. A vest pocket dealer will buy and sell at each show that they attend. Some are quite good at what they do. They will know who to visit at the show first, pick-up some inventory and then flip it as the move table-to-table with their boxes of coins. A vest pocket dealer does not literally have a "pocket" full of coins. Most are very talented at buying and selling coins and some make a very good living doing it. I know a couple of vest pockets who travel the country and do not have a home base, other than a bank that they deal with. Basically vagabonds, but not in a derragatory sense.

 

Just like anything, there are good vest pocket dealers and bad ones. The same can be said about store front and/or show dealers.

 

BTW, there's nothing dishonorable about being a vest pocket dealer. Some people seem to have a prejudice towards vest pockets.

[BillJones]

Good definition Dennis.

 

There are good and bad vest pocket dealers just like there are good an bad guys who have storefronts. Back when I was stritly a collector I bought a lot of coins from vest pocket dealers at shows and got so good values. When you don't have a big fixed cost tied up in a store, you can charge lower prices. Also if you are aggressively looking for coins on the national circuit you can get some pieces that the storefront dealers, who wait for the coins to come to them, rarely see.

 

Overall both types of dealers can you help you build a collection.