Coin Show Survival for the New Collector

[JStull]

For new collectors getting into the hobby of numismatics, coin shows are a good source for shopping and purchasing to add to your collection. However, some things you should be aware of and always remember that can help you survive your first, and future, coin show experience.

 

Pre-Show

 

Prior to attending your first, and future, coin show(s) it’s a good idea to make a list of items you would like to add to your collection to take with you, most people call this their wish list. The list should include whether you want raw; uncertified coins, or slabbed; certified coins. Do some research online as to what the items on your list are selling for, and what grades they are as well.

 

eBay completed listings is a good source for what coins have been selling for and can give you ballpark range of what to expect to pay for certain coins. Remember, knowledge is key to coin shopping at shows. Knowing what price range items are selling for can be helpful in your negotiating with the dealers at the show. If possible, get the most recent copy of Greysheet and carry it with you to the show. Believe it or not, some dealers are out to try and make a lot of money at a show, and will overprice things by a lot. Case in point is the 2008 proof set, which most dealers price around $68; however, there is one dealer, in my area, who has his priced at $150, and these are clads. His reasoning is because 2008 was the last year of issue of the State Quarter series. Well he is correct on that, but not for the price tag of $150 when you can find those sets for much less from other dealers at the same show, and even online.

 

Set a budget and stick to it. It’s really easy to become overwhelmed at a show, especially for the newbie, and want to buy everything you see. However, keeping control of your spending, and sticking to a budget can help you to not spend more than you can afford or want to spend prior to the show.

 

At the Show

 

When arriving at the show your first instinct would be to jump right in and start buying. As I stated before; however, controlling your buying is important. When I arrive at a show, the first thing I do is make a trip around the arena and see what dealers are selling, what they are selling and for how much are they selling. You can compare prices from several dealers selling the same item, and match them with the Bid and Ask prices listed in Greysheet.

 

Have your list handy. Your first walk around you get to look for what you want to buy and see if the price you researched is close to what the dealers are asking, with a plus or minus of $5 or so. You can also jot down the dealers name and where their booth is located in the arena so you can come back to them if you find them to be the most reasonably priced.

 

Ask questions. Don’t be afraid to talk to the dealers and ask questions about their merchandise. There may be a reason why a GSA CC Morgan is priced at $100 more than Greysheet or researched prices. Perhaps it has a rare error which would add that kind of premium. You’ll never know if you don’t ask.

Remember; buy the coin and not the slab. The coin is what has value, not the slab it may be in; with no respect to NGC, PCGS, ANACS, or ICG. If the coin was not in a slab, the slab is pretty much worthless.

 

 

Beware of slabs with FIRST STRIKE or FIRST YEAR OF ISSUE on the label. Everyone knows that 1964 was the first year of issue for the Kennedy half dollar. Because a TPG thought to put it on the label, for whatever reason, really means nothing, goes without saying, and does not add anything to the value of the coin. It’s really nothing more than a marketing tool and a feeble excuse to jack the price on the coin. The value of any coin is only what someone is willing to pay for it.

 

As much as everyone would like to purchase everything on their list, in reality if you can’t afford your entire list, then only buy what you can afford. Remember, there will be other shows in the future, and most local numismatic clubs host a monthly or bi-monthly show. So don’t be disappointed if you can’t fill your wish list this time, you may be able to get the remainder at a future show. It will also give you a good place to start a new wish list for a future upcoming show.

 

Post Show

 

Well your first show is done and you’ve made some purchases to add to your collection. Hopefully, you had fun at the show as they are a lot of fun. Talking with dealers and other collectors is how we learn about the hobby and science behind the making of our nation’s coinage as well as errors, varieties, attributions, and designations.

 

A very important thing to keep in mind is be safe on your way to the parking lot. Believe it or not there are unscrupulous types who hang outside coin show venues looking for a chance to take from you what you just purchased. Have your keys in hand ready to get into your vehicle, and never stop to talk to anyone in the parking lot, especially if you don't know them.

 

Remember, knowledge is key to collecting. Learning before you attend a show, and while you’re at the show, will go a long way for your interest in numismatics. Even the most experienced dealers or collectors learn something new every day.

 

Now, enjoy those new coins.

 

J Stull

[thebeav]

That's very good advice !

 

Paul

[MarkFeld]

I hate to throw cold water on a pleasant topic, but I think a very important word was omitted from the post - security. Be careful for your safety, by monitoring and being aware of your surroundings, especially when you are leaving a show.

[leeg]

Mark brings up a very good point, as usual.

 

It looks like if you stop along the way, you're in trouble. Please keep that in mind.

[JStull]

Mark thank you for mentioning that point. I did overlook mentioning it myself; however, I would have thought that should go without saying as it should be common sense. But yes, security is a good thing to keep in mind.