Arcadia, CA coin show observations.

[truthteller]

I drove 175 miles to the 40 table Arcadia, CA coin show on Sat. This is the Golden State Show. I arrived about 12noon. Busy bourse with lots of activity. This show caters more toward raw collectors than slab investors. I brought along a small box of raw commems and a couple of slabbed coins. For some reason, it was a little more difficult sell than usual. I really had to shop my coins and discount a few more than normal to see them sold. All were white commems, some with a few hairlines, all MS63 quality priced at MS60 bid. In general, all coins sold at about 90% of greysheet MS60 bid. I had a slabbed white Monroe in NGC64 which sold a tad back of greysheet bid. Most dealers were not in a buying mood and asked me to come back tommorrow. A few dealers counteroffered my quotes 20% less. The only major national dealer at the show looked at my coins and told me to get them graded by PCGS. I explained to him that $30 and a month later, they still will be the same price and grade, so why do it? He told me, they will sell better. Some dealers need plastic in order to know what the heck they are doing. By 1:30PM, the show was calm and considerably slower. However, the lunch kitchen was hopping with sandwich orders. I talked with a few dealers who were unhappy with the state of the TPG grading. Inconsistency was the main problem. Furthermore, the constant undergrading of coins made several dealers move to selling more of their inventory raw.

 

So, after the sales, time to buy. I looked for Mexican coinage. Nada. Save for one lonely early Mexican peso for $20.

 

Overall, I was satisfied, but not pleased with sales.

 

Show grade C+

 

 

TRUTH

[EZ_E]

Question Truth:

 

How can you make a profit turning you coins over at wholesale?

 

I had a table once at a Hotsprings, AR show to sell some unwanted items I was no longer interested in. I took a loss on everything, I believe, not to mention expenses. So, how does a dealer do it. How do you do it?

 

[truthteller]

Question Truth:

 

How can you make a profit turning you coins over at wholesale?

 

I had a table once at a Hotsprings, AR show to sell some unwanted items I was no longer interested in. I took a loss on everything, I believe, not to mention expenses. So, how does a dealer do it. How do you do it?

 

 

My costs are minimal. I always walk the floor, never set up. I attend shows that are within 250 miles, so one day is all I need( Each year there are at least 5 MAJOR shows and 8 smaller shows nearby). No hotel expenses, just gas. Usually, I will buy, hold then sell. For commems, I purchased quite a few about two years ago. There was a significant run up on them in that time period. So, I sit and wait. Overall, it's about a 20%-30% profit. Many coins that I buy inholders are undergraded. So a crackout and upgrade does very well.

 

Here is an example of market performance: I purchased a Hudson in PCGS64 about 1.5 years ago. Then cracked it for upgrade. The coin did not upgrade. In the meanwhile, the greysheet bid went from $900 to $1300. I sold it for a $350($50 grading fee) profit just sitting on the coin. Some coins are part of auction or "deals", so they are factored in cheaply, and sold cheaply. I don't make a ton of money, just enough to keep me happy.

 

 

TRUTH

[EZ_E]

Thanks for the info, Truth. It still seems like a tough business to me.