N.H. Coin Expo wrap-up

[bigd5]

Well, the show is over. Traffic was much better today than yesterday, and I did well, for my first time setting up. No major mistakes, that I know of anyway and made quite a few new contacts.

I had the pleasure of meeting quite a few board members and seeing some absolutely wonderful coins from a couple of them. Simply stunning examples if you admire toned coins.

A couple of realizations:

Most dealers are at the shows for the wholesale end of things. I'm not sure if we all realize this. I thought I did, but not to the extent of what I saw/experienced.

I never found myself "bored". I thought spending all the hours on the bourse would become a nag, but things are always moving and my interest level stayed up. I usually am in and out of the one day Sunday shows in a matter of hours, so I was afraid I was going to be bored stiff each day in the afternoon. Not the case.

I sold more raw coins than slabs retail. Much more. Being slab oriented websites, I think we tend to forget how many more "casual" collectors don't give a darn about the plastic. Many people are filling albums and such, and don't worry about certified grades.

My brain is still in a bit of a fog after the show, but if I can add anything a bit later on I will.

Oh yeah, I was handing out error cents to the kids walking by my table.....a HUGE hit, for sure.

[jom]

I think we tend to forget how many more "casual" collectors don't give a darn about the plastic. Many people are filling albums and such, and don't worry about certified grades.

 

Thank God for small favors.

 

Glad you had a good show...hopefully your venture will be so successful you'll be able to attend Long Beach and we'll meet some day.

 

jom

[EVillageProwler]

This is excellent, Darin. I know that there are a few of the members who are wannabe dealers, at least in a small way. I wonder how the majority of them would fare (as compared to you) if they also hung out their own shingle...

 

One thing to keep in mind: your threads on this matter mostly covered the wheeling and dealing aspect of being in business. What many of your readers may have forgotten is the logistical or operational and accounting side of being in business. For example, hot to do proper record-keeping so as not to arouse the ire of the taxmen! And, what defines profitability?!? Yada yada yada...

 

EVP

 

[bigd5]

Good points EVP!

I've been filing taxes for coin sales for the last three years. You have to have proper inventory techniques (assigning each item a control number), and figure your cost of the item, and any profit or loss for that item when sold.

Trades and multicoin deals can get a little more complicated, but you just have to break things down so that everything has some value assigned to it.

I'm a bit anal with inventory, so even my "junk box' items have inventory numbers.

I haven't broken down my numbers yet, but I made money. Once I figure out how much, I'll factor in travel expenses (limited for me, as I drove to the show each day), food, table costs, supplies etc. off of the profit number to see if I made ENOUGH money for it to be worth my time. I'm sure I did, plus, I enjoyed myself, so even if the numbers are close, personal satisfaction will allow it to happen again.

My next decision is whether or not to file for a resale/tax id for the state of Ma., as there are quite a few shows in Ma. that I could get into.

We'll see.

Bottom line is I enjoyed myself for 4 days.

[EVillageProwler]

Know of a good accountant near you? Make sure that he's not also a customer, as that may get very sticky!

 

EVP

 

[Elcontador]

I met a dealer at a Long Beach Show that asked me to be his C.P.A. Never came to pass, though. I don't think the idea of a dealer using a collector as his C.P.A. would work, if the collector is interested in coins sold by that particular dealer..