Coin Shops and Coin Shows: A First-Timer's Guide

What a coin shop is like

Many coin shops are small, with a locked door and a buzzer to get in. Expect glass display cases of coins and currency, a counter with a scale and magnifier plus a dealer who is often on the phone checking metal prices. Many shops also sell supplies like albums, flips and loupes. Some lean heavily toward bullion, others toward collector coins or paper money. Look around for a minute and you can usually tell which.

You don't need an appointment to browse or ask a question. If you are bringing a large collection to sell, call first so the dealer can set aside time.

What a coin show is like

A coin show is a room full of dealer tables, called a bourse floor. Local club shows might have a couple dozen tables in a hotel ballroom or a VFW hall. The big national shows, such as the ANA's spring National Money Show and summer World's Fair of Money, fill a convention center and also have exhibits, educational talks and grading service booths. Many shows charge a small admission fee and some are free.

Dealers at shows are more likely to be specialists who are there to trade. A show is the best place to compare prices on the same coin from several tables. It is also the best place to sell something unusual, because the right buyer may be three aisles away.

Etiquette that dealers appreciate

• Ask before handling a coin. The dealer will hand it to you, often over a velvet pad.
• Hold raw coins by the edges and keep them over the pad or the table, never over the floor.
• Don't remove coins from their flips or 2x2 holders without permission.
• Don't lean or set bags on glass cases.
• If a dealer is in the middle of a deal with someone else, wait. Interrupting is the quickest way to get ignored.
• If you want to sell, say so up front rather than asking what a coin is worth and then walking away with the answer.
• Make a reasonable counteroffer if you like. Haggling is normal, but insulting offers are not.
• At shows, keep your coins on your person and don't talk loudly about what you are carrying.

How dealers price what they buy and sell

Every dealer has a buy price and a sell price for each coin. The difference is called the spread. The spread pays for rent, staff, show tables, insurance and the risk of holding inventory that may sit for months. On bullion and common coins the spread is narrow because they sell quickly. On scarce collector coins it is wider because the right buyer is harder to find.

Dealers anchor on a few references. The Greysheet is a wholesale price sheet that dealers use among themselves. The PCGS and NGC online price guides list retail estimates by grade. The Red Book, A Guide Book of United States Coins, is a retail guide published each year, useful for identification and mintages but often out of step with real trading prices. Recent auction results for the same coin in the same grade are the best evidence of all. Good dealers check them.

For silver and gold, dealers price from the spot metal price. A dealer might pay a bit below spot and sell a bit above. Collector coins are priced on condition, rarity and demand first, with metal only as a floor.

How to find reputable dealers

The Professional Numismatists Guild (PNG) is a dealer organization with a membership elected by its peers. Members agree to a code of ethics and to binding arbitration if a dispute arises over a coin they bought or sold. Many longtime full-time dealers belong. The PNG publishes a directory of members.

The American Numismatic Association (ANA) is the large collector organization, founded in 1891, chartered by Congress in 1912 and based in Colorado Springs. Dealers can join and agree to its code of ethics. The ANA also has a process for complaints against members. Membership is not a guarantee. It does mean the dealer has signed on to standards and there is somewhere to go if something goes wrong.

Beyond memberships, look for signs of a real business: a physical address, years at the same location, a dealer who explains offers instead of rushing you and clear return policies on what they sell. Walk away from anyone who pressures you, refuses to itemize an offer or tells you a coin is worthless and then offers to take it off your hands.

What to bring

• A 5x to 10x loupe so you can look at a coin before you buy it.
• A written list of what you are looking for, or what you are selling.
• Your coins in flips or a small case, sorted into groups.
• Cash for small purchases; many dealers also take checks or cards for larger ones and may ask for ID when they buy from you.
• Patience. The first offer is rarely the only one in the room.

Frequently asked questions