Selling PM's at gun shows?

[jim4silver]

For the past 2 years I have had/shared a booth at a few local coin shows. My retired coin dealer friend who I shared a booth with asked me if I wanted to try my luck and get a booth with him at a local gun show selling PM's. He had been to a gun show recently and said there was only 1 guy there with a booth selling some silver coins and he seemed to be getting a lot of traffic at his table.

I live in a state that seems to have a lot of gun shows each year (perhaps because you can buy guns at shows without permits or background checks for non-dealer to non-dealer sales), but we only have 2 or 3 big coin shows a year (125+ dealer coin shows), and right now I can only get a booth at 1 of them since I am not a real coin dealer, and the other two shows have a waiting list for dealers to get a booth due to high demand.

I never have gone to a gun show so I am wondering if you folks think that sounds like something worth trying? Getting ready for a coin show is way more labor intensive than one might imagine, so if I do it I want to make it worth my while. I would probably focus on slightly different inventory at a gun show vs. a real coin show, such as selling more old US silver dollars and junk silver instead of kookaburras and koalas, etc.

Thanks for any input!

Jim

 

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[TheCoinKid]

I've been to a few gun shows over the years. From what I've seen, I think it would probably work out fairly well for you. Gun owners and PM investors seem to me to be a pretty good match. It certainly applies to me. Personally, I would focus on US govt coinage (including Eagles), and generics. Just my thoughts.

TCK

 

[DeepseekerADS]

Jim, I think it is a good idea.

Used to hit gun shows all the time in Michigan, and there was always somebody selling precious metals. It fit right into the prepper way of thinking

Edit:

Obviously I'm game on with this idea. But you still do have to justify it to yourself in view of the fees for a table. Can you profit enough to make up for the expenditures. A whole lot of people trying to make a profit before you even get to set up a table.

 

[AlienLifeForm]

I attend quite a few gun shows and I think you would do well. As long as you are not selling beanie babies and dream catchers at the gun show (no joke, I have seen it a million times) - go for it.

 

[gunsil]

Yes, people sell coins and precious metals at some gun shows although the real quality shows don't allow non gun or knife related displays. The main problem in my area is that all of the gun show promoters require all table holders to have a valid state sales tax number so you will need to check with the gun show promoter to see if they do require one. If you already have one it is not a problem, but if you have to get one you will have a taxman paper trail.

 

[Mackaydon]

Jim, I believe you'll do well if, as you say, you stick with silver dollars etc.
Remember, you're dealing with 'machismo' personalities; not normally known for their attraction to kookaburras and koalas.
Don.......

 

[jim4silver]

Thanks all for the great comments!

The cost for a table at the local gun shows is about 20% (or less!) of the cost of a booth at one of big coin shows, and there are far more tables/booths at the gun shows. I would have to go out and get some "inventory" at wholesale prices to take with me since I don't have hardly any "junk silver" or silver dollars any more.

Good thing is right now premiums on junk silver are way down over past years. Wholesale junk silver is actually selling below melt now in dealer to dealer transactions. And right now BU junk coins/rolls of common years dimes and quarters are very cheap here locally now, so maybe pick up some of that since not much different in price and much prettier coins with no wear.

My friend sharing the booth is a big silver dollar guy (he goes to small country auctions and cleans up on that kind of stuff all the time). I have decent wholesale access to various generic bars/rounds (art bars, etc) and secondary market brand name generic (as long as aren't Chinese fakes: apmex, silvertowne, etc) for 75 cents to 1 dollar over melt when they come in and those might do well too.

As far as sales tax id number, my state doesn't have any sales tax for PM purchases so I don't have one, but none of the local gun shows I researched online mentioned providing sales tax id numbers to the gun show organizers, etc., so I won't need that I am guessing.

Jim

 

[cyberdan]

my state doesn't have any sales tax for PM purchases

That is a good selling point. Make up a sign to remind potential first time impulse buyers.

 

[AlienLifeForm]

That is a good selling point. Make up a sign to remind potential first time impulse buyers.

Same case in my state - PM's as well as numismatics, no tax. I had no idea, was buying a few coins from a dealer and he said no tax on coins. I said, well that's nice of you. He said new state law, I thought he was just off his rocker or pulling my leg. I came home and looked it up, he was right. God bless Texas.

 

[Goose-0]

And MinnesotaX taxes coins and bullion 7-3/8th %. So far, the dealers eat the tax. I can see why......because their prices are about 10% or more OVER the normal retail prices. Good Barber dimes? $8 ea....Common VF Merc dimes? $4.50, etc.

 

[jim4silver]

And MinnesotaX taxes coins and bullion 7-3/8th %. So far, the dealers eat the tax. I can see why......because their prices are about 10% or more OVER the normal retail prices. Good Barber dimes? $8 ea....Common VF Merc dimes? $4.50, etc.

It's really unfair that some states tax PM purchases. They don't have sales tax when you buy stocks, bonds, etc. The trend seems to be states removing sales tax from PMs so maybe down the road all states will eliminate sales tax on bullion.

Jim

 

[releventchair]

If your prices are reasonable compared to other local sources ( hey ,folks can get a good idea what stuff runs,and should at a gun show) there may be a nostalgia factor among some for the silver dollars of their youth.
Birthdays can be one niche .

Otherwise ,silver being golds little brother can attract preppers. ( They do exist).

Were I preparing well in advance I would have military ammo cans to sell too.
Good for silver storage but attendant gun show items too.
50 cal. cans around me run around twenty bucks retail which is getting up there. Used ones at a bit more than half that cost.
Were they available at the right price I' d consider selling inserts trays... and drilled bolts with o-ring kits to allow locking cans.