9th National Silver Dollar Convention
St. Louis, Missouri
November 10 – 13, 1988
Chester West Tells It As It Is Of
Profits and Priveys and Private Promotions
A Coin Show Promoter has virtually no sanctuaries from the microphones and burned out light bulbs and misplaced showcase keys. I must tell my secret if this story is to be told.
I pick up some literature – an extra smoke – a cold beer and settle down in a “one holer” (That’s an old timey word for a small privey – “the john”) I refuse to explain further. It’s a comfortable retreat.
You lock the door (frequently a problem – I wonder what people do with the locks they steal off doors). Anyway, it’s secure. No one tests doors anymore – they look to see if feet are showing beneath the framework.
I’ve often thought if someone procured some phony feet and placed them in each stall – the whole showroom would suffer from a severe case of – I’m getting away from the story.
This day I forgot the reading material and had just started reading the idiocy scribbled on the wall, when Twofer Tommy Touter cam e in. He said, “Hi Chester, how’s it goin’?” I ignored the question, pretending I didn’t hear. Twofer got his name when he was a kid. The ladies soldality used to have raffles for a dime a ticket. Tommy sold them two for a quarter.
A short time later I heard, “Hi Pete, what’s new?” It was Pushy Peter Pinchpenny. I won’t explain how he got his name, you know him well. Behind him was Big Bucks Brokernmost. In his early years he lent a buck today for a buck and a half on pay day.
Anyway, Twofer asked Pushy how he was doing. Peter just about dropped his pomade. “Com on, Tommy, there’s a guy in the stall. Don’t talk about our secret.”
Two said, “Don’t worry about it. That’s Chester West. The old guy can’t hear a thing.”
Big Bucks was excited and said, “I cut a fat hog. At the last Show when we decided to buy all the twenty cent pieces, I bought six grand worth and I already sold them at this show for ninety six hunnert.” Wow, what a deal these coins shows are.
Twofer said, “I told you I had a great idea. I bought four grand worth and been sellin’ all morning. Already took in over $7300.” Pinchpenny reported his winnings and the meeting began. All told they had bought 13 thousand dollars worth of twenty cent pieces and had already sold $19,800 worth and had a few left.
Twofer chaired the meeting and declared that when they hit the floor they would buy all of the __________ (Well, I’m not going to tell you everything) that they could find. They split the hall into three territories and went on their way.
I immediately chugged my beer and headed for the bourse area where I purchased $6000 worth of the same. I’ll sell them in March at the Westex Show.
I won’t tell you what I bought, but here’s the secret. They attend a show and buy all they can of a particular coin. This creates a void in the market. Six months later they sell into a rising market and promptly create another one.
Nothing new. I remember in the late sixties, Harlan White at a show bought all the twenties for a whopping $67. The following week he sold them at another show for $71!
What do you lose? Nothing!!! What did you gain? Cash Flow!!!
Will it work for anyone? I don’t know – I’ll let you know in March.
“Old guy can’t hear a thing!!! Indeed – young whippersnappers!!!
Be Happy, Be Healthy, Get Wealthy, and Hold a Good Thought.
I am Chester West.