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Chester West Tells It As It Is Of Profits and Priveys and Private Promotions

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.

 

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