I have a confession to make. I am a former Facebook hater. It seems that the few times I was on there a lot of what was being posted was negative comments, people complaining about their neighbors’ dog and all sorts of what I considered silly things and a lot of people wasting my and their time.
I have always known that Facebook is an essential part of business marketing. I didn’t know about the power of Facebook groups and how they could positively affect my business.
A couple of years ago I was introduced to a Facebook group with the initials CDHCD. I became a member and was quickly fascinated about how much business takes place in this group on a 24/7 basis. This group of coin dealers has over 1200 members from around the country. As you can imagine, the diversity of coins, currency, exonumia and all sorts of other things that are traded is amazing.
For the most part this group is self-policing. If someone steps out of line everyone knows it and that person is either suspended or black-balled from the group. The admin is very careful on who gets let into the group.
There are a couple of other internet trading organizations that dealers have used in the past, but the memberships are expensive and trading is somewhat cumbersome. Besides those trading platforms, there had not been many other alternatives for dealers to do business other than at coin shows.
The CDHCD group and other similar groups typically buy and sell tens of thousands of dollars in merchandise every day. When dealers have wider markets for their products and can get good prices, I am sure they tend to be more aggressive in their buying habits if their market is bigger and more diverse.
In addition to coins and other products that are traded regularly, this group is nearly invaluable for information on unusual things that we may not be familiar with and having a “now” insight on the real market for things.
So now I am no longer a Facebook hater. CDHCD has literally opened up a new numismatic world for me and Christopher’s Rare Coins. There are now many, many groups out there that trade in coins, jewelry and all sorts of things. I believe that the coin groups are a major factor in supporting a market that has been fairly stagnate and weak. And, it’s fun! What’s better than a 24/7 coin show?
Stay tuned next month for more “Did You Know?” stories.
Christopher’s Fine Jewelry and Rare Coins