Turning a Personal Collection into a Business (Inventory)
ctf_error_coins
Posts: 15,433 ✭✭✭✭✭
I learned about doing this years ago on this forum and it seemed to make quite a bit of sense.
It has worked out really well for me and I am getting to the bottom (top) of the pile.
I am getting close to down to a box of 20 personal coins. I am even considering putting those into inventory as well.
I now view my business inventory as my personal collection and buy new inventory as if I was buying the coins for myself. This has led to a very eye appealing inventory.
I just added this today, a coin I have loved for 18 years ..... it is perfect!
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Comments
Perfect Error!
Thank you, it was the first or second super nice error coin I bought and made me an addict.
18 years of personal artifact > Perfect Error = $$$$ ?
Yes, I have really enjoyed this coin. It is the nicest double struck 2000 cent that I have ever seen. It has appreciated about 500% in value in 18 years.
Paradisefound ... you like gold ... I even put up my only gold error coin .....
Ole Ave looks pretty pensive in the background. Nice error. Peace Roy
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Good strategy.
I've been thinking of selling all my errors for many years and just keeping 3.
The Sac's are HOT!!!!!!!!!!!!!!!
Oops maybe just keeping 300... See why I haven't sold any > @ErrorsOnCoins said:
Well that's why I have not sold as error prices haven't taken a down turn like flawless coins.
I know a few coin dealers that were collectors until they retired from their jobs and then used their coin collection as inventory to become coin dealers.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Remember, the best way to ruin a perfectly good hobby is to do it for a living.
You have a fantastic collection that you could easily turn into inventory.
You need mad photo skills tho .......
Completely disagree
It is way more fun as a (internet) dealer, by far, for sure. You get to "handle' so many more coins and higher priced coins and grow ....
I recalled when most sport card collectors turned into sport card dealers. You know what's happened in the sport card market.
Coins, the KING of Hobbies in Not cardboard.
Plus, the average Joe can't be a great dealer as it requires multiple skill sets.
That's a super cool error!
My YouTube Channel
I hope you are right and wish you well, but it will be a job, not a hobby. Give it time and see how you like it. Best wishes.
Thank you, but all my two jobs are hobbies and fun
My third hobby pays for itself in meat 
I have been a coin dealer for 18 years. It gets better every day. I read here years ago that to step up to the plate, you had to put your personal collection on the line. I started doing that years ago but have really hammered that home in the last two years and am mostly done.
I think that the biggest challenge with the strategy of using your collection as inventory is that the time that it takes you to find a coin worth owning for your collection may be longer than the product life-cycle required to generate the cash flow needed to sustain the enterprise.
I see a few models from dealers...1) maintain specialty and reduce quality (but still high quality), 2) broader the base to maintain quality but add breadth. Both have merits but at some point to gain cash flow and scale you may have to choose.
Latin American Collection
Thanks, but I'd say I've already got pretty decent photo skills.
Sweet, congratulations and good luck !!!
Good luck with your business and collection.... as long as you have inventory, you really have both.... and pictures make a nice album for reflection. Cheers, RickO