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What has made you successful in Coin Business
Cougar1978
Posts: 7,644 ✭✭✭✭✭
What factor has made your coin business successful or struggling?
Market forces, knowledge base, contacts, inventory, area of specialization?
So Cali Area - Coins & Currency
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Mostly dumb luck.
What is now proved was once only imagined. - William Blake
One area would be technical skills. One fellow told me his photographic memory enabled him memorize greysheet pages....a lady said her study of acting helped her coin business.....
When I was a dealer, want list service and the fact that I marketed more Civil War tokens than anyone else at the local shows.
Being a collector, and NOT a dealer!!!
Successful BST transactions with: SilverEagles92; Ahrensdad; Smitty; GregHansen; Lablade; Mercury10c; copperflopper; whatsup; KISHU1; scrapman1077, crispy, canadanz, smallchange, robkool, Mission16, ranshdow, ibzman350, Fallguy, Collectorcoins, SurfinxHI, jwitten, Walkerguy21D, dsessom.
Find what makes that customer excited, that makes them come back for more over and over. I like to work retail, however most of my earnings for the company are from wholesale buying and selling. Just wish there were more retail customers locally.
Cultivating retail customers is always a challenge. A lot of my business was selling to other dealers. A few of them used to say, “You are one of the few dealers who brings good stuff to these local shows.” That was only because I had contacts with a number of bigger dealers and was able to get the better material.
Being a Collector First, Hard Work, Knowledge, Timing, Professional Photographic Skills, Contacts, Excellent Customer Service, and OCD.
Impulse buying...no wait, that is what has caused the most financial loss.
@BillJones
Getting good material is not an issue. Its not having retail customers. I sell better at major shows, to mostly dealers than locally.
.
My mentors, the (coin-related) education I've received, my work ethic, and some luck
Knowing when to walk away
Understand you can’t win them all.
Of course you need money more than hundreds
Ebay
Being polite to customers and not judging people on there budget or what coins they want to collect!!! Never discourage people on what they collect just help them try to make the right decisions.
HAPPY COLLECTING
Avoid showing a large group of gold coins to a band of Gypsies.
Worry is the interest you pay on a debt you may not owe.
Persistence.
Finding the right balance between inventory and cash.
A sense of humor.
Thank you all for the contributions. I might add that for myself photo taking and imaging coins has been a huge. I’ve noticed a significant increase in business as my skills have improved, as most my retail sales are online.
https://tinyurl.com/wbuh7ba (Search PCGS on ebay)
Taking a profit and moving along.
I've always wondered why some people feel they have to wring the last dime out of every deal. I took my profit, left something for the other guy, and went on to the next deal. Over a period of almost 40 years, I'd have to say it worked really well for me.
Integrity (trust) paying fair and selling fair, being honest which has led to countless referrals, (even helps in slow times)
knowing where to and how to get rid of things that come in
being able to identify cleaned, problem issues, but at same time recognize a gem when it presents itself.
(not as great on varities as I would like to be, if I take the time to check, I can, but many times I forget or don't take the time)
My eye for varieties has helped me immensely. Fees and capital have made things less than successful. I am not a dealer, more of a peddler I guess, reselling left overs and found varieties to fund my Jefferson (and new trade yen) addiction. I am persistent, so I hope in the long run things get better.
http://www.pcgs.com/SetRegistry/publishedset.aspx?s=142753
https://www.autismforums.com/media/albums/acrylic-colors-by-rocco.291/
That is how I started except I went for minor errors. Resold them for a profit to build my PayPal balance until I could buy a major error coin. Rinse and repeat. Over and over again endlessly.
I'm not a dealer, but I'm sure I've helped a lot of dealers with success in their business.
I actually had one dealer tell me at a coin show, that had just opened for the day, that if I buy all the coins that I had pulled from his cases to look at, that he was packing up early and going home (smiling all the way).
A dealer I know said his way "was buying low,selling high".
Listening carefully and paying attention. Doesn’t hurt to have a good memory and interpersonal skills. This is aside from the obviously required coin knowledge.
Dealing in Canadian and American coins and historical medals.
Knowing when "To take the money and run"
I learned my lesson in1986 with the Statue of Liberty 6 pc gold & silver set.
I just receive the set and took it to show my local dealer buddy. As I recall the set was around $350 +/- issue price and the dealer offered me $1100 for it. I said no thinking that if it is worth $1100 now it will be worth alot more a yew years down the road. My dealer said I was crazy not to sell it.
As you all know the set can be had now for slightly over melt.
Now when I have the chance I "Take the money and run"
I found a novel concept: be honest. Set standards and do not change them. Know what you are doing. Last always respect your customers
After 40 years I think I have 2 customers!!!!!
What's made me successful? Knowing what to spend, and not what to spend. Once I spent a 1909 S VDB...
I have found it’s good be cash rich and not buried in inventory.
Cultivating retail customers is always a challenge. A lot of my business was selling to other dealers. A few of them used to say, “You are one of the few dealers who brings good stuff to these local shows.” That was only because I had contacts with a number of bigger dealers and was able to get the better material.
This. I can see where having good fresh inventory available is a distinct advantage over other dealers.
Great spirits have always encountered violent opposition from mediocre minds.-Albert Einstein
Details?!
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
For me, I need to have a large killer inventory to make my mark.
That said, also having a cash reserve and no coins on credit is a big plus.
being courteous and a keen eye. the rest should take care of itself
There have been many keys to being successful. As the OP asked for one, I'd have to say that its been the same thing all of my life both in and out of coins -- There is no substitute for hard work.
The keys to becoming a successful dealer. Working the widows and orphans has always been a reliable source of material. Always best to avoid slabbed coins, I mean, what do they know about grading? It interferes with the whole concept of buying and selling. Buying as AU and selling as gem BU is the stairway to success! Can't beat the old 2x2 cardboard holder, a stapler and a marking pen to market material profitably. Working shows is like mining for gold. In addition, always best to have two kinds of lights, a selling light for the showcases and a buying light on the back table. Always adopt an attitude when someone disagrees with your grading and pricing, Give them the old "I've been doing this before you were born and I know what I'm doing unlike you hotshots running around with your phone-doo-dads trying to tell me what the market is and I just don't have the time to waste on you" Of course, you have to be able to snap back at these know it alls without choking on the sandwich shoved in your mouth. Dress for success. Personal grooming is for the slick hustlers, look like an average guy that the suckers can feel comfortable with. Yesterday's food and the morning coffee stains on the front of your shirt are perfectly acceptable and give that hard working guy 'look' that isn't getting rich off his customers.
Staying a collector and not dabbling in selling coins.
Not buying or selling coins....
Didn't realize you were on the dealer side. With whom?
I help dealers by paying retail .
I give away money. I collect money.
I don’t love money . I do love the Lord God.
Trying to stick with coins I would only keep for myself. Obviously that can't be 100% when you buy collections!
Last but not least being a straight shooter!
Senior Numismatist at Kagin's.
What is now proved was once only imagined. - William Blake
Im a failure. Would you guys start a GoFundMe page ?
There are many ingredients to a successful business.... Funding and inventory are fundamental.... maintaining and growing a business depends on honesty and customer service...Good customer service will maintain a base and your reputation in this area will grow your business. Cheers, RickO
In today’s market being tech savvy is crucial. Coin shows are dying. Having an easy to navigate website with GREAT pictures is mandatory. It amazes me that dealers are selling 5 figure coins with pictures that look like they were taken by a 5 year old.
Let's see I buy a silver nickel for$1.50, a dime for $1.10 a Quarter $2.75 a half dollar for $4.50 and a dollar for $13.50 I thank I'm doing good my wife thinks I am crazy so I think I'll keep doing it. Just to keep her on her toes.
But it's like every thing in life the harder you work the more you will make. There is no easy way to do it you may make it look easy but it's because you know how to do it. Hard work the harder you work the luckier you get.
Hoard the keys.
I’ll be happy to share this information with you when and if I ever become successful.
My Ebay Store
Great question! To be honest, I wasn't very successful as a dealer on my own, because I made a lot of mistakes early and often. When in doubt, I repeated those mistakes! Once I learned the value of wholesaling to other dealers at every show, I did a lot better, because I moved a lot more inventory and could make a profit too. Holding out for retail business never worked, but cultivating relationships with certain collectors over time did work. Finally, there was nothing better than placing coins in an active auction during a show that had strong collector attendance (Long Beach and Baltimore were my faves, but NOT during the summer time). My best decision though and most successful so far was to stop dealing, earn a Master's in Education, become a teacher and return to the collector ranks. I'm a lot happier in the long run, and have found that as a collector, it is a strength to be able to focus on a series or two. As a dealer, I felt compelled to look at every auction lot possible in every auction possible, and that just wears a body out, although I will say that there is nothing that hones your grading eye better than constantly looking at and evaluating coins.
Being cognizant what regular customers want.
The customer is never wrong.
Give Me Liberty or Give Me Debt
I had a customer make over an hour drive so that I could tell him face to face his 1964 Kennedy was not from a special mint set.
OK, the customer is almost always never wrong.
Give Me Liberty or Give Me Debt