The Annual "I wanna be a dealer thread"
Thought with all the newbie coin threads, I would pose a few questions and hypotheticals to existing dealers.
Currently there are 121,000 existing Ebay listings on top of the 143,000 sold/completed listings involving just Morgan Dollars. Hard to argue coin collecting is dead.
Recovering from an injured back allowed me nearly a month off to ponder a business plan on dealing coins. Could not walk or sit so spent alot of time researching alot of topics and note taking.
Attended a show where some of the dealers had the same stock as the show I saw from a year ago.
On a whim, purchased and read Q David Bowers "How to be a successful Coin Dealer" from 1988.
As dated as the material seemed it did not stray too far from the heart of the book when it came to the topics of scholarship, quality, honesty, grading, relationships, business acumen etc...
Looking at the ads in monthly publications, I would not say mail order is dead but has evolved or they would not be still publishing. The US Mint has also put a nail in the dealer coffin. Heard on a podcast recently that the Mint mailing list has fallen to less than one tenth the former 2 million subscribers.
Also, my 2020 Coin World Dealer directory showed alot of PM and Pawn Shops, but it seemed a bit light on dealers.
Yes, the internet and TPG's have commoditized and leveled the playing field in favor of the average collector and turned everyone into a internet dealer. Add the fact that price guides, ebay, and auction results and dealers that live by the greysheet can die by the greysheet.
"Thank you Captain Obvious" you are surely muttering...
So, questions for dealers and informed collectors.
Who would you think has a greater advantage?
Small fish... The astute collector building a broad and diverse type set of key dates or the specialist collector of Morgan, Buffs, or IHC's?
Pan Fish... The hybrid Ebay dealer/collector or the Vest Pocket dealer of old toiling on the road looking for fresh material at fewer coin shops?
Trophy fish... Show dealer offering modern world mint and world coins free of the price guides or the traditional show dealer?
Predator fish (as in top of food chain... not nefarious)... Capital rich Richard Nachbar style collection buyer or the local PM dealer?
Thank you in advance for induldging me and please feel free to offer any insights as it helps me formulate my business plan.
Buy the book!