I would say minimum $10,000 Inventory Investment, 2 glass display cases, lighting 100 watt, electrical, and quality dolly / Cart about $150. One case holds 80 slabs per layer which can stack up 6 deep. Currency, collector coin binders can take up space not allotted to slabs (say you just have 60). Having CPG (CDN based MV / retail) on your phone a plus. Develop a unique code for cost and sell code for back of holder price sticker. Cost code sb in red. Friend in coin club who just started out in offer mgt - for say show walk up sellers just references his phone CPG offer 60- 70 pct of CPG or whatever he thinks can sell for. Or items may simply be cost plus. He does a lot of buying from bay and GC and has opened eBay basic store. I coached him on play calls for tire kickers: 1 this is just $5 over cost 2 sorry this is lowest consignor will go 3 do you have one sell me at that 4. Best can do considering what trading for as maket advancing, bull market. Once one gets good experience may develop matrix / feel for pricing A,B, or C coins. Then toners and so on.
Depends on how much time you have and how hard you want to work and your skillset.
I started with a negative amount 20 years ago.
... and doubled my money in no time!
100th pint of blood donated 7/19/2022 . Transactions with WilliamF, Relaxn, LukeMarshal, jclovescoins, braddick, JWP, Weather11am, Fairlaneman, Dscoins, lordmarcovan, Collectorcoins, SurfinxHI, JimW. God so loved the world that he gave his only begotten son, that who so believeth in him should not perish but have everlasting life.
@scotty4449 said:
Keep good records, data is fun! Then you can look back and shake your head like I do. Taxman can't get you if you lose money right? Also, I tend to not want to sell the really nice coins that I buy, so the data is a bit skewed.
Don't jump in to anything. Take time and study. Read in regards to the series or type of coins you wish to sell. If you are totally uneducated to coins then go to ebay, get a user id and research common morgans sold info and see how many are selling at the various levels you wish to participate in. I would recommend you do not buy raw coins unless very experienced. You can use ebay for a ton of info once you learn its intricacies. Just take your time. If it is feasible, go to some coin shows where you actually get to hold the coins inhand.
Best of luck. It's hard to make a killing in this hobby, especially in a short term period like a year, if at all.
Jim
When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest....Abraham Lincoln
Patriotism is supporting your country all the time, and your government when it deserves it.....Mark Twain
Comments
Spend the $1,000 on the ANA Summer Session grading and counterfeit detection courses.
Good idea but I doubt Summer Seminar will have open seats annytime soon.
My eBay page: https://www.ebay.com/usr/alvareznumismatics
This is how I built my company ....
I would say minimum $10,000 Inventory Investment, 2 glass display cases, lighting 100 watt, electrical, and quality dolly / Cart about $150. One case holds 80 slabs per layer which can stack up 6 deep. Currency, collector coin binders can take up space not allotted to slabs (say you just have 60). Having CPG (CDN based MV / retail) on your phone a plus. Develop a unique code for cost and sell code for back of holder price sticker. Cost code sb in red. Friend in coin club who just started out in offer mgt - for say show walk up sellers just references his phone CPG offer 60- 70 pct of CPG or whatever he thinks can sell for. Or items may simply be cost plus. He does a lot of buying from bay and GC and has opened eBay basic store. I coached him on play calls for tire kickers: 1 this is just $5 over cost 2 sorry this is lowest consignor will go 3 do you have one sell me at that 4. Best can do considering what trading for as maket advancing, bull market. Once one gets good experience may develop matrix / feel for pricing A,B, or C coins. Then toners and so on.
... and doubled my money in no time!
All those minus's look like my No limit Texas Holdem tournament record.
Don't jump in to anything. Take time and study. Read in regards to the series or type of coins you wish to sell. If you are totally uneducated to coins then go to ebay, get a user id and research common morgans sold info and see how many are selling at the various levels you wish to participate in. I would recommend you do not buy raw coins unless very experienced. You can use ebay for a ton of info once you learn its intricacies. Just take your time. If it is feasible, go to some coin shows where you actually get to hold the coins inhand.
Best of luck. It's hard to make a killing in this hobby, especially in a short term period like a year, if at all.
Jim
When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest....Abraham Lincoln
Patriotism is supporting your country all the time, and your government when it deserves it.....Mark Twain