@1madman said:
Who is financially backing these yn’s? Or are they dealing with a small number of sub $500 coins? When I was ~18, I know I didn’t have the funds to finance a full inventory
Please don’t tell me they’re using their college tuition money to buy coins.
I actually talked to one of them recently and asked them the same question because I was wondering the same thing. This particular dealer is in his mid-20s and works with his brother and the impression that I got was that they just work very, very hard. He said they work at least 80 hours per week and they are very active on many different media platforms, including YouTube where they post at least one video a day. They also sell numismatic related apparel. Another big factor he said was building quality relationships. Sometimes for them it is more important to build a good quality foundational relationship with a dealer rather than make a big deal right off the bat. They gradually built their inventory over the course of several years to something that is quite impressive now.
And that’s not to say other established dealers don’t work very hard and put in long hours as well. Just trying to point out that some of these young guns are doing everything they can to make it in the business and it’s working out very well for many of them and it’s very nice to see that happening.
This. I have seen it. One YN knew a person was going to buy an item at auction (they actually talked about it on the phone) but the YN bid it way up, trying to get it...so he could then mark it up and sell it to the person he knew wanted it.
This is the kind of thing I was alluding to above. “You reap what you sow” takes some living to fully grasp, but if you’re playing in the arena with adults I would say it’s important to wise up quick if long-term success is the goal.
College never really did it for me. I went the 4 yrs and obtained a degree as I always wanted the piece of paper in case I failed at a self employed venture. I did work for a short period of time in my field of study.
My education was at the racetrack and honed some life skills such as managing money and discipline. It didn't take me long to realize (based on my returns ..(which were miniscule) that I needed a real profession. Fortunately, I was going to college so my living expenses were all paid for.
After a stint in accounting .. I married my love of very controlled risk taking with something that could provide returns... namely the financial markets. I understood quickly a few important life lessons..
1)Know who you are
2)Everyone is a genius in a bull market
3)My biggest cost of being self employed was my living expenses followed second by my need to pull a fair amount of money out to give me future security. I knew quite a number of traders who left the biz and had little personal security.
If all else failed my college degree would come in handy. While I believe in following your calling I believe it's important to obtain the degree that many large employers require. I advised my daughter that she can be a ski bum after she finishes college. Many believe differently and that's ok.
So... I'm glad that younger people are taking an interest in the hobby and some seem to be excelling. I just question if the lures of a bull market (in everything until recently) are influencing their interest? Perhaps they should speak to some pros about what the hobby was like 10 years ago?
@1madman said:
Who is financially backing these yn’s? Or are they dealing with a small number of sub $500 coins? When I was ~18, I know I didn’t have the funds to finance a full inventory
Please don’t tell me they’re using their college tuition money to buy coins.
Cant speak for other YN's but I've had a good paying job since I was 16, all my coin money is my own hard earned cash Being in construction I did not feel it necessary to go to college as I can learn much more thoroughly and efficiently on the job, so I'm using what would have been my college tuition I guess
."It's a dangerous business... going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to" -JRR Tolkien_________________________________________________________________________________________________________________________________________Outstanding BST transactions as a seller, buyer and trader with: ----- mustanggt, Kliao, claudewill87, MWallace, paesan, mpbuck82, moursund, basetsb, lordmarcovan, JWP, Coin hunter 4, COINS MAKE CENTS, PerryHall, Aspie_Rocco, Braddick, DBSTrader2, SanctionII, Histman, The_Dinosaur_Man, jesbroken, CentSearcher ------ANA Member #3214817
@Goldminers said:
What seem to be the collecting areas that many YN's have the most interest in? What is selling or being asked about the most?
Is it older 1800's classic copper or silver, Morgans/Peace dollars, early 1900's gold, mid 1900's cents, nickels, dimes, quarters, halves, modern gold, silver, or modern clad in top condition?
Commemoratives seem to be losing interest, and I am guessing most YN's are single, because first spouse gold sure is unpopular.
Young collectors have been collecting just about everything. I haven't seen much growth in demand from younger collectors for tokens and medals but few collectors have much interest in these their first twenty years or so. the growth in this field is still from older collectors. Fewer are leaving tokens ands medals than entering so even here there is some strength.
Younger collectors are buying a lot more expensive coins than I ever predicted but their demand is across all coins both US and world. I suspect ancient coins will be a growth market in a few more years as well.
Comments
Indeed. Likewise for developing wisdom. Both are instrumental in establishing or changing a professional reputation.
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
And that’s not to say other established dealers don’t work very hard and put in long hours as well. Just trying to point out that some of these young guns are doing everything they can to make it in the business and it’s working out very well for many of them and it’s very nice to see that happening.
This is the kind of thing I was alluding to above. “You reap what you sow” takes some living to fully grasp, but if you’re playing in the arena with adults I would say it’s important to wise up quick if long-term success is the goal.
College never really did it for me. I went the 4 yrs and obtained a degree as I always wanted the piece of paper in case I failed at a self employed venture. I did work for a short period of time in my field of study.
My education was at the racetrack and honed some life skills such as managing money and discipline. It didn't take me long to realize (based on my returns ..(which were miniscule) that I needed a real profession. Fortunately, I was going to college so my living expenses were all paid for.
After a stint in accounting .. I married my love of very controlled risk taking with something that could provide returns... namely the financial markets. I understood quickly a few important life lessons..
1)Know who you are
2)Everyone is a genius in a bull market
3)My biggest cost of being self employed was my living expenses followed second by my need to pull a fair amount of money out to give me future security. I knew quite a number of traders who left the biz and had little personal security.
If all else failed my college degree would come in handy. While I believe in following your calling I believe it's important to obtain the degree that many large employers require. I advised my daughter that she can be a ski bum after she finishes college. Many believe differently and that's ok.
So... I'm glad that younger people are taking an interest in the hobby and some seem to be excelling. I just question if the lures of a bull market (in everything until recently) are influencing their interest? Perhaps they should speak to some pros about what the hobby was like 10 years ago?
Building ones own business is super rewarding in pride of ownership.
The freedom is amazing.
I built a nature photography business (which I still have) and started over and built a coin business because of economics.
Had I focused on the coin business only, I would probably hanging out with Fred in retirement now on some island.
Cant speak for other YN's but I've had a good paying job since I was 16, all my coin money is my own hard earned cash
Being in construction I did not feel it necessary to go to college as I can learn much more thoroughly and efficiently on the job, so I'm using what would have been my college tuition I guess 
."It's a dangerous business... going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to" -JRR Tolkien_________________________________________________________________________________________________________________________________________Outstanding BST transactions as a seller, buyer and trader with: ----- mustanggt, Kliao, claudewill87, MWallace, paesan, mpbuck82, moursund, basetsb, lordmarcovan, JWP, Coin hunter 4, COINS MAKE CENTS, PerryHall, Aspie_Rocco, Braddick, DBSTrader2, SanctionII, Histman, The_Dinosaur_Man, jesbroken, CentSearcher ------ANA Member #3214817
Young collectors have been collecting just about everything. I haven't seen much growth in demand from younger collectors for tokens and medals but few collectors have much interest in these their first twenty years or so. the growth in this field is still from older collectors. Fewer are leaving tokens ands medals than entering so even here there is some strength.
Younger collectors are buying a lot more expensive coins than I ever predicted but their demand is across all coins both US and world. I suspect ancient coins will be a growth market in a few more years as well.