Do coin dealers retire?
RYK
Posts: 35,797 ✭✭✭✭✭
I have been perusing old coin books and catalogs in preparation for their, er, dismissal ( 
) and came across the biography of Abe Kosoff, "Dean of Numismatics" written by QDB. The book is outstanding, as is the story of Kosoff himself. A world class coin dealer of his generation, Kosoff died of a brain tumor in 1983 at age 70*, but he was active in his numismatic business into late 1982. Today, age 70 seems youngish for retirement in a field like numismatics.
I have seen coin dealers "retire", sell their business, and open a new dealership to compete with their old firm. I have seen coin dealers leave their business and work for other coin dealers, grading companies, or auction houses. I have seen coin dealers sell their inventory and just start up again, de novo, on their own. Of course, I have seen collectors pivot to coin dealering in a Career 2.0 or 3.0. Of course, the line between a dealer and a collector can blur and one could conceivably move between these categories or simply exist in the gray between.
Certainly, the barrier to entry or re-entry as a coin dealer is negligible. Anyone can get a business license. There is no required certification, and the business can be scaled up or down on a dime (pun intended).
I have never heard of a coin dealer who makes his fortune and hangs it up at a young age (say 50's). This is something that doctors, tech workers, and other professionals aspire to do, and I know many who have done so. But not coin dealers.
Do coin dealers retire from coins?
- in the later year photos of Kosoff, he looked old, like someone who is 85 today, even before the brain tumor.
Comments
This coin dealer did.
At age 60, I began the retirement process.
It took a year to clear out the 20-year accumulation of numismatic debris in the shop’s backroom.
The absolute low point was dealing with a rented storage unit full of ready-to-repair coin counters and various other detritus, including buckets of tokens and foreign coins, all being stored for years at a cost of thousands of dollars.
Do coin dealers retire? Absolutely!
But some hang on much too long, out of habit I suppose.
30+ years coin shop experience (ret.) Coins, bullion, currency, scrap & interesting folks. Loved every minute!
HAPPILY !!!!
Although I still.... kinda.... collect.
But leaving the shop was one of the happiest days of my life.
If your thinking Retirement it most likely will stick.
Hard to imagine a retired coin dealer completely passing on a great collection that comes his way. Maybe he won’t buy it and work it for the next couple of years, but he’ll do something. So I’d say coin dealers almost never completely retire, but they can slow down and/or change their business model.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Yes, they do if you count the people who no longer go to the national shows.
If a big collection came my way, I'd have to refer them to the most honest people I know in the business. I don't have the selling contacts any more.
The late Richard Nachbar retired three times a year for three decades.
Liked his business model the best.
Show up at a coin show with 500k cash in a glass case...
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I remember seeing Abe Kosoff at a show probably around 1980. I thought he was older than 70.
No. They just fade off into the sunset, wandering around in parking lots searching for elusive/rare parking lot coinage.
I did almost exactly 2 years ago, and I must say I am enjoying my retirement, and my retirement time
for PCGS. A 49+-Year PNG Member...A full numismatist since 1972, retired in 2022
Well Mickey from Rocky 3 says all the great ones retire. Presidents retire, generals retire, athletes retire, horses retire...Man O'War, Secretariat...they all retired and were put out to stud. So I guess great coin dealers retire as well.
D's: 54S,53P,50P,49S,45D+S,44S,43D,41S,40D+S,39D+S,38D+S,37D+S,36S,35D+S,all 16-34's
Q's: 52S,47S,46S,40S,39S,38S,37D+S,36D+S,35D,34D,32D+S
74T: 37,38,47,151,193,241,435,570,610,654,655 97 Finest silver: 115,135,139,145,310
73T:31,55,61,62,63,64,65,66,67,68,80,152,165,189,213,235,237,257,341,344,377,379,390,422,433,453,480,497,545,554,563,580,606,613,630
95 Ultra GM Sets: Golden Prospects,HR Kings,On-Base Leaders,Power Plus,RBI Kings,Rising Stars
Retirement is great,if you can afford it.
Old Soldiers Never Die... They just Fade Away.
Experience the World through Numismatics...it's more than you can imagine.
I am trying to form a mental picture of a stud coin dealer.
If you do what you love, then you never work a day in your life.
So, I guess it depends on whether you enjoy it or not.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
Been hustling on ebay for a couple decades in a variety of collectibles.
Should make the leap by this time next year into coin dealing at shows.
Been kicking the tires for years.
Just getting started.
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I thought Coin Dealing was something one retires into. Been that way ten years for me, and couldn't be happier
Empty Nest Collection
Matt’s Mattes
Like a circulated coin? 😂 😉
Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )
Richard tried to sell me the business the first time he "retired", but wanted to come to the office every day. I think the deluge of collections that he got every time he threatened to retire kept him coming back.
It's good to see that my former co-worker Michael has kept the business goin. I get to see him and his wife at shows a couple times a year and reminisce about the good old days.
What is now proved was once only imagined. - William Blake
I heard it was "Old dealers never die, they just trade away."
What is now proved was once only imagined. - William Blake
@OAKSTAR
I suspect the response to your comment that I would like to make would result in consequences that would lead to my departure. And if that happens, so be it and I can live with that. The individual that made that statement earned our respect and as much as I disagree with him in connection with what happened at a later time, there should be a level of respect for what he did... how he did it... at time that made a huge difference when it really mattered.
I think I made a mistake posting this 1951 quote. But I think it should not be deleted.
Experience the World through Numismatics...it's more than you can imagine.
That was from General Douglas MacArthur's farewell speech.
I remember during the Vietnam War, people would say "Old soldiers never die.....just the young ones."
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
And it was at a Joint Session of Congress in 1951
Experience the World through Numismatics...it's more than you can imagine.
What the heck are you talking about? Cool your jets, stick around awhile.
What does Gen. Douglas MacArthur quote have to do with this thread? So PM me and make your comment. Tell me what you really think. Then I'll tell you what I really think!
Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )
The post by Regulated added the right touch to the thread.
@OAKSTAR
Not thrilled with your tone. I don't think I need to explain this as in my mind it is self evident.
Experience the World through Numismatics...it's more than you can imagine.
I think it's self evident that this post has nothing to do with this thread. I actually helped you out. I brought this Gen Douglas Macarthur quote back on topic.
Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )
At one time I thought that might be my path, but no longer.
Great thread to announce my retirement.
Best wishes
Experience the World through Numismatics...it's more than you can imagine.
Of course. Some of us had to for reasons of health.
Care to elaborate @RYK?
I know of quite a few medical professionals who made the move into coin dealing or auctioning. And that was before the recent difficulties in medicine (such as difficulty getting paid and having to work for the man instead of private practice). I have always assumed it was more profitable and/or enjoyable for them.
I'm not even 40 but I do have my eyes set on retiring at 55-58. House will be paid off at 52, kid turns 26 when I'm 55, so that's the first couple big dominos that need to fall. Kid shows no interest in coins, so no point to worrying about that unless he starts to at some point. Savings rate is high enough for me to pull it off at 55, if I part with my collection, which has always been my plan...
"It's like God, Family, Country, except Sticker, Plastic, Coin."
Al Borlan: Find the stud, not the dud!
D's: 54S,53P,50P,49S,45D+S,44S,43D,41S,40D+S,39D+S,38D+S,37D+S,36S,35D+S,all 16-34's
Q's: 52S,47S,46S,40S,39S,38S,37D+S,36D+S,35D,34D,32D+S
74T: 37,38,47,151,193,241,435,570,610,654,655 97 Finest silver: 115,135,139,145,310
73T:31,55,61,62,63,64,65,66,67,68,80,152,165,189,213,235,237,257,341,344,377,379,390,422,433,453,480,497,545,554,563,580,606,613,630
95 Ultra GM Sets: Golden Prospects,HR Kings,On-Base Leaders,Power Plus,RBI Kings,Rising Stars
I thought that coin dealers never retired, they just crusted over...
No -it’s for life.
It says more about my interest in doing something else as an encore career (other than coins) than it does about docs staying in clinical careers. My passion for coins and has waned over the years, and I simultaneously recognize that my skills, work style, lack of entreperneurial spirit and desire to not be on the road mean that I like the attributes to be successful and content in the coin biz.