I cant help you on the ya or na.
But I'll never forget the day I chased a kid through center city, in heels, four blocks, over a heavy gold ring.
10 police cars later, as I told them, the kid and the ring just vanished. I was only 30 ft behind him going around a corner.
But I do have something....
....................................................WHAT'S IN YOUR PALM ?
Booooo..! lol
Buying a foreclosed corner bank would be a great start because your vault and two step entrance is handled and you’ve already made a nice investment regardless of the outcome of the business.
Of course you’ll still need daytime security guard.
@logger7 said:
You've been successful in your line of work, why would you even think of pursuing coin dealing?
Thats a valid question. I actually sold my business, and I dont intend to build another one like it anytime soon. It was a fast paced, high stress environment with many moving parts and too many worries. The industry had become more competitive over the years, we got a decent offer and I was ready for a change. I'll likely start a similar business down the line, but I'm not in a rush to do that. I'll wait until the right idea comes along and find a motivated version of myself from 5 years ago, give them some equity and let them deal with all the nonsense.
In the meantime, I have enough reserves that I can experiment and try to find something that makes me happy. While my business was fairly lucrative, it also made me miserable. Coins make me happy, and I already spend hours every week on coins for free. I go to all the big shows and spend thousands of dollars a year on flights and lodging, just because I'ts fun for me. I figured why not try to monetize that, and see where it goes? If I can make a living doing that, great. If I can't make a living doing that, I'll stilll be fine. I'd keep the website, work a few shows a year and deal part time while I start working on the next business.
Idk. If I wanted to open a store, I think I'd pick anything but coins. The margins are thinner than almost any other collectible.
I am from South Florida, and would genuinely be interested in working in a place like the one you are interested in.
I think an online + show presence is 100% the future as opposed to a bona-fide shop with ridiculous amounts of overhead. You are extremely knowledgeable and I think you could carve out a solid niche!
Collector of Capped Bust Halves, SLQ's, Commems, and random cool stuff! @davidv_numismatics on Instagram
@logger7 said:
You've been successful in your line of work, why would you even think of pursuing coin dealing?
Thats a valid question. I actually sold my business, and I dont intend to build another one like it anytime soon. It was a fast paced, high stress environment with many moving parts and too many worries. The industry had become more competitive over the years, we got a decent offer and I was ready for a change. I'll likely start a similar business down the line, but I'm not in a rush to do that. I'll wait until the right idea comes along and find a motivated version of myself from 5 years ago, give them some equity and let them deal with all the nonsense.
In the meantime, I have enough reserves that I can experiment and try to find something that makes me happy. While my business was fairly lucrative, it also made me miserable. Coins make me happy, and I already spend hours every week on coins for free. I go to all the big shows and spend thousands of dollars a year on flights and lodging, just because I'ts fun for me. I figured why not try to monetize that, and see where it goes? If I can make a living doing that, great. If I can't make a living doing that, I'll stilll be fine. I'd keep the website, work a few shows a year and deal part time while I start working on the next business.
Go for it. Can't put a price on happiness.
Successful transactions:Tookybandit. "Everyone is equal, some are more equal than others".
the online/shows/maybe office space option sounds fun, what's the harm in trying it out? you might want to invest in a giant flashing neon sign that says we love old ladies with coins for sale to set up on the office signage
@tcollects said:
the online/shows/maybe office space option sounds fun, what's the harm in trying it out? you might want to invest in a giant flashing neon sign that says we love old ladies with coins for sale to set up on the office signage
Got it...
"Deplorable Dan's gun, coin, bullion, and blow ... if it can make you happy, we sell it"
-----Burton ANA 50 year/Life Member (now "Emeritus")
@tcollects said:
the online/shows/maybe office space option sounds fun, what's the harm in trying it out? you might want to invest in a giant flashing neon sign that says we love old ladies with coins for sale to set up on the office signage
Got it...
"Deplorable Dan's gun, coin, bullion, and blow ... if it can make you happy, we sell it"
Deplorable Dan's blunderbusses, beaned beauties, bullion, blow and bad babes
I have spent the last few years transitioning into full-time coin dealing. First thing was a decent website. At the same time, I focused on building up a clientele of private collectors through shows and networking, developing many great friends along the way. Then I started increasing my show presence when I had the material to justify it. Last year I opened a small office by appointment only. It took time and I did it my way — couldn’t be happier.
I fell out of the roofing business and onto the ground floor of a brick and mortar store in 2009. I came to sell, and found out the majority of people who come to me are in the same business. They come to sell. I can't answer any questions because after fifteen years I've got more questions than you.
Based on your background it doesn’t sound like you’ll be happy flipping $200 coins and making 10-20%. Your success will be dependent on having a source or sources for more expensive coins that you’re able to flip and show a profit. Finding consistent sources will be challenging. Of course this is speculation on my part but with the advent of GC and the big auction houses now being more competitive giving up a significant portion of the BP a lot of collectors are choosing not to sell to dealers.
@skier07 said:
Based on your background it doesn’t sound like you’ll be happy flipping $200 coins and making 10-20%. Your success will be dependent on having a source or sources for more expensive coins that you’re able to flip and show a profit. Finding consistent sources will be challenging. Of course this is speculation on my part but with the advent of GC and the big auction houses now being more competitive giving up a significant portion of the BP a lot of collectors are choosing not to sell to dealers.
Starting another auction business today is also tough. It was surprising to see Legend drop out.
Dan - Based on your background and the type of coins you enjoy, I think you’d have more enjoyment pursuing a business model similar to Doug Winter or Gerry Fortin.
While I think you’d be successful with a physical shop, I think it would entail many of the headaches of the business you left behind. US Coins and Jewelry and Witter Coin are both very successful but I think the Duncan brothers and Seth spend their time very differently than Winter and Fortin.
I’d highly recommend the ANA Summer Seminar Course - The Business of Being a Coin Dealer. It’s taught by Seth, Kenny Duncan Jr and Rob Oberth (RoundTable). I took it last summer and it was eye opening. They will help you explore all your questions and the class was full of part and full time coin dealers with various business models.
Will you continue to collect coins or just be a dealer ?
No matter what I do to make a living, I'm always going to be a collector. Some coins I will likely never let go of, but many of my purchases end up being "catch and release" anyway. This would just speed up the process, I get the most pleasure from the "hunt" anyways.
Over the course of the last 30 years I have heard from two successful and long-term dealers the pivital point in their business that turned it from a 'hobby' so to speak and into a flourishing business was the concept of being a businessman and a collector.
The each stated unequivocally they had to stop collecting coins.
I still think it can be done- being a collector and a dealer- yet their strong opinions on the matter still weigh heavy on my mind.
Will you continue to collect coins or just be a dealer ?
No matter what I do to make a living, I'm always going to be a collector. Some coins I will likely never let go of, but many of my purchases end up being "catch and release" anyway. This would just speed up the process, I get the most pleasure from the "hunt" anyways.
Over the course of the last 30 years I have heard from two successful and long-term dealers the pivital point in their business that turned it from a 'hobby' so to speak and into a flourishing business was the concept of being a businessman and a collector.
The each stated unequivocally they had to stop collecting coins.
I still think it can be done- being a collector and a dealer- yet their strong opinions on the matter still weigh heavy on my mind.
I’ve thought about this and there’s many nuances to take into consideration. Potentially a topic for another thread.
@Project Numismatics said:
Dan - Based on your background and the type of coins you enjoy, I think you’d have more enjoyment pursuing a business model similar to Doug Winter or Gerry Fortin.
While I think you’d be successful with a physical shop, I think it would entail many of the headaches of the business you left behind. US Coins and Jewelry and Witter Coin are both very successful but I think the Duncan brothers and Seth spend their time very differently than Winter and Fortin.
I’d highly recommend the ANA Summer Seminar Course - The Business of Being a Coin Dealer. It’s taught by Seth, Kenny Duncan Jr and Rob Oberth (RoundTable). I took it last summer and it was eye opening. They will help you explore all your questions and the class was full of part and full time coin dealers with various business models.
Great advice, I’m actually going to Summer Seminar this year but I’m to take Advanced grading Lvl 2 with David McCarthy. I felt that my grading skills, specifically with series that I’m not familiar with, are in need of the most improvement at this time. The business class can be next year, at least I already have a foundation there.
@Nysoto said:
Specialize in what you like, as Doug Winter and JD have done. Big coins for whales.
YEP! Far easier to add a few hundred to a "BIG" coin than to a commoner one.
Also fewer specimens to put in inventory.
The "biggies" always find buyers.
I did a few annual Summer Seminars back when there was just one epic event per year. Later ANA split the festivities into two events. If you have no overlap with your selected class then
please take the dealer biz class too. I have many enjoyable memories of their annual event back when it was just one & done. Classes offered once or twice may never be offered again...
I am excited to gain knowledge from YOUR journey into becoming a dealer in 2024ish !
@emeraldATV said:
I cant help you on the ya or na.
But I'll never forget the day I chased a kid through center city, in heels, four blocks, over a heavy gold ring.
10 police cars later, as I told them, the kid and the ring just vanished. I was only 30 ft behind him going around a corner.
But I do have something....
....................................................WHAT'S IN YOUR PALM ?
Booooo..! lol
MMMMMMM............. What have you got in your pocketses? My precious.... Gollum....................
Comments
I cant help you on the ya or na.
But I'll never forget the day I chased a kid through center city, in heels, four blocks, over a heavy gold ring.
10 police cars later, as I told them, the kid and the ring just vanished. I was only 30 ft behind him going around a corner.
But I do have something....
....................................................WHAT'S IN YOUR PALM ?
Booooo..! lol
Buying a foreclosed corner bank would be a great start because your vault and two step entrance is handled and you’ve already made a nice investment regardless of the outcome of the business.
Of course you’ll still need daytime security guard.
Idk. If I wanted to open a store, I think I'd pick anything but coins. The margins are thinner than almost any other collectible.
I am from South Florida, and would genuinely be interested in working in a place like the one you are interested in.
I think an online + show presence is 100% the future as opposed to a bona-fide shop with ridiculous amounts of overhead. You are extremely knowledgeable and I think you could carve out a solid niche!
Collector of Capped Bust Halves, SLQ's, Commems, and random cool stuff! @davidv_numismatics on Instagram
Go for it. Can't put a price on happiness.
the online/shows/maybe office space option sounds fun, what's the harm in trying it out? you might want to invest in a giant flashing neon sign that says we love old ladies with coins for sale to set up on the office signage
Got it...
"Deplorable Dan's gun, coin, bullion, and blow ... if it can make you happy, we sell it"
ANA 50 year/Life Member (now "Emeritus")
I like the name @BStrauss3 it would go over well in The United States of Florida
Have you been to deplorable dans yet? No? Well, you gotta go!
It’s like Fudpuckers in Destin. Everybody’s been at least once.
Deplorable Dan's blunderbusses, beaned beauties, bullion, blow and bad babes
I have spent the last few years transitioning into full-time coin dealing. First thing was a decent website. At the same time, I focused on building up a clientele of private collectors through shows and networking, developing many great friends along the way. Then I started increasing my show presence when I had the material to justify it. Last year I opened a small office by appointment only. It took time and I did it my way — couldn’t be happier.
Dealing in Canadian and American coins and historical medals.
I fell out of the roofing business and onto the ground floor of a brick and mortar store in 2009. I came to sell, and found out the majority of people who come to me are in the same business. They come to sell. I can't answer any questions because after fifteen years I've got more questions than you.
HE>I
I was perusing CCE dealers in NC/SC
Is that something you have considered joining?
BST: KindaNewish (3/21/21), WQuarterFreddie (3/30/21), Meltdown (4/6/21), DBSTrader2 (5/5/21) AKA- unclemonkey on Blow Out
Based on your background it doesn’t sound like you’ll be happy flipping $200 coins and making 10-20%. Your success will be dependent on having a source or sources for more expensive coins that you’re able to flip and show a profit. Finding consistent sources will be challenging. Of course this is speculation on my part but with the advent of GC and the big auction houses now being more competitive giving up a significant portion of the BP a lot of collectors are choosing not to sell to dealers.
Starting another auction business today is also tough. It was surprising to see Legend drop out.
Dan - Based on your background and the type of coins you enjoy, I think you’d have more enjoyment pursuing a business model similar to Doug Winter or Gerry Fortin.
While I think you’d be successful with a physical shop, I think it would entail many of the headaches of the business you left behind. US Coins and Jewelry and Witter Coin are both very successful but I think the Duncan brothers and Seth spend their time very differently than Winter and Fortin.
I’d highly recommend the ANA Summer Seminar Course - The Business of Being a Coin Dealer. It’s taught by Seth, Kenny Duncan Jr and Rob Oberth (RoundTable). I took it last summer and it was eye opening. They will help you explore all your questions and the class was full of part and full time coin dealers with various business models.
Over the course of the last 30 years I have heard from two successful and long-term dealers the pivital point in their business that turned it from a 'hobby' so to speak and into a flourishing business was the concept of being a businessman and a collector.
The each stated unequivocally they had to stop collecting coins.
I still think it can be done- being a collector and a dealer- yet their strong opinions on the matter still weigh heavy on my mind.
peacockcoins
I’ve thought about this and there’s many nuances to take into consideration. Potentially a topic for another thread.
Founder- Peak Rarities
Website
Instagram
Facebook
Great advice, I’m actually going to Summer Seminar this year but I’m to take Advanced grading Lvl 2 with David McCarthy. I felt that my grading skills, specifically with series that I’m not familiar with, are in need of the most improvement at this time. The business class can be next year, at least I already have a foundation there.
Founder- Peak Rarities
Website
Instagram
Facebook
YEP! Far easier to add a few hundred to a "BIG" coin than to a commoner one.
Also fewer specimens to put in inventory.
The "biggies" always find buyers.
I did a few annual Summer Seminars back when there was just one epic event per year. Later ANA split the festivities into two events. If you have no overlap with your selected class then
please take the dealer biz class too. I have many enjoyable memories of their annual event back when it was just one & done. Classes offered once or twice may never be offered again...
I am excited to gain knowledge from YOUR journey into becoming a dealer in 2024ish !
Happy Thursday DD !
Lindy
MMMMMMM............. What have you got in your pocketses? My precious.... Gollum....................