How many of you full time coin dealers are also coin collectors ?

barberlover

It was a very interesting thread Laura posted asking how many of us collectors dream of being dealers, so here is an interesting turn the issue question, Ive heard some dealers tell me they don't collect coins because it would be a conflict of interest. I disagree with that point of view and rather think it would be received by collectors as an afformation of your interest in the coin hobby not just the coin business.

toyonakataro

I also would like to know if dealers also collect coins.
And in that case, I wonder what they collect.

RKKay

I collected US Patterns for years and then decided to buy and sell. I don't buy anything now without an eye toward resale (except when a pattern blows me away). I have heard the argument that you can't do both. My feeling is that, if a client is interested in something you'd like, the client gets priority. If no one is interested, what possible conflict could there be?

I also dabble in nice proof 2c and shield 5c.

MastaHanky

A local dealer here who passed away recently was an avid Barber collector. I dare say he had one of the finest sets ever assembled, but he never really mentioned them, and his collection was slowly liquidated without fanfare. I doubt too many people saw it, but had it been auctioned off all at once at one of the houses, it probably would have pulled really strong money.

Trime

I too have heard from many dealers that they are no longer collectors of coins. They give lots of reasons but I have a feeling it is kind of like the boat owners story: " The happiest day in my life was when I bought my first boat; the second happiest was when I sold it."
Given that the collecting of coins is a major way to sock away money with limited chance of competitive profit from the investment, one might assume that the more knowledgable you get about this business the more you can appreciate the art and science of the field with other peoples money.;

BillJones

I'm a full time dealer, and I still collect. The main pitfall, of course, is that you will keep too much of the good stuff yourself. I’ve not had a problem with that because I’m picky about what I collect, and I’ve never bought stuff for myself that I could not afford.

If you can maintain a barrier between your business and your collection it’s the best of all possible worlds. Sometimes I buy something that fits in my collection, and I just quietly put it away. Usually it’s an upgrade, and the one in my collection goes into business inventory where it almost always sells very quickly. It’s really great to run into a nice upgrade piece at an attractive price and know that I can buy it because there will be no problem about selling the duplicate!

Before you jump in however, you need to know this. To be a successful coin dealer, you have really got to know what you are doing. Screw-ups can put you out of business fast because the downside in this business is a lot higher than the upside. Dealer mark-ups are low, and building capital, as well as a customer base takes time. You also have know an awful lot about one area, like early copper, or know a great deal about a wide range of things, like most everything that’s listed in the Red Book.

AND, you have got to be a great grader and know how to spot counterfeits. Most people can’t do it, but if you have the desire and talent it is possible.

MacCoin

it may be just some click in my head but if a deal don't collect he not in tune with me the customer.

Cameo CC

I must confess I collet the Modern coins, as I think most dealers collect modern as well as many other type coins.

Todd

jadecoin

I am a collector of three-cent nickels and seated liberty quarters. Dennis collects large cents and large-sized bust quarters.

Sincerely,
James Garcia
jadecoin

gsaguy

I don't know that I'd consider myself a full time dealer, but I'm definitely a full time collector. I enjoy both sides of the hobby and definitely see no conflict of interest. There are certain coins I wish to add to my collection and certain others that I enjoy owning for a while and then selling. Since I buy and inventory only coins that I like, it's the best of both worlds!

GSAGUY

danglen

I kind of view my entire inventory as my collection. If there is a coin I REALLY like, I may price it a bit on the high side and hope nobody buys it, but generally speaking, I get a thrill out of just having the coin and being able to appreciate it during its short stay with me. Sometimes I get a coin that just blows me away, run downstairs to show my wife, and she will say "Oh, that's nice. Would you please take out the garbage while you're down here?" That is a great reality check