Becoming a dealer

Coin Finder

With all this talk about collectors and dealers and collector/dealer etc. I was wondering what does make you a dealer in the eyes of the numismatic field? Or the IRS for that matter.

I would guess the following:

1. Incorporate, get a name and get a business license.
2. Join the ANA.
3. File taxes based on the coin business.
4. Regularly attend shows and buy a table.
5. Subscribe to the greysheet (CDN).
6. Sell all your coins to gmarguli at half price!

What Else??

Maybe you do not need all of these to become a dealer.

I would like to know anyones thoughts on this.

Thanks

Tbig

kranky

With tongue in cheek...

1. Start taking a table at shows, get assigned to a table at the farthest corner from the door. The only items showgoers offer you are the dregs that no one else would buy on their trip around the bourse.
2. Get all your nice coins cherried by the experienced dealers who swoop around your table as soon as you start setting up.
3. Offer to buy some coins from other dealers' tables, get offered a tiny discount from retail.
4. Have other dealers bring coins to your table to buy to see how many problem coins they can stick you with.
5. When a retail customer asks for something you don't have, walk customer to a dealer who carries the item. Now the other dealer owes you a favor if the customer buys something. If a retail customer offers you coins that are really nice but the deal is too big for you, split the deal with another dealer. Another favor owed.
6. Repeat 1-5 for awhile. Eventually you quit buying other dealers' problem coins, you start to get tables closer to the door based on seniority. Favors pile up. Some start to get paid back.
7. One day, another dealer asks if he can bring you something back from the concession stand. You are accepted.

PTVETTER

You have to put up with a collector or two each year stealing your coins

Fairlaneman

No Thank You to being a Dealer. The way my coins get Roasted here would signal Losing my Ass in a month or so.

Ken

Dog97

Mostly #1 & #2.

vam44

Don`t forget that you are tied down to setting up your table, while all the "vultures" are picking the carcasses clean of any unsuspecting dealers all over the bourse,`cause they didn`t bother paying the couple hundred bucks for a table and being tied down like you did.