Question for Dealers....

AtcBob

Hey folks,

Can you make a good living being a dealer? I'm looking for information in this field...Thanks!

Cameo CC

Yes you can. Here is what I would think through.

1 - Will I sell uncertified coins, certified coins, or both?

2 - What is the market I will serve (Gold, Traditional coins, Modern, etc.)?

3- What role will technology have in my business?

4- How much investment capital will I need?

5- Will become a PCGS or NGC authorized dealer?

6- Who are my competitors?

7- What need will I fill for the specific market I enter?

8- What are your mission and value statements?

Those are just a few of the questions I would answer.

Todd

ANACONDA

Some coin dealers make quite a bit of money, others don't. Resources are the key, and i'm not referring to just financial resources.

mrdq

I'm not a dealer but this is my favorite response to people when they ask me what it's like doing my job.

"If it was EASY everyone would be doing it"

I beleive anyone can make any amount of money in any just about any profession (except the obvious situations like me being 5'9" I'd never make in the NBA). With discipline and dedication anyone can be anything including a Coin Dealer. There's no secret code or secre gene required.

Half of being successful is recognizing what you are NOT good at and avoid it at all costs. I studied Robotics in college and realized I hated the tought of living in a big city working in a cubicle for the rest of my life. 15 years later I own and operate 4 very nice businesses because

1. I wanted to
2. I worked hard at it
3. In the beginning I had a co-signer


"If it was EASY everyone would be doing it"

AtcBob

How does on ego about becoming a "certified" PCGS Dealer?

Cameo CC

PM Sent.

Todd

billiardmaster

If you are a lucky person and have a natural eye for quality, well maybe. Truth is you probably have to already be rich to have a chance.
As I have said before, maybe 5% of the dealers can grade anywhere close. You want in, you need to have a lot of money and hire an
expert to teach you. And hope for an up market.
Rusty

Cougar1978

It takes a lot of money to be a dealer. Furthermore you need to have the ability to buy it right - buy low / sell high. Getting a good margin is everything. Plus beating your competitors. The coin biz is tough do you have the stuff?

Learn how to pick off auctions get nice stuff for inventory.

jmlanzaf

@Cougar1978 said:
It takes a lot of money to be a dealer. Furthermore you need to have the ability to buy it right - buy low / sell high. Getting a good margin is everything. Plus beating your competitors. The coin biz is tough do you have the stuff?

Learn how to pick off auctions get nice stuff for inventory.

You're answering a question posed by someone who hasn't been on this forum in EIGHTEEN YEARS.

MasonG

@jmlanzaf said:
You're answering a question posed by someone who hasn't been on this forum in EIGHTEEN YEARS.

You never know- he might be back.

Paradisefound

Any deal-er who master their dealing to a close makes money so good luck finding the trade secrets.