Here's how to make a small fortune in coins....
ohbaby
Posts: 768
....start with a large one! 
Seriously folks, the past week we have had some great threads on the coin business, selling coins via auction and paying 3x grey for a less than remarkable coin.
The coin business has so many myths that either a gullible fool is born every second or people refuse to face the facts. If the coin business was such a gravey train you would not have small town dealers on Main St. becoming an endangered species. There would be alot more big dealers. Topstuf really hit the nail on head with his post on coin dealer confessions. Too many times the portrayal is one of all glamour. If it were you would not have so many cranky whining dealers. Think about it.
Then we had the post of the collector who failed to take a loss on a coin on ebay then fails with the Goldbergs [who by the way have one employee, not a Goldberg, who is incredibly rude to his subordinates, it is embarassing watching/listening to his tirades but that's a whole other thread]. Look if you buy coins you had better be prepared to take a loss if you can't find a buyer THIS week. Coins are not like stocks you can sell within seconds, hey are more like real estate.
Finally, yet another collector who bought too high and came to CU for some group therapy to convince him he did the right thing. I bet one day down the road this same fellow will need cash in a hurry and will cry about how no one will pay 3x grey for his PQ coins which no one wants.
People, coins are a frivolous hobby and be prepared to lose money on every purchase you make. If you as a collector always made money how do you think Heritage, Stacks, etc. got to be the size they are? Just like Las Vegas. Whenever someone returns from there and they tell me they won every time or they win at the race track all the time I immediately think "liar". You might make a buck or two here and there on your coin deals but making tens of thousands? I doubt it unless you are playing with a big bankroll and love risk.
Despite all the warning s and sad stories I bet a few who read this will believe they are the exception and take the plunge only to regret later one.
Making a small fortune in coins can be hazardous to your wealth!
Seriously folks, the past week we have had some great threads on the coin business, selling coins via auction and paying 3x grey for a less than remarkable coin.
The coin business has so many myths that either a gullible fool is born every second or people refuse to face the facts. If the coin business was such a gravey train you would not have small town dealers on Main St. becoming an endangered species. There would be alot more big dealers. Topstuf really hit the nail on head with his post on coin dealer confessions. Too many times the portrayal is one of all glamour. If it were you would not have so many cranky whining dealers. Think about it.
Then we had the post of the collector who failed to take a loss on a coin on ebay then fails with the Goldbergs [who by the way have one employee, not a Goldberg, who is incredibly rude to his subordinates, it is embarassing watching/listening to his tirades but that's a whole other thread]. Look if you buy coins you had better be prepared to take a loss if you can't find a buyer THIS week. Coins are not like stocks you can sell within seconds, hey are more like real estate.
Finally, yet another collector who bought too high and came to CU for some group therapy to convince him he did the right thing. I bet one day down the road this same fellow will need cash in a hurry and will cry about how no one will pay 3x grey for his PQ coins which no one wants.
People, coins are a frivolous hobby and be prepared to lose money on every purchase you make. If you as a collector always made money how do you think Heritage, Stacks, etc. got to be the size they are? Just like Las Vegas. Whenever someone returns from there and they tell me they won every time or they win at the race track all the time I immediately think "liar". You might make a buck or two here and there on your coin deals but making tens of thousands? I doubt it unless you are playing with a big bankroll and love risk.
Despite all the warning s and sad stories I bet a few who read this will believe they are the exception and take the plunge only to regret later one.
Making a small fortune in coins can be hazardous to your wealth!
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Buy solid stuff only and lots of gold when you are in your 20s and 30s, don't sell untill you are in your 70s.
John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff