Can you make a living selling coins on Ebay?

Pherris

I see may of you sell coins on ebay. I am wondering if for any of you is this your primary source of income? Is it really possible to make a decent living if your only source of income is ebay selling? Not thinking of doing just curious because of all the ebay threads I see. Thanks any reply.

darktone

I suppose a few do but I think 99.99 percent only do it for a little extra income. mike

Sphinx357

I don't think I could handle it, but yea I'm sure a few people do. Mainly the fat cats that are throwing $5k into a coin then selling it for $6k the next day. That and the people that sell large quantities daily. Like 40+ are ending every single day.

BillJones

I know of at least one dealer who conducted mail bid auctions, issued fixed price lists and took tables at shows before Ebay. After Ebay, all of his other modes of doing business disappeared.

ksteelheader

I don't think I could. I sell things on eBay that are mainly things left over from cracking out mint and proof sets.....It just provides extra cash to buy more to crack out....Ken

coppercoins

A living would be very tough on eBay but possible. At best it would be instable.

greghansen

Zero barriers to entry = tough to make a living.

It's true regardless of what venture your talking about. There are plenty of barriers to entry to an operation like Legend. Capital, knowledge, contacts, etc. Thats why they can make a good living...and thats why they deserve it. Not singling them out (don't know any of them personally), they're just an example. Any clown (myself included...please visit my auctions and help me buy the farm) can snap a few pictures and throw up their coins for auction on EBAY. The margins in ANY BUSINESS with low or zero barriers to entry will ALWAYS be very small over time.

keets

yes.

al h.

puff

I doubt, (but could be wrong), very seriously if anyone can make a living "strictly" from coin sales on Ebay........ That is if they don't live in a shack, and want to eat a diet of Pinto Beans and Rice on a daily basis!

291fifth

The problem would be to maintain a steady suppy of material that will actually sell.

Prometheus183

I sell occasionally on eBay, but don't think I would want to try and make a living from it. The time to prepare pics, edit the pages, answer emails, send invoices, ship the goods, etc., etc.,... it's too much like work!!! ACK!

lordmarcovan

As some of the others have said, I suppose it would be possible to make a living selling coins on eBay, but not much of a living. At best, unpredictable and a lot of hard work.

Russ

<< <i>The problem would be to maintain a steady suppy of material that will actually sell. >>



That's the main issue. Nice coins are, quite frankly, very easy to sell right now. The tough part is finding them in the first place, and then being able to buy them at a price that allows for some profit. Like Greg said, the entry threshhold is very low, so there are plenty of people out there competing to buy material to list. Frankly, most are making very little money because they're paying too much just to get the product.

Russ, NCNE

DaveG

If you assume a 15% gross margin (which might be too high), you'd have to have $500,000 in revenues to generate $75,000 before expenses (travel, lodging, food, PO box, safe deposit boxes, etc.) and taxes, and you'd probably have to put in full days imaging, going to the Post Office and doing your bookkeeping when you weren't traveling.

You'd probably have to focus on coins selling for $1,000 or more to make it worthwhile - you'd have to sell 500 or fewer coins a year (or 42 a month).

It would probaly work if you live in a relatively low-cost area, otherwise you'd have to increase your revenues to $750,000 or more.

It'd be a lot of work!

razorface1027

Can you make a living selling coins on Ebay?

Anything's possible! I make a good living using ebay as a sanity maintainence program, if this is any help..

BillJones

<< <i>

<< <i>The problem would be to maintain a steady suppy of material that will actually sell. >>



That's the main issue. Nice coins are, quite frankly, very easy to sell right now. The tough part is finding them in the first place, and then being able to buy them at a price that allows for some profit. Like Greg said, the entry threshhold is very low, so there are plenty of people out there competing to buy material to list. Frankly, most are making very little money because they're paying too much just to get the product.

Russ, NCNE >>



Yep. Mark-ups are low in the numismatic business, and once you pay Ebay for posting, pictures, sales commissions and Paypal there is not much left for you. I've heard people say that they bought good coins from people who were breaking up their collections. Good for them if that is true. For most of the dealers I know in the business, Ebay is marginal so far as a place to make money. Some dealers blow off their stuff that they have not been able to sell elsewhere. Others use it as place to meet collectors and then sell to them via private treaty outside the Ebay environment.

Exonumia people have a better chance of making it on Ebay because there is no Gray Sheet. Unless you are stealing the coins from little old ladies, there is not way that you can sell quality stuff on Ebay at "bid" and survive economically.

relayer

Can you make a living selling coins on Ebay?

Only if you don't want to live very well.

wondercoin

My 2 cents:

Those who make a great living on ebay would likely make a great living in whatever sales venture they embark on in the related field. Example of what I have seen: Post a nice coin in whatever series you really like and understand and say it sells for $250-$500. Discover through good communcation thereafter that the buyer desires to build an entire collection of this coin type (or whatever the buyer's plan is) and then try to cultivate a relationship with the buyer over time. Over the course of the next year, try to sell a few of these collectors more coins privately. Try to accomplish this with at least 1/20 (yes, 19/20 of the buyers may have little interest in dealing with you and don't allow this to bring you down) of the buyers you get through ebay or any other place -you only get there by being a good salesman and knowing your product well (meaning you could work just about anywhere successfully if you really wanted to). Try to make every $1 in ebay sales equal to $5 or $10 in off-ebay sales on average over the course of the year through good sales and marketing. Those special customers might end up spending $1,000 or $10,000 for every $1 in ebay they bought from you. This is how I have seen individuals do very well with ebay and make solid livings. Not to mention, "last chance" on ebay where you can sell double the items it appears you are selling to the underbidders. In other words, to a great and experienced ebay seller, every $1 of actual ebay sales could mean as much as $5 or $10 in residuals

Wondercoin

Barry

I know a guy who does it. What his actual financial situation is, I don't know.

stujoe

<< <i>A living would be very tough on eBay but possible. At best it would be instable. >>



And complicated by Ebay's changing fee structure and rules. I would think I would be wary of relying my customer base on something out of my control and something that is basically a monopoly. Everyone hates Microsoft, it seems. Why do they love Ebay?


(edited for spelling, as usual)

bearcave

I done fairly well in the late '90's with ebay. Thinking of trying it again, it at least then, was a good way to supplement income.

ccex

Yes, several do. The real and interesting question is: "Can you make an HONEST living selling coins on eBay?"

stujoe

<< <i>Yes, several do. The real and interesting question is: "Can you make an HONEST living selling coins on eBay?" >>



LOL! That is funny because it has that grain of truth to it...

GottaGetCoins

I had a friend who tried it. I invested into the company.

Thats how I ended up with my collextion! I took the inventory upon bankruptcy.

It is very very tough and is much easier doing other things for same money.

Pherris

Thanks for all the replies. I gather from the responses that none of you are doing it full time but more as a supplement or way to meet with other collectors. Good information.

Stuart

I wouldn't want to bet my future on E-Bay or have to rely on it for my income, but if I did it would be with coins valued at least several hundred dollars to make it worth my while...

keets

(meaning you could work just about anywhere successfully if you really wanted to)

...........and this simple statement by Mitch speaks volumes as to why many Coin Dealers are successful and why many more aren't or have to work way to hard for their market share. they are just not good business men and women. you can find them at any show on any given Sunday, the good ones stand out as easily as the bad apples. an individual with good business acumen could sell refrigerators to an eskimo or survive in any chosen endeavor. the local dealer has done just that in varied areas of sales ranging from a jewelry/pawn shop to an automotive junkyard.

al h.

Rampage

I only sell on eBay when I want to buy some new coins. Whatever I make goes back into the hobby so I am not really making anything off it. I guess I look at it as "trading". In other words, I see a coin someone has that I want. It is $100.00. I don't have the cash, but could sell a coin for $100.00 to another person, then get the cash to buy the other coin I want from the first person. So, I traded a coin for cash, and then the same cash for another coin.