How Do You Start A Coin Business?
mattpayne777
Posts: 2
Hello All,
I am interested where do you need to go or what do you need to do in order to start a coin business? My idea would be to sell them them Ebay or some form of online forum. I am all about honesty and intregity though. I have read some stories in these forums that come close to scaring me away from this such as how a person can buy a coin on EBay for $35 and then more less touch it up and then turn it around sell it for $3500. I have no problem with making a profit, but I don't want to lie to people.
Where do most coin sellers buy their coins? I have read some accounts on Ebay where a guy says he gets a huge load of coins in every week. Where does he get these coins? I have searched the net up and down to try to find out this stuff but so far nothing. I am interested in learning about it though. Thanks for taking the time to read this.
Matthew
I am interested where do you need to go or what do you need to do in order to start a coin business? My idea would be to sell them them Ebay or some form of online forum. I am all about honesty and intregity though. I have read some stories in these forums that come close to scaring me away from this such as how a person can buy a coin on EBay for $35 and then more less touch it up and then turn it around sell it for $3500. I have no problem with making a profit, but I don't want to lie to people.
Where do most coin sellers buy their coins? I have read some accounts on Ebay where a guy says he gets a huge load of coins in every week. Where does he get these coins? I have searched the net up and down to try to find out this stuff but so far nothing. I am interested in learning about it though. Thanks for taking the time to read this.
Matthew
0
Comments
edited the word should
Apropos of the coin posse/aka caca: "The longer he spoke of his honor, the tighter I held to my purse."
<< <i>How Do You Start A Coin Business? >>
The same way you start any other business.
Russ, NCNE
Oh boy, how to put this lightly. If you ask any successful business person: "What are your secrets to making money?" They are not going to just tell you. Like everyone else you will just have to learn as you go. Some people buy from the public, some at online auctions, some at estate auctions, some from wholesalers and on and on.
Good luck,
Have a Great Day!
Louis
(Sorry, just kidding)
To be a coin dealer, I would say first you need to have a decent knowledge of the hobby/industry as a whole, and an in depth knowledge of what you plan to sell. Then you need inventory, publicity (or e-bay), software to track inventory/sales/shipping/accounts......
You MUST begin to find ways of obtaining inventory, at good pricing. And THAT will involve very very hard work. This must be done first.
<< <i>You ask for free flips, of course. >>
That's only after you ask for free coins
My posts viewed
since 8/1/6
Louis
Stuart
Collect 18th & 19th Century US Type Coins, Silver Dollars, $20 Gold Double Eagles and World Crowns & Talers with High Eye Appeal
"Luck is what happens when Preparation meets Opportunity"
2. if you don't know where to get stock, what prices, how to grade etc. you will fail.
Gregthegreat has been lurking. He last logged in yesterday.
Cameron Kiefer
How much does it really cost to be a coin dealer?
Coin dealer qualities needed
How hectic is the life of a coin dealer?
Certificates needed?
What question(s) have you wanted to ask a coin dealer- all questions have been answered - whew!
Can an ethical and honest person be a successful Coin Dealer?
Cameron Kiefer
Once you get through a number of successful transactions, maybe post more-- of course the more you post, the more
customers/transactions/questions/shipments you have to keep track off (obviously). A major coin show is the best place
to hunt down inventory-- of course you'll have to have the ability to purchase stuff that you can turn around at a profit.
Cameron Kiefer
As far as your questions, Cameron has given you a great start on lots of interesting reading, and the "search" function will yield lots more.
My best advice is to read. Read read read, go real slow, and don't be afraid of hard work and making mistakes (both are vital).
it also would help quite a bit if you actually like coins.
(if you're looking to "get rich quick" in the coin business, I'll tell you right now: it ain't going to happen)
oh, and here's the other side of that outstanding avatar coin you've chosen:
Liberty: Parent of Science & Industry
<< <i>How Do You Start A Coin Business? >>
Heh, do like the other wanna/bee coin dealers. You're half way there already and probably didn't know it. OK, you obviously have an email address, now open an ebay store and poof.... you're a dealer.
<< <i>this should be a good thread.
edited the word should >>
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>This thread made me wonder what ever happened to GregTheGreat? I wonder how his new business is doing?? >>
Oh gee this ones even better!
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
It's easy - buy coins for $72 and then take huge pictures of them and post them on e-bay for $3800 - all you need is the right camera equipment....
oh - and an eye for coins that others will salivate over - which takes time and study - OH HECK! Just read cameron's post and the links. You'll be ahead of the game.
My Auctions
Can an ethical and honest person be a successful Coin Dealer?
and there were no answers or a thread for that matter....I guess that answers that!
<< <i>Serious points to ponder:
How much does it really cost to be a coin dealer?
Coin dealer qualities needed
How hectic is the life of a coin dealer?
Certificates needed?
What question(s) have you wanted to ask a coin dealer- all questions have been answered - whew!
Can an ethical and honest person be a successful Coin Dealer?
Cameron Kiefer >>
<< <i>I just tried this link
Can an ethical and honest person be a successful Coin Dealer?
and there were no answers or a thread for that matter....I guess that answers that!
>>
now thats funny
Everyone else is simply a wannabe dealer.. you'll have to consult with one of them on how to start a coin business.. it looks like Cam posted some useful links.
Good luck!
Whoops, I mean Bye-Bye!
That was it for ol Matt. We need an icon for goodbye, it would get a workout.
Apropos of the coin posse/aka caca: "The longer he spoke of his honor, the tighter I held to my purse."