How does one become a Dealer/ Semi-Dealer

smiles72

Just wondering how some of you got your start.

I have no desire to become a dealer at this time.

I would love to hear the stories about your beggininngs in the bussiness

thanks
JM

lordmarcovan

Before the Internet, I worked the classified section of Numismatic News and did the flea market circuit.

relayer

First you ask for free coins.

Then you ask for free flips.

And bam, just like that you have joined the Coin Dealing Industry that can make you lots of money

stman

<< <i>First you ask for free coins.

Then you ask for free flips.

And bam, just like that you have joined the Coin Dealing Industry that can make you lots of money >>





Most won't tell you this but the secret to their "Success" is an email address, an ebay store and you're good to go.

ER

Ask GregtheGreat, the man with the plan.

mrearlygold

Rented my first little storefront on Rte 9 in Bayville NJ waaaaay back in 1979. Shared the place with a old time collector/dealer ( Mr Duffy).

Let's just say it was a humbling experience but I learned a lot.

Tom

mrearlygold

<< <i>Ask GregtheGreat, the man with the plan. >>

smiles72

Let me ask a different question.

What is the best way to become a part time dealer?
JM

Baley

sell a coin. then sell another one.

my3cents

Learn to grade coins.

Then:



buy low....


sell high


any questions?

my3cents

or, for just the experience....

Buy high....




sell low


any questions?

sliderider

I was thinking of doing the part time thing myself. Not in a doing it for a living kind of way, just as a way to move some of my excess from time to time. I'd go for the free ebay store thing first and see how it works out. If you outgrow it, they have 2 other paid levels that you can upgrade to. Ebay is great because you get worldwide exposure for your stuff without ever leaving your living room, so your overhead is relatively low compared to a retail store or even renting flea market booths like Lord M mentioned. No commuting and you can process orders whenever you have the time instead of doing it on a strict schedule. There's also no lugging around hundreds of coins from show to show at risk of loss, theft or damage.

smiles72

It seems like you would lose the big value of doing shows which is to buy from the public.

How would you replace your sold goods?

JM

clackamas

I think to make money you have to produce, meaning making coins in PCGS/NGC/ANACS slabs. To do this you have to learn how to grade or the grading fees will eat you alive. Buy low, sell high, by getting coins cheap, in rolls at face, mint sets, proof sets and cherry picking. It takes time to cherry pick, some issues require going through thousands of raw coins to get coins that may be worth $30-$50. You sometimes get lucky and make a real winner and knowing what the market is for this "luck" coin is key. You may get offers that seem great but are 10% of what the coin is really worth, so market knowledge is key. Hang around this board for a couple of years, dable in "making" coins and ask questions. Evolve into being a dealer and don't quit your day job until you are confident you can make money at it.

I do it as a hobby to pay for my coin addiction. I could do it full time but it would ruin the fun, at least for me. So for now its sell one coin buy a different one and build my sets, which equates to inventory someday if I so choose.

LincolnCentMan

....know more about a specific area of the market than the dealers you're buying from.

David

Sphinx357

- buy low sell high
- deal in what's in demand
- quality over quantity

nickel

all of above is useful info .
depends on whether you see yourself as a collector selling coins to buy others , or part time selling on ebay for a profit. Maybe part time setting up at local shows , or walking the floor to buy or sell . Have time and money? Be a full time show circuit dealer or shop owner . Also depends on the degree of aggrivation you can put up with . For full time , and maybe even part time , you may also be required to get a local tax number . A few trips to a flea market , is the same as doing a garage sale at home . A few local shows , and the promoter may demand a tax number . Welcome to the world of business .

kieferscoins

Read this thread - tons of links

Cameron Kiefer

MICHAELDIXON

I encourage everybody who has a desire to become a dealer to make a friend of a dealer who does shows and spend a day at a show with him. You will get a dealer's perspective and see what it's like from the other side of the table. Plus, you'll be able to make some connections and pick up lots of valuable information and tips from the other dealers at the show. All the information you'll receive here is great, BUT there's nothing like "hand's on" experience. If you are in the Maryland area, I invite you to stop by the Frederick Show this weekend. I know a dealer who would gladly let you work his table!

JadeRareCoin

How does one become a ....Semi-Dealer

First of all, you had better know your heavy truck equipment. I would also carry a diverse line of trucks; Kenworth, Volvo, Freightliner, etc.

291fifth

You need to attend Coin Dealer University. It has campuses in Arizona and Florida (the main campus).

bengals

and to be successful you must molt.

smiles72

Is it possible to become a dealer if you have the knowhow but dont have the years in the hobby?

kieferscoins

Yes. But you still have to have the money to start it right.

Cameron Kiefer

seanq

<< <i>I think to make money you have to produce, meaning making coins in PCGS/NGC/ANACS slabs. To do this you have to learn how to grade or the grading fees will eat you alive. Buy low, sell high, by getting coins cheap, in rolls at face, mint sets, proof sets and cherry picking. It takes time to cherry pick, some issues require going through thousands of raw coins to get coins that may be worth $30-$50. You sometimes get lucky and make a real winner and knowing what the market is for this "luck" coin is key. You may get offers that seem great but are 10% of what the coin is really worth, so market knowledge is key. Hang around this board for a couple of years, dable in "making" coins and ask questions. Evolve into being a dealer and don't quit your day job until you are confident you can make money at it.

I do it as a hobby to pay for my coin addiction. I could do it full time but it would ruin the fun, at least for me. So for now its sell one coin buy a different one and build my sets, which equates to inventory someday if I so choose. >>





It looks like you and I are walking down the same road, clackamas. Except I don't think I could do it full time - and I tend to keep too much of the really nice stuff for myself.


Sean Reynolds