You can have fun at a show and just sit if you want to (the good), the food at shows is typically not so good (the bad), and you have to get up extra early to be there to set up by 7 or 8 or so, depending on the show (the ugly).
Treat everybody fairly whether buying or selling and you'll be successful.
In the coin business that just usually makes you go broke. Depends on what you mean by "fair." Is sticking your clients with crap fair? Many customers really have no clue what "crap" really is.
The keys?
1.Knowledge 2.Experience 3.Training under a good mentor 4.Persistence - outwork the competition. 5.Look out for your customers first (though this often leads to the poor house...but you make a lot of friends along the way).
reconciling #5 is the hardest one, but the least important to making money. There are too many successful "bad" guys around to prove otherwise.
Beats working for a living. Don't be afraid to take chances. You'll come out ahead more often then you lose. Find an area that you have more expertise then everyone else and use that knowlede. Let the other guy make money and they will let you make money. You first need to figure out which dealers work this way and deal with them. Be fair to collectors. Don't take it personal when people critique your coins and prices. It's all part of the game. It's a hobby so don't take it too seriously.
The good: You'll own better, more desirable coins The bad: You'll have to sell most of them to keep the cash flow going The ugly: Well... I'd rather not stoop to that level.
I'm not a coin dealer, but I think the thing I would have trouble with is guessing/knowing what the general public is looking for. I know what 'I' want, but I seem to be a little off center. I guess it would come with time and experience, but I have no desire to try.
I'm not a coin dealer, but I think the thing I would have trouble with is guessing/knowing what the general public is looking for. I know what 'I' want, but I seem to be a little off center. I guess it would come with time and experience, but I have no desire to try. >>
I'm not a coin dealer, either, but think that what coins the general public is looking to buy is not as important as knowing the coins you sell. Personal preferences, whether off center or not, will build a collection. The general public's preferences could build a huge stock of common coins the general public won't buy without excessive hype. Other dealers' preferences are important, though.
"Never attribute to malice what can be adequately explained by stupidity" - Hanlon's Razor
<< <i> Don't be afraid to take chances. You'll come out ahead more often then you lose. >>
TheNumish, could you elaborate on that a bit? Take chances in what way(s)?
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
I think it's important in anything you do to take calculated risks in order to grow and learn. This might be paying more then you want to get a collection, trying to trade in an item you normally don't trade in, getting a table at a coin show you've never been to, sending coins into the grading services to see how you do, etc. etc. Right now I'm starting a mail order company because I don't think the system I'm using to make money will last more then a few years. Been playing the modern game which has been good to me but feel it won't always be so lucrative. People will always collect them but think over time it will get harder and harder to make money off of it. Have a full page ad in Coinage Magazine starting this month and if that works will go into Coin World. Most of my competition in Coinage sells overgraded junk but I'm going to do it without pushing grades. Hopefully it will work. If it doesn't work it will cost a few grand and a lot of time. Don't know unless I take a chance and try.
Comments
Russ, NCNE
Cameron Kiefer
Spring National Battlefield Coin Show is April 12-13, 2024 at the Eisenhower Hotel in Gettysburg, PA. WWW.AmericasCoinShows.com
-YN Currently Collecting & Researching Colonial World Coins, Especially Spanish Coins, With a Great Interest in WWII Militaria.
My Ebay!
In the coin business that just usually makes you go broke.
Depends on what you mean by "fair." Is sticking your clients with crap fair? Many customers really have no clue what "crap" really is.
The keys?
1.Knowledge
2.Experience
3.Training under a good mentor
4.Persistence - outwork the competition.
5.Look out for your customers first (though this often leads to
the poor house...but you make a lot of friends along the way).
reconciling #5 is the hardest one, but the least important to making money. There are too many successful "bad" guys around to prove otherwise.
roadrunner
Don't be afraid to take chances. You'll come out ahead more often then you lose.
Find an area that you have more expertise then everyone else and use that knowlede.
Let the other guy make money and they will let you make money. You first need to figure out which dealers work this way and deal with them. Be fair to collectors.
Don't take it personal when people critique your coins and prices. It's all part of the game.
It's a hobby so don't take it too seriously.
The bad: You'll have to sell most of them to keep the cash flow going
The ugly: Well... I'd rather not stoop to that level.
David
<< <i>Flips, Coins and Cash are what you need.
Cameron Kiefer >>
You forgot the stapler.
I'm not a coin dealer, but I think the thing I would have trouble with is guessing/knowing what the general public is looking for. I know what 'I' want, but I seem to be a little off center. I guess it would come with time and experience, but I have no desire to try.
<< <i>
<< <i>Flips, Coins and Cash are what you need.
Cameron Kiefer >>
You forgot the stapler.
I'm not a coin dealer, but I think the thing I would have trouble with is guessing/knowing what the general public is looking for. I know what 'I' want, but I seem to be a little off center. I guess it would come with time and experience, but I have no desire to try.
I'm not a coin dealer, either, but think that what coins the general public is looking to buy is not as important as knowing the coins you sell. Personal preferences, whether off center or not, will build a collection. The general public's preferences could build a huge stock of common coins the general public won't buy without excessive hype. Other dealers' preferences are important, though.
Russ gave you the best advice.
My posts viewed
since 8/1/6
It's da life we choose
Tom
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>
Don't be afraid to take chances. You'll come out ahead more often then you lose. >>
TheNumish, could you elaborate on that a bit? Take chances in what way(s)?
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
I think it's important in anything you do to take calculated risks in order to grow and learn. This might be paying more then you want to get a collection, trying to trade in an item you normally don't trade in, getting a table at a coin show you've never been to, sending coins into the grading services to see how you do, etc. etc. Right now I'm starting a mail order company because I don't think the system I'm using to make money will last more then a few years. Been playing the modern game which has been good to me but feel it won't always be so lucrative. People will always collect them but think over time it will get harder and harder to make money off of it. Have a full page ad in Coinage Magazine starting this month and if that works will go into Coin World. Most of my competition in Coinage sells overgraded junk but I'm going to do it without pushing grades. Hopefully it will work. If it doesn't work it will cost a few grand and a lot of time. Don't know unless I take a chance and try.