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Am I a wanna be dealer?
LincolnCentMan
Posts: 5,347 ✭✭✭✭
I usually try to stay away from the fights on the message boards. I, like most, have lurked on Laura's posts on wanna-be dealers. They are usually a pretty fun read, but man... they get long quick. I've tried to stay out of them. For one thing, there are a lot of valid points on both sides. I dont want to get caught up arguing about something that wont change anyone's mind about anything.
Another member posted a thread with the same title as this one. I thought about it and figured I'd wait until that one got all the posts it was going to, then post the same one for me.
So here's my situation....
I was big into Lincoln cents for a number of years. As a person that earns a meager 24+K per year, I was not able to collect at the level that I wanted to. I didnt think it was right for me to budget for coins. After all, at my age, about 25 at the time, a couple hundred bucks per month would go a long way in a 401K by the time I retire. So I looked at my options. I ultimatly decided that I would use the knowledge and skills that my hobbie afforded me to finance my collecting endevors. I started really small, $10-$50 coins and tried to score four or five bucks profit on each transaction after all the fees were paid for. After two or three months of that, I was doing ok, but dang.... ebay was making as much as me. I looked at the fee schedule and decided I was going to have buy and sell higher dollar coins to make any money. So I started selling higher level coins. I tried to stay in the $50-$200 range. It worked well for me.
Well, time went on, and I started making a decent amount of money. When I noticed that I was pulling in enough to actually be concidered an income, I decided that I needed to give Uncle Sam his fair share. So I went to the court house, claimed an assumed name, went to the bank, and opened an account. So began my work as a part time dealer.
I'm now approching my two year mark. I think I have done very well. If I were to guess, I'd say that about half of my profit has been made off of PCGS submissions. I CAN grade coins. Most of the rest, I got from quick turnover purchases. I do not have, and have no intention of having a physical shop. This is something that I do on the side. My inventory is my "collection." In the last two years, it's grown about 400%.... significantly more than what it would have if I were spending money on coins as I could afford it out of the personal funds.
So you tell me, does this make me a wanna-be dealer?
David
Another member posted a thread with the same title as this one. I thought about it and figured I'd wait until that one got all the posts it was going to, then post the same one for me.
So here's my situation....
I was big into Lincoln cents for a number of years. As a person that earns a meager 24+K per year, I was not able to collect at the level that I wanted to. I didnt think it was right for me to budget for coins. After all, at my age, about 25 at the time, a couple hundred bucks per month would go a long way in a 401K by the time I retire. So I looked at my options. I ultimatly decided that I would use the knowledge and skills that my hobbie afforded me to finance my collecting endevors. I started really small, $10-$50 coins and tried to score four or five bucks profit on each transaction after all the fees were paid for. After two or three months of that, I was doing ok, but dang.... ebay was making as much as me. I looked at the fee schedule and decided I was going to have buy and sell higher dollar coins to make any money. So I started selling higher level coins. I tried to stay in the $50-$200 range. It worked well for me.
Well, time went on, and I started making a decent amount of money. When I noticed that I was pulling in enough to actually be concidered an income, I decided that I needed to give Uncle Sam his fair share. So I went to the court house, claimed an assumed name, went to the bank, and opened an account. So began my work as a part time dealer.
I'm now approching my two year mark. I think I have done very well. If I were to guess, I'd say that about half of my profit has been made off of PCGS submissions. I CAN grade coins. Most of the rest, I got from quick turnover purchases. I do not have, and have no intention of having a physical shop. This is something that I do on the side. My inventory is my "collection." In the last two years, it's grown about 400%.... significantly more than what it would have if I were spending money on coins as I could afford it out of the personal funds.
So you tell me, does this make me a wanna-be dealer?
David
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Comments
Why do you care about what type of label Laura or anybody else would put on your type of dealing?
I think you know you aren't a wannabe, but I think that if you just started on all series and weren't honest about your expertise with each, you could cross that line.
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
Thank You
SilverDollar
NoEbayAuctionsForNow
You wannabe able to collect what you like without someone telling you your stupid or ignorant.
You wannabe able to turn over extra junk you accumlate along with coins you really DO like, to get MORE coins you really Do like!
You wannabe able to admire what you have and have accomplished, then pass it on to others to admire when something better comes along.
You wannabe of good service to those that you sell to, whether collector or dealer or investor or whatever, becauseeverybody likes a good reputation.
Personally, I wouldn't care what others thought. I replied to one of those posts because as I read it, I really really got quite irked as it seemed to be a put down to sell parts of your collection to build other parts. Kind of like it's wrong or immoral to do so. Then I remembered back to a few years ago in California when the BBB and "7 On Your Side" did this "exclusive" of how home based businesses and consultants were "all scams" feeding people false information while charging "outrageously low" charges for their services. After a few weeks of this continued propoganda on the media, it only took a few months later before we had to "close up shop" and call it quits.
I saw no difference in these Legend posts of "don't trust them, trust me, I know better, they're all scams" that it just got under my skin. But, still, oh well, who cares what "they" think. The people I BST with know what I'm about for the most part and know my integrity. That is all that matters.
www.Numismatic-Playground.com
<< <i>So you tell me, does this make me a wanna-be dealer? >>
Does it really matter?As long as you were honest and you weren't looking to dupe people your ok in my book.
I too was a dealer back in the mid 60's and it was like far out man.
Herb