Can a dealer also be a collector?

Geoman

If you are a coin dealer, can you also collect coins? Say you run a smaller shop, and a coin comes in that you would like to personally own or keep. But you really should sell it as a dealer, as you could make money on it. What do you do? Put it for sale in your shop? Keep it?

How hard is it for a dealer to also be a collector? Another example similar is a dealer is part owner in a coin shop. A nice coin comes in that could easily sell. But the other part owner wants it for his other shop. Who gets the coin?

edited for spelling....

291fifth

They can be, but probably shouldn't be.

Michigan

<< <i>They can be, but probably shouldn't be. >>




Q. David Bowers says he gets as much numismatic enjoyment just handling various coins and cataloging them for sale as he would if he formed an extensive collection of them and held them over a period of time.

He does collect in some of the more offbeat areas of numismatics such as counterstamped coins, obsolete
currency etc. that are out of the mainstream and would generally not conflict with what most of his
customers are looking for.

DeputyPud

I have been a part time dealer for about 21 years now (Dealer wannabee or whatever you want to call it. ). I have been a collector for a lot longer than that. Maybe that's the main reason I never opened up my own shop. I'd want to put everything away for myself and I'd be broke!
The coin shops I have worked in both owned by dealers that have been in the business since the 60's. They both have their own collections too. Unlike me, they have a very select grouping put away. One has collected error buffalos since they were not anything more than junkbox oddities. The other has collected early date large cents.
I guess that what makes me say I'm a dealer at all is the fact that everything I have is for sale. Its just that certain pieces can stay with me forever, and that's fine too. I love looking at them now just as much as I did the day I purchased them.

DeputyPud

Now quit posting interesting threads for the rest of the day so I can get away from the board, finish packing, and get down the road to Baltimore!

LanLord

One of my regular dealers (also my favorite) is a collector as well.

On many occasions I get the distinct feeling that it actually hurts him to part with some coins.

I think if I were to ever sell my collection, I'd feel the same way. I'm sorta attached to the stuff.

777

I actually miss being a collector, Being a full time dealer; I try not to think about the unreplaceable coins Iv'e sold over the years. I stay focused on all the new ones coming...

morganbarber

There is a section in one of the Travers books where he discusses dealers, collectors, hoarders, and investors. (there may have been one or two other catagories) He says that in order to be financially successful with coins, that you MUST be a collector--not necessarily one who is working on amassing a collection, but one who loves coins and appreciates them without regard to financial gain. My father loved bullion, and thus bought many coins. He always kept a hoard. He had no eye whatsoever and any time he ventured into numismatics, he always bought "bargain" pieces with no eye-appeal or problems, or whatever.

mrearlygold

Both and sometimes it interferes with my businesses cash flow

Oh well, been that way for a looooong time. It's something that ain't gonna change !

Barndog

I'm just a collector, but one of my favorite dealers (Dick Osburn) explains duality this way (taken directly from his web site - www.dickosburn.com):

About Dick Osburn

COLLECTOR

I was born in 1945 and have been collecting coins since I was 10 years old. I've seen a lot of changes in the market over those years, but have never lost my interest in collecting. Like most collectors I began with 20th century coins, gradually expanding into the earlier series. In the late 1970's I narrowed my collecting interest to half dollars. By 1980 I had focused solely on seated halves.

DEALER

By the early 1990's my collection needs and my budget began to diverge, so I started selling my duplicates. I've been a dealer since. My inventory now includes all bust and seated coinage, plus selected rare dates in 2 cent pieces, three cent pieces, and shield nickels. In June of 2003 I retired from my job with the space program to devote full time to my numismatic activities. I still remain a devoted collector, but only of seated halves.

NUMISMATIST

I've been involved with research on seated half dollars since the mid-1980's. I've written over a dozen articles for the Gobrecht Journal, the journal of the Liberty Seated Collector's Club. I authored the seated half section of Kevin Flynn's book on misplaced dates.

sinin1

dealers who 'specialize' in certain series, are usually collectors and specialists of that series as well

WTCG

Most dealers are coin collectors to some extent.

braddick

Unfortunutely, yes! I look for the dealers though that have no interest in the type of coins I collect. The ones that like what I do always ask more for their inventory.

Find me a dealer, for example, that doesn't like MS67 Kennedys or original gold and that's a dealer I'll do business with!

PQpeace

yes !

michael

Can a dealer also be a collector of the types of coins he sells to make a living?


NO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

RegistryCoin

Of course, a dealer can be a collector, and visa versa.

TorinoCobra71

Nahhhh...they are too interested in the Profit Margin!



TorinoCobra71

LincolnCentMan

Sure. You can be a dealer and collect. I would imagine that most dealers start out as collectors. I doubt that bug ever truely goes away.

David

dorancoins

I think that a dealer can do both dealing & collecting - I don't see why he (or she) couldn't.

topstuf

I was. What I like is stuff the public doesn't give a hoot about. The public wants bullion, proof sets, and birth years.

This forum is NOT "the public."


edited to add: Also Jeweluster, Cointains, Albums, Quarter boards, 2x2's, Redbooks, and free appraisals.

FullStrike

<< <i>If you are a coin dealer, can you also collect coins? Say you run a smaller shop, and a coin comes in that you would like to personally own or keep. But you really should sell it as a dealer, as you could make money on it. What do you do? Put it for sale in your shop? Keep it? >>




The local Dealer in my area has exactly the problem mentioned. He seems to solve his dilemma by only offering the absolute trashiest Coins known to man. How does he survive? He also sells Sports Cards and he is or was a fence. He was once busted for buying stolen goods so I'd bet he's still in the game.

Needless to say, I'd don't patronize this guy. Bodybag Coins aren't on my want list.

ChangeInHistory

If a dealer can be both, and they get a good rip from a walk-in customer, are they scum if they flip the coins for a profit, or do they get a "You Suck" if they keep it for their collection?

morgannut2

<< <i>If a dealer can be both, and they get a good rip from a walk-in customer, are they scum if they flip the coins for a profit, or do they get a "You Suck" if they keep it for their collection? >>



Interesting question: If they keep it, perhaps there is some hope for their soul, but they can still be scum--

JPerry

Quote from Frank (Tony Mantana's one time boss in Scarface):

Rule number one: don't underestimate the other guy's greed.

Rule number two: don't get high on your own supply.

Boom

To answer the questioned posed, "Can a Dealer also be a Collector?" Certainly..... bill collectors. ... as in Greenbacks/ Currency! LMDAO.