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Can you stink at coins and still be a successful coin dealer?

RYKRYK Posts: 35,797 ✭✭✭✭✭
in U.S. Coin Forum
I have had interactions with a dealer who really seems to not know much about coins, but is a nice guy and seems to be doing pretty well. How common is this? Is this a bull market phenomenon or is there always a proportion of reasonably successful dealers who can get by just by being good with people?
My Box of 20: https://pcgs.com/setregistry/collectors-showcase/box-20/ryks-gold-box-20/17132

Comments

  • coinbufcoinbuf Posts: 11,419 ✭✭✭✭✭
    In todays TPG market I'd say its possible, harder but possible. In fact now that I think about it I know one local brick and stick dealer that is not extremely sharp and is still in business. If this type of dealer sticks with graded material and bullion I guess he can make a living at it.

    Chris
    My Lincoln Registry
    My Collection of Old Holders

    Never a slave to one plastic brand will I ever be.
  • mrearlygoldmrearlygold Posts: 17,858 ✭✭✭
    Depends on what successful is

    Coin's for sale/trade.


    Tom Pilitowski
    US Rare Coin Investments
    800-624-1870

  • jayboxxjayboxx Posts: 1,613 ✭✭
    There are a lot of people who really know little about coins, otherwise you wouldn't be seeing so many 3rd tier slabs being sold, so he could be successful with those types of people. A good rapport with people also goes a long way, I don't know that I would want to deal with a pain in the rear dealer even if they were very good.
  • CrackoutCrackout Posts: 1,369 ✭✭✭✭✭
    If you are a dealer with a brick and mortar shop, you get the added benefit of the walk-in "widow" with her husbands collection. You don't have to be a rocket scientist to make some kind of profit in this market with that kind of low cost.
  • JLWJLW Posts: 583
    Only if you're a "market maker"!image
    Joe
  • BECOKABECOKA Posts: 16,960 ✭✭✭
    I think Coinbuf hit it on the nose. A dealer may start out specializing in one type of coin and appear ignorant in most types of coins. With TPG's this allows him to at least be honest about grading coins he knows nothing about and over time as he learns from experience he will become a better all around dealer.

    It is possible to make it.
  • WTCGWTCG Posts: 8,940 ✭✭✭
    There are plenty of successful dealers who don't know squat about the history or technical aspects of coins or currency. To be successful in the numismatics business a dealer should be reasonably knowledgeable in the technical traits of coins and have satisfactory salesmanship skills. Often times presentation is more important than knowledge when it comes time to sell coins.
    Follow me on Twitter @wtcgroup
    Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
  • PerryHallPerryHall Posts: 46,271 ✭✭✭✭✭
    Don't forget that we are currently in a bull market. Let's see how these dealers do in the next bear market.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • BarryBarry Posts: 10,100 ✭✭✭
    Anyone with some sales skills can sell plastic. Same is true in any field. Do you really think the pharmaceutical sales reps really know anything about the products they try to tell us are best?
  • LongacreLongacre Posts: 16,717 ✭✭✭
    It is definitely possible. It's all about salesmanship (not about knowing history, technical details, quality, etc.). Slabs make it a lot easier. Similar to the pharmaceutical example above, do you think that any salesman knows a lot about whe he or she is selling? I'm actually thinking of bagging my day job and dealing full time. image
    Always took candy from strangers
    Didn't wanna get me no trade
    Never want to be like papa
    Working for the boss every night and day
    --"Happy", by the Rolling Stones (1972)
  • mercurydimeguymercurydimeguy Posts: 4,625 ✭✭✭✭

    I think to be fair in response one must first define "a successful coin dealer".

    The responses are likely to vary based on your definition.

  • RYKRYK Posts: 35,797 ✭✭✭✭✭
    I think to be fair in response one must first define "a successful coin dealer".

    How's this: A viable going concern generating an income in the top third to half when compared to your peers.
    My Box of 20: https://pcgs.com/setregistry/collectors-showcase/box-20/ryks-gold-box-20/17132
  • DeepCoinDeepCoin Posts: 2,781 ✭✭✭
    I would also differentiate grading skills with coin knowledge. The ability to accruately grade a $5 Indian is much diferent than knowledge concerning eye appeal, rarity, history... etc. Also, you have to adjust for the market being served. Not everyone can make a living in high end coins (often the focus of this board). You can make a living in a variety of market segments, with different stragegies.

    I guess I am saying that you need knowledge to remain successful in both bull and bear markets and "stink at coins" is not a particularly specific statement with regard to skills. I would concur that lack of knowledge and poor customer service will only survive in a bull market.
    Retired United States Mint guy, now working on an Everyman Type Set.
  • TrinkettsTrinketts Posts: 1,699 ✭
    In the long run I really don't think so... Especially when it comes to eye appeal. There is only so much that number on the slab will tell you.
    Either write something worth reading or do something worth writing about. -Benjamin Franklin-
  • mercurydimeguymercurydimeguy Posts: 4,625 ✭✭✭✭

    Having lack of numismatic knowledge is not something that could prevent one from becoming a successful dealer. After all, no one is born with numismatic knowledge -- it is acquired.

    Success (or sales) take place when preparation meets opportunity. One could be a hard working person and succeed if he or she follows basic business principles.

  • tradedollarnuttradedollarnut Posts: 20,162 ✭✭✭✭✭
    If I recall correctly, Ray Merena didn't know the first thing about coins ... he was the financial guy of Bowers and Merena. They did pretty well [for a while].
    Early Dollar Set
  • ttxpttxp Posts: 576
    Success is measured in the ability to buy low and sell high. If I pay $425.00 for something and routinely sell it for $535.00, I made a profit, and thus was successful. Even if my profit was based on uneducated guesses.
    "To know the road ahead, ask those coming back"
  • RYKRYK Posts: 35,797 ✭✭✭✭✭
    Robert, I truly appreciate your "nice guy" comment. But, I really wish you had kept the rest of your opinion about me to yourself and not broadcast it here.

    Sorry, Mark, I refer to you as the "mean guy" who knows coins well. image
    My Box of 20: https://pcgs.com/setregistry/collectors-showcase/box-20/ryks-gold-box-20/17132
  • djlusterdjluster Posts: 224
    personal. I would rather go to a coin dealer who know lttle but is still very helpful. then to go a dealer who know everything about coins, history, grade, value,ect.. but will not spend any time with you and he make you feel like you are wasting his time by asking him qustian or about lower graded coins. So i would much rather go to a dealer how help me and make me feel comfetable then a dealer who may know more.
    I got lucky though the dealer I go to is both very knowledgble and helpful
    my Coin Community Gallery
  • TwoSides2aCoinTwoSides2aCoin Posts: 44,385 ✭✭✭✭✭
    If you show up for work every day and open your doors, people will come in. If you treat them with respect, they will buy. It doesn't matter if you are selling tupperware at a garage sale or a coin at a coin shop.
    You can be as dumb as a doorknob, just be nice. Wannabe or LEGITIMATE dealer, it really doesn't matter. What brings success is hard work, not always knowledge, but a collision of the two. Sometimes it's just dumb luck, but it still requires being there. That is something a lot of dealers forget when they don't open up their doors regularly.
    Some wannabes go to work everyday..... because they WANNABE THERE !
  • RussRuss Posts: 48,514 ✭✭✭


    << <i>I would rather go to a coin dealer who know lttle but is still very helpful. >>



    Me too. The dumber, the better.

    Russ, NCNE
    eBay consignment sales | | Collectibles from Resco CCC

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