Not at first - was just an investor. Sharing a table at a show with a coin club friend was the catalyst that launched me into it in 1990. At that point had enough slabs fill up most of a case plus some currency (NBN) fill up any gaps. Cheap prices after 89 crash helped me acquire inventory vs before. Got certificate in US Coin Grading at ANA seminar in San Diego. Don’t claim to be grading expert lol.
While working in financial (Educational background MS Acctg) coin biz was part time. I also taught evening college acctg classes after my day job. Revenue from coin shows can vary.
Now that retired from financial do online and enjoy setting up local or nearby shows. Do coins and currency both US and World. Many TPG graded, making up 90 pct inventory investment. Enjoy it but can be draining if sales slow. Like the excitement of the bourse, show food, seeing what other dealers have, and good deals whether buying or selling a plus. Big spender regular customers a key. In the bourse room your competing against many dealers that have everything under sun / many rich w highly competitive spread.
Skills I have from financial helped like organization skills, design / condensing data into big picture, presentation, strategist, cost analysis (pricing) key components. Working on book: Being a Numismatic Dealer at Shows and Online. It would include excel based acctg esystem for Coin Biz. Plus flow from financials to Form Sch C 1040.
@Veep said:
I've been a collector for as along as I can remember and have been dealing part-time for the last five years. With a successful corporate career in sales and marketing, I understand those disciplines and put them to good use in my side business. I've found that I enjoy the hunt more than the "having" and dealing allows me a continuous opportunity to hunt. I have no desire to become a national dealer or a road warrior. I've seen plenty of America on my corporate job. I do enjoy using the skills that I've learned and applying them to building my own business. The only frustration is when there are things that I know should be done to maximize the growth of my coin business but I can not do them due to time constraints.
What I really enjoy is helping to save people, who have coins, from the vultures who would take advantage of them. Case in point was a couple who inherited a collection of Standing Liberty Quarters, Proof Type Coins, Commemorative Halves, and countless other type coins, gold coins, and key dates. They had no clue about what they had or how to proceed. I worked with them to develop a plan, certify the proper coins, and place them in auction. Then we sold off the piles of un-exciting stuff. The net result was $150,000+ for them and a fair % of the total for me. They were astounded, and I had a blast watching their 1916 SLQ come back from PCGS as MS66 and then selling for $29,900. This opportunity came my way because I was fair and respecful to a lady who had a single gold coin that she wanted appraised. That lady turned out to be the sister of the lady with the inherited collection
Right now, the corporation pays me too much to leave, but when the kids are out of college in four years, the plan is to make a run at it full time. I should have developed some good local contacts and a reputation by then.
————————————-
The above was my post in 2006. What actually happened after that is I worked two more years in the corporate world while working the coin business part-time.
Since going full-time in 2008, I have evaluated thousands upon thousands of collections and bought/sold enough to make a good living with no employees and no overnights. Had I known this would work so well, I’d have done it sooner, but it was too risky with a wife, kids and responsibilities.
The last 17 years have been pure bliss. Now I’m scaling down. I’ll always keep my hand in it a little, but am shooting for about 20% of my peak level. One day I may write a tell-all tale (in between rounds of golf and long bike rides).
@ bidask Walter Weill
Do any of you older collector/dealers remember a vest pocket dealer named Walter Weil?
The name is familiar with me. If you talk about same person. Walter Weil was in the 19th century an Marketer of coins in Germany. Him it is considerate as one of the fathers of the coins collecting, coins analyzes and starting the error coins. Him was focus on antic coins, and medieval coins. Has a huge collections. At the end of the 19th century and begin of the 20th century his followers move in US. If one of his gran, or gran, gran sons follows his legacy I do not know. When past away his collection was in Europe second after the King of England.
I am collector as passion and also at some points investment. To be dealer or broker as Will here you has to have this spirit of.
NEVER ARGUE WITH AN IDIOT.FIRST THEY WILL DRAG YOU DOWN TO THEIR LEVEL.THEN, THEY WILL BEAT YOU WITH EXPERIENCE. MARK TWAIN
Did some dealing years ago, for about 5 years. Part time only, mostly vest pocket. Was a total blast, but I don't have what it takes to make a living at it. Few do IMO. (Oh, and I had a pretty good day job and a family, now that I'm retired....)
Nope. It would have to wear dress pants and shoes and then try to be nice to people. I'd rather be out in a marsh in jungle boots or sitting in a lab looking for things nobody has ever seen before, and for which very few care.
@Walkerfan said:
If I could keep my core collection and still make good money being a dealer, then I'd do it!!
Nope.
Best advice I ever received is if you want to become a coin dealer, then your whole coin collection needs to be in your inventory. Every new coin you buy must be for resale, no holding back.
Fun Fact .... my coin "collection" inventory is over 20X and way higher end from when I switched from collectors to dealer.
@Barberian said:
Nope. It would have to wear dress pants and shoes and then try to be nice to people. I'd rather be out in a marsh in jungle boots or sitting in a lab looking for things nobody has ever seen before, and for which very few care.
My dress code is shorts or sweat pant and a printed T Shirt, very comfortable. Long Hair.
Yes I did. Back in the 70’s I worked for 3 different dealers part time. Age 12 to 17, got to go to coin shows and work in the shop. I absolutely loved it. The buying and selling was a blast. Fast forward, sports, college, marriage kids and a different career not in coins I always wondered what would have happened if I had stayed in the coin business. Well fast forward again 50 years, I bought a table at a small show coming up next month ! I am excited as a small kid before Christmas 😀. The results of that show will be another post .
@Barberian said:
Nope. It would have to wear dress pants and shoes and then try to be nice to people. I'd rather be out in a marsh in jungle boots or sitting in a lab looking for things nobody has ever seen before, and for which very few care.
My dress code is shorts or sweat pant and a printed T Shirt, very comfortable. Long Hair.
I am always nice to people.
Internet businesses are the best.
So relaxing and so fun and so freeing.
Great! Sounds like we're both happy doing what we do.
If I was a coin dealer, I'd most likely be one of those mustard-stained grouches.
I tried to get a part-time gig with a dealer during Covid when I was unemployed. I thought it would be cool to get a taste of what it's like. Ended up getting a good job and haven't thought about it again. Plus I just like to collect at this point in my life, not looking to sell.
@Walkerfan said:
If I could keep my core collection and still make good money being a dealer, then I'd do it!!
Nope.
Best advice I ever received is if you want to become a coin dealer, then your whole coin collection needs to be in your inventory. Every new coin you buy must be for resale, no holding back.
Fact, my coin "collection" inventory is over 20X and way higher end from when I switch for collectors to dealer.
Well, then, I guess I’d make a rather lousy dealer. LOL 😂 😉
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
After graduation I tried to get a job working at the local stamp and coin shops. Greg Manning was a role model at the time. Nobody would hire me so I became a banker instead.
As time progresses, the world changes. As one grows old, the changes are rapid with unjust consequences for an older generation reluctant to welcome changes for which there are invented benefits. And as this unfolds, there are more fundamental issues and questions at stake as to how to best allocate resources and technology for the greater good. In the process, the scale really needs to consider fundamental issues... safety, trust and a retail environment that makes sense.
It would have been fun to be a dealer- that is not going to happen for too many reasons which are self evident. There is a huge difference in terms of what dealers set out to do as a business practice in the 1970s in contrast as to what is expected today. Thanks... but no thanks.
Experience the World through Numismatics...it's more than you can imagine.
My first show shared a table with a friend. Like the excitement of the bourse. The thrill of the deal.
Being a coin dealer is tough.
You will have good shows and bad shows (negative P&L). At worst it will be a tax shelter. You will be competing with players who have a lot more money to put into it. So working your angle and a focused strategy is important.
I have commented on this topic several times. Yes, once upon a time I thought I would become a coin dealer but some life experience at the time taught me to go another route. I take coin ownership too personal to make a living at it.
On the other hand though, life has put me in a position several times were I needs must part with coins. Even as we speak I am selling my beloved (of more than 30 years) 1872-S Seated dollar. the wife's car needs a tranny. Sometimes lines I think can get pretty blurry. James
Not be a Dealer, but entertained the idea of just setting up a display at a show for fellow collectors to see. My collection never sees the light of day, sits like a punished kid in the corner that no one looks at.
been a dealer since 2003, always wanted to try something new and interesting and saw a few people get into the coin dealer role and thought why not, and my wife agreed and gave me $20 to buy coins to sell
20 something yrs later still in the dealer/collector role despite some rough roads i had to travel
@SethChandler said:
Yes, then No, then Yes, then kinda sorta, now its a full on YES with this Witter Coin thing.
Witter Coin? What’s that? Never heard of it.
In seriousness, how did you get comfortable taking the plunge? From what I understand, you had an extremely successful career outside of numismatics and family responsibilities. How did you get comfortable taking the risk of going all in?
On a related note if a collector converts their collection to inventory when they become a dealer, what are the tax implications? Do you move your potential collectible capital gains to ordinary income with your original basis used in either case? I have often wondered what that would look like or if it would make sense to transition to dealer status for liquidation purposes as well as seeking other opportunities.
I remember visiting Witter Coins in the old Hobart Building in downtown SF. I have not been to the new location which is likely closer to Lombard Street.
Experience the World through Numismatics...it's more than you can imagine.
@coinkat said:
I remember visiting Witter Coins in the old Hobart Building in downtown SF. I have not been to the new location which is likely closer to Lombard Street.
it's on Lombard, in the old IHOP, near the infamous - for me anyway - Surf Motel ahh the Cow Hollow memories
Comments
Not at first - was just an investor. Sharing a table at a show with a coin club friend was the catalyst that launched me into it in 1990. At that point had enough slabs fill up most of a case plus some currency (NBN) fill up any gaps. Cheap prices after 89 crash helped me acquire inventory vs before. Got certificate in US Coin Grading at ANA seminar in San Diego. Don’t claim to be grading expert lol.
While working in financial (Educational background MS Acctg) coin biz was part time. I also taught evening college acctg classes after my day job. Revenue from coin shows can vary.
Now that retired from financial do online and enjoy setting up local or nearby shows. Do coins and currency both US and World. Many TPG graded, making up 90 pct inventory investment. Enjoy it but can be draining if sales slow. Like the excitement of the bourse, show food, seeing what other dealers have, and good deals whether buying or selling a plus. Big spender regular customers a key. In the bourse room your competing against many dealers that have everything under sun / many rich w highly competitive spread.
Skills I have from financial helped like organization skills, design / condensing data into big picture, presentation, strategist, cost analysis (pricing) key components. Working on book: Being a Numismatic Dealer at Shows and Online. It would include excel based acctg esystem for Coin Biz. Plus flow from financials to Form Sch C 1040.
————————————-
The above was my post in 2006. What actually happened after that is I worked two more years in the corporate world while working the coin business part-time.
Since going full-time in 2008, I have evaluated thousands upon thousands of collections and bought/sold enough to make a good living with no employees and no overnights. Had I known this would work so well, I’d have done it sooner, but it was too risky with a wife, kids and responsibilities.
The last 17 years have been pure bliss. Now I’m scaling down. I’ll always keep my hand in it a little, but am shooting for about 20% of my peak level. One day I may write a tell-all tale (in between rounds of golf and long bike rides).
if we are resurrecting a 2006 thread from @RYK then we need to have at least one pic or dirty gold in it:
+1
The name is familiar with me. If you talk about same person. Walter Weil was in the 19th century an Marketer of coins in Germany. Him it is considerate as one of the fathers of the coins collecting, coins analyzes and starting the error coins. Him was focus on antic coins, and medieval coins. Has a huge collections. At the end of the 19th century and begin of the 20th century his followers move in US. If one of his gran, or gran, gran sons follows his legacy I do not know. When past away his collection was in Europe second after the King of England.
I am collector as passion and also at some points investment. To be dealer or broker as Will here you has to have this spirit of.
NEVER ARGUE WITH AN IDIOT.
FIRST THEY WILL DRAG YOU DOWN TO THEIR LEVEL.
THEN, THEY WILL BEAT YOU WITH EXPERIENCE.
MARK TWAIN
Did some dealing years ago, for about 5 years. Part time only, mostly vest pocket. Was a total blast, but I don't have what it takes to make a living at it. Few do IMO. (Oh, and I had a pretty good day job and a family, now that I'm retired....)
I remember that coin fondly, and I do not want to be a coin dealer.
I enjoy collecting, I would not enjoy dealing.
If I could keep my core collection and still make good money being a dealer, then I'd do it!!
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
Never wanted to become a dealer, or in any kind of sales.
No interest in getting up that early to be a dealer.
Nope. It would have to wear dress pants and shoes and then try to be nice to people. I'd rather be out in a marsh in jungle boots or sitting in a lab looking for things nobody has ever seen before, and for which very few care.
Nope.
Best advice I ever received is if you want to become a coin dealer, then your whole coin collection needs to be in your inventory. Every new coin you buy must be for resale, no holding back.
Fun Fact .... my coin "collection" inventory is over 20X and way higher end from when I switched from collectors to dealer.
My dress code is shorts or sweat pant and a printed T Shirt, very comfortable. Long Hair.
I am always nice to people.
Internet businesses are the best.
So relaxing and so fun and so freeing.
Yes I did. Back in the 70’s I worked for 3 different dealers part time. Age 12 to 17, got to go to coin shows and work in the shop. I absolutely loved it. The buying and selling was a blast. Fast forward, sports, college, marriage kids and a different career not in coins I always wondered what would have happened if I had stayed in the coin business. Well fast forward again 50 years, I bought a table at a small show coming up next month ! I am excited as a small kid before Christmas 😀. The results of that show will be another post .
Great! Sounds like we're both happy doing what we do.
If I was a coin dealer, I'd most likely be one of those mustard-stained grouches.
I tried to get a part-time gig with a dealer during Covid when I was unemployed. I thought it would be cool to get a taste of what it's like. Ended up getting a good job and haven't thought about it again. Plus I just like to collect at this point in my life, not looking to sell.
Successful transactions with: robkool, Walkerguy21D, JimW, Bruce7789, massscrew, Jinx86, jonasdenenbergllc, Yorkshireman, bobsr, tommyrusty7, markelman1125, Kliao, DBSTrader2, SurfinxHI, ChrisH821, CoinHoarder, Bolo, MICHAELDIXON, bigtime36, JWP, 1960NYGiants, fishteeth
Well, then, I guess I’d make a rather lousy dealer. LOL 😂 😉
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
After graduation I tried to get a job working at the local stamp and coin shops. Greg Manning was a role model at the time. Nobody would hire me so I became a banker instead.
As time progresses, the world changes. As one grows old, the changes are rapid with unjust consequences for an older generation reluctant to welcome changes for which there are invented benefits. And as this unfolds, there are more fundamental issues and questions at stake as to how to best allocate resources and technology for the greater good. In the process, the scale really needs to consider fundamental issues... safety, trust and a retail environment that makes sense.
It would have been fun to be a dealer- that is not going to happen for too many reasons which are self evident. There is a huge difference in terms of what dealers set out to do as a business practice in the 1970s in contrast as to what is expected today. Thanks... but no thanks.
Experience the World through Numismatics...it's more than you can imagine.
No. THKS!
The whole worlds off its rocker, buy Gold™.
Myself....Relief pitcher.
I come at it a bit differently than most.
I spent my life trading anything that I could make a bit of money with.
Stocks/bonds/currencies/commodities in addition to comics then gold/coins.
I always had the love of the trade and the vehicle mattered little.
I should have stopped with comics but I believed that gold would last longer than paper?
Maybe I overtraded?
My first show shared a table with a friend. Like the excitement of the bourse. The thrill of the deal.
Being a coin dealer is tough.
You will have good shows and bad shows (negative P&L). At worst it will be a tax shelter. You will be competing with players who have a lot more money to put into it. So working your angle and a focused strategy is important.
i still have it and it's my favorite coin, no doubt...thanks @RYK
I have commented on this topic several times. Yes, once upon a time I thought I would become a coin dealer but some life experience at the time taught me to go another route. I take coin ownership too personal to make a living at it.
On the other hand though, life has put me in a position several times were I needs must part with coins. Even as we speak I am selling my beloved (of more than 30 years) 1872-S Seated dollar. the wife's car needs a tranny. Sometimes lines I think can get pretty blurry. James
The best way to ruin a perfectly good hobby is to do it for a living.
Not be a Dealer, but entertained the idea of just setting up a display at a show for fellow collectors to see. My collection never sees the light of day, sits like a punished kid in the corner that no one looks at.
been a dealer since 2003, always wanted to try something new and interesting and saw a few people get into the coin dealer role and thought why not, and my wife agreed and gave me $20 to buy coins to sell
20 something yrs later still in the dealer/collector role despite some rough roads i had to travel
https://photos.app.goo.gl/XrQurv1fTsH1tWCb8
Yes, then No, then Yes, then kinda sorta, now its a full on YES with this Witter Coin thing.
Witter Coin? What’s that? Never heard of it.
In seriousness, how did you get comfortable taking the plunge? From what I understand, you had an extremely successful career outside of numismatics and family responsibilities. How did you get comfortable taking the risk of going all in?
On a related note if a collector converts their collection to inventory when they become a dealer, what are the tax implications? Do you move your potential collectible capital gains to ordinary income with your original basis used in either case? I have often wondered what that would look like or if it would make sense to transition to dealer status for liquidation purposes as well as seeking other opportunities.
Seated Dollar Collection
Aren’t you the trivago guy?
There is always something getting in the way.
Time and money are so fleeting.
BST: KindaNewish (3/21/21), WQuarterFreddie (3/30/21), Meltdown (4/6/21), DBSTrader2 (5/5/21) AKA- unclemonkey on Blow Out
Not sure about coin dealer, but always loved the one where Kramer always wanted to be a banker...
Yes, I planned on being a coin dealer until I realized I can't grade worth beans.
There are 10 types of people in the world, those who understand binary and those who do not.
the more I buy the more I think coin dealing is inevitable to get rid of it all
the natural arc of collecting always leads to mustard stained shirts
I remember visiting Witter Coins in the old Hobart Building in downtown SF. I have not been to the new location which is likely closer to Lombard Street.
Experience the World through Numismatics...it's more than you can imagine.
it's on Lombard, in the old IHOP, near the infamous - for me anyway - Surf Motel ahh the Cow Hollow memories