Coin Dealers, Specialist, Vest Pocket dealers and Wannabes

BrianKuszmar

After watching this subject brew for the last few years it seems that some clarity on what defines a Dealer/Specialist and Wannabee is lacking so I compiled a few thoughts on what those definitions in my humble opinion might be. This is not absolute nor is it a complete list of definition but it may be a good start. Here goes...

A Coin Dealer is a person that has a working knowledge of all aspects of the coin business. A coin dealer must be able to tell the difference between a type1 and type 2 proof set, a small date from a large date, what the keys and semi keys are for ANY given series or can grade almost every series with some degree of accuracy, knows what proof and mint sets are worth, knows who buys what from common date wheat cents to Stella’s. A coin dealer buys and sells all coins medals, tokens in any grade from any country with values from few cents each to six figure+ coins. A coin dealer is constantly learning and dealing in something new and different. A coin dealer takes the time to talk to people he knows will never spend a lot of money. A coin dealer takes an active interest in kids collecting coins because he knows this is where the future lies. A coin dealer will be active in coin politics not just for his own interests but the interests of the business and the hobby as he knows this is his lifeblood. A coin dealer has and does go to shows in the backwoods of Podunk, Anywhere, USA to buy or sell coins. A coin dealer has at least a good 5 years full time buying and selling all types of numismatic material under his belt. A coin dealer is in it for the long term, not just the good markets.


Specialist Dealers- Specialist can be collectors or dealers but are defined this way because they only work in specific areas of the coin hobby or market. Most all collectors are specialist and often know more about a particular coins series than a coin dealer. Many dealers at shows fall under this category too since they only deal in a specific area of coins or specific price ranges.


Wannabee’s- It is of my opinion that everyone in life is a wannabe. In order to do anything or get anywhere in life you have to be a wannabe. Wannabes are the sophomores of the business. What determines if a Wannabee makes it is if he gets through his minimum 5 years of making a living in all aspects of coins, survives at least one bad market and still makes a living and follows the above definitions of a coin dealer. Once the Wannabee has made it through this period he may be deemed a coin dealer by his peers.

Vest pocket dealers- This is a classic term which describes all the folks doing coin business but not falling under any of the above definitions


So far thats it-
Not that anyone needs my permission <grin> feel free to chime in, add on or give me your opinion of definitions.

Regards to all

Brian Kuszmar

dorkkarl

this may have worked years ago, but today the def'n of a coin dealer is much simpler: someone who can read the label on a slab

K S

shirohniichan

<< <i>this may have worked years ago, but today the def'n of a coin dealer is much simpler: someone who can read the label on a slab

K S >>



Or at least have the general gist of what it says.

lkrarecoins

I agree with your breakdown Brian....

I would call myself a part-time wannabee vest pocket dealer, however.....Everyone's dream
is to make money doing something they love. And nobody should be embarassed
of their goals and ambitions. Heck, if it was up to me, I'd
be working on a fishing boat everyday to make a living, but that aint gonna cover too many
mortgage payments. I strive to learn as much
as I can, so someday, maybe when retired, I can put a full time effort into coin dealing, and
maybe even make a living, while supplementing my own collection.

If not, at least I had a heck of a time tryin'

dorkkarl

i think that somewhere in your def'n of a coin dealer, you gotta include something about "brick & mortar". for some reason, i've always had problems w/ thinking of internet-only sellers as "dealers". . . . . .

K S

michael

i like your definations lots and i must say i totally agree

you sum thnings up quite nicely and fairly and to the point

BrianKuszmar

<< <i>i think that somewhere in your def'n of a coin dealer, you gotta include something about "brick & mortar". for some reason, i've always had problems w/ thinking of internet-only sellers as "dealers". . . . . .

K S >>



I have been in working stores since 1977 and still do, I was going to include that because the a big part of the business is the face to face business. Also in stores you see HUGE amounts of un-certified coins so you learn quite a bit more this way Imo. Given the choice, I would rather go to a coin shop than buy online, something is missing when you buy anything on line, personal service? Friendly chatter? Spending money localy?

Anyways, great addition.

Regards
Brian

librtyhead

Any coin worth xx,xxx.xx deserves first "hand" look!................I would not hesitate buying a 1000.00 coin from a dealer with a rep ...........BUT............get into the 5 digit coins I am on a plane!......!not that I have done that but "if" that happens ..............oh yeah vaca time for this collector! .................I would go w/specialist dealers hands down.

BrianKuszmar

<< <i>...........I would go w/specialist dealers hands down. >>



Only if he had what you wanted..I'd bet your local coin dealer could get you a small discount from that specialist too..
If you have developed a good relationship a good Coin dealer is like a good primary family doctor in many ways, good advice, good references, good referals, they get to know you and your tastes, etc..


Regards
Brian Kuszmar

AgMe

Introduce me to ONE of your "coin dealers"... I've never met anyone that was well versed in all series ever... or could possibly fill your definition.

Most collectors are not specialists... they are accumulators and generally have little specialized knowledge.

To me, anyone that sells ANY coin is a coin dealer... end of story.

Derek2100

Coin Dealers buy and sell coins. The goal is to make a positive P&L. You do this by buying low and selling high. If its a down market and your in a dog fight to make $5 on a $100 slab then maybe marketing a world collctor coin or banknote you have $5 in for $10 is the answer. 5 cents on the dollar doesn't cut it in the coin business.

As far as where I may fall in your matrix or where someone else may think I fall I frankly could care less. My goal is to make money buying and selling coins.

TheNumish

<< <i>Coin Dealers, Specialist, Vest Pocket dealers and Wannabes >>



Sound like a movie Steve Martin would star in.

HighRelief

<< <i> As far as where I may fall in your matrix or where someone else may think I fall I frankly could care less. My goal is to make money buying and selling coins. >>



Still no class Durewood, you need to take the Dale Carnegie course

Connecticoin

<< <i>this may have worked years ago, but today the def'n of a coin dealer is much simpler: someone who can read the label on a slab

K S >>

cladking

This looks like a good and comprehensive definition. There are some hybrids now
days and some new types of dealers as well. There are dealers who also specialize
on the side. This is largely done through the internet.

There are also growing numbers of internet dealers. Many of these are of the "vest
pocket" type and many do it part time.

segoja

By that definition, isn't Laura a Wannabe because she doesn't have a working knowledge of Moderns???

It's certainly a part of numismatics!!!

I think you've defined dealer a little too broadly. By that definition Rick Tomaska and Val Webb are not dealers.....I think they are.

The time element is a good one, but not the broader implications.

Dog97

I always thought a dealer was somebody that was legit, like with a real business and paid taxes on his income and wrote off his losses etc.
And a wannabe was somebody that sold coins on sleazeBay out of a PO Box and didn't paid taxes and didn't worry about writing off his losses because he made up for it on his shipping charges.
And everybody knows that vest pocket dealer is dealer (can be real or wannabe) that's too cheap to rent a table at the show.

Derek2100

You know a lot of you gals spend too much time idolizing this gal. Look at her inventory - are the coins fairly priced? From what I have seen based on the grade on the slabs - yes. Are they accurately graded though?

PerryHall

<< <i>the def'n of a coin dealer is much simpler: someone who can read the label on a slab. >>



...........and has a grey sheet in his hip pocket.

BrianKuszmar

<< <i>I always thought a dealer was somebody that was legit, like with a real business and paid taxes on his income and wrote off his losses etc. >>



There is something to be said for that statement. I would certainly add that a Coin dealer would have all the proper business licenses and conform to required paperwork etc..

If someone is dealing in between the cracks, not conforming to rules,laws,regs,taxes etc.. and making a full time living on it then they could not be considered a legit Coin Dealer. Its easy to play proffessional anything when you dont have to play by the same rules, These folks are more like scavengers and are the bottom feeders of the business..

Regards to all
Brian Kuszmar

BrianKuszmar

<< <i>Introduce me to ONE of your "coin dealers"... I've never met anyone that was well versed in all series ever... or could possibly fill your definition.

Most collectors are not specialists... they are accumulators and generally have little specialized knowledge.

To me, anyone that sells ANY coin is a coin dealer... end of story. >>



Feel free to call me 954-493-8811
Ill introduce myself, I also refer you toas many as you like.

And, you are right about many collectors being accumlators, If I was defining a colletors I suppose there is more than one type too..

Regards
Brian Kuszmar

1794half1839

Very intersting post...

bidask

One day I am going to take my accumulation of coins and become a coin dealer.

thestig

<< <i>Introduce me to ONE of your "coin dealers"... I've never met anyone that was well versed in all series ever... or could possibly fill your definition.

Most collectors are not specialists... they are accumulators and generally have little specialized knowledge.

To me, anyone that sells ANY coin is a coin dealer... end of story. >>



A coin dealer has a large library, and subscribes to Grey sheet.
He also knows the inner workings of the art regarding pick pockets, and at one time or another studied to become a Con.
A wannabe generally learns from example.
A vest pocket dealer asks to see your rare coin you want to sell, he examines it, and then places the coin in his pocket, then offers you ten bucks for the coin take it or leave it..

Founder of the stickler award.