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Flipping Coins

I've been thinking about trying to flip coins for a profit, as it gives me a means of enjoying coins that i cant always keep! For all of yall that buy and sell coins for a profit i have a few questions for you.

How much do you need to start flipping?
What type of coins do you buy?
What coins do you stay away from?
Do certified or raw coins sell better?
Where do you get the coins?? (ebay, local, ect...)
Who do you sell the coins to??


Please help me out as much as possible without giving away all your tips!!! Im not looking at starting a business, just a means of funding a hobby!
MSgt USAF Jan-06 - Present

Comments

  • dogwooddogwood Posts: 1,935 ✭✭✭✭
    1) Thoroughly understand and personalize no more than 3 series that you would like to concern yourself with.

    2) Buy only the most eye appealing, original examples you can find.

    3) Don't tie up more funds than you can afford to flush down the toilet.

    4) Buy the book.

    5) Raw to PCGS is a positive business model.
    We're all born MS70. I'm about a Fine 15 right now.
  • garsmithgarsmith Posts: 5,894 ✭✭
    << Flipping Coins >>

    A new year at college and the old beer games imageimage
  • lordmarcovanlordmarcovan Posts: 43,198 ✭✭✭✭✭
    How much do you need to start flipping?
    Just one dollar will do ya, but the more you have to put in, the more you can potentially flip.

    What type of coins do you buy?
    Personally, my best cherrypicking and flipping has come from bulk world coin lots. I buy 'em dirt cheap, turn around and sell 'em cheap, below catalog, but still at multiples of my cost. It's time-consuming and labor-intensive, to be sure, but with the Krause catalogs and a bulk lot of older world stuff, I can triple, quadruple, quintuple my money or more. It just takes time and work. Of course there are plenty of other things to buy, too- go with what you know and like, and cultivate relationships with folks who have similar tastes.

    What coins do you stay away from?
    I think anything, even so-called "junk", has its opportunities if you buy it knowingly and at the right price.

    Do certified or raw coins sell better?
    Certified, usually, but in the world coins, raw still does just fine. Depends on what pricerange you're talkin' about. Plastic is nice, but not necessary. (Edit: not unless you get over a certain pricerange or have gold or key dates. Then I would consider it fairly necessary.)

    Where do you get the coins?? (ebay, local, ect...)
    BST and the forums, mostly, but eBay, too. Once in a while, locally. I live in a smallish town and happen to be the closest thing to a dealer here. In this one-horse town, I'm the one horse. That could be an opportunity if I were physically present at my antique mall booth more often, but I mostly buy by appointment, and don't get a lot of calls. I will probably change that soon by being present more often and offering free appraisals, at least one day a week.

    Who do you sell the coins to??
    Right here on the forums, and eBay, too. Plus at the antique mall booth I mentioned.



    After losing most of my possessions in some hard times in the mid-1990s, I started with only about forty or fifty bucks, ten years ago. Flipped and traded, flipped and traded, flipped and traded, and pretty soon my holdings were worth about four figures, then lower five figures. It adds up, if you trade and sell well and learn your stuff, and put a few more dollars in now and then to prime the pump.

    I'm still small potatoes, but I've come a long way, baby.

    Explore collections of lordmarcovan on CollecOnline, management, safe-keeping, sharing and valuation solution for art piece and collectibles.
  • To answer those questions would take decades of work and cannot be summed up in a thread, let alone a single post.

    Trial and error. What works for some doesn't for others. Find an area where you are successful and keep to it.
  • BroadstruckBroadstruck Posts: 30,497 ✭✭✭✭✭
    With trial and error for a newbee flipper sometimes you make a profit sometimes you take a bath... it balances out in the end and gives you a chance to be a temporary custodian of a greater selection of coins. image
    To Err Is Human.... To Collect Err's Is Just Too Much Darn Tootin Fun!
  • lordmarcovanlordmarcovan Posts: 43,198 ✭✭✭✭✭
    I once turned an eight-dollar investment into two genuine 1877 Indian cents, all by some good trading.

    Enough deals like that, and you grow a little bit each time. And wow, who'd have thunk it... you don't even have to be dishonest or sleazy.

    Explore collections of lordmarcovan on CollecOnline, management, safe-keeping, sharing and valuation solution for art piece and collectibles.
  • BoomBoom Posts: 10,165
    Yeah, you've got to be REAL GOOD at it if you want to make profit

    because PP is gonna take 3% which in essence kills S/H charges

    thereby costing the seller actual S/H + supplies - and of course

    FeeBay is gonna take an even bigger chunk o' change!


    Together, all tolled, right at 10%! So that's 10% the flipper doesn't get.


    I know many salesmen that would LOVE to make 10%!


    I KNOW you've undoubtedly at least HEARD of "Bookies"!

    Bookies make real nice livings charging 10% "Juice"!

    Now - unless a bookie is just downright stupid and does not know how

    to balance his "books" (or to lay off on other shops if he gets "heavy" on 1 side)

    HE IS GOING TO MAKE A KILLING .... basically playing Middle-man! ( I love this example)

    Granted, it's NOT the best example to use but I've had a few friends that book

    and there are NOT very many POOR bookies - if you know what I mean!image

    At any rate - back to flipping! If you don't buy smart, knowing the %

    you WON'T GET - you could quite easily LOSE MONEY. A good flipper needs

    to make at least 20% MORE than what he buys for to cover expenses &

    finish in Black figures! THAT's A FACT, JACK!! image BOOK IT! image
  • BoomBoom Posts: 10,165
    Another way to play this Game is by buying raw or US Mint products,

    & submitting the merchandise for grading. When it comes to buying RAW,

    you NEED to know how to grade "in the vicinity" - 1 point in either direction ....

    and that's IF you are fortunate enough to be able to go to shows & cherrypick.

    Some great GEM BU coins are NOT worth the cost of submission - yet another harsh reality!

    A lot of people here WERE making good money buying from the Mint & sending in Bulk submissions.

    Unless you get the right technical grades - barring dreaded Body bags - you could again end up

    wasting time & money! Wrong number on the label - nobody wants the stuff. image

    It's a tough Game, for sure! If you submit coins you need to know a given tpg's guidelines. image
  • DrWhoDrWho Posts: 562 ✭✭
    chance of success; about the same if you started a B&M, with an idea, not a franchise. low.

    note the item about feebay and paypal fees, 10%, off the top.

    don't expect to feed, clothe, roof, college the kids for quite a while. you would be better off keeping the day job, which limits what you can do 'flipping'.

    you'll have to devote 90% of your time finding material, if this is your only source of income.

    if you can not find material at a good price, not book, you will not succeed. its all in finding the material at a good cost/value/price. you'll need at least 30% back of book, maybe more.

    competition on ebay is fierce. just do a check on how many morgans are up there on any given weekend.

    it can be done, but it will require a lot of effort.

    IMHO.
  • How much do you need to start flipping? You can flip with almost any dollar amount - I've flipped $10 coins for a profit just as easily as I have flipped $1,000 coins.
    What type of coins do you buy? Buy what the buyers want. If the trend is more toward moderns, buy them. Also, if you see someone that needs something and is paying X, see if you can find it for X-y.
    What coins do you stay away from? Personally, I stay away from coins with much of a premium. I've found that coins I pay premium price for don't sell as well when it comes time to let them go.
    Do certified or raw coins sell better? Certified.
    Where do you get the coins?? (ebay, local, ect...) Online mostly.
    Who do you sell the coins to?? BST, eBay, etc.
    image
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  • If you're going to flip coins you definitely have to be on top of your game!image
  • And ummm, I like to be on top, my Game, that is!image
  • When flipping coins always call heads, you will win 50% of the time.

    image
  • Whatever you do, just make sure your coins are problem free, and that if you're ever in doubt, don't spend the money. Nothing sucks more than trying to unload a problem coin that you overpaid for. 1 more thing...be very cautious about buying on ebay from the big players. They are professionals and are maxing out the value of the coins they're selling. I can almost guarantee if you buy something from one of the big cats you lose a ton of money.
  • STONESTONE Posts: 15,275
    To make more money in the flipping game, the more series you should get acquanted with.
    I collect US coins, and I look at Silver and Copper coins, of which I have found about 57 different types (minus most modern series)
    Of those 57 series, I specialize in 14 of them, and I know another 21 series from which I don't need a price guide.
    This then gives me good knowledge in 35 or the 57 series from which I potentially give myself a market to make money.

    My most lucritive benefits from this knowledge is my years of collecting, knowing where the right dealers are and these MB's.
  • BECOKABECOKA Posts: 16,957 ✭✭✭
    Flipping is not easy and if you are not careful often results in a loss.

    It takes severe dedication, persistence and exposure.

    Like Lord M says you can start with a buck.

    The key is know the series you are going to try and flip, know what that series sells for in different venues, know how much you can buy it for and still not lose money. This info will help you cherry pick.
  • stmanstman Posts: 11,352 ✭✭✭✭✭
    I noticed folks mentioning the possible ebay fees, Paypal, but I don't think I seen anyone mention to pay taxes! Hmmmmimage
    Please... Save The Stories, Just Answer My Questions, And Tell Me How Much!!!!!
  • BECOKABECOKA Posts: 16,957 ✭✭✭


    << <i>I noticed folks mentioning the possible ebay fees, Paypal, but I don't think I seen anyone mention to pay taxes! Hmmmmimage >>



    You pay taxes only if you make a profit. image
  • stmanstman Posts: 11,352 ✭✭✭✭✭


    << <i>

    << <i>I noticed folks mentioning the possible ebay fees, Paypal, but I don't think I seen anyone mention to pay taxes! Hmmmmimage >>



    You pay taxes only if you make a profit. image >>



    I hear ya, I was just going by this, everybody wants to be a big business manimage



    << <i>I've been thinking about trying to flip coins for a profit >>

    Please... Save The Stories, Just Answer My Questions, And Tell Me How Much!!!!!
  • BECOKABECOKA Posts: 16,957 ✭✭✭


    << <i>

    I hear ya, I was just going by this, everybody wants to be a big business manimage

    >>



    I would also love to be a big business man and after working with many big dealers over the last few years I will not be a big coin man. image

  • Yeah it might be good to understand IRS tax consequences.

  • coinlieutenantcoinlieutenant Posts: 9,305 ✭✭✭✭✭
    Lots of sharks looking to eat fish.

    The concept is easy, buy low, sell high.

    How is your grading skills? How connected are you? Do you know where to go with stuff? Do you know the REAL market for stuff? Not what the greysheet says, but what people are paying.

    If you answer no to any of those, I would advise to do something different.

    J
  • ambro51ambro51 Posts: 13,603 ✭✭✭✭✭
    If you had bought one of Dan Carrs $20 trade dollars off his website.....for $75, you can now sell it on ebay for just under $500.

  • jmlanzafjmlanzaf Posts: 31,841 ✭✭✭✭✭

    @freddy121 said:
    There are two sides to a coin. For example, the U.S. quarter has an image of George Washington on one side and an eagle on the other side. So, naturally, we call the Washington side head and the other side tail.Tools of Flip a Coin Wheel use for decide which one is better

    You resurrected a 14 year old thread to make a joke?

  • Cougar1978Cougar1978 Posts: 7,612 ✭✭✭✭✭
    edited May 26, 2022 7:04AM

    Get an eBay store, take a table at a show; experience improves performance.

    So Cali Area - Coins & Currency
  • derrybderryb Posts: 36,186 ✭✭✭✭✭

    I would start with buying sealed boxes of new coins from the local banks. Search the rolls for errors and sell them on ebay. Collectors love errors when it comes to new coins and will even pay a premium for sealed rolls of the latest coins. The good news is it doesn't cost you for inventory; simply sell the remaining coins back to a different bank/coin machine.

    Keep an open mind, or get financially repressed -Zoltan Pozsar

  • jmlanzafjmlanzaf Posts: 31,841 ✭✭✭✭✭

    @Cougar1978 said:
    Get an eBay store, take a table at a show; experience improves performance.

    @derryb said:
    I would start with buying sealed boxes of new coins from the local banks. Search the rolls for errors and sell them on ebay. Collectors love errors when it comes to new coins and will even pay a premium for sealed rolls of the latest coins. The good news is it doesn't cost you for inventory; simply sell the remaining coins back to a different bank/coin machine.

    After 14 years, the OP is probably deceased.

  • BearlyHereBearlyHere Posts: 261 ✭✭✭✭

    Ehen I flip, I always call heads.

  • GRANDAMGRANDAM Posts: 8,363 ✭✭✭✭✭

    The best way to end up being worth $1,000,000 flipping coins is to start out being worth $2,000,000. ;)

    GrandAm :)
  • Che_GrapesChe_Grapes Posts: 1,851 ✭✭✭✭✭

    Right now is a sellers market - those doing well now are generally folks that bought coins a few years back or have good connections. So yes you can get a good price for coins right now but you also have to pay a good price to obtain any coins...
    The best way to get good prices on coins is to follow the auctions (GC and Heritage, and eBay to some extent) really closely and hope a few coins slip through without overly competitive bidders and occasionally you will score one that you find one that sold on the cheap side and then flip that one. I got a 83 CC at auction for ~150, then had it graded and it came back MS64 - huge score! I could get 350 for it (but I decided to keep that one).

    I never tried to make such a profit in terms of enough to make a living but I do sell coins to provide money for other coins in my collection. Since eBay changed the 1099 form to 600 dollars I have basically stopped selling on eBay. I just sell a few on here and so far it’s been great and everyone I have sold to has been very pleased...

  • conrad99conrad99 Posts: 345 ✭✭✭

    @jmlanzaf said:

    You resurrected a 14 year old thread to make a joke?

    Oh, that weren't no joke. It's what we call spam. Notice the link?

  • jmlanzafjmlanzaf Posts: 31,841 ✭✭✭✭✭

    @conrad99 said:

    @jmlanzaf said:

    You resurrected a 14 year old thread to make a joke?

    Oh, that weren't no joke. It's what we call spam. Notice the link?

    Yes. But it's spam based on a coin flipping joke...

    I suppose that makes more sense than people answering a 14 year old question, but still...

  • rheddenrhedden Posts: 6,613 ✭✭✭✭✭

    Here's all you need to know about flipping coins.

    1) It works great when the market is hot and prices are rising. You'll see all kinds of random people doing it behind tables at coin shows, calling themselves dealers, flinging around wads of cash. Then the bottom drops out and so do they.

    2) Capital gains taxes on collectibles are high, and you have to pay them or risk getting interviewed by the IRS. Reporting your gains on your taxes and coming up with the purchase and sales receipts is a ton of fun, and if you make mistakes, then learn what "no basis" means before you start. Part 2: state sales tax is a thing.

    3) You need a keen appreciation for what other people want to buy, and you need to get there first to be a successful middleman.

    Hope these observations are helpful.

  • conrad99conrad99 Posts: 345 ✭✭✭

    @jmlanzaf said:

    Yes. But it's spam based on a coin flipping joke...

    In which case, I think we can all agree, it's actually better than most spam!

    NB: Despite all the foregoing, I'm not actually a conossieur of spam.

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