If it is agreed that dealers are only in it for the money...

pop1

What are you in numismatics for? Fun, Profit, Unfulfilled childhood, Spouse buys shoes, etc? What's your excuse?

Coin Finder

Well, I am in it for the challange and the fun and the historical perspective. Putting a set of Large cents together is tough for me. I also like to make money on coins I sell so I can buy more!! Sometimes I win sometimes I lose, all in all it takes me away from day to day worries.

Tbig

DHeath

Here's my simple list:

1. Beauty of the coins, especially dcams and old mahogany coppers, SLQ's, frosty silver coins,mercs.

2. Owning a piece of history, something that survived generations and affected many peoples lives.

3. Competetion, in my small way with my limited budget.

4. Education, the more you know about the coins and the rarities the easier it gets to profit.

5. Selling honestly for a profit to fund my collection.

6. Making raw coins, always a treasure hunt.

7. Searching early proof sets for dcams, and mint sets for gems.

8. Learning to grade competently ( a work in progress, but I'm getting better every day).

9. Putting away today's rarities for my old age.

Endocrinologist

I'm in it for the fun and adventure (hunt for nice coins). You have to be kidding yourself if you are in it for the money. I would imagine very few dealers can make a six figure salary on this hobby.

Endo

pop1

Endo. I think you may have hit on something here. Most full-time dealers, I would imagine, make more than 100k. But, I would expect any collector/dealers expecting to make that much would be disappointed.

gmarguli

I've had close relationships with many full time dealers. I would say most don't come anywhere near $100,000. $35,000-$50,000 seems more in the range of the ones I've talked to.

gmarguli

I'm in the hobby for several reasons.

I like to be able to hold something that I collect. I wouldn't feel comfortable holding a stamp like a coin. I like the heavy feel of a hunk of silver or gold. I like the fact that it is worth something. I like to know that I can spend that St. Gaudens at the local 7-11 if I want to. I know that's meaningless to most (excluding the modern collectors ), but I think it's kind of neat.

I enjoy the hunt. I enjoy the feel of accomplishment when I finish a set. I enjoy the thrill when I find a rare variety of an undiscovered doubled die.

It's a relaxing hobby. Yes this is me relaxed. Scary isn't it.

I like the ability to track the value of my hobby purchases at any time.

I expect to make money after I sell a set. Not necessarily a lot of money, but something.

wondercoin

"I've had close relationships with many full time dealers. I would say most don't come anywhere near $100,000. $35,000-$50,000 seems more in the range of the ones I've talked to."

This does not surprise me. I was told yesterday that a decent table at the ANA in NY runs around $1800!! Add airfare, hotel and all the other expenses and you are likely looking at $5,000 in expense to simply "show up" as a dealer with a table at the show.

Now, assuming you wanted to work on a 10% profit margin across the board. This would mean you would need to sell $50,000 worth of coins to BREAK EVEN!! Even at 15% profit margin, you would still need to sell over $30,000 worth of coins!!! Think of all the smaller dealers that sell $50 and $100 coins, raw or slabbed at a typical show. How easy would it be to sell $30,000 worth of cheaper coins at this show to cover expenses? I would love to hear from smaller dealers who are faced with these numbers and confirm how tough it it to come out ahead with expenses along these lines. Wondercoin.

dbldie55

The ANA in New York is the exception, not the rule. Of course, you know that as you do not go to any of these shows. I am in it for the education. I am much happier with my MS64 set of nickels than I would ever be with a Pop 1 SBA ( for example ), but now I see it is a pop 2!

wondercoin

dbldie55: Are you confusing me with someone else??? I had nothing to do with the pop -1- SBA you speak of. I would prefer you set of MS64 Liberty nickels as well Wondercoin.

Flash

It keeps me out of trouble.

PTVETTER

I do about 35 to 45 shows a year and I can't see doing that kind of business. It's getting harder and harder to make fees. I loose more than I make. Not only do I have table fees but slabbing fees, hotel bills. food, tolls, gas, and not to mention time
Doing show cost money. Everyone wants a discount on a coin.

lordmarcovan

How can I add anything to what DHeath said? That pretty much covers it.

Dennisl

Are dealers only in it for the money? Lets see, here is a quote from one of our dealers in response to all the collectors being upset with state quartes being added to the Modern Type Coin Registry set:



<< <i>" Every state quarter is a different "type" of coin if you think about it. It would even be safe to say that state quarters are probably collected by more people than any coin "types" on earth. Well done PCGS! And since I buy and sell many state quarters I personally like it even more than anyone who "hates" them - no need to point that out to me. Wondercoin." >>

wondercoin

Dennis: Cute. But, guess what. "All the collectors" are not upset. I'm not. I am more of a "collector" than you ANY DAY OF ANY WEEK my friend. Wondercoin. P.S. Also, as I mentioned on another thread, my comment concerning the new 1950 to date type set ASSUMED the current 1959 to date set would not be messed with. I saw no reason to not add another type set assuming the 1959 to date set was still active.

Coin Finder

I am with Flash except is does tend to keep me "in trouble" if you know what I mean

Tbig

ScarsdaleCoin

as a dealer, I try to make a living but believe me its a lot of work...LOL Jon @ Scarsdale Coin
www.coinhelp.com