Dealers, do you remember the deal that REALLY put a boost of air under your wings?

guitarwes · February 20, 2014 4:29AM

We all need to make a steady stream of money to survive (in all professions in life) but sometimes one has a pivotal moment when the right deal or coin comes along at the right time and BAM, you're in the money and that one single deal gives you a cushion to take off and start taking more risks to make more money. It may have been early in your dealer startup or in your collecting/part-time dealings.

I would parallel it to a collector making a big cherrypick thus opening the door for higher risk/reward scenarios.

Just curious. I like to hear success stories. Be as specific or general as you'd like.

ColonelJessup · February 20, 2014 8:19AM

Told this one before. Less than 5 years after entering the business with an exquisite knowledge of Mercury Dimes and a GreySheet, I masterminded the financing and purchase of the Garrett 1804 $1 when it appeared in a B&R sale sale in June 1985. I'd owned half-shares in a couple of proof Bust Dollars before that, but $180K was a lot of money in those days. It was sold before the money was due for $200,000. I impressed myself on all fronts, and it gave me the confidence to trust my instincts on important rarities. Later rarities were purchased with fewer sleepless nights.

coindeuce · February 20, 2014 8:28AM

Yep. MrEureka sold me an 1851-O PCGS MS-65 Seated Half when it was 1 of 2, 1 finer (MS-66). I turned it around in a ANR auction less than 2 years later for more than I had ever earned in gains before. I think MrEureka kinda knows that he threw me a bone on that occassion.

MGLICKER · February 20, 2014 9:05AM

In early 1984 the Michael Jackson Thriller album took off and a stationery line that I represented had the license for a handful of products. Business was quite good that year.

In rare coins, a few good hits over the years but none life changing.

morbidsteve · February 20, 2014 9:32AM

I don't have any huge financial examples, but I have been known to cherrypick a LOT of unique Morgan VAMs, namely elite clashed dies.

Steve

TwoSides2aCoin · February 20, 2014 9:32AM

I remember telling a dealer not to let the door hit him in the ass on the way out.

Pokermandude · February 20, 2014 9:43AM

I made my first major physical silver purchase in late 2008. I waited a painstaking 2 months for three 100 oz bars to be delivered. I flipped them shortly after that (early/mid 2009), all to one buyer. That put a good profit in my pocket and a little mustard on my shirt. Used that as seed money to start buying more silver and getting into buying rarer coins than the hodgepodge of low grade large cents and nickels I had been collecting.

jdimmick · February 20, 2014 10:00AM

My first big deal was about 1 year after starting the b & M, had to go on a location appraisal and purchase, guy opened his garage and there was a pile. About 80k later and after 2 days of figuring bought the deal. And coins were my love and choice, but believe it or not there wasn't anything rare in the coin line, just a lot of it. But there was a small envelope of currency where I hit the jackpot on one note of about 3-4 known. Sold the collection and made a decent profit, but sold the note and made half as much on it alone.

More importantly, what set me ahead financially was 2011, year of high gold prices , and high volume of sellers. Bought 2.2 Million $ in scrap that year, fantastic for a small 1 owner operation in a town where there was a gold buying shop on every corner. Not like that today (volume) by far.

guitarwes · February 24, 2014 5:35AM

up

Unknown · March 23, 2014 8:14PM

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CoinRaritiesOnline · March 23, 2014 9:17PM

Yes. Bought a non-pedigreed coin in a 65 holder from a very sharp dealer, recognized that it was mis-attributed and got PCGS to agree, ID'd it as the Garrett coin, upgraded it to 66 and sold it for a very handsome profit. I felt like I earned that one.

ThePennyLady · March 24, 2014 12:57AM

After I inherited a bunch of coins from my aunt and had decided, with my busy life, I only had time to learn one area of coins and so I had decided to study and learn everything I could about Indian cents. One day I saw a pretty uncirculated 1873 Indian cent on eBay and decided to bid on it. I won it for $110, and right after the auction ended, someone emailed me and said he'd give me an extra $100 for the coin. Not knowing yet about Indian cent varieties, his offer intrigued me and made me want to figure out why he wanted this particular coin so badly. I politely turned down his offer and when I received the coin, I got out my loupe, examined it very closely, read through all my Indian cent books to see if 1873's had something special about them, and discovered it had a double Liberty. Even though it was only the type 2 where "IBERTY" is doubled, it was still quite a boon since the books indicated that it was worth multiples of what I paid for it. I took it to the next Long Beach show and sold it for $2,000.

This deal is the one that got me most excited about being able to make money in buying and selling coins - and it also convinced my family that pennies could be quite valuable!

FredWeinberg · March 24, 2014 1:11AM

My first big deal I purchased was the Bolt Collection
of major mint error coins, in 1974.

It had about 2,000 pcs, from 1794 thru 1955 or so.

It's still the best error coin collection to every come up
on the market.

There were so many coins, I immediately figured out the
best way to see if I made money - since I had paid $60,000
for the entire collection (while I was at Numismatics, Ltd.,
in Beverly Hills), I decided the easiest thing to do was to
keep track of my sales - the first $60,000 was all 'cost',
and everything after that was pure profit.

It was a fantastic collection, and about 4.5 years ago
at the Boston ANA, I finally got to buy back one of the
neatest (out of many!) errors that I had sold back in '74....
and had been looking for since 1974!

braddick · March 24, 2014 1:45AM

<< <i>In early 1984 the Michael Jackson Thriller album took off and a stationery line that I represented had the license for a handful of products. Business was quite good that year.

In rare coins, a few good hits over the years but none life changing. >>

Michael Jackson's Thriller album was released November of 1982.

AMRC · March 24, 2014 1:55AM

Great stories. I have quite a few decent deals with 5 figure profits, but not anything that was "life-changing." Still waiting to find that Million Dollar coin in a shoebox.

BAJJERFAN · March 24, 2014 2:15AM

<< <i>

More importantly, what set me ahead financially was 2011, year of high gold prices , and high volume of sellers. Bought 2.2 Million $ in scrap that year, fantastic for a small 1 owner operation in a town where there was a gold buying shop on every corner. Not like that today (volume) by far. >>

One has to think that a lot of the scrap gold has already been sold in the last several years. How much more can there still be out there?

Dealers, do you remember the deal that REALLY put a boost of air under your wings?

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