I was going to ask, what dollar value do you try and keep in inventory at any given time? Your sales consist mainly low-value graded material (under $100?) Have you considered moving on to higher-value material, possibly keeping less in stock. You seem to be doing very well as it is. I was just curious about a possible transition to keep the workload under control.
Myself and some other forumites collect in the niche area of Cameo Proof and Special Mint Set Coins minted from 1950-1970 (plus the earlier 1936-1942 Proofs, plus toned Proof And SMS Coins, plus varieties for these years, plus early clad US Coins minted from 1965-1990 or so). The price ranges for these coins (raw and certified) range from under $10.00 to well over $10,000.00. Many of these coins are collected raw and submitted for grading. Some are collected already slabbed.
Do you find that your customer base of young collectors have any interest in the above niche area of the hobby?
@Eric_Babula said:
Owen - I envy you for having the guts, and the finances, to become a coin dealer so early in life, and to be successful at it! I did read your initial post, about your affiliation with the Hipps family and Steve Feltner (PCGS Grader). Would love to know more about your story: how you got started, how much your initial investment was, where you got/get your funding from, and how long it took you to realize that you could make a living doing this. It's always been a pipe dream of mine to do what you're doing (distant pipe dream, as are many other things - but I always thought it would be cool), but it takes a special breed to actually jump into the waters.....and a certain amount of $$$$ that I'm guessing I don't have! I congratulate you on following your dream, and making this work!!!
Believe it or not I grew up pretty poor. I started washing dishes for min wage at 14. Saved every dollar till I was 16 and began my business with around $4000. By 18 I was making enough to sustain myself.
@thebigeng said: @OwenSeymour Auction records & experience. It takes a little more time to analyze auction records but in my opinion you get a much more accurate feel for the coins value.
Do you take the highest and lowest auction sale and split or take the lowest auction record only and go down from there, or something else?
There's no particular formula I use. I just identify what nasty coins go for, what average ones go for and what PQ coins go for and compare to the coin be valued.
@logger7 said:
Many schools have scholastic chess programs, heavily subsidized by individuals and supported by the local school systems. What would it take to have numismatic programs as well as other subjects that have real world significance incorporated into the K-12 teaching?
It would likely require both student and faculty organized clubs to introduce numismatics to k-12 schools. The gov. Has little no interest or care to teach kids about numismatics.
Keep on branching out to every part of numismatics that you can. Maybe even include other collectibles. Starting to learn early is a great advantage. John Albanese and Kevin Lipton were successful coin dealers in their teens...and there have been many others. So it can be done.
@AllCoinsRule said:
Do you have a plan for when grading standards tighten or the supply of undergraded > @AllCoinsRule said:
Do you have a plan for when grading standards tighten or the supply of undergraded coins runs out?
Bit of a rhetorical question. It's a fact that no grading facility will ever get it right 100% of the time. Because of this there will always be crack-able coins.
@BruceS said:
is there one series that's hot right now, and do you find that your younger customers prefer a specific grading company over the other?
Toned coins, early copper, proof type ($300-$2000 range), capped bust halves. Just to name a few. Most sway for PCGS. But there is some hardcore NGC people.
@jwitten said:
You said ask anything, so here goes. Whats your yearly profit estimate? I do ebay sales as a part time job, but ebay and paypal are sucking up all my profits. I've never heard of selling on Instagram.. interesting. Also, do you ever sell gold? That's mainly what I deal with.
I don't want to disclose yearly but I live very comfortably. Gold is too much money for me for too small profit margins.
@roadrunner said:
Keep on branching out to every part of numismatics that you can. Maybe even include other collectibles. Starting to learn early is a great advantage. John Albanese and Kevin Lipton were successful coin dealers in their teens...and there have been many others. So it can be done.
Any identifiable trends as to how younger people are finding their way into collecting coins? Such as discovering it by chance online, or knew someone else into it already, etc.?
.
"To Be Esteemed Be Useful" - 1792 Birch Cent --- "I personally think we developed language because of our deep need to complain." - Lily Tomlin
@1630Boston said:
Oh yeah, a question...what year was the 1652 Pine Tree shilling produced?
Although dated 1652 it's hard to narrow it down to one year, at least that's what I've learned. Most of the ones I see are made in China around a couple years ago.
35+ years a dealer and taught at ANA summer Seminar 7-8 years. I ask for a Redbook often.
Want to learn? Next time, look it up.
Then answer.
And read, read, read
edited to add:
I have no numismatic questions for you. All business oriented, I'm curious about your capitalization, sales volume, ROI annually, your formula for ageing various coins or sectors of your inventory and how often you take your losses on mistakes and coins with too long a shelf life. I happen to like the price points you're working within. It sounds labor-intensive, but it works for you. And you're willing (and able) to step up when the opportunity arises.
BTW, I consider most of this to be proprietary information. Not to be handed out casually, like right here right now.
My question would be. Someone just handed you a 1907 HR in NGC MS64. You trust your eye and love the coin. How much would you pay? What's your rationale for that number
What do you need to know about the coin that I omitted? Sweat it not, 11 other people will answer for you.
Also, welcome.
"People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf." - Geo. Orwell
@QCCoinGuy said:
I was going to ask, what dollar value do you try and keep in inventory at any given time? Your sales consist mainly low-value graded material (under $100?) Have you considered moving on to higher-value material, possibly keeping less in stock. You seem to be doing very well as it is. I was just curious about a possible transition to keep the workload under control.
A lot of my deals are private. I do A lot of $500-$2500 coins too. In April I did one deal for $11K. I make far more money selling A lot of $100 coins than I would a few $1000 coins.
If you do a lot of $500-$2,500 coins, you should and can do gold. If you double your money on a $25-$50 coin, Imagine making just 10%-15% on a $500+ coin.
Any identifiable trends as to how younger people are finding their way into collecting coins? Such as discovering it by chance online, or knew someone else into it already, etc.?
.
A lot of them begin very young as a child like most older collectors, their parents getting them involved. Such as buying them a wheat cent album. Also a lot get involved by coming across coin pages on social media.
@QCCoinGuy said:
I was going to ask, what dollar value do you try and keep in inventory at any given time? Your sales consist mainly low-value graded material (under $100?) Have you considered moving on to higher-value material, possibly keeping less in stock. You seem to be doing very well as it is. I was just curious about a possible transition to keep the workload under control.
A lot of my deals are private. I do A lot of $500-$2500 coins too. In April I did one deal for $11K. I make far more money selling A lot of $100 coins than I would a few $1000 coins.
If you do a lot of $500-$2,500 coins, you should and can do gold. If you double your money on a $25-$50 coin, Imagine making just 10%-15% on a $500+ coin.
That's true. I mean honestly I'll buy anything I can make a decent buck on. I just rarely ever come across nice profitable gold.
@Boosibri said:
Do you think that the numismatic business will allow you to have make a living for the next 30-40 years given current trends and demographics
Yes. Coins aren't going anywhere and there will always be people needed to fill the role of dealers.
@Raybo said:
Knock, knock........... I think you do know this joke, am I right Seymour?
Just kidding Owen, I wish you the best of luck, and PLEASE try to bring the young peoples back into this great hobby!
Haha I've heard it once or twice . Thanks, I appreciate that. I do definitely try to get youth involved. It's funny I often get messages from people on Instagram who stumble across my page randomly, and are so interested they actually have me pick out a coin for them to buy.
@3keepSECRETif2rDEAD said:
Awesome and Nice Work! Sounds like your drive is in full gear and utilizing social media is what it may take to get the youte's involved
Thank you! Definitely, it's actually pretty crazy how many kids are active on online coin communities.
I would say inventory fluctuates 5k-25k. But considering after this next submission I'll have almost 2000 coins at pcgs, that's going to change very soon.
So you are a part of the reason for the backlog and delayed turnaround time... I'm only joking.
I would say inventory fluctuates 5k-25k. But considering after this next submission I'll have almost 2000 coins at pcgs, that's going to change very soon.
So you are a part of the reason for the backlog and delayed turnaround time... I'm only joking.
Haha they're just as dreadful for me as they are for you unfortunately
@TonerGuy said:
Does your SO go with you to shows ? And do they like it ?
She doesn't. Typically too busy with school. But she lets me talk her ears off about coins, And doesn't mind
Marry her. You wont find another... lol
My first wife hated my coin collecting, saw it as a waste. Told her its better than spending money on strippers, escorts or drugs... the second wife tolerates it but still doesnt love it.
Or better yet, new clothes, shoes, and makeup every other day!
@FadeToBlack said:
I'm about to open an ig account if thats all it takes to drum up business.
How long did it take you to get traction on there? I know when you first start it's basically pissing in the wind.
Once you open an Instagram account and start following coin related accounts you will be shocked how fast you get a following. I recently started a thread about Instagram because I believe there is a disconnect between older and younger collectors. I think social media sites like Instagram could bridge that gap some.
I was shocked when I found out how many coin people were on Instagram. When I started my account I wasn't expecting much, maybe a couple hundred followers. But now a few years in I've far surpassed that.
Comments
I was going to ask, what dollar value do you try and keep in inventory at any given time? Your sales consist mainly low-value graded material (under $100?) Have you considered moving on to higher-value material, possibly keeping less in stock. You seem to be doing very well as it is. I was just curious about a possible transition to keep the workload under control.
Dealing in Canadian and American coins and historical medals.
Myself and some other forumites collect in the niche area of Cameo Proof and Special Mint Set Coins minted from 1950-1970 (plus the earlier 1936-1942 Proofs, plus toned Proof And SMS Coins, plus varieties for these years, plus early clad US Coins minted from 1965-1990 or so). The price ranges for these coins (raw and certified) range from under $10.00 to well over $10,000.00. Many of these coins are collected raw and submitted for grading. Some are collected already slabbed.
Do you find that your customer base of young collectors have any interest in the above niche area of the hobby?
Believe it or not I grew up pretty poor. I started washing dishes for min wage at 14. Saved every dollar till I was 16 and began my business with around $4000. By 18 I was making enough to sustain myself.
There's no particular formula I use. I just identify what nasty coins go for, what average ones go for and what PQ coins go for and compare to the coin be valued.
It would likely require both student and faculty organized clubs to introduce numismatics to k-12 schools. The gov. Has little no interest or care to teach kids about numismatics.
I like your attitude ...... you will go far in life
Keep on branching out to every part of numismatics that you can. Maybe even include other collectibles. Starting to learn early is a great advantage. John Albanese and Kevin Lipton were successful coin dealers in their teens...and there have been many others. So it can be done.
Bit of a rhetorical question. It's a fact that no grading facility will ever get it right 100% of the time. Because of this there will always be crack-able coins.
Toned coins, early copper, proof type ($300-$2000 range), capped bust halves. Just to name a few. Most sway for PCGS. But there is some hardcore NGC people.
I don't want to disclose yearly but I live very comfortably. Gold is too much money for me for too small profit margins.
They do actually. The common walkers don't sell well but better date, or PQ walkers sell very well.
.
.
Thank you very much!
Apreaciate the advice! Thanks
.
Any identifiable trends as to how younger people are finding their way into collecting coins? Such as discovering it by chance online, or knew someone else into it already, etc.?
.
"To Be Esteemed Be Useful" - 1792 Birch Cent --- "I personally think we developed language because of our deep need to complain." - Lily Tomlin
35+ years a dealer and taught at ANA summer Seminar 7-8 years. I ask for a Redbook often.
Want to learn? Next time, look it up.
Then answer.
And read, read, read
edited to add:
I have no numismatic questions for you. All business oriented, I'm curious about your capitalization, sales volume, ROI annually, your formula for ageing various coins or sectors of your inventory and how often you take your losses on mistakes and coins with too long a shelf life. I happen to like the price points you're working within. It sounds labor-intensive, but it works for you. And you're willing (and able) to step up when the opportunity arises.
BTW, I consider most of this to be proprietary information. Not to be handed out casually, like right here right now.
My question would be. Someone just handed you a 1907 HR in NGC MS64. You trust your eye and love the coin. How much would you pay? What's your rationale for that number
What do you need to know about the coin that I omitted? Sweat it not, 11 other people will answer for you.
Also, welcome.
If you do a lot of $500-$2,500 coins, you should and can do gold. If you double your money on a $25-$50 coin, Imagine making just 10%-15% on a $500+ coin.
A lot of them begin very young as a child like most older collectors, their parents getting them involved. Such as buying them a wheat cent album. Also a lot get involved by coming across coin pages on social media.
That's true. I mean honestly I'll buy anything I can make a decent buck on. I just rarely ever come across nice profitable gold.
OK. Here's a really tough question: "Which side of a coin is struck first?"
(Have fun with what you do and learn all you can!)
Sell toned Peace $ and watch those two observations change dramatically.
Oh dude I know. I've probably owned about 3 by now. Demand is insane. Sooo hard to find.
Haha, thank you!
Please stay away from flipping bullion.
"Keep your malarkey filter in good operating order" -Walter Breen
I searched up your name on google and found your IG........most of what you post has no price????
Many members on this forum that now it cannot fit in my signature. Please ask for entire list.
Do you think that the numismatic business will allow you to have make a living for the next 30-40 years given current trends and demographics
Latin American Collection
How old is your avg customer? What is the age range ? Thx
Haha I hate bullion!
A lot of it is just for coin porn. I list and sell most of my material via email wholesale list.
Yes. Coins aren't going anywhere and there will always be people needed to fill the role of dealers.
14-25(ish). Virtually all under 35.
Hi Owen, will be at next week's PAN show? Good luck to you.... , RJ
Been following you for a bit. Lots othes also.
Your dads a full time dealer also?
Good luck
I turned 24 yesterday now I feel old... I started at 19, good times and things have only got better.
Partner @Gold Hill Coin
Knock, knock........... I think you do know this joke, am I right Seymour?
Just kidding Owen, I wish you the best of luck, and PLEASE try to bring the young peoples back into this great hobby!
Awesome and Nice Work! Sounds like your drive is in full gear and utilizing social media is what it may take to get the youte's involved
Unfortunately I wont be there. Thanks!
No my dad isn't a dealer, thanks!
Awesome, glad it's going well for another young guy!
Haha I've heard it once or twice
. Thanks, I appreciate that. I do definitely try to get youth involved. It's funny I often get messages from people on Instagram who stumble across my page randomly, and are so interested they actually have me pick out a coin for them to buy.
Thank you! Definitely, it's actually pretty crazy how many kids are active on online coin communities.
So you are a part of the reason for the backlog and delayed turnaround time...
I'm only joking.
Haha they're just as dreadful for me as they are for you unfortunately
This has been an illuminating thread. Great idea @OwenSeymour. Best of luck!
Dealing in Canadian and American coins and historical medals.
Or better yet, new clothes, shoes, and makeup every other day!
I was shocked when I found out how many coin people were on Instagram. When I started my account I wasn't expecting much, maybe a couple hundred followers. But now a few years in I've far surpassed that.
Question for the thread:
Do you ever plan on making it out to the NH Coin and Currency Expo? Happens twice a year.
Thanks!