Coin business question
Along
Posts: 466 ✭✭✭✭
How do coin dealers that don’t sell retail either via the internet, store, or coins shows make money?
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Along
Posts: 466 ✭✭✭✭
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Buy it from a dealer, flip it to another dealer. That or they have clients for specific items and they use their well trained eye to buy for them.
You can also retail coins through the mail. Worked well for B. Max Mehl, Kagins and @ColonelJessup , among others.
And even if you eliminate retail, there's still wholesale and auction sales.,
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Thank you both. Could you eleaborate on wholesale? I always thought of that and perhaps incorrectly as buying a bigger lot from a dealer and then breaking it up and selling the pieces retail.
Another route is Vest Pocket Dealer. They do retail, and generally just work a show circuit.
Like Frossard and Parmelee?
Some have client want lists in grade, look, price and other issues and do big shows looking. Call the client tell what they have, send the coin. If client likes coin they send $, if not return coin. That is how several worked with me when I was assembling a commem set. Lots of hard work and trust involved. At least that is how it used to work for me. I imagine it isn't easy or without risks.
I've seen ads from Richard Natchbar forever . . . Buying; almost never selling.
Always wondered how he made his money.
1947-P & D; 1948-D; 1949-P & S; 1950-D & S; and 1952-S.
Any help locating any of these OBW rolls would be gratefully appreciated!
Like Frossard, anyway. In fact, I think CJ was the one who got EF in the business back in the day.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Just because he doesn't advertise coins for sale doesn't mean that he doesn't sell them.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Many dealers have a pipeline to move coins !!!
Most dealers have there own ways to move coins. Even if they dont advertise them for sale you can bet somewhere is someone buying them.
If a dealer didnt sell coins they would just be a hoarder
HAPPY COLLECTING
Dealers deal... that is the basic fact. So, at some point, they are selling, to someone... Or the dealer god will take their title and they will be just a collector....
Cheers, RickO
But -- you have to wear a suit, or at least a vest (and pants) to do this. Also, many small dealers don't make money. They just use dealing coins as an excuse to get out of the house and away from the wife, mother-in-law and cat.
Most successful dealers use a number of outlets, not just one or two.
An important point is the network he or she has!
It doesn't take long in the bizz to discover who buys what.
There are buyers for EVERYTHING. Culls, slicks, ....even... proof sets
In quantity.
Some buyers travel all year picking up dreck to use for the telemarketers and pulp magazine ad dealers.
Everything has a buyer.
That's the beauty of a coin shop. It's one business you can buy at prices you KNOW are safe. And the merchandise seldom gets obsolete.
This is true, but it is a good place to get your feet wet and see if it is for you. Also gets you into the frame of mind to sell things that you may not have thought about selling. And as far as the vest goes, they don't have to be polyester or velvet anymore.
Just don't "get your feet wet" with a ...LEASE.
RE: "...but it is a good place to get your feet wet and see if it is for you..."
Yep, and note that although pants must be worn with a vest, shoes are entirely optional.
Are you asking because you are thinking of becoming a dealer or are you just curious?
I know you rent a table at a coin show, but I have never seen one where they make you sign a lease.
A dealer who doesn't sell "retail" is a wholesaler. I'm not sure what you are getting at. Dealers sell coins. Some people do internet/store/shows. Others supply the retailers. Some fill want lists, but I would consider those to be "retailers" and they probably do the show circuit, even if they don't set up.
They find it somewhere for next to nuthin. I know one guy who is a “wholesaler” now he wholesales at shows around cdn bid or 5 pct back saying he works on a $5 spread but probably walks in his shop at way below bid. Or he may get material below bid at auction say 20 pct back o bid.
Ebay
BST type sales
Instagram sales
Amazon store
Web Site
Shows
Word of Mouth
Craigslist
Previous Customers
Flea markets
garage sales
Lots of ways to move stuff
Just curious. Trying to better understand the business and be a more informed buyer.
Coin dealers ALWAYS make money, it has been this way since the beginning of time.
It's called "turnover."
I think he's referring to renting a store front to set up a B&M coin shop which is a major commitment.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
And so, what does his comment have to do with me talking about being a vest-pocket coin dealer setting up at shows?
Traditional "vest-pocket-dealers" do not have show tables or a public presence. They float about selling from their pockets and stock books, and adding from similar purchases and trades. Today, many drag carts of stuff to any available coin bourse or dealer's store. Most focus on quick-flip items. However, I've known a few who had sources for wonderful coins that had not seen sunlight for decades.
That is very interesting and is exactly what I was wondering about. That and the guys trying to fill customer want lists.
That is simply not true