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Dealers: At what point did you state, "I am going to make handling coins my profession."?
braddick
Posts: 25,240 ✭✭✭✭✭
I am curious about the point in your life you had an epiphany dealing in coins was going to be your life's work?
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The second I was offered a job at one of the largest coin
shops in the country, Dec. 1971. I started right after
college finals, the middle of January 72
If you don't mind @FredWeinberg
What did you study in college?
Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb, Ricko
Bad transactions with : nobody to date
I'd be interested too as to when you decided to branch out and make error coins your specialty?
I don't think I ever had an epiphany...just kindda morphed into it! In the beginning I started setting up at shows to buy for my collection. Just went from there.
How long have you been a dealer, and what have been the highs and lows?
I think I did my 1st show in 1993. Hit a fulltime workload in 1995. Exclusively in Jan 2000(Thank You asshole dispatcher from the company I was leasing my over the road rig to!). I really can't come up with any high's or lows. I will say it's almost all high's as I really enjoy what I do. It's always been a hobby for me! I've considered myself semi-retired since I went fulltime.
That's great @MFeld
And we should teach/encourage our children to follow their 'passion'
[within reason of course]
Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb, Ricko
Bad transactions with : nobody to date
Thanks and agreed on both counts.
I tried to edit my post and it disappeared, so am reposting it here.
The year was 1979 and I was in my third year of law school, three months shy of graduation. And I was still unsure whether I wanted to pursue a career in law. One day, I was on the phone with the sales rep whom I dealt with from New England Rare Coin Galleries - Chris Tracey, one of the finest people I’ve ever met. Out of the blue, he said “You should think about getting into the rare coin business. You’d like it and you’d be good at it.” ...
Even though I was 24 and had collected coins off and on since age eight(?), prior to that, I’d never thought about rare coins as a career - not even for a second. But, as the expression goes, “bells went off in my head” and I immediately started giving it serious thought. I quickly interviewed with N.E.R.C.G and Steve Ivy Rare Coins, each of whom made me exciting offers. Ultimately I chose the latter, finished law school, passed my bar exam and started work in Dallas a week or two later. I think it’s ironic that a few years after that, the two companies merged, so I ended up working for both of them.😉 I’ll always be grateful for the experience and education I’ve received, as well as for the way I’ve been treated.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
What is the starting salary in the coin business? I'm curious how it compares to other careers.
That's awesome
It was during the boom of 1979. I had always had a hand in coins, but had a job as a technician at a world respected R & D firm here. A friend was in the business and I saw how busy he was during this metals boom. I decided, although I loved my job, I could really make some money in full time coins. I opened my first shop in October of 1979. I had such a fun career and never regretted a moment of it.
I was in manufactured housing quality control and later inspection for years, always wanted to be a coin dealer, but was afraid too go out an a limb and try due to the unsecure nature of work. Worked for HUD for several years, but travel became a nightmare after 9/11. Switched and worked as area supervisor for one of the local agencies, to stay closer to home and much less overnight travel. Loss job in 2008 due to lack of business, and opened local coin shop. First year was tough, I remember sitting all day, then finally seeing a car come into the parking lot, only to realize they were hitting the trash dumpster around back. As time went by, folks began to come in. Hit just the right time as metals started to move and business picked up.
I will say this, Im not rich, but i never had the liquid money i have, until I became a dealer. I had good paying jobs, and expense accounts, but always seem to just manage to get by. Not the case any more after dealing for several years.
I started dealing in coins when I was 15 but I didn't give up on the possibility of doing something else for a living until after my first year of college. With the exception of Economics 101, which I took in my first semester and loved, I was completely focused on coins and had zero interest in my studies. So here we are.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Easy answer, a billion dollars..... at least according to my last several dealings.
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It wasn't an epiphany. It just seemed like something to do, instead of retiring.
I don't know if there really is a number to answer this question. I never did work for anyone in the business. But, I will say, not knowing how much or how little I was going to make after any given week was the best. I think I would have lost my mind if I knew that, come Friday, I'll have 851.78.....I always enjoyed not knowing my income.
The only time I ever worked for another dealer was in 2002 at the Phili Pre ANA + ANA shows. Travel +expenses paid, a case on the table, and $200 a day.
Interesting question, and even more interesting responses. I have never considered coins as a business... Was always tied to the corporate world. Seems as if one would have to use their collection as the initial stake when entering the business. Cheers, RickO
I'm wondering how many dealers actually consider this a profession? Certainly there are some, but as alluded to above in many (most?) cases, the dealer is retired or has another source of income (pension, spouse, "day job") and coin dealing, though fun and mostly profitable, isn't required to feed the family and pay the rent.
LIBERTY SEATED DIMES WITH MAJOR VARIETIES CIRCULATION STRIKES (1837-1891) digital album
Never was a dealer.
Interesting question though.
When I started I was heavy into World Coins and setting up to buy World Coins. The 1st big show I did I was back the next day with the majority of my US collection!
I started taking tables mostly locally in 1990 and added online store (eBay) 1997. Never quit primary career - MBA Financial Mgr plus evening accounting instructor at community college. Doing shows taught me the fallacy of idea doing coins full time. Many coming in bourse room broke, tire kickers, nothing worthwhile sell. Add to that other dealers trawling for what they could rip. Remember a Dallas show a lot of us setup joking “does anyone actually make money doing this?”
With retirement from financial in 2018 my coin business supplements my retirement income. I will do it until drop dead / incapacitated. Good thing about doing y own coin biz some low life Corp ax man can’t downsize u or fire u bc your old or some phony reason. Only thing really conditional in coin biz is staying afloat, having fun, cultivating friends, and making some money. Be professional and polite to all but watch out for no 1.
Unless wealthy don’t quit day job to do coin biz. Many like deer in the headlights have no idea what takes make it in coin biz. IMO it takes cost plus about 40pct. to make it in coin biz. Upward market momentum helps. Down slide a killer. 1972 to 89 those guys had nowhere to go but up. From 1990 constant down slide (PCGS 3000). Now - With pandemic millions out of work and w Corp downsizing future uncertain. Coin biz must be mean, lean green machine to make it now. I have cut overhead to the bone and at shows my max loss the table fee & other show expenses. Many times I would sell a $200 coin for cost plus $5 make table fee - no fun but at least got burger at drive thru.
Have a game plan grow your coin biz, don’t quit day job or let some other hobby take away from your business growth plan.
Cost plus about 40% isn’t at all required to make it in the coin business. It can be done for much smaller average mark-ups. Among other considerations, I happen to think that volume might be relevant. And by the way, I’m neither ignorant, lying nor “full of it” (which sounds very much like “lying”).
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Interesting thread. I appreciate everyone’s candor.
ANA LM
USAF Retired — 34 years of active military service! 🇺🇸
When I had nuth'n else to do.
Leo
The more qualities observed in a coin, the more desirable that coin becomes!
My Jefferson Nickel Collection
A friend of mine got me a job at a local coin shop when I was studying economics at university. I worked there for four years. By the time I was ready to enter the job market I had come to the conclusion that I wanted to make numismatics my career in some capacity, so I snagged a cataloging job. I have worked full time as a cataloger for six years and deal coins on the side. Never really considered anything else. It's important to maintain some kind of steady income stream, at least it is for me, and I am careful about managing fixed costs for my dealing activities. I also prioritize certain kinds of material over others. It keeps me focused and differentiated.
Dealing in Canadian and American coins and historical medals.