Newbie Morgan seller needs advice.

Ljr1964 · August 17, 2005 1:23AM

I just had my hours reduced at work and need some additional income. I have always loved Morgans, but know enough to be dangerous. I want to purchase twenty Morgans by the weekend for resale on Ebay. I don't want (expect) to make a killing, but I do need to earn a profit to offset $700 per monnth in lost income. Any suggestions on what, where and who to buy from? I'm ready, willing and motivated, and could use your collective guidance. Thanks. Larry

ER · August 17, 2005 1:26AM

So, you lost money, but you want to buy coins, expecting to make a profit?

Cladiator · August 17, 2005 1:28AM

pick up nasty cleaned coins on ebay or in a dealers junk box. Take them home and toss them into the oven at 500 degrees with some assorted household chemicals. Take pics when baking is done and sell them on ebay for $300-$500 each

NeoNumismaniac · August 17, 2005 1:29AM

ljr1964,

go to your profile and turn on your private messages

Neo...

TheRaven · August 17, 2005 1:31AM

If it was that simple the person with the coins now would just sell them.....

coinguy1 · August 17, 2005 1:35AM

<< <i>.... but know enough to be dangerous. >>

Larry, from your post, I concur. Anyone who thinks it's as easy to buy coins (quickly - which is a bad idea) and profit from their re-sale as you seem to, is looking for trouble. You'd probably be much better off looking for a part-time job, instead, to supplement your income.

DennisH · August 17, 2005 1:37AM

Don't do it... seriously. You'll only make a bad situation much, much worse.

Cladiator · August 17, 2005 1:39AM

Coins are for people to collect and enjoy. Coins are also for people that have money to make more money. Rarely are coins for people that have no money to make money.

UncleWiggly · August 17, 2005 1:40AM

If you plan on selling them raw on eBay and know enough to get in trouble, then that is what you'll end up in.

Jerry

Ljr1964 · August 17, 2005 1:51AM

Ok. So, by NGC and PCGS slabs? By raw from some of you "expert" dealers with 30 million positive feedback and have them slabbed, BUT don't buy raw and then throw them on Ebay because I'll get in trouble.

And to Cladiator, my hours were cut, but my free time was increased and I have a decent cash position to do this, and a passion for coins. So, thanks for the sarcasm. With all due respect, you sound like a mighty pompous individual or is it just my imagination?

TheRaven · August 17, 2005 1:57AM

I think you could come with some sort of better way to make a few bucks.....

A part time job would be better seriously.....

If it was so simple to "deal" coins most of us on this page would be doing it and not sitting at other jobs.....

Cladiator · August 17, 2005 2:09AM

<< <i>And to Cladiator, my hours were cut, but my free time was increased and I have a decent cash position to do this, and a passion for coins. So, thanks for the sarcasm. With all due respect, you sound like a mighty pompous individual or is it just my imagination? >>

I'd say it's most likely your imagination. The same imagination that is leading you to think that there is some magical equation where you can buy cheap and sell high. If it were so easy everyone would be doing it. Most "individuals" in the coin hobby are either collectors who don't care about making money, folks who are trying to make money but actually losing money or folks trying to make money and making some but just enough to keep going. The individuals that are making a living or even a killing in coins are few and far between.

Edited to add: You're welcome for the sarcasm

JSsson · August 17, 2005 3:13PM

It's not as easy as it seems to make money buying and selling coins. Coinguy1 is right, you're better off finding a second job...at least you'll be guaranteed a paycheck every month. I'm sure most dealers can also tell you that they lose money on some of the coins they sell.

ccex · August 17, 2005 3:35PM

You'd make more money with plasma donations than with reselling raw coins on eBay. (Bidders are more skeptical than those who purchase blood). The real question is whether you love coins so much that you would rather lose money trading them then sell your blood or sell your soul to a big corporate employer.

Fletcher · August 17, 2005 3:36PM

It is not as tough as everyone makes it sound. One possibility, buy on Heritage and sell on Ebay. I see Heritage coins selling on ebay for 30% more all of the time and I do it myself. I suggest, however, that you educate yourself by researching current and past auctions first. I buy and sell coins simply so that I can trade up and get better coins, but I always make a profit or at least break even. Keep in mind that you will need to invest some serious cash to do this. If you can buy and sell Morgans and make 10% (which would be great on a quick turn-around) on them after all is said and done, you will need to buy and sell $7,000 per month worth to make your intended $700. It isn't easy, and you have to be patient, but it can be done. In addition, I have found that it is easier to make money on higher end graded Morgans (ie CCs, DMPLs, etc ...) than it is on low end, common, or raw Morgans. Although, sometimes the average stuff gets bid up higher that I anticipate. Whatever you decide, BE HONEST IN YOUR LISTINGS! I like people buying and selling because it helps keep the market alive. But ebay scammers really tend to piss me off and damage the market tremendously.

michael · August 17, 2005 3:37PM

you need to get a part time job someplace where it will be fun for you

for example you love to do home improvements so you get a part time job at home depot

JSsson · August 17, 2005 3:48PM

<< <i>You'd make more money with plasma donations than with reselling raw coins on eBay. (Bidders are more skeptical than those who purchase blood). . >>

Ljr1964,

If you can, you can try to find a job working for a coin shop somewhere. You'll probably get to see a lot of neat coins.

morgannut2 · August 17, 2005 4:06PM

The advise for part-time job is good. If you want to pick up a few bucks on Ebay--definately don't sell Morgans. There is too much competion and too many common coins. Want to make say $150 a week after the part-time job? Buy a K-M World Coin book or go to library. Then go to a coin show and try to buy smaller foreign GOLD coins--small and cheaper the better--at KM prices or near bullion wholesale. You want nice common BU's. The entire idea is to become specialized in something NO ONE sells, but 200,000 maids from South America for example, buy as savings rather than open a bank account!! You should be able to average about 25% to 40% over KM or wholesale in you small gold--it has to be nice though--no big dings, or bent junk.

Mail me 5% at the end of the year!

SDCollector · August 17, 2005 4:58PM

If I may quote Russ:

I think this thread has excellent potential.

sellsatan · August 17, 2005 7:03PM

May I suggest a venture in software piracy? Less risk.

BAJJERFAN · August 17, 2005 9:34PM

Buy smoe board members fer wut they are worth and sellum fer wut they think they are worth

Too bad you couldn't have purchased those Morgans about 5 years ago.

BAJJERFAN · August 17, 2005 9:50PM

You could buy that 93-s that is up on the BS&T board and see if you could get a bump to 25 at PCGS.

Newbie Morgan seller needs advice.

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