I'm a YN and i need help
liquidtoxin
Posts: 6
Hi my name is Justin i am a young numismatist. I am 14 and i like to buy and sell coins for profit i find it fun. Does anyone have any tips, tricks, or could help me out in some other way. I would greatly appreciate the help. Right now I have $100 and i want to make more. So any help would be great thanks. I am also going to a show what should i buy there that i could make money on.
Young Numismatist
0
Comments
You'll need to go around to banks and see who will buy you the coins at face.
Option 2: You might look over at the PM forum and see how to buy silver below spot (Ebay bucks or Bing bucks) and try "timing the market" and see how you do on a few ASEs.
Good luck. Let us know how you do.
edited to add: The first method is lowest risk. You can always just sell your coins back at face and you'll have your $100 back.
Option 3: You could buy a box of "by the pound" junk from Coin World and then try to sell the coins in smaller batches or one at a time on Ebay. That'll take a long time, but you could make a few dollars by placing inexpensive coins in the hands of collectors that want them.
Actually, now that I think about it... I have made the assumption that you already own the Red Book and maybe some others. If not, I recommend investing the $100 in to a few books and maybe a Coin World subscription or even and ANA membership.
This book is worth every cent:
The Expert's Guide to Collecting & Investing in Rare Coins: Secrets Of Success (Paperback)
So is this one:
Guide to United States Type Coins
Always be honest in your dealings. Integrity is everything.
plus it sounds more like you want to be in business already than simply collect. If that is the case, I'd find a way to get a larger amount of starting funds.
There is a saying on Wall Street that could apply to the coin business:
How do you make a small fortune in ________ ? Start with a large one.
Know your coin specialty really, really well!
(Perhaps you might spot a bargain out there or prevent yourself from accidentally over-paying)
Good luck.
<< <i>Hi my name is Justin i am a young numismatist. I am 14 and i like to buy and sell coins for profit i find it fun. Does anyone have any tips, tricks, or could help me out in some other way. I would greatly appreciate the help. Right now I have $100 and i want to make more. So any help would be great thanks. >>
Buy some net-graded old holder ANACS coins, crack 'em out and lightly rub the shiny spots with a little nose grease.
Make sure you photograph them well, and only AFTER you crack them out.
Sell as raw on eBay and let your customers decide.
Welcome to the PCGS Message Boards!
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
Ebay Polk error sales
You can buy up to 500 $1 coins at face value from the mint and receive free standard shipping and handling. Your bank may even order $1000 "bricks" for you. It's a lot of fun searching and a good way to generate income. The good news is your investment is never worth less (if you don't count inflation). Coins that have no errors can be deposited back into the bank for what you paid for them!
"A car is a tool that takes you from one place to another. Everything beyond that is a payment for other people's perception of you."
<< <i>Buy some net-graded old holder ANACS coins, crack 'em out and lightly rub the shiny spots with a little nose grease.
Make sure you photograph them well, and only AFTER you crack them out. >>
Russ, NCNE
"Inspiration exists, but it has to find you working" Pablo Picasso
<< <i>Justin, I would suggest you buy sealed presidential rolls and search for errors. There's a big market on ebay for presidential coin errors:
Ebay Polk error sales
You can buy up to 500 $1 coins at face value from the mint and receive free standard shipping and handling. Your bank may even order $1000 "bricks" for you. It's a lot of fun searching and a good way to generate income. The good news is your investment is never worth less (if you don't count inflation). Coins that have no errors can be deposited back into the bank for what you paid for them! >>
I think this might be your best option, the dollars are shipped free to your house, you send them 100 dollars (You will have to get someone to help you with this part as you will need a credit card), they send you 100 dollars right back. Look for errors, if you find none, start the cycle over with the 100 dollars. If you do find an error, get some pics, post them on here (The Buy, Sell and Trade board) and you might get someone to purchase your dollar with little to no worries.
The difference between a professional _____ (Investor, gambler) and a novice is a professional enters the casino with 1000 dollars and hopes to leave with 1100, where a novice enters the casino with 100 and wants to leave with 1100. My point is, do not think your going to make a killing because you decided you wanted to sell coins to make money. Start out small, if you make 5-7% on your money cool, if you break even cool... be happy you did not come up negative. Keep in mind, with everything you do, you are gaining knowledge. Once you get the hang of it and a few years under your belt, then expect to make a little more.
Good luck,
Ray
I'm surprised no one has yet to suggest you buy some books with that $100...
search for some book threads.
do you have a specific, special interest in mind?
Educate your self; join a local coin club, buy books. start with "Strike it rich with pocket change"
link
Take your time; do not be in a rush. Enjoy the ride; you do not have to be ubiquitous until you graduate from high school.
<< <i>i like cents myself but anything i can make money on plus at the show should i just like look through baskets to find things or look for mistakes in prices >>
The 09 Lincoln rolls are offering up lots of variety/error money making possiblities. Do an ebay search on 2009 Lincoln errors.
"A car is a tool that takes you from one place to another. Everything beyond that is a payment for other people's perception of you."
<< <i>i like cents myself but anything i can make money on plus at the show should i just like look through baskets to find things or look for mistakes in prices >>
Sounds like you are more interested in making money than studying coins. Nothing wrong with making money, but you are going to need to know your product before you can deal in it (successfully). Do you know how to grade? Do you know pcgs grading standards (important if you are going to be slabbing or cracking coins), Do you know what eye-appeal is? Have you studied the mintages of the series that you are going to deal in?
What do you collect?
Collector of Early 20th Century U.S. Coinage.
ANA Member R-3147111
I would first suggest that you buy books before you buy coins. If you go to try buy coins first, you will get burned!!!!!!!!!
and sat him down to one of my slot machines. I watched the glint in his eyes as he pondered the idea of easy money.
After he had lost all his quarters, we sat and talked about how to make money. We never concluded as to how, be he learned that
the easy way doesn't work.