<< <i>Coin dealers actually make money? All the ones at the shows I go to are selling everything below what they paid for it!!! >>
Marty, I heard that some of those guys actually lie.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
How do you make a small fortune in the stock market? Start with a large one. >>
This makes no sense and does not correctly convey the idea of an industry where making a profit is difficult. The saying, regardless of industry, is how do you "end up" with a small fortune, not how do you "make" a small fortune.
<< <i>I see a lot of buy low sell highs here, but where do you do this mostly??? Wholesale places? Ebay? Auctions?? Specifically, where? >>
A low buy price is always in relation to the sell price.
Some make a living a by purchasing common coins back of melt prices, with an occassional bonus when a key is found (if they have the time/resources).
Other coins may be purchased at near or even above sheet price if the coin is nice enough and the dealer has buyers willing to pay for a premium specimen.
A "low" buy price may not be all that great if the coin(s) can not be sold to another party and funds are tied in it (them) up for months on end.
The turning of inventory is vital when persuing this, or any business involving the sales of physical items, for a living.
How do you make a small fortune in the stock market? Start with a large one. >>
This makes no sense and does not correctly convey the idea of an industry where making a profit is difficult. The saying, regardless of industry, is how do you "end up" with a small fortune, not how do you "make" a small fortune. >>
No, I believe the meaning of the saying is along the lines of, "Gotta spend money to make money."
I think to sum up everyone's advice it takes time an effort to establish any business including a Coin business each dealer has his own individual way of doing things. Some advice I received long ago and has been mentioned in some of the previous responses is narrow your product offering to a specific area and become as knowledgable as possible become and expert in this particular area. The other thing is you make money when you buy the coin not when you sell it meaning if you overpay then chances are you'll lose when it comes time to sell.
<< <i>Fwiw it's usually the lowballers that get the best collections that fall out of the woodwork (estates, grandpa died, etc.). If you try to offer a fair price it seems the owners usually walk, thinking that if it's worth that much money to this dealer, it must be worth a whole lot more. >>
So, the more you offer, the less likely they are to sell? I don't buy it. Sounds like dealer rationalization for their low ball offers to unknowledgeable sellers. >>
Just curious, would you be willing to pay $10K CASH for a coin and mum's the word? >>
Depends on the coin.
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
mea culpa...................will i ever hear the end of this?? >>
Apparently not.
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
I think his question is more basic than anyone has considered.
Dealers make money (or are supposed to make money because it is understood that they are running a business. People start a business to make a profit. Dealer sell coins at retail prices - the prices you generally see listed in price guides. They buy coins from collectors for less than what they can sell them for. How much they are willing to pay for a coin depends on what their overhead is and how much profit they want to make. There are other factors, but those are the basics. Dealers sell coins to each other at wholesale prices, which are less than what a collector would pay, but (ideally) more than they paid for the coin. If everyone bought and sold at the prices listed in guides no one would make any money. With the ability to sell coins online, the average collector now has an opportunity to sell coins at retail prices.
This thread made me think of one way dealers make money at this.. They go searching shows for undervalued coins and resubmit them and make money. It's a risk and not always right, but the better the dealer's grading skills, the better the odds they'll make money.
To become a successful Professional coin dealer requires experience, a solid reputation for Integrity & working capital.
Come to think about it, the PNG logo sums it all up quite nicely. Knowledge, Integrity & Responsibility are traits favorable of all successful business persons, not limited solely to coins.
A really good Professional coin dealer treats people fairly.
A satisfied clientele (database) is essential & is not accomplished overnight.
A happy customer is a repeat customer that will spread the word but an unhappy customer's word seems to spread even faster!
Any so-called dealer that resorts to unethical business tactics will cause irreparable damage to his or her reputation. It's just not worth it.
Integrity - a no-nonsense return policy - treating others the way we all would like to be treated, is the ticket to long term success.
In the end, it's best to call a spade a spade and a dawg, a dawg.
<< <i>Buy AU coins and sell them on ebay as GEM BU. Use Alts to promote said coins. >>
I know you are being facetious, only because the OP asked how to make money as a "Professional Coin Dealer". >>
Nothing facetious about it, as far as I am concerned... just pointing out what appears to be the case with the OP of this thread...
About the nicest thing I could possibly say about the OP of this thread is... in my eyes, he has already "dug his hole" on this forum... if anyone chooses to take him seriously at this point, I would consider them naive or foolish or both...
Re: Slabbed coins - There are some coins that LIVE within clear plastic and wear their labels with pride... while there are others that HIDE behind scratched plastic and are simply dragged along by a label. Then there are those coins that simply hang out, naked and free
To me , a professional coin dealer is someone who's main source of income is from selling coins , be it at a B&M , major shows , publications , auction catalogs or client lists . Few professionals , part timers , or coin shops hunt ebay for inventory , as the coins are expensive , time consuming , not as described , etc . Also , a shop needs hundreds of coins, and not onesies or twosies at a time . I do not believe that there is/was a coin wholesaler . In the world of stamp collecting , wholesalers existed . If you have ever attended a medium to large coin show , you may have been able to identify professional dealers .Others are part timers or occasional sellers of extra coins .
Is BNB still selling coins? I thought a dealer had taken him under his wing to educate him and years ago he was seen at a few west coast shows. Also, did he ever sell his NGC MS69 Morgan? He’s not on eBay anymore.
Seated Half Society member #38 "Got a flaming heart, can't get my fill"
Know more than the other guy, know how to grade better than the other guy, know the market better than the other guy, know who you can sell a coin to better than the other guy, know the varieties better than the other guy.
All this takes years of experience and also lots of mistakes. I'm not sure that its easier now with all the data, but the homework certainly is certainly easier than it used to be with the internet.
I just remember the Epic Thanksgiving debacle across the street where bnb got banned. He pissed off a lot of people that day. Drama was certainly there to follow him wherever he went. Not sure I liked him but I always wished him well and hoped that he would succeed in the coin business.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
I don't have time to read all of the responses. I read the OP's sig line and and have to aks why is someone called BNB Coins & Analytics asking this question?
Sounds like a BSer to me. If he's in the business, he ought to know.
@Outhaul said:
I don't have time to read all of the responses. I read the OP's sig line and and have to aks why is someone called BNB Coins & Analytics asking this question?
Sounds like a BSer to me. If he's in the business, he ought to know.
Cheers
Bob
Not to worry within a month he knew everything
m
Walker Proof Digital Album Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
Is BNB still selling coins? I thought a dealer had taken him under his wing to educate him and years ago he was seen at a few west coast shows. Also, did he ever sell his NGC MS69 Morgan? He’s not on eBay anymore.
Yes, I believe it was Pony express that helped him out.
How can dealers (store or eBay) sells certified coins slabbed like PCGS below the cost of grading? my understanding is that it costs at least $12 to grade?
@coincollect2018 said:
How can dealers (store or eBay) sells certified coins slabbed like PCGS below the cost of grading? my understanding is that it costs at least $12 to grade?
A lot of coins are sent for grading with the very top grades sold at a profit while the the lower grades are blown out for whatever they can get.
He eventually had a presence on eBay as Quality Rare Coins. I bought a couple of nice toners from his store. He was no longer on eBay after late 2013 or early 2014.
Is BNB still selling coins? I thought a dealer had taken him under his wing to educate him and years ago he was seen at a few west coast shows. Also, did he ever sell his NGC MS69 Morgan? He’s not on eBay anymore.
Haven't heard from him or seen him at any west coast shows for at least two years... but I know that the MS69 Morgan Dollar was definitely sold.
I found this thread interesting. As a collector that can't afford his habit, what I have seen from years of shows, dealers and ebay is that there is more than one way to make a profit. There is the unscrupulous method of stretching the truth into outright fraud. "Buy from China sell on ebay" or pay 30% to a widow may work for some for a while. I don't know how these people can sleep at night. The B&M dealers I go through use the make 10%-15% on everything, by getting to have good relations with their customers approach. They have been in business as long as I can remember. They usually offer Greysheet bid cut 10% for almost everything. They sell to other dealers and preferred clients at bid, and have a sticker price at Redbook. I support my habit by spending countless hours scouring ebay for coins I can bid on, referencing Coinfacts to compare grades by date. (at least I used to) I have found under-graded, mislabeled and occasionally a great coin with bad pictures. Sometimes I can find things at shows that I know i can make money on by flipping them on ebay. I'm still kicking myself for passing up a 12-s woodgrain Lincoln for $80 that had to be a 64BN that no one wanted because it was too hard to grade in hand due to the woodgran toning. I will be looking for it at the next show for sure, not that I would flip that one.
Point being, there is money to be made honestly, with enough work educating yourself.
JMHO
Ed
Key question IMO is:
where does all the material come from? some " dealers" have hundreds of listings at any time... without ever running out of new stuff...
Comments
<< <i>Coin dealers actually make money? All the ones at the shows I go to are selling everything below what they paid for it!!!
Marty, I heard that some of those guys actually lie.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
<< <i>The saying used in the markets is:
How do you make a small fortune in the stock market?
Start with a large one. >>
This makes no sense and does not correctly convey the idea of an industry where making a profit is difficult. The saying, regardless of industry, is how do you "end up" with a small fortune, not how do you "make" a small fortune.
Find a dealer you feel comfortable with and be his/her apprentice for 4 or 5 years then report back your findings!
The name is LEE!
<< <i>I see a lot of buy low sell highs here, but where do you do this mostly??? Wholesale places? Ebay? Auctions?? Specifically, where? >>
A low buy price is always in relation to the sell price.
Some make a living a by purchasing common coins back of melt prices, with an occassional bonus when a key is found (if they have the time/resources).
Other coins may be purchased at near or even above sheet price if the coin is nice enough and the dealer has buyers willing to pay for a premium specimen.
A "low" buy price may not be all that great if the coin(s) can not be sold to another party and funds are tied in it (them) up for months on end.
The turning of inventory is vital when persuing this, or any business involving the sales of physical items, for a living.
have a second job.
Barrytrot(2),Stupid,Savoyspecial,docq,ecoinquest, halfhunter,snman,Coll3ctor.
wondercoin. Blue594. internetjunky.
keepdachange. Scrapman1077.Ahrensdad, mrmom, mygrandeoso, blu62vette, Clackamas,giorgio11, adriana, cucamongacoin,
<< <i>
<< <i>The saying used in the markets is:
How do you make a small fortune in the stock market?
Start with a large one. >>
This makes no sense and does not correctly convey the idea of an industry where making a profit is difficult. The saying, regardless of industry, is how do you "end up" with a small fortune, not how do you "make" a small fortune. >>
No, I believe the meaning of the saying is along the lines of, "Gotta spend money to make money."
CoinSpace.com Founder
www.coinspace.com
<< <i>
<< <i>
<< <i>Fwiw it's usually the lowballers that get the best collections that fall out of the woodwork (estates, grandpa died, etc.). If you try to offer a fair price it seems the owners usually walk, thinking that if it's worth that much money to this dealer, it must be worth a whole lot more. >>
So, the more you offer, the less likely they are to sell? I don't buy it. Sounds like dealer rationalization for their low ball offers to unknowledgeable sellers. >>
Just curious, would you be willing to pay $10K CASH for a coin and mum's the word? >>
Depends on the coin.
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
<< <i>The margins are much better at Keets' shop.
mea culpa...................will i ever hear the end of this??
Apparently not.
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
Dealers make money (or are supposed to make money because it is understood that they are running a business. People start a business to make a profit. Dealer sell coins at retail prices - the prices you generally see listed in price guides. They buy coins from collectors for less than what they can sell them for. How much they are willing to pay for a coin depends on what their overhead is and how much profit they want to make. There are other factors, but those are the basics. Dealers sell coins to each other at wholesale prices, which are less than what a collector would pay, but (ideally) more than they paid for the coin. If everyone bought and sold at the prices listed in guides no one would make any money. With the ability to sell coins online, the average collector now has an opportunity to sell coins at retail prices.
and keep these boards going
merse
<< <i>Buy AU coins and sell them on ebay as GEM BU. Use Alts to promote said coins. >>
I know you are being facetious, only because the OP asked how to make money as a "Professional Coin Dealer".
a solid reputation for Integrity & working capital.
Come to think about it, the PNG logo sums it all up quite nicely.
Knowledge, Integrity & Responsibility are traits favorable of all
successful business persons, not limited solely to coins.
A really good Professional coin dealer treats people fairly.
A satisfied clientele (database) is essential & is not accomplished overnight.
A happy customer is a repeat customer that will spread the word
but an unhappy customer's word seems to spread even faster!
Any so-called dealer that resorts to unethical business tactics will cause
irreparable damage to his or her reputation. It's just not worth it.
Integrity - a no-nonsense return policy - treating others the way we all
would like to be treated, is the ticket to long term success.
In the end, it's best to call a spade a spade and a dawg, a dawg.
JMHO - FWIW
<< <i>
<< <i>Buy AU coins and sell them on ebay as GEM BU. Use Alts to promote said coins. >>
I know you are being facetious, only because the OP asked how to make money as a "Professional Coin Dealer". >>
Nothing facetious about it, as far as I am concerned... just pointing out what appears to be the case with the OP of this thread...
About the nicest thing I could possibly say about the OP of this thread is... in my eyes, he has already "dug his hole" on this forum... if anyone chooses to take him seriously at this point, I would consider them naive or foolish or both...
coins , be it at a B&M , major shows , publications , auction catalogs or client lists .
Few professionals , part timers , or coin shops hunt ebay for inventory , as the coins are
expensive , time consuming , not as described , etc . Also , a shop needs hundreds of coins,
and not onesies or twosies at a time .
I do not believe that there is/was a coin wholesaler . In the world of stamp collecting ,
wholesalers existed .
If you have ever attended a medium to large coin show , you may have been able to
identify professional dealers .Others are part timers or occasional sellers of extra coins .
<< <i>Buy AU coins and sell them on ebay as GEM BU. Use Alts to promote said coins. >>
It appears the OP has taken you seriously and has decided this is the route to take (except for the Alt bit).
Sad.
ALERT. 9 YEAR OLD THREAD.
Is BNB still selling coins? I thought a dealer had taken him under his wing to educate him and years ago he was seen at a few west coast shows. Also, did he ever sell his NGC MS69 Morgan? He’s not on eBay anymore.
"Got a flaming heart, can't get my fill"
Knowledge plain and simple
Know more than the other guy, know how to grade better than the other guy, know the market better than the other guy, know who you can sell a coin to better than the other guy, know the varieties better than the other guy.
All this takes years of experience and also lots of mistakes. I'm not sure that its easier now with all the data, but the homework certainly is certainly easier than it used to be with the internet.
Ike Specialist
Finest Toned Ike I've Ever Seen, been looking since 1986
I just remember the Epic Thanksgiving debacle across the street where bnb got banned. He pissed off a lot of people that day. Drama was certainly there to follow him wherever he went. Not sure I liked him but I always wished him well and hoped that he would succeed in the coin business.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
I don't have time to read all of the responses. I read the OP's sig line and and have to aks why is someone called BNB Coins & Analytics asking this question?
Sounds like a BSer to me. If he's in the business, he ought to know.
Cheers
Bob
Remember his home videos.
Roll the dice on bullion coins and reinvest in graded coins. Then as it is said "Let us Pray". Lots of luck to you @BNBAnalytics .
Not to worry within a month he knew everything
m
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
This book is a good source of information as it was published before this thread was created.
I saw a post from Boom.
I had forgotten about him and it was good to see.
I'm always afraid to ask what ever happend to....
"If I say something in the woods and my wife isn't there to hear it.....am I still wrong?"
My Washington Quarter Registry set...in progress
I actually got one very nice coin from him on Ebay, even corresponded a bit. All was friendly with no drama. Guess I was lucky.
10-4,
My Instagram picturesErik
My registry sets
Yes, I believe it was Pony express that helped him out.
EAC 6024
How can dealers (store or eBay) sells certified coins slabbed like PCGS below the cost of grading? my understanding is that it costs at least $12 to grade?
A lot of coins are sent for grading with the very top grades sold at a profit while the the lower grades are blown out for whatever they can get.
He eventually had a presence on eBay as Quality Rare Coins. I bought a couple of nice toners from his store. He was no longer on eBay after late 2013 or early 2014.
- Bob -
MPL's - Lincolns of Color
Central Valley Roosevelts
Haven't heard from him or seen him at any west coast shows for at least two years... but I know that the MS69 Morgan Dollar was definitely sold.
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
I found this thread interesting. As a collector that can't afford his habit, what I have seen from years of shows, dealers and ebay is that there is more than one way to make a profit. There is the unscrupulous method of stretching the truth into outright fraud. "Buy from China sell on ebay" or pay 30% to a widow may work for some for a while. I don't know how these people can sleep at night. The B&M dealers I go through use the make 10%-15% on everything, by getting to have good relations with their customers approach. They have been in business as long as I can remember. They usually offer Greysheet bid cut 10% for almost everything. They sell to other dealers and preferred clients at bid, and have a sticker price at Redbook. I support my habit by spending countless hours scouring ebay for coins I can bid on, referencing Coinfacts to compare grades by date. (at least I used to) I have found under-graded, mislabeled and occasionally a great coin with bad pictures. Sometimes I can find things at shows that I know i can make money on by flipping them on ebay. I'm still kicking myself for passing up a 12-s woodgrain Lincoln for $80 that had to be a 64BN that no one wanted because it was too hard to grade in hand due to the woodgran toning. I will be looking for it at the next show for sure, not that I would flip that one.
Point being, there is money to be made honestly, with enough work educating yourself.
JMHO
Ed
http://www.silverstocker.com
Anyone can PM me Any Time about Any thing.
Key question IMO is:
where does all the material come from? some " dealers" have hundreds of listings at any time... without ever running out of new stuff...
At least this old thread demonstrates that ignorance isn't a new thing.