Let me re-phrase that: What motivates one to become a coin dealer?
renomedphys
Posts: 3,838 ✭✭✭✭✭
With the new tax laws, the endless quibbling, and having to constantly sell what you like to put food on the table, I honestly can't understand why. Can you?
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The Penny Lady®
<< <i>For me, I can tell you it's not the $$ because I made more money in my past career, but I do it because it is completely that I get to do what I enjoy, and that means a lot. Yes there are aspects of it that I don't enjoy, but the good parts like being involved in coins, finding such great coins for my inventory and personal collection, meeting fun and knowledgeable people, and travelling (to some extent) - all these are well worth it to me. >>
Charmy, you are the uncommon exception to the rule. That is to say, you appear to keep everything you like. You aren't the only one, but it would seem to be the rare case.
Empty Nest Collection
On the flip side, it's not an easy business to be in, in spite of what some people think. Read Arizona Jacks thread from yesterday, it's just not easy.
No Way Out: Stimulus and Money Printing Are the Only Path Left
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
<< <i>Selling coins beats working for The Man. >>
I am not sure whether you are mocking or not but there is something to be said about working in a hobby for a living.
I give away money. I collect money.
I don’t love money . I do love the Lord God.
Here is a little story to convey the "real deal" about the life of the common and far-from-legendary coin dealer...
On Sunday, I purchased a few Whitman folders filled with circ merc dimes... none of the "dates" but all the rest... basically "common" coins ... for the last three evenings... AFTER working my regular job and doing the errands that most folks need to do after work (i.e. grocery shopping, house cleaning etc) ... around 2-3 hours each evening... I have been putting all these dimes into 2x2s... this involved grading and many needed to be acetoned from the long term storage they spent in the folders... now I still need to price them and put them into notebook pages for my inventory... then add them to my inventory lists to keep track of things...
I paid spot for the coins... a handful might sell... one of these days... for as much as $5 or $6 ... the rest at $2-3 ea.... someday...
OMG... you mean I might actually be selling coins for a 100% profit... yeah... if you do not count my time and that no one may ever actually want to buy them... maybe one day... all the while getting mighty rich doing it
The reward? ... well... I got to play with some cool coins... not valuable... but cool none-the-less...
...and one day... some YN (or J6P collector) will come along at a show with a limited budget... and he or she can sit down at my table with the "big time" collectors... and have a ball looking thru and choosing some coins for what might be their first collection... maybe with Dad or Mom or a grandparent or uncle or friend or maybe on their own... and I can help them, "talk" coins and maybe teach them about grading and a little history...they might even teach me a thing or two... and they, along with me, can experience one of life's little pleasures...
Glamorous? .... no... Satisfying? no doubt...
Meanwhile, I have another box of newps to process over the next few days (some bigger budget coins this time
...and I have no idea who will show up at the shows... what coins they will be seeking or what their budget might allow... and there will be a room full of other dealers... all of us hoping to do enough business in those 4-6 or maybe 8 hours a day... to carry the show... pay the bills and get us to the next show...
Like I said earlier in this thread... there are far more lucrative ways to earn money in this world... yet I love this hobby and, so far, continue to enjoy my time spent with it...
Sometimes, though... there are aspects of it that just wear at the body, mind and soul...
So... not to excuse any bad behavior ... but I just might suggest... if you think a dealer at a show should eat better.... offer to pick them up something better than a bourse dog... if they seem a bit distracted... offer to go get them a cup of coffee or bottle of water... or better yet... if you know them well enough... offer to watch their table so they can get a few minutes away to get a breath of fresh air or go to the John... or Joan, as the case might be...
There are those of us who endeavor to spend our time and resourses to try to locate the coins that collectors look for and want to collect...and see to it that they are available for their consideration... sometimes we even have what you're looking for
... I can not speak for all dealers... but many of us do try to please... to please a breed of folks that can be very hard to please... because most collectors are picky... and selective... and they have a right to be... but it ain't easy... and most of us are not getting rich doing this...
minor spelling edit
awesome response Larry. This hobby would explode more than it already has if more dealers would think/act like you.
Too many positive BST transactions with too many members to list.
<< <i>Unfortunately, doing this often diminishes the enjoyment the hobby provides. >>
I think this is a perfect way to put it. Having 'worked' both sides of the table it can prove to be a little less enjoyable from behind the table. The dirty business of it comes to light and you realize that no matter how wonderful you think coins are, its all about selling. And sales will take the romance out of anything!
.................out of a large one.
Recipient of the coveted "You Suck" award, April 2009 for cherrypicking a 1833 CBHD LM-5, and April 2022 for a 1835 LM-12, and again in Aug 2012 for picking off a 1952 FS-902.
<< <i>I turned a hobby into a very succesful business, hotsauce, sold it and used the cash to finance my coin hobby that turned into, well, thats another thread, lol. >>
I too think some of the replies in Jack's thread would be appropriate in this thread too. Jack's Thread
The Penny Lady®
Once you're in and doing the coin show circuit: a love of greasy food
Staying in this business: masochism
RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
CJ: 'No one!' [Ain't no angels in the coin biz]
``https://ebay.us/m/KxolR5
1. I get to handle a lot of cool coins.
2. It brings in money if I make good decisions.
3. There is satisfaction in providing good customer service.
4. I have very little of the quibbling that you read about here. I routine day involves selling, shipping, and very little contact from customers. I answer a lot of questions thru ebay.
5. The new 1099 law, if it happens as described, would make it much less fun.
6. I had to make a decision not to collect moderns or I would be keeping all the profits (like a dope dealer who can't figure out why he's only selling 4 oz out of every pound).
I don't like all the bookkeeping/tax records however. But i don't like that in my personal life either.
--jerry
<< <i>Many people dream of making a living from a hobby they enjoy. Unfortunately, doing this often diminishes the enjoyment the hobby provides. >>
+1
``https://ebay.us/m/KxolR5
<< <i>Many people dream of making a living from a hobby they enjoy. Unfortunately, doing this often diminishes the enjoyment the hobby provides. >>
This is true, but for me, the happiness and enjoyment I get from being my own boss and running my own business in an industry I truly love far outweighs any diminished enjoyment that might occur from making my hobby my business.
The Penny Lady®
<< <i>
<< <i>I turned a hobby into a very succesful business, hotsauce, sold it and used the cash to finance my coin hobby that turned into, well, thats another thread, lol. >>
I too think some of the replies in Jack's thread would be appropriate in this thread too. Jack's Thread >>
Link doesn't work. Did the thread go poof?
Never mind. Edited to correct link.
Lance.