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Canadian-Banknotes
Pillar Of The Community
Canada
3008 Posts
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Poll Question
I have always wondered how many collectors (not dealers) buy and sell, or flip coins to try and make a profit to have extra money to buy other coins for their collection.
If you do, where do you look for coins that you are buying? And what kind of profit margin are you looking for?
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Valued Member
United States
128 Posts |
I'd like to start, but I'm still learning so I'm gathering info and watching auctions & realized prices before I start putting cash down for coins I'm looking to liquidate rather than keep.
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Pillar Of The Community
United States
4508 Posts |
Sometimes it happens intentionally; I have bought coins on eBay that were erroneously listed for a quick turn for profit.  Sometimes it happens unintentionally; I bought a coin that I thought was just a victim of poor lighting/photography, and by the time I made up my mind to return it, the window closed on me (stupid tax kicked in).  But I don't make a point to let it happen too often...and it is sooo tempting at times.  oih82w8 = Oh I Hate To Wait
"Always one more...you're never satisfied" 5150 Van Halen
"...when you have eliminated the impossible, whatever remains, however improbable, must be the truth."
Sherlock Holmes, Chap. 6, p. 111, The Sign of Four
"I tell her coins keep me off the streets and out of the bars." Moe145
Edited by oih82w8
02/22/2012 11:32 pm
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Pillar Of The Community
United States
500 Posts |
I will "flip" 40% halves or 80% Canadian coins from banks/eBay. I sell/trade them for more 90% or hole fillers that I need.
Edited by CPC24
02/23/2012 12:17 am
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Moderator
United States
12560 Posts |
I flip 90% of what I buy.
The best thing about a bicycle is that it uses no gasoline, therefore the chance of fiery death is greatly reduced.
First Catman, then Gary Burke and now Bigg Fredd - there's one heck of a coin club in Heaven.
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Pillar Of The Community
Australia
4046 Posts |
I do a lot of roll searching for key dates etc and then sell them on eBay. Also buy proof sets to break them up and sell individually for profit. Most of what I make gets put aside until I have enough to buy something nice I like. Best bit is my girlfriend doesnt know how much I make and therefore how much I actually spend on coins  |
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Moderator
Australia
9450 Posts |
No. I have never ever bought a coin thinking "I can sell that somewhere else and make a profit on it". If I buy a coin, it's because I intend to keep it.
Sometimes I have bought coins with the intent of upgrading a coin I already have, and selling the inferior one. Sometimes I'll buy a coin only to discover I already have one. Those are the only two ways I will buy and then sell a coin. On those rare occasions, I rarely pay attention to whether or not I'm making a "profit".
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Pillar Of The Community
United States
8275 Posts |
I have done it once intentionally. I bought a silver dime at a pawn shop and sold it at a coin shop 30 minutes later and made 45 cents profit. John1  ( I'm no pro, it's just my humble opinion )
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Pillar Of The Community
United States
3418 Posts |
I did it unintentionally until it hit me how much profit could be made while growing my collection and having fun at the same time.Methods...well it wouldn't be wise to create competition against myself now would it ?
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Pillar Of The Community
Canada
1401 Posts |
 I have probably flipped my entire Collection of Canadian business strikes (1858-1967)> all six decimals at least twice in the past 15 years. This being as a result of upgrading and not intentionally trying to make a profit. If I do turn a profit, so be it, however, with the fees one pays in using E-bay/Paypal, I'm just lucky to break even most of the time. All my sales are done on E-bay and sometimes I contact sellers I know via e-mail and ask them if they would like to trade coins for a particular piece they have. Most of the time the coins I send them is accompanied with a cheque to make up the difference in what they are asking! Glenn
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Pillar Of The Community
United States
2541 Posts |
I focus on unattributed Morgan dollars on eBay and to a lesser extent, local shows. I've sold around $12,000 worth of my "picks" in the last year and a half to purchase more coins. My investment for those picks was less than $500. But a cautionary note ... it's getting much harder these days. There are fewer "unattributed" Morgans on the 'Bay' and competition for those that show up is fierce. So many coins, so little time ...
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Moderator
United States
17307 Posts |
Never tried. Probably never will. I get too attached to what I acquire.  |
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Pillar Of The Community
United States
1172 Posts |
No, probably never will start. It's ok to buy unattributed VAMs and errors and sell them for what they are, but it's morally and ethically troublesome to buy coins for the express purpose of flipping them for profit, unless one is a professional coin dealer. The A25 frenzy comes to mind, the haves lorded and congratulated themselves over the have nots all over the Internet, CCF included. You know, the number of coin buyers isn't that large, and isn't really appreciably growing because of the perceived rapaciousness and avarice in the "hobby," a case of cheating Peter to pay Paul. It's completely different if someone is registered with a tax-exempt ID to sell coins, that's a business, but that too, has a limit, which is so frequently exceeded by the big box profiteers like HSN, MCM, etc. It is not a surprise that numismatics is less popular than it was 30-40 years ago. Potential collectors get scared off by the initial cash outlay for even the most basic collection, aside from pocket change, not to mention the prevelance of fakes, and the ease with which a newbie can be fleeced in the marketplace.
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Pillar Of The Community
United States
1613 Posts |
Never even thought about it but I really need to start focusing on unloading my doubles and triples.
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Pillar Of The Community
United States
680 Posts |
"...it's morally and ethically troublesome to buy coins for the express purpose of flipping them for profit..."
What?
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Pillar Of The Community
United States
540 Posts |
I sell off my duplicates and such to upgrade some coins. I have intentionally bought coins in order to trade them for another coin that I did want. When I buy bulk world coins I end up only needing a handful for my collection and the others I will sell off. I just don't want all my money tied up in generic world coins that are a dime a dozen.
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Posted 02/22/2012 11:04 pm
