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 Replies: 36 / Views: 3,603 |
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New Member
 United States
11 Posts |
I appreciate the info. I only planned on buying the standard silver coins for a while until I get into the other stuff. I figure with my type of business, the main stuff ill see is the 1964 and back quarters, dimes, half dollars, eagles, Peace dollars and morgans. So those are the main ones I'm trying to learn initially in regards to what price to buy at, what price to sell at, how to tell fakes etc. |
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Pillar of the Community
United States
1554 Posts |
justing30, I wasn't trying to be harsh with you but until you take a few lumps so to speak anything we suggest to you may be of no use. You really need experience to come out ahead and that takes time, lots of time, YEARS. There have been thousands of people who have tried to make a few bucks on coins and they aren't around in business any more. Good luck!
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Bedrock of the Community
13014 Posts |
Justin I would agree most of the coins you see will probably be circulating silver. The coin shop around me has a standard rate they do with melt silver like that. Its something like they pay 90 percent of melt value for the silver and then resell at 8-10 above melt. The biggest thing for those will be knowing whether its 90% or 40% and doing the math for how much is there.
You probably will get burned on a couple and if you do end up with a fake you find out is fake I would keep it to learn and compare from. But if thats something you have demand for and will help your business I say go for it. No matter how much you study their will always be fakes out there that are good enough to fool everyone and theres just nothing you can do about that. Even the TPGs get fooled from time to time and they do this for a living and have seen more coins in a couple months then most of us will see in a lifetime.
The key is to just limit the losses while you learn. I would stay away from higher priced raw coins especially right now and just say that youre just starting out and will be accepting those in the future or have a only from PCGS/NGC/ANACS type slabbed policy above a certain price since its not your main business. The above suggestion was good too that you could always resell some of the coins here as well. Best of luck to you
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Pillar of the Community
United States
863 Posts |
*** Edited by Staff - Please Review the rules that you agreed to when you registered. ***
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Pillar of the Community
United States
1554 Posts |
I've said this to alot of folks,, that unless you have thousands of $$$ to spend to invest in buying and selling silver you are better off buying a few packs of vegetable seeds to grow in your backyard and sell, especially tomatos and cucumbers.
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Moderator
 United States
16679 Posts |
Welcome justing30! Lots of good advice so far. Get a " Red Book of United States coins" & learn all you can about the series of coins (which are rare, which are scarce, common) but don't use it as a price reference. Instead, Coin Prices magazine or Numismedia.com would help better with more accurate prices. Grading coins will come in time as that takes much practice in any particular series or type. All the best! swcoin.ecrater.com
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Bedrock of the Community
13014 Posts |
Quote:
I've said this to alot of folks,, that unless you have thousands of $$$ to spend to invest in buying and selling silver you are better off buying a few packs of vegetable seeds to grow in your backyard and sell, especially tomatos and cucumbers. Thats great. Hes not starting a coin shop. He already has a shop that sounds a lot like a pawn shop. Him buying and selling some silver coins that come through isn't going to make him go broke and should make him some money. No offense but your coming off as very elitist like no one deserves to have coins that havent studied them for years. The fact is pawn shops can and do make money off silver coins knowing very little about them. Hes not trying to start some high end coin shop where experience would be necessary. And he does want to learn as he goes. Give the guy a break |
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Pillar of the Community
United States
1554 Posts |
That's your opinion and I disagree! I am no elitest let me tell you! If you don't have knowledge to do this you will lose in the end, if you have no experience and the people that your dealing with do have experience you will lose every time.
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Pillar of the Community
United States
1554 Posts |
AND we can't give him this knowledge or experience...He has to earn it and it takes time.
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Bedrock of the Community
13014 Posts |
Saying he has to earn it is about as elitist as it gets. And you can give him knowledge by telling him what to read, what to look out for, tips on what to do ect.
If someone comes in and takes him for 20 bucks with a fake coin thats the nature of the business. TPGs get fooled, coin shops get fooled, everyone on here could be fooled by the right coin or has been in the past. It happens. If you wanted to warn him theres much more polite ways to do it other than saying he hasnt paid his dues or put in the years and implying he doesn't deserve to deal in coins at all.
Theres way to much negativity in the world, no need to add to it. He knows hes in over his head and wants help hence his thread. He knows the risk but also knows he could help grow his business with this, and most of us would love to help him and wish him the best. All I'm saying is youve made your point, if you dont want to help him fine, but I would say either cut him a break or let the poor guy be.
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Pillar of the Community
United States
2335 Posts |
Buying & selling melt value silver isn't rocket science. It's fairly easy to check for fakes with a magnet & an accurate scale. Almost anyone with a grasp of the basics & good business sense can make money. It's when you start trying to buy coins with more numismatic value that you could run into trouble.
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Pillar of the Community
United States
863 Posts |
It might be a good idea for you to go to a coin shop. somewhere you can look at a lot of coins and talk to the owner. he can show you what fakes look like. you should set a % amount on what you buy and sell your Silver coins for. such as buy at 80% spot value and sell at spot.
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New Member
United States
11 Posts |
Appreciate the positive advice! I'm not hear to learn on how to deal in multi thousands of dollar coins. I'm trying to learn the basics of stuff ill see 99% of the time. Its a lot easier turning away the 1 person every few months who brings me an expensive coin, then then the 3 a week who are just bringing eagles, Peace dollars, etc. For me its not even about making money off of the coins, its more providing a service and another depth to my business to help my customers out. Their is a lot of people who try to scam now a days and I'm trying to establish myself as the guy who is more then honest with you. So if I can learn about basic silver coins and be able to provide the service and break even in the end, for me thats a win because I dont need the money from coins. My money comes from the other stuff. So again I thank everyone for the advice so far! |
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Bedrock of the Community
13014 Posts |
Justing its good to have honest sellers out there. Trd had a great suggestion with the magnet test. With these melt coins you probably will get burned a few times probably by people that got burned themselves when they bought it, but in the long run its not a huge deal. The best advice for these would be like some others have set where you just set a buy price in the range of 75-85% of melt or a little higher and either sell them for melt or just above melt.
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Pillar of the Community
United States
863 Posts |
a good way to see what the competition is around you is to go try selling a Peace dollar at a local shop to see what they are offering |
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Replies: 36 / Views: 3,603 |
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Posted 06/18/2012 12:27 am
