| Author |
 Replies: 23 / Views: 3,617 |
Page 2 of 2
|
|
|
|
Pillar of the Community
United States
9792 Posts |
I've seen every side of it, One of my early coin friends has gone on to be one of the more famous dealers and has owned almost every rarity you could imagine, others have taken up extra jobs to cover what they loose trying to be coin dealers. Many do go on to make very comfortable livings.
"Buy the Book Before You Buy the Coin" - Aaron R. Feldman - "And read it" - Me 2013! ANA Life Member #3288 in good standing since 1981, ANS, Early American Coppers Member (EAC), Colonial Coin Collectors Club member (C4), Conder Token Collector Club member (CTCC), Civil War Token Society (CWTS) member, Liberty Seated Collectors Club (LSCC) & Numismatic Bibliomania Society member (NBS), USMex, Member in good standing, 2¢ variety collector. See my want page: http://goccf.com/t/140440 |
|
Pillar of the Community
Australia
7096 Posts |
I would think the need to make a living out of coins would spoil the joy of collecting them. Me , I work for a quid and spend some of that without hesitation on the coins I enjoy. I would hate to spoil that   |
|
Bedrock of the Community
United States
20753 Posts |
Quote:
I would think the need to make a living out of coins would spoil the joy of collecting them. I feel the same. I've never sold a coin. I've given many away as presents. Always glad to help others start in this hobby. In order for me to make a living on coins, I'd have to sell some or lots of them. Just can't part with a coin except as a gift. I always feel like it would be selling a finger or toe or some part of me. |
|
Pillar of the Community
Canada
3692 Posts |
The trick, then, Carl, would be to buy coins you don't like personally but you know will sell to someone in mind. Do you give away your prized coins? Probably not.
|
|
New Member
Australia
31 Posts |
I've been buying and selling coins for some years now. Because I feel I have to justify my habit to my wife (she actually doesn't care), I keep a spreadsheet of all my sales. The result - after several years, I'm break even. I've made no loss and no profit on the coins I have bought and sold.
I see this as a good result becuase I tend to keep the better purchases and sell off the not so goods. But I doubt I could ever make a living from it.
|
|
Bedrock of the Community
United States
20753 Posts |
Quote:
The trick, then, Carl, would be to buy coins you don't like personally but you know will sell to someone in mind. Do you give away your prized coins? Probably not. Oddly enough YES. In fact I just gave a kid of 7 a Whitman Album of Jefferson nickels complete from 38 to 64. Not long ago I sent a kid a pile of Pennies including a 31S and all free just as gifts to get them started on coins. Since I'm rather on the elderly side, I would rather give any coin to a kid than sell one. Also, valuable ones. When you get really old, starting to sell anything is just to much trouble. |
|
Valued Member
United Kingdom
175 Posts |
My father in law makes a decent living from dealing, he used to get most of his stock from auction but now most comes from people selling collections. He only sends out two catalogues a year, to customers he has had for years, no shop, no web site. I think the trick is to specialise and to realy realy know your stuff.
|
|
Pillar of the Community
United States
2543 Posts |
Quote:
I am curious if anyone is earning a living dealing with coins? I used to play guitar outside the subway with a cup for coins. I did alright  |
|
Valued Member
United States
82 Posts |
How much of a commitment of time and money is one willing to make? If both are high then you would do well, even better if you really enjoy it.
|
|
Valued Member
United States
138 Posts |
I buy and sell part-time. while I like to believe I could make a living doing it full time, I doubt it could top my full time job that has benefits and all those other things my wife and kids depend on. I get a check every two weeks without fail. Not the same for a business owner. Like any business though, if you do not like people, it makes it tougher. I notice at shows, the busy tables are the dealers that can communicate while the ones with their nose in the newspaper do not have anybody at their table. Can you sell, is the name of the game.
|
|
Pillar of the Community
United States
3345 Posts |
In my honest opinion, customer service is the most important part of a small business. I would direct that towards the name of the coin shop owner who makes me mad, but that wouldnt be nice and he's probably too shy to even come on this forum.
|
|
Valued Member
United States
125 Posts |
I'm sure it will pay the bills if you open up a coin shop or something...
I depend way too much on getting that twice-monthly check from the bossman. It would drive me insane not to have a steady income. Plus, I love the career I have now and couldn't see myself doing anything else. Coins will just be a hobby for me. =)
|
|
Valued Member
United States
134 Posts |
I have a family member who works for a coin dealer who operates three store fronts, conducts minimal on-line transactions, employs 15 people, and makes a fantastic living at selling coins. He buys everything that comes across his counters, travels to buy collections, owns a huge inventory, deals in large volumes, and has a dedicated network of customers and buyers. He's been at the business for a while, but is sure has paid off.
|
|
Valued Member
Australia
491 Posts |
I am in a position where my wife and I sell a collectable on ebay and it has worked out very nicely. It just helps us to make ends meet and adds some nice extras. It took 15 years of buying at auction houses to build our huge collection. Then we decided to start selling so we would not loose our home. Coins are a totally different kettle of fish and I have looked long and hard at them as something to sell so I can start a collection. As in our position I have to sell so I can afford to collect. But if I was to start selling coins from scratch I would! Not buy and sell PM's as this is total craziness if you are going to kick off a coin selling business. Noodling from Banks etc has to be the smartest way to start selling anything I have come across so long as you have plenty of time. I would then try to earn $100 noodling by selling on ebay with the 50 free listings per month and then buy my first bulk lot at an auction house. That buy would be in the one area that I have decided to specialise in. This process also starts your credibility off as a seller on ebay. From the start of all this I would be looking at all the information I can find on the one area of collecting I had chosen. I would be looking on CCF, books from the library and searching online. No costly buying of information! Small beginnings grow into the most amazing things! Big, costly starts fall apart. You have to start at the beginning and not at the end. Be smart and start small! It is just not the go to be in debt because of your stock. How can you grow or buy that great auction house lot that you found if you are in debt? Edited by kg5
03/08/2013 10:01 pm
|
|
Valued Member
United States
280 Posts |
Great way to make money from coins: CRHing. FadeToBlack and other members of this forum make a lot of money searching for silver and error from half dollars and other denominations. It is rather tedious and a lot of work, but fun all the same.
|
|
Page 2 of 2
|
Replies: 23 / Views: 3,617 |
Page 2 of 2
|
First Page
Posted 02/26/2013 07:20 am
