Any Advise On Becoming A Coin Dealer?

Before you take this giant step
Contact one of our forum members
Bigfella

He has recently gone through this adjustment he can tell you of all of the pitfalls and joys associated with working for yourself in the world of coins.

You'll need a lot of contacts to get certain coins if you have customers that would be interested in buying them. If you go to a small, local coin show try talking to some of the dealers there, and perhaps making a few purchases. They'd be an excellent source of information.

djluster - I am impressed by you more and more everyday! You have a wonderful future with your knowledge and maturity. If you were a coin dealer I wouldn't think twice about making a purchase from you - you know why? Your honesty! Thanks!

The above posts contain some very good info ,, and the thoughts presented are well worth the time needed to consider.

One other small point !! Full time coin dealers are seldom also collectors !!

Its just another one of those anomolies like the village Mechanic rarely drives the best running car !!

Rick

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Originally posted by Metalman

...Full time coin dealers are seldom also collectors !!

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It definitely takes a different mindset to sell coins if your a collector.
The only way that anyone can make money in tradeing coins is to buy at a low price and sell at a higher price. The difference is what you get to live on, pay bills and buy more coins. Sure would take the "Fun" out of the hobby.

There is a fixed number of older coins and no wholesale manufacturer producing them now more cheaply. Getting a cheap supply of coins would have to be the biggest problem. Collectors are also on the look out for a cheap supply of coins at "dealer prices".

I'd say this is a hard industry to make money in, unless you are in the slabbing business. My impression is there is a lot of money being spent for opinions.

I was once at a Long Beach show and passed by a table where a very studious looking young man was sitting. He looked a little forlorn to me and I think I said something like, this must be a very interesting, fun job, to be a coin dealer? He responded by saying, you know, it's about as easy to be successful in this as it is to one day just up and decide to become a professional hockey player.

I would say at first, besides studying and gaining as much numismatic knowledge as possible, maybe try taking a table at some small shows with the goal of just having some fun. I've done this a few times and found it to be lots of fun. This way, you get a chance to bid on coins that people bring by and to become known locally. Lots of interesting people come by and it's a great learning experience. Be sure to have someone else at your table so that you have time to walk the bourse floor and look at other dealer's stuff and make acquaintances. Some people in my area have ads for buying coins in the yellow pages or in the local shopper type newspaper. When meeting someone for a sale/purchase, try to do it in a public place like your bank. A dealer in my area always does this for security, and because he has all his better coins in the bank safe deposit box.

So, I would say at first, focus on the enjoyment to be had by dealing on a small scale, then, if successful, branch out later. ebay sales, bigger shows...

Almost forgot to add, don't quit your day job yet!

First, I would suggest taking an ethics course. The world doesn't need another dishonest dealer.

Second, I would suggest that you will need to work your a** off. Because if you're going to be honest, it's going to be hard to earn a living.

Third, if you haven't already, go to a live auction. I've been to a few and they're fun. It's where dealers get a lot of their inventory. Good collect coins don't usually find you.....

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