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 Replies: 36 / Views: 3,604 |
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Bedrock of the Community
13014 Posts |
http://www.numismedia.com/fmv/fmv.shtml has ball park figures for coins especially at the higher end. Prices are never set in stone unless you say they are. Completed ebay listings are good to to see how much what you have is selling for. But coins are all about the grade and eye appeal for how much of a premium they will bring. It would suck to not get as much for a coin as you should, but at the end of the day as long as youre getting more than you paid for youre doing pretty good
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Pillar of the Community
United States
2150 Posts |
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Pillar of the Community
United States
1554 Posts |
You can't be serious! It takes knowledge and experience. I'd seriously reconsider this!
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New Member
 United States
11 Posts |
If your talking about me I forgot its impossible to learn somethIng new and if your not born with the knowledge then you'll never learn it. I'm trying to expand my existing business and this is the most requested route for me to take right now so instead of reconsidering I'm going to jump in full force.
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Pillar of the Community
United States
3184 Posts |
Honestly sell all the coins you get here. You will get full price and you will be helping the collectors here
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Valued Member
United States
279 Posts |
Justing30, I agree with you. I do think there are definitely safer ways to learn when it comes to buying and selling coins, but while you are doing the safer way, you are losing out on potentially a ton of short term, and long term business. If someone comes in trying to sell you silver coins for melt, and you say you don't deal with them, you lose that transaction, and probably ALL future transactions that they might have dealing with silver coins from that person. If it were me, I would keep the transactions small while you are learning. Buying silver coinage for low, and selling high(er). That way if one is fake, you aren't losing out on hundreds, or thousands of dollars. Like someone else said, check ebay's completed listing to get a general idea of what the coin is worth. |
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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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Replies: 36 / Views: 3,604 |
First Page
Posted 06/17/2012 9:51 pm
