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Replies: 13 / Views: 1,647 |
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New Member
United States
21 Posts |
Ok, I can get a 1/2 eagle 1886 in AU-50 for $600 and a 1/4 Eagle 1927 for $400 in AU-50 wha tcan I sell them to a dealer for. ? I am just looking to flip them to make some cash 
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Pillar of the Community
United States
6396 Posts |
I don't think you could make anything on those deals. Common date half eagles can be purchased for less than $400 at my local dealer. An Indian quarter eagle in AU might run $250. They will of course pay less if you want to sell them these coins.
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Bedrock of the Community
United States
14454 Posts |
I agree, I think if you were just trying to flip these coins you would end up loosing money instead of making it. now if you was wanting to hold onto them for a few years you may be able to pull a profit
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Bedrock of the Community
United States
10982 Posts |
Quote: I am just looking to flip them to make some cash That's hard to do unless you can buy under wholesale price. Playing the markets can work but you've got to get a good price and hold for awhile. The 1927 1/4 Eagle is way overpriced now. The 1/2 is priced at market rate. Also be careful about grades. Uncertified common dates like these can really be a bummer if overgraded or with problems.
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Bedrock of the Community
United States
14454 Posts |
coins is very hard to make a business out of where you buy and resell right off the bat and make a profit. heck its hard to buy and sit on them for awhile and make a profit most of the time. That is why most people call this a hobby instead of a business and the ones that do make a business out of it usually collect for many many years (at least the highly successful ones)and create a relationship with other dealers and collectors and when they switch from collector to dealer they have allot of connections to get their coins from not to mention they have their own collection they paid very little for when they started compared to what the coins are worth at that time.
So many people see all these coins selling for 7 million dollars here and there and thats the only ones they hear about and get the bright idea that every old coin has that potential when in fact the reason those coins bring so much money is because of what they are and there are very few of the (the 7 million dollar coin is the only one of that year/type that is legal to own). Sometimes you can get lucky and buy a coin for less than its actually worth but the reason is usually because the buyer notices something the seller doesn't. That is why we always say buy the book before the coin and do your homework before trying to buy anything that you are going to try and make money on. You would not believe how many new members we have come here saying stuff like I have a coin that looks exactly like that one that sold for 7 million dollars a couple years ago and want to know where to sell it at so they can buy them and their mother a house a get that new Ferrari they always wanted and quit that boring job they have hated since they started. That is when we have to come in and tell them the bad news of either their coin is not the same date and in very poor condition or that the coin isn't worth a plug nickel because its fake.
Most unacknowledged people just see a old coin and think its their automatic retirement fund no matter what condition the coin is and it should be worth a small fortune just because its 100 years old. So I will repeat myself again, buy the book before the coin and study the book and hopefully you will have more knowledge than the next guy to spot something they missed and you can buy something for little money and it be worth a considerable more because all coins are not created equal and knowledge is the only way to get the upper hand
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Pillar of the Community
United States
2757 Posts |
if you want to convince yourself how hard it is, buy one of those coins (should absolutely be certified), go to a coin show and try and sell. If you can sell it for a 10% loss, then you did pretty well.
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Bedrock of the Community
United States
12437 Posts |
Making money selling coins to other collectors is hard enough but it is almost impossible to make a profit reselling coins to a dealer unless you hold those coins a long time or it happens to be a freak modern issue(20th Anniv Eagle sets come to mind).
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Pillar of the Community
United States
511 Posts |
Unless those coins are high on the grading scale, the prices you quoted are above retail, let alone wholesale.
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Pillar of the Community
Canada
3692 Posts |
Cut out the middleman unless he gives a price that saves you a lot of hassle/time. You need to find better prices if you want a short-term profit.
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Pillar of the Community
United States
4989 Posts |
You can make money flipping coins but you need to (1) Have latest Grey Sheet prices ( http://www.greysheet.com/) on you when you buy, (2) ONLY buy certified from PCGS or NGC, (3) Double check the certification visually, (4) Pay well below Grey Sheet Bid, and (5) Resell your coins at auction (i.e. teletrade.com) rather than to a local dealer.
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Pillar of the Community
United States
3343 Posts |
If you were buying bullion you would have done OK on a flip over the last 3 years. But with numismatic gold - anything with a date and a grade on it - it takes more time. I was picking up low grade better date 1/4 eagles a couple years ago for $125, which seemed like a lot then, but now they would flip.
Essentially you're dependent on us collectors. And not many of us are in the market for common date gold coins right now.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
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Forum Dad
 United States
24180 Posts |
Quote:You can make money flipping coins but you need to (1) Have latest Grey Sheet prices ( http://www.greysheet.com/) on you when you buy, (2) ONLY buy certified from PCGS or NGC, (3) Double check the certification visually, (4) Pay well below Grey Sheet Bid, and (5) Resell your coins at auction (i.e. teletrade.com) rather than to a local dealer. Well, good tips, but I can sit right here at my desk and make a decent amount of money buying on ebay and reselling on ebay. We do it all the time. So while good advice, the word need certainly doesn't have to be in there.
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Pillar of the Community
United States
1534 Posts |
Quote:You can make money flipping coins but you need to (1) Have latest Grey Sheet prices ( http://www.greysheet.com/) on you when you buy, (2) ONLY buy certified from PCGS or NGC, (3) Double check the certification visually, (4) Pay well below Grey Sheet Bid, and (5) Resell your coins at auction (i.e. teletrade.com) rather than to a local dealer. I disagree, buying only slabbed coins isn't necessary and there are certain exceptions to paying below Bid. Those tips are usually intended as an umbrella guide to help new investors, and aren't very good ones.
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Bedrock of the Community
United States
10982 Posts |
I should correct myself on the above post: The Half Eagle price was high also.
The 5 tips provided are well meaning but not accurate. I've made excellent money buying raw coins and then getting the coins slabbed or re-selling raw. Selling only at auction big auction houses is misplaced advice also. Unless you've got very expensive coins, that is not the way to go.
I agree Greysheet is important to have handy but having to buy "at well below Greysheet Bid" means that you're probably not going to buy coins with much potential or have an uninformed seller (i.e. a rip).
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Replies: 13 / Views: 1,647 |
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