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 Replies: 27 / Views: 2,971 |
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Pillar of the Community
United States
3843 Posts |
Flipping coins isn't like flipping clothes, books, or other items from thrift shops online for a quick buck. It takes a lot of hard earned experience to be really knowledgeable in coins. There are no apps or barcodes to check prices and condition is everything in coins.
Edited by Joe2007
02/22/2017 6:09 pm
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Pillar of the Community
United States
4211 Posts |
The dealers are well educated and equipped with a CDN greysheet.
Start by studying buy / ask prices and look for bargains.
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Valued Member
 United States
219 Posts |
I know a few "vest pocket dealers" who travel to coin shows regularly to buy and sell coins.
My question was purely about how such people do it, things like where to look for deals, etc.
I have tried flipping coins a few times with limited success, but I know it does happen frequently and people do make money off of it.
Is a better way to approach this maybe to specialize in a particular type of coin (i.e. large cents) and spend your time at shows looking for certain varieties that have not been identified by the seller?
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Pillar of the Community
 United States
3058 Posts |
Learn the values.
Learn your buyers.
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Pillar of the Community
United States
7641 Posts |
Matt...
Try tagging along with your vest pocket dealer friends and watch what they do. Do not interfere with their dealings ...just observe and take notes.
I can guarantee they are:
1) not making as much as they say they are, and
2) you will find them consistently at tables of dealers that they are cherry picking from.
Do this for about 4 or 5 shows and report back to us on what you've observed and learned.
Good luck!
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Pillar of the Community
United States
6370 Posts |
I flip coins on ebay, not at coin shows. |
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Bedrock of the Community
United States
19972 Posts |
Usually, it's only the dealers making money. They all know each other and execute transactions you'll probably never see. Unless you're one of them - don't believe flipping coins is an easy trick. Granted people get lucky on occasion but the odds are stacked against you IMO.
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Pillar of the Community
United States
509 Posts |
I've only been to 1 coin show and immediately spotted within 5 minutes of walking in and bought a used older edition 7070 for $7-8 ... I walked about half a row down and a dealer said, what's that in your hand.. flipped through it and said will you take $40 for it ... quick 30+ profit, could have made more on ebay, but I was happy to reinvest the funds at the show. Didn't see another 7070 the entire show.. figured they'd be at every table from my initial experience |
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Moderator
 United States
54283 Posts |
Quote:
I know a few "vest pocket dealers" who travel to coin shows regularly to buy and sell coins. Do you know them personally, or just know of them? |
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Pillar of the Community
United States
3479 Posts |
Great thread!  |
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Pillar of the Community
United States
3058 Posts |
Talking about 7070s we have one shop, that constantly has them for $8-$10, we have probably bought 8 of them!
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Pillar of the Community
United States
666 Posts |
For this flipping biz, if I understand correctly, one buys low and sells higher, at the coin show.
How exactly does the selling part work? I mean, unless you're already a coin dealer and have a table at the show, to whom do you sell the coins you just bought?
Is there a 'behind the scenes' black market in the parking lot or in the hallways that I don't know about?
And do the folks running the coin show just look the other way when they observe or hear about people selling coins in the hallway and thereby avoiding the fees dealers normally pay for the privilege of selling coins at the show?
Is this a cash-only business? Or do you have one of those square things you attach to your phone and run credit cards through PayPal? Do you charge sales tax? Issue receipts? Offer returns or exchanges?
If I'm going to get in on this ground floor opportunity, I want make sure I understand the landscape first...
Edited by dd27
02/23/2017 03:37 am
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Moderator
United States
54283 Posts |
Quote:
How exactly does the selling part work? You walk up to a dealer's table and say "I have these coins I want to sell. Are you interested?" Some dealers may even have a sign in their booth stating that "We buy coins". |
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Pillar of the Community
United States
3058 Posts |
You can walk up to a dealers table, but my dad and I buy 1-2 tables. It is a lot of fun, I go around and buy, put the stuff in the case and then it sells!
Try it!
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Pillar of the Community
United States
666 Posts |
Quote:
You can walk up to a dealers table, but my dad and I buy 1-2 tables. It is a lot of fun, I go around and buy, put the stuff in the case and then it sells!
Try it! Cool - thank you (and nss-52). I love learning something when I don't think I'm going to learn something.  |
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Replies: 27 / Views: 2,971 |
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Posted 02/22/2017 6:09 pm
