| Author |
 Replies: 26 / Views: 2,898 |
Page 2 of 2
|
|
|
|
Pillar of the Community
 United States
1450 Posts |
I have made money investing in stocks over the years and it took 35 years of disciplined dollar/cost averaging putting 15%-20% of my money away each month. If I had thirty years to really learn about coins and how to buy low and sell high maybe I could make it work. If as some of you say now is a buyers market it would be a good time to buy classic coins if I have 10-15 years before I cash-in my chips. I will just use my stock market gains to buy the coins I want as objects I like for art's sake. I wish I had started collecting when I was 25 years old.
|
|
Pillar of the Community
United States
1315 Posts |
This question reminds me of my personal get rich scheme back in college. While working at the Texas State Capitol, I thought I was going to become a "bookie". I lasted all of one weekend, as I recall everyone that I took bets from won & wiped me and my "small" bank out of business. I'd love to deal in coins, but the danger of getting off the streets for a bargain is too risky. Best of luck to you!
Edited by thecoinguy1964
04/01/2017 7:33 pm
|
|
Bedrock of the Community
United States
94367 Posts |
terry - Sounds to me like it's a bit late in the game for you to really understand the business, the process. What do you not get about the need to buy far enough below typical retail to cover your cost and expenses, plus a profit?  If you lose money every time you sell a coin, as you say, then you're paying way too much. Ask yourself what needs to be done next.  |
|
Pillar of the Community
United States
3343 Posts |
I used to travel a lot. Wherever I was I tried to visit the local coin shops. I looked at a lot of coins before I settled on ones I liked. I have no intention of selling them, but anything that falls in the bullion category gets sold eventually.
I always try to buy at least a nominal amount of coins during my visits. As time went on and I found less coins of interest, the purchases were usually $20-40 worth of common half dollars. I accumulate them piggy-bank style, then sell them to buy something of significant value, usually a collectable coin but not always. I've worn a Breitling watch for 20 years that cost me four common date eagles, for instance.
The best part is hitting the jackpot and finding a coin I want, because it doesn't happen very often. Maybe once or twice a year. They aren't usually screaming bargains that I could flip for a profit. A 1671 8 reale Potosi cob in Carmel. An 1872-cc half and an 1812 ruble in St. Charles IL, An 1857-S half eagle in Portland. On every visit I'm looking for a very wide range of US and foreign coins.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
Edited by thq
04/01/2017 11:45 pm
|
|
Valued Member
United States
127 Posts |
Usually the longer you hold onto it, the possibility it will increase in value.
|
|
CCF Advertiser
United States
1533 Posts |
^ That is not dealing, it is investing. A few tricks, is that what you are looking for? Ok, I'll share a couple. - You can go through proof sets of 1955-1964 and if you have a good eye, you can pick out decently frosted halves and quarters that will sell for the cost of the entire set on ebay. Then your profit is in the rest of the coins which you will have to blow out somehow. - You can often buy corroded or lightly damaged early copper at very low prices and sell at 30%-50% markups as there are collectors that care about environmental damage much less than others. - You can buy rare coins in AG-03, like 16-D dimes and sell at large profit margins mostly because you will not believe how cheap you can get AG-3 coins for. Edited by Andrew99
04/07/2017 2:18 pm
|
|
Pillar of the Community
United States
1316 Posts |
I think you could make more money much faster in flipping stuff from local garage sales than through flipping coins, as much fun as that sounds like it could be. Then use your garage sale profits on the coins you want.
|
|
Rest in Peace
10197 Posts |
|
|
CCF Advertiser
United States
1533 Posts |
no, its really possible to make a little money, but you have to take your moments to buy cheap and be patient when selling to get your price.
|
|
Bedrock of the Community
United States
20753 Posts |
Find a different way to make money. This is supposed to be a hobby and most do not make money on this hobby.
|
|
Bedrock of the Community
United States
94367 Posts |
Every time you sell a coin you lose money? Why do you think that is? Sorry, a terrible question. The rest of you can carry on, but I'm out of here. Edited by Coinfrog
04/07/2017 7:59 pm
|
|
Pillar of the Community
United States
3479 Posts |
Heritage has a 'buy it now from owner' page. I'm not sure how much success people have with it. It's pretty cool though because It shows what the buyer paid for the coin and what they are asking now. https://coins.ha.com/c/search-resul...5#expand-304 |
|
Pillar of the Community
United Kingdom
1351 Posts |
The OP is a naive punter.But if he sends me £1000 I will spill the beans.Everyone else I charge £1500....get in the queue to get rich.
|
|
Bedrock of the Community
United States
94367 Posts |
 I too have the answer but for only $1,000. No interest for 12 months. Edited by Coinfrog
04/07/2017 9:13 pm
|
|
Pillar of the Community
United States
2125 Posts |
Cherrypicking I think is the best way to make a buck. Be it rare varieties or under-graded examples, there's always a few dollars for us non-dealer types left on the table. Goodluck!
|
|
Page 2 of 2
|
Replies: 26 / Views: 2,898 |
Page 2 of 2
|
First Page
Posted 04/01/2017 7:31 pm
