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Earning Money On Coins

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Valued Member
Russian Federation
372 Posts
 Posted 01/26/2021  04:22 am Show Profile   Check Slerk's eBay Listings Bookmark this topic Add Slerk to your friends list Get a Link to this Message
I would like to talk about making money (or saving) on coins. How do you think which coins are in good demand on the market and which ones are the easiest to make money on? I am interested in not too expensive coins.
Bedrock of the Community
Australia
18973 Posts
 Posted 01/26/2021  05:54 am  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
You only get one go at it, but you will need a whole of a lifetime of numismatic dedication to achieve a better than inflation investment performance.

Sorry, but no fast bucks to be made in coin collecting.
That's my experience, anyway.

I started serious con collecting in my mid 'teens, I am in by mid 70's now. Never sold any coins except for a mortgage deposit on our first house, never sold any since.
Owning your own house and never paying rent is a better investment:-
- you save on not paying rent,
- your house increases in real capital value over a 50 year period.

However, my two kids will make a motza when they sell my collection at public auction after I kick the bucket. They should be able to pay off their mortgages with the proceeds.

-------------------------------------------------------------------------------------------------------------------------------------------

So, just get serious about the study of coins, and
enjoy your hobby instead. That is where the real dividend lies. Better than inflation investment performance over a lifetime is just an added bonus.
Pillar of the Community
United States
4191 Posts
 Posted 01/26/2021  10:05 am  Show Profile   Bookmark this reply Add fistfulladirt to your friends list Get a Link to this Reply
How do you end up making a million dollars investing in coins?
Start with two million.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
Valued Member
Canada
89 Posts
 Posted 01/26/2021  10:11 am  Show Profile   Bookmark this reply Add Silver Nickel to your friends list Get a Link to this Reply
If you really want to become rich through coins. Get a job at the Moscow Mint (Or any mint) as an engraver. For every design you make there is a pattern and those will sell for lots one day. After 50 years you'll be there.
Valued Member
Russian Federation
372 Posts
 Posted 01/26/2021  1:02 pm  Show Profile   Check Slerk's eBay Listings Bookmark this reply Add Slerk to your friends list Get a Link to this Reply
Oh, no. I don't want to be a millionaire (although I wouldn't mind). I just want to save my money when buying and maybe make some money from it. I am tired of selling coins for much less money than I spent when buying this coin.
Valued Member
Korea, Republic Of
473 Posts
 Posted 01/26/2021  1:16 pm  Show Profile   Bookmark this reply Add Lembafc to your friends list Get a Link to this Reply
One way to make money from coins is buying them in raw, UNC condition in your local market, getting them graded, and selling on eBay. Without revealing too much, I can consistently purchase an UNC coin of "Coin A" for around $20~$30, send it into get graded MS, and then flip it for $130 or so. Shipping multiple coins to get graded dilutes shipping and administrative costs. So even if sending the coin in to get graded costs $30, selling it for $130 will double your investment. Granted this takes some money to begin with and also take some patience. It takes knowing how that coin is graded and studying the census to know what will be worth your time.

This can work with already graded coins, but requires a 'right place, right time' type of deal. I was in auctions in Korea where US and foreign coins were selling for 1/3~1/2 the price of western markets. In this way, one could flip those as well.
Edited by Lembafc
01/26/2021 1:17 pm
Valued Member
United States
409 Posts
 Posted 01/26/2021  1:28 pm  Show Profile   Bookmark this reply Add PlumCrazy814 to your friends list Get a Link to this Reply
Buy low, sell high.

now that the obvious has been said...

You need to find a niche where you can buy at lower prices. One idea is to let it be known that you are interested in buying collections and then offer fair prices for them in the role of liquidator/reseller. In this situation, "fair" is below retail value and may be 50% below retail or more, at face, or at precious metal content value less a small percentage. It is best to be straight up with those you are buying from by letting them know they might do better selling them on their own.

Everyone - especially those uneducated in the reality of the effort required to get value - thinks their holdings are worth a fortune and that they can get retail value at any time by just showing up with what they have to offer. I am certain some dealers on here can provide some perspective on that.

The market is fickle. You might fair well to stick to precious metal coins because they tend to hold value. Remember, tough, they do not pay regular dividends so you need to turn them regularly to have any chance of realizing gain.
Valued Member
Lithuania
53 Posts
 Posted 01/26/2021  2:31 pm  Show Profile   Bookmark this reply Add Ezhik_Lt to your friends list Get a Link to this Reply
Only studies and knowledge might help :) Sorry for being Cpt. Obvious.
Basically I'm too young to talk on successful investments. Some lower mintage coins I got for mint price has increased so far but
I'm not sure how they shall perform in 20 - 30 years perspective.
What I see right know is constantly growing interest to numismatics in some countries like Poland, Finland, Ukraine etc. and by the way decreasing interest in Russia.
As to making money - there was a perfect advice already - find a niche. An unoccupied market just for you. I started selling mint rolls of Euro cents a couple of years ago, and yes it pays. I can get them for face value and margins are good so far. it's a small market but I have built a list of small dealers outside my region who are buying them constantly.
One more thing regarding knowledge - people in Poland (Finland, Ukraine etc.) collect Polish (Finnish, Ukrainia) coinage only. I used to buy Ukrainian coins in bulk lots of like 20-30 commemoratives for a $80 -$100 in Germany, USA, Italy. Most of them are worth a buck or two but there were low mint commemoratives from 1998 -2003 which are worth $30+ on eBay and $40 -$50 in Ukraine. If you were able to see rare and expensive coins there - you got money. I know guys from Russia exporting coins in a bulk - mostly German Empire coinage, also Baltics and Polish coins. Price for Lithuanian 1938 10 Litas can easily double when selling it in Lithuania. And vice versa - there are a bulk of LCS in Europe or USA who are hoarding literally boxes of stuff that is valuable in Russia or Ukraine or Poland etc. Ten years ago you could get a box of 1972 USSR mint sets for a 5 bucks each. Now they know that plastic packs of Soviet coins might carry a premium but look for Ukraine 1996. Or Latvia 1992. It doesn't look impressive also :) for those who doesn't know.
So find your niche and be opened for possibilities :)
Valued Member
Russian Federation
372 Posts
 Posted 01/26/2021  2:57 pm  Show Profile   Check Slerk's eBay Listings Bookmark this reply Add Slerk to your friends list Get a Link to this Reply
An interesting offer, to engage in the resale of coins. But to do this, you need to find a supplier, right? Or am I wrong ?

Looking through local Internet sites, I noticed that you need regularity. It takes a lot of effort, time and money to start bringing in new customers. I sold some of my coins through online auctions, but they were too cheap in my opinion. You need to earn a reputation.

As you correctly noted, there is a high demand in the market for local coins. In my case, this is Russia. I do not think that it will be so easy to sell coins from Lithuania, Latvia, Finland, France, etc.
Valued Member
Canada
89 Posts
 Posted 01/26/2021  4:36 pm  Show Profile   Bookmark this reply Add Silver Nickel to your friends list Get a Link to this Reply
Ezhik_Lt I agree, for example in the USA most coin shops will sell Canadian coins for way less than the actual value. So what some people might do is buy them at the coin shops and sell them on Ebay for a good profit. Its slow but after a while the money will pile up.
Valued Member
Lithuania
53 Posts
 Posted 01/26/2021  4:39 pm  Show Profile   Bookmark this reply Add Ezhik_Lt to your friends list Get a Link to this Reply
Well I advised to BUY foreign coins in Russia and sell in LT, PL, FI etc. There are guys from Russia present here in Baltics on local sites with good offering of Pre War coins from Baltic. Somehow they figured out how to use it.

When selling Russian coins with high demand in Russia - local auctions or even Facebook/Telegram whatever groups are okay.
But building a sales channel to sell coins worldwide is also important thing.
Basically there are two key issues - "Buy Low" means get coins on markets with lower demand. Local auctions, not eBay but local in Poland, Finland etc. can supply you with coins needed, if you know what to buy :)
Think what you might get cheap locally, properly "pack" your offering and go global with eBay. Look after selected lots that might bring premium on local market everywhere. Message sellers offering interesting stuff and ask what else have they got - outcome might be really surprising.

"Sell High" means not only selling locally imported stuff but also building a sales channel using eBay, Etsy - good channel for selling cheap stuff for ridiculous prices, even Delcampe or Korean/Japanese sites might be useful for specific offerings. Find the best market for your goods and move there.




Valued Member
Lithuania
53 Posts
 Posted 01/26/2021  5:02 pm  Show Profile   Bookmark this reply Add Ezhik_Lt to your friends list Get a Link to this Reply
@Silver_Nickel - sure! I've been in US couple of times on business trips and used to email LCS I was able to google beforehand.
I brought home like 40 lbs in coins :) A lot of Eastern European coins - loose or slabbed in AU/lower MS were so damned cheap!
Guys were experts in US coins but what I've seen as rare "mare" variety of Lithuania commemorative 10 Litas 1936 in mint state they treated as
some funny half ounce silver from somewhere in MS62 only. Some of the coins were put out of so dusty boxes that I believe they've been there since 1936.
So all of us had great deals I guess
Valued Member
Russian Federation
372 Posts
 Posted 01/27/2021  03:13 am  Show Profile   Check Slerk's eBay Listings Bookmark this reply Add Slerk to your friends list Get a Link to this Reply
Ezhik_Lt, thank you for your advice. I will try to find coins on the local market and enter the world market using eBay. But I still have a burning question about what coins I should buy and sell. Now I have some world coins on eBay at low prices, I also bought postage stamps, but things are very bad with them( maybe I just bought stamps with very low demand and sell them at high prices).
Do you have any tips on how I could start my demand research ?
Valued Member
Lithuania
53 Posts
 Posted 01/27/2021  03:58 am  Show Profile   Bookmark this reply Add Ezhik_Lt to your friends list Get a Link to this Reply
@Slerk
Don't expect a quick win. I didn't check your eBay profile but probably you are not a Top Rated Seller so far?
eBay is a huge sales channel and you can sell literally everything, but it's really important to build up seller's rep first.
Do cheap stuff with minimal margin and free shipping first when you are at the very start with 10 or 25 listings allowed.
After getting at least 10 positive feedbacks eBay will start promoting you giving more listings at a time.
When you'll get 100+ listings - there is no more need to do charity :) Just make good photos, a lot of good photos of the item, add proper description, set a reasonable price and wait. Then it's all about patience :) You'll need some popular items and you'll probably find some during your first months to get at least 5 -7 sales weekly but don't be on a hurry with more expensive and rare things. It will find it's buyer.
What I've learned in my 7 months so far:
1. Do a fast start with easy and cheap things. Russia UNC type set 1 kopeck to 10 roubles is okay. 20 cent of face value sold for $1.99 covers fees.
2. Do auctions from 0.01 for easy things. No profit at all and your buyers wouldn't be the best ones :) but it gives you views and followers.
3. Get views and check your statistics regularly to improve.

Milestone for me was 100 feedback rating when I got promoted till 250 listings which is reasonable. Then change your behaviour. I would advise to keep your successful items but make prices higher - at least market average. With sales record like "24 sold/8 remaining" and positive feedbacks you will be in a good position with eBay mysterious "Best Match" rating and get more views.
For more interesting/expensive/rare stuff I would set a fare price that you would like to get plus eBay/PayPal fees+15% to negotiate and would enable best offer option. And than - be patient. Don't decrease prices too early. Let it be there for a month o two to collect views. Promote it and you'll get it sold.
So it's all about patience and moving step by step. Don't run but don't stop.

Valued Member
Russian Federation
372 Posts
 Posted 01/27/2021  05:51 am  Show Profile   Check Slerk's eBay Listings Bookmark this reply Add Slerk to your friends list Get a Link to this Reply
Oh, no. I am already a seller on ebay. At first I was a buyer, but later I became a seller. I sold everything. I was interested in the process itself, as well as learning how to trade online. At the moment, I sell postcards of the USSR, stamps of the world, coins of the world, legos and a few other things. At the moment, I sell coins of the USSR through an auction with a start of $ 0.01 and free delivery. So far, they leave at a very low price and I lose on delivery, but hoping to get rid of the coins I don't need + attract customers. My limit is large and I can sell a lot of products, but now I have a problem with invoicing new ones. Ebay has informed me that I have reached my limit of 200 ads per month and now they want to charge me for new ones. I'm working on it.

Valued Member
Russian Federation
372 Posts
 Posted 01/27/2021  06:03 am  Show Profile   Check Slerk's eBay Listings Bookmark this reply Add Slerk to your friends list Get a Link to this Reply
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