Coin Community Family of Web Sites
Like us on Facebook! Subscribe to our Youtube Channel! Check out our Twitter! Check out our Pinterest!
Username:
Password:
Save Password
Forgot your Password?


Welcome Guest! Need help? Got a question? Inherit some coins?
Our coin forum is completely free! Register Now!

Earning Money On Coins

First page | Next Page | Last 15 Replies
 
To participate in the forum you must log in or register.
Author Previous TopicReplies: 41 / Views: 1,238Next Topic
Page: of 3
Pillar of the Community
Australia
3317 Posts
 Posted 01/27/2021  07:33 am  Show Profile   Bookmark this reply Add gxseries to your friends list Get a Link to this Reply
I guess the best advice I can give is about mentality. People can make money off anything if you become an expert in it. You may not need to be very good or detailed in it but must commit to time and passion. Coin dealers exist so one can make money from coins if you know what you are doing.

Always keep an eye on what people are buying - sold section on eBay helps as historical price guide. Local flea market / shops help too. If there is a huge price gap, buy from one place and resell it. Note if selling on eBay, assume that you are going to lose about 20% from fees etc. Also do keep in mind the time it took you to buy, list, pack and send. All those add up.
My partial coin collection http://www.omnicoin.com/collection/gxseries

My numismatics articles and collection: http://www.gxseries.com/numis/numis_index.htm Regularly updated at least once a month.
Valued Member
Canada
85 Posts
 Posted 01/27/2021  08:17 am  Show Profile   Bookmark this reply Add Silver Nickel to your friends list Get a Link to this Reply
Slerk, I would recommend not putting auctions at 1 cent, that's how the buyer gets the better deal than the seller. Unless your just doing it to get some your feedback(stars) up.
Pillar of the Community
United States
2991 Posts
 Posted 01/27/2021  08:20 am  Show Profile   Bookmark this reply Add ijn1944 to your friends list Get a Link to this Reply
Interesting thread. I've seen many, many ebay auctions (US based) begin at one cent and balloon into hundreds of dollars by the time the auction closes. Doesn't happen all the time, but the desirability of the item being sold will drive the final price.
Valued Member
Canada
85 Posts
 Posted 01/27/2021  08:23 am  Show Profile   Bookmark this reply Add Silver Nickel to your friends list Get a Link to this Reply
Yes but slerk is putting modern world coins for auction which IMO will do better in "Buy it Now".
Pillar of the Community
United States
2991 Posts
 Posted 01/27/2021  08:28 am  Show Profile   Bookmark this reply Add ijn1944 to your friends list Get a Link to this Reply
Totally get it. Ebay can be the 'Mad Max' world of commerce. Fun.
Pillar of the Community
United States
1908 Posts
 Posted 01/27/2021  08:32 am  Show Profile   Bookmark this reply Add ratman4762 to your friends list Get a Link to this Reply
The problem with starting auctions at 1 cent is quite often everybody makes money EXCEPT the Seller.....
Pillar of the Community
United States
2991 Posts
 Posted 01/27/2021  08:46 am  Show Profile   Bookmark this reply Add ijn1944 to your friends list Get a Link to this Reply
For entertainment purposes, I watch many of the auctions posted on ebay by mbarrcoins. The vast majority of items (not all) begin at one cent. By the time they close, the prices seem well-in-line with what the items would have gone for had they been 'buy it now'--sometimes a bit better. And shipping is typically free. Interesting to read the variety of feedback.

Of course, there are always exceptions. Time for me to check on 1967 Canada Centennial PL sets.
Valued Member
Russian Federation
192 Posts
 Posted 01/27/2021  09:40 am  Show Profile   Bookmark this reply Add Slerk to your friends list Get a Link to this Reply
I agree that auctions with 1 cent are a loss of money and time for the seller, but this is not always the case. I believe that it can make a profit, but only if you already have enough customers.
Bedrock of the Community
United States
20089 Posts
 Posted 01/27/2021  1:17 pm  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply

Most people just don't get rich on coins. It is a hobby.
just carl
Bedrock of the Community
United States
17230 Posts
 Posted 01/27/2021  6:53 pm  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply

Quote:
I am tired of selling coins for much less money than I spent when buying this coin.

News flash, most of use are in the same boat. First thing is to get about 25 years of serious study in numismatics under your belt and also practice hard until you have the grading skills of a world class grader. Then you will be able to spot undervalued and/or undergraded coins that you can buy and flip for a profit.

Basically your question is like going into a conservatory and announcing "I want to be a concert pianist, how do I do that?"
Gary Schmidt
Edited by Conder101
01/27/2021 6:55 pm
Valued Member
Russian Federation
192 Posts
 Posted 01/28/2021  02:03 am  Show Profile   Bookmark this reply Add Slerk to your friends list Get a Link to this Reply
Dear friends, trading is also my hobby. I like to put up lots, pack, go to the post office to send orders and look forward to feedback.
I just want to learn how to make a little profit from it and develop in this direction.
New Member
Lithuania
36 Posts
 Posted 01/28/2021  06:59 am  Show Profile   Bookmark this reply Add Ezhik_Lt to your friends list Get a Link to this Reply
Oh, I see.
I personally would combine coins to a fewer amount of listings and build type sets, like late USSR coinage - 1 to 100 roubles, etc.
It will bring more value to people collecting world coinage by type. Would do same with stamps. I don't too much into postcards, but currently with offerings like this - "Russia 20 Roubles 1992 LMD, Y# 314" you are targeting a really small audience - people who a)collect USSR coinage b)building a date collection c)missing a specific coin to build a set. Also this coin is almost nothing IMHO and you can't expect that some one would pay even a $1.

By building a type set you target more people and also you increase the value - set might be sold for more than sum of the each coin values.
Since you already an advanced seller I would think about offering more interesting and expensive stuff with reasonable pricing for BIN.

One more thing - eBay rates you according to your specialties making you more visible in selected categories. You offer a variety of different goods from pocket change to coffee beans. Being more focused on your top categories like Russia/USSR coinage would increase your visibility in this category and bring more views. I would also consider a basic store subscription which gives you access to eBay visibility data so you could evaluate categories of goods you offer and see which ones get you more views/clicks and what is sales conversion rate - how much views on average you need to get a listing sold.
Meanwhile try to perform a simple test, use your browser in private mode, enter eBay as anonymous and try to find some of your goods using simple search with basic keywords. Don't filter the search results, scroll till you find your goods with default "Best Match" option enabled - do exactly as 90% of your customers do. It might help to realize how visible you are and what could be improved :)
New Member
Lithuania
36 Posts
 Posted 01/28/2021  07:09 am  Show Profile   Bookmark this reply Add Ezhik_Lt to your friends list Get a Link to this Reply
@Slerk By the way I appreciate the efforts put to your listings. You got good and informative pictures as well as proper descriptions.

As to 1 cent auctions - sellers use it to get more views and also earn feedback. Both goals are worth investing a couple of bucks.

Pillar of the Community
United States
2180 Posts
 Posted 01/28/2021  08:23 am  Show Profile   Bookmark this reply Add trdhrdr007 to your friends list Get a Link to this Reply
I learned a long time ago that profit is made when you buy & collected when you sell. You absolutely have to buy at below market prices (wholesale).
Bedrock of the Community
Australia
18141 Posts
 Posted 01/28/2021  5:33 pm  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
If your strategy is to buy a coin, then flip it after getting it graded,
it is absolutely essential that you can grade raw coins accurately, with consistent reliability for your yourself.

To do this, you need to use the same grading techniques that the TPGraders do.
That is:- hand held, under ideal lighting conditions, with a 10x loupe. Unfortunately is often impossible to buy coins under these conditions that you may wish to flip as slabbed coins later on.

Having detailed information regarding prices vs. condition stored in your head is critically important when buying and a good knowledge of current market conditions is essential when negotiating the slabbed selling price.

If you can doo all of the above without being a professional coin dealer and yet still have the dedication, you are doing well.
Page: of 3 Previous TopicReplies: 41 / Views: 1,238Next Topic  
 
To participate in the forum you must log in or register.





Disclaimer: While a tremendous amount of effort goes into ensuring the accuracy of the information contained in this site, Coin Community assumes no liability for errors. Copyright 2005 - 2021 Coin Community Family- all rights reserved worldwide. Use of any images or content on this website without prior written permission of Coin Community or the original lender is strictly prohibited.
Contact Us  |  Advertise Here  |  Privacy Policy / Terms of Use

Coin Community Forum © 2005 - 2021 Coin Community Forums
It took 0.86 seconds to rattle this change. Powered By: Snitz Forums 2000 Version 3.4.05