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 Replies: 91 / Views: 22,188 |
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Moderator
 United States
23522 Posts |
Quote:
but it's morally and ethically troublesome to buy coins for the express purpose of flipping them for profit, unless one is a professional coin dealer. So I'm morally and ethically troublesome because I'm sharp enough to buy coins for less than they're worth? |
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Pillar of the Community
Netherlands
626 Posts |
Just bought a lot of 17 KILOGRAMS, to filter and get the best coins out of it to add in my collection!  Already pulled several silver coins out of it...  And a huge bunch of older world coins, with several key dates. The rest I will slowly sell and / or trade off. I mostly get all my money out of it, and I can add an enourmous amount of coins to my collection... for free  |
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Bedrock of the Community
United States
20753 Posts |
Don't sell coins and probabl never will and never have.
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Pillar of the Community
 Canada
4944 Posts |
I am actually very surprised at the results. So far, 29 people have said that they flip coins for a profit. I think the thing that shocks me the most is how little it is talked about on the forum, almost as if it is a taboo topic. When you search for it on the forums, there are only a few times that someone has talked about flipping coins.
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Valued Member
United States
306 Posts |
A few times, but I usually can't bring myself to sell anything.
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Pillar of the Community
Canada
4944 Posts |
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But I usually can't bring myself to sell anything I think selling coins is just another opportunity to buy more that you may not be able to acquire because you don't have the money at that particular time. When you are flipping coins, you get to see a lot more than someone who is strictly collecting coins, and not flipping. |
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Valued Member
United States
493 Posts |
I think also, many collectors get on board with limited sets, demand is pretty strong right now for PM's, it's hard not to make a little on the side, especially if your wise enough to buy the dips and just plain sell higher.
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Pillar of the Community
Canada
3692 Posts |
Morally and ethically wrong, well who do you buy your coins from, then?
For me, I'm always looking for an exit just in case, so with every purchase I pretend that I'm not the only person who wants it. I guess one could call it the "envy factor". (I wish I had that coin, too!) I'm always thinking, well who could I sell that to?
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Pillar of the Community
Norway
510 Posts |
I do not. I mainly buy coins I do not already have. I never buy anything that is not at least partially meant to remain in my collection. Occasionally I sell off extras, acquired from purchases of lots or lower grade coins which have been upgraded. I haver never sold anything I had exactly one of.
I do not regard flipping as morally troubling, I just have no interest in it myself.
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Valued Member
United States
292 Posts |
I love that this thread could have metaphorically "blown up" but has not.
I agree with pretty much everyone that has posted. What I find morally troubling is when a dealer tells me that he has a meeting with "some kids with key date coins that he's going to buy at melt price." I personally could not go that route. In that position I'd likely attempt to inform my seller and then offer a fair price that benefits both parties. I'm also not attempting to run a business or feed my family with coin sales four years after my county's economy nearly fell through.
Knowledge is power. I suppose it's how you use that power that defines you as a super hero or a villain.
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Pillar of the Community
1119 Posts |
i imagine its the only way some people can fund buying better coins, what some people spend on coins each week is what others have to survive on. my budget is at its limit without busting and has been for several months now due to coins. but hopefully over the next few months I can sell a few and re use that money to fund better coins, and there fore make it a self supporting hobby, and that will only work if I can make some sort of profit. so yep I plan to
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Pillar of the Community
Canada
1554 Posts |
 I think it's Taboo because some Collectors feel it's morally wrong to sell coins for profit? Glenn  |
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Moderator
United States
23522 Posts |
That was elegantly said, ContraJame.
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Rest in Peace
United States
9104 Posts |
Quote:
What I find morally troubling is when a dealer tells me that he has a meeting with "some kids with key date coins that he's going to buy at melt price." 90% of the time "kids" with key date coins they're willing to sell cheap stole them. Do you buy them cheap in case you have to return them to their owner, or pay them fair market value to encourage them to steal more? Ethics is rarely black and white. |
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Valued Member
Canada
449 Posts |
Flipping coins in my opinion is not ethically troubling. What is ethically troubling is the position most "genuine" coin dealers have towards coins and the people selling them. I find that 9 times out of 10, no matter what shape the coin is, (and yes I have de-slabbed MS-65 coins to validate my thoughts) it's usually the same comments from the dealers, "oh it's not that nice of a coin" or "we can only pay XX above melt because it's raw" "it looks like it's been cleaned" yada yada yada. Even slabbed coins you hear "I don't think I agree with the grade" or "That grader whazhizname must've had a bad day" (which is more a Canadian thing because apparantly everyone knows who grades coins at ICCS). Or the really funny one is "Even slabbed, that coin is only worth..." So troubling to me, this dealeritis, that I no longer make purchases with the exception of accessories from dealers.
Don't get me wrong, I know dealers have to make a profit. But. A 1962, MS-65 Canadian Silver dollar is worth more than xx above melt. And there is room for both the seller and dealer to make some money.
Most dealers charge full book value for coins and yet, it's like they scramble to hide the book when people are selling back to them.
I personally feel if you can flip a coin with integrity (not lie, deceive or cheat someone) then all the power to you, keep it up!
I'm sorry I don't have any cheese to go with my whine, but this has been building for a while.
P.S. This is a milestone post for me. 100!
Edited by secoinedchance
02/25/2012 06:49 am
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Replies: 91 / Views: 22,188 |
First Page
Posted 02/23/2012 2:26 pm
