Is It Possible To Earn A Living With Coins?

Theres plenty of dealers that earn livings selling coins, some even get rich off it. Theres also plenty that go broke from it and have to find a new job.

The reason why its so hard for non dealers to make money off them is because we dont buy in enough volume for better deals and your always paying retail or real close to it when you buy them.

I guess it's like any other marketable item. Supply and demand plus the price you are asking. You can make a living doing anything when you can provide a product where the customer wants and can afford to buy it. Then there's inventory. Where do you get it? How much are you willing to pay and how affordable will it be for a resale?

I know many waiters and waitresses that make a living with coins.

In most cases I would say no.

More people lose money trying to buy ans sell then make money.

To be able to make money you have to learn/know how to sell coins, meaning knowing what you can sell it for before you buy.

You will need good outlet for selling many different types of coin and you will need a constant source to purchase new coins.

In addition you need to have knowledge, experience and trust. People with money will not do consistent business with someone who does not have these traits.

Unfortunately if someone is young, it would be very hard to have experience and trust.

Then a person will need a lot of funds, some say 50 to 250 thousand dollars. You will also need buyers that will be ready to buy the large purchases you may make. I have seen many times a customer walk into coin shops wanting to sell 100K to 500K in gold and silver. In those amounts many have to sell the same day.

Of course this is just my opinion, but I hang out in a lot of coin shops.

Coins really aren't any different than any other type of business. Buy lower than you sell, build a solid customer base, and take care of those customers. Like any business you have to have the merchandise that your customers want.

I know of some dealers who have been around for 50 years and I have known some that didn't make it a year. Good business skills are the most important aspect of any business.

I've seen every side of it, One of my early coin friends has gone on to be one of the more famous dealers and has owned almost every rarity you could imagine, others have taken up extra jobs to cover what they loose trying to be coin dealers. Many do go on to make very comfortable livings.

I feel the same. I've never sold a coin. I've given many away as presents. Always glad to help others start in this hobby. In order for me to make a living on coins, I'd have to sell some or lots of them. Just can't part with a coin except as a gift. I always feel like it would be selling a finger or toe or some part of me.

I've been buying and selling coins for some years now. Because I feel I have to justify my habit to my wife (she actually doesn't care), I keep a spreadsheet of all my sales. The result - after several years, I'm break even. I've made no loss and no profit on the coins I have bought and sold.

I see this as a good result becuase I tend to keep the better purchases and sell off the not so goods. But I doubt I could ever make a living from it.

My father in law makes a decent living from dealing, he used to get most of his stock from auction but now most comes from people selling collections. He only sends out two catalogues a year, to customers he has had for years, no shop, no web site. I think the trick is to specialise and to realy realy know your stuff.