Getting My Foot In The Door In The Business Of Numismatics

Moved to the Main Coin Forum for more exposure.

I have never sold a coin, so I am definitely unqualified to answer this one.

Sit back, take a good look at your "stock," consider what you'd make for profit on each coin and figure how many you'd need to sell per year to put $50k into your pocket after covering all expenses. Then, consider what it would take to break into an Internet-dominated market, and be thankful you already have a career.

Seriously. Just don't. Not if you're planning on earning a living at it within the next ten years, unless you've about a $Million to throw into inventory to start. If it were easy, everyone here would be doing it.

The business model for coin sales is amidst a sea change. B&M stores are getting crushed, and few will survive. Successful online sellers have less to do with their rep in the hobby, and more to do with effective marketing, presentation and SEO. The market is more dilute every day, and individual shares of the pie will not be getting larger any more. Too many people have figured out how to do it as an avocation, not needing to count on it as sole income.

From here on in, earning your sole living selling coins is become possibly the most difficult vocation in existence.

Agree with Superdave. Dont quit your day job. Starting on ebay is one thing you could do and hope to build it up over time but its not going to be overnight and will be a while before you could ever hope to depend on that. It is however a start and foot in the door, just realize its not an overnight success or replacement for your day job.




Seems like you basically need to be one of the heavy hitters or have a substantial jewelry business as well at this point.

I was in the same place you are a few years ago.. and now I'm about to celebrate my first anniversary as a part time coin dealer. There are a whole lot of things to think about before and after you start a coin business. The best advice I can give is to find a mentor already in the business. I was lucky enough to have a full time coin dealer who put up with all my dumb questions and who helped me get started. Starting a coin business is easy.. being a successful coin dealer is not so easy. I could start an entire post on the mistakes I've made and the lessons I've learned over the past year. If you are really serious, find a mentor, learn as much as you can about the business and then decide if you still want to do it. It can be very rewarding and not just financially.

Unfortunately I agree with SsuperDdave & Baseball. I think that 16 is too young to be going into business let alone an industry that is as brutal as numismatics. As a minor you can't legally get the various licenses, tax Ids, and other stuff that you would need. Also some dealers might be reluctant to buy and sell to you since as a minor you cannot be legally held to any contract.

Is there any local coin dealers that you could work for? That is the route that I would suggest for a few years until you have more experience.

In Tampa there is one but they are fully staffed. I need like what blackrabbitcoins said a mentor to give me a good idea on what I'm getting into and such