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 Replies: 19 / Views: 5,546 |
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Pillar of the Community
United States
528 Posts |
Does anyone have tips on how to make money at a coin show by buying and selling without actually being a dealer? Ive thought about finding good deals on ebay and then selling them at shows for a profit. Does that work? Your thoughts? |
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Pillar of the Community
United States
3234 Posts |
It can be very difficult, especially if you don't know the dealers or the game very well. I make a little bit of money at it, but you have to basically buy material you know very well and undervalued by the seller. What you're referring to is "vest pocket dealing" and that's sort of what I do from time to time. You can also take it on the chin if you buy wrong thinking that someone else will value your items higher than you bought them.
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Forum Dad
 United States
24154 Posts |
If you're good at it, and have an in, you can walk the floor on behalf of dealers and make good money. Dealer hands you a coin and says I want $1,500 for it. You stick it in your shirt pocket and walk the floor. If you get $1,700 for it, you just made $200.
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Member
United States
3242 Posts |
If I do take more money than what the Items I maybe looking for or selling.
And don't make a diversion from my plan's I will make so money but if I stray I broke again!
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Moderator
United States
188102 Posts |
I have resisted the crossing that "line" between collector and dealer, so I really have nothing to offer other than to heed Prethen's advice. Knowledge is key!
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Pillar of the Community
United States
2049 Posts |
I hate to simplify it but the old saying "buy low, sell high" applies. Of course it's all relative, and the margins most dealers have are usually in the lower range (8-10% is what I have heard) so alot of them rely on volume. Also, from what I have heard is that most of the buying and selling done is straight dealer to dealer, therefore the lower margins come into play even more. So I guess if you're looking to make a small fortune, be prepared to move alot of product.
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Moderator
United States
23522 Posts |
quote:
Ive thought about finding good deals on ebay and then selling them at shows for a profit.
Depending on how good you are at wheeling and dealing, you're probably better off doing it the other way. You definitely aren't going to make money trying to sell to dealers at a show, and they're not going to let you sell at a show without being a dealer/having a table. So, Bobby's idea is about your only way of making money at a show. On the other hand, ebay is simply chock-full of buyers whose knowledge of coins is far less than they think it is. As an ebay seller, I will not deliberately rip anybody off, and I represent my stuff well and clearly, but it's hard to say "no" if someone bids my coin into the overpayment zone. Your best bet is to find good deals on ebay, and then resell them on ebay. Just do it under two different identities, one buying and one selling. |
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Pillar of the Community
United States
543 Posts |
SuperDave is very correct with the buying and selling on ebay, I do the same thing. |
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Pillar of the Community
United States
986 Posts |
Lately, with the volatile metals market, it's been pretty easy to pick off junk box silver bargains and flip them, i.e. find silver at 9-10 times face in dealer's junk boxes, and sell to silvertowne for whatever the going rate is (it was 14 times face the last time I did this). If you know a dealer pretty well, sometimes they will tell you to go out and find a certain coin for them. And if you do find one at $X that the dealer likes, you'll get a commission of some sort.
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Pillar of the Community
United States
6326 Posts |
Hummmmmm..........makin' money at a coin show....... Well, first you need the illegal plates and the proper ink.............and make sure there aren't any guys in suits and dark glasses following you around.......  ............. ............. Edited by eaglefoot
03/24/2008 5:00 pm
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Pillar of the Community
United States
5318 Posts |
One way is to cherrypick die varieties of world coins that don't appear in the dealer's Krause catalogue  I know for a fact that Krause does not list the Canadian 1949 1c "A to denticles", and there's a good market for that coin. Get some expertise in particular countries with an avid collector base, and I think you'll do well. You're less likely to catch American dealers on US coins, but I did pickup a (verified) IHC DDO at the last show for $4. As for deals on ebay, I think it's tough to do because you're at a disadvantage buying coins from photos, while the dealer can offer you a price upon seeing the actual coin. A lot of sellers take advantage of the ambiguity of ebay to get more than the coin deserves. --just my .02  Edited by KurtS
03/24/2008 5:14 pm
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Bedrock of the Community
United States
20753 Posts |
If you're good at it, and have an in, you can walk the floor on behalf of dealers and make good money. Dealer hands you a coin and says I want $1,500 for it. You stick it in your shirt pocket and walk the floor. If you get $1,700 for it, you just made $200.
WHAT?
I don't know what shows you go to but I go to about 2 to 4 coin shows a month. I've never heard of a dealer allowing you to walk away with a coin of that or any value. If a crowded show, you could just keep on walking. I know many dealers and pretty well but if I said I'd like to wonder around with your xxx coin for a while they would probably tell me to go XXXXXX. AND, at almost any show I've ever been to the dealers get there early to set up and also walk the floor for deals, items they want, etc. By the time you get there almost every dealer in the place has been through the place. Some even have a wife, son, brother, etc constantly doing exactly that all morning.
Your chances of finding a coin at a coin show and reselling it there is not really to good. It could happen but I doubt it very much.
Dealers at coin shows are the same as dealers in coin stores. They are there to make a profit and the largest ones possible. When they buy from you it's rock bottom and when they sell to you it's as high as possible. Still all is better than through the mail but just nothing for nothing.
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Pillar of the Community
United States
5318 Posts |
"I've never heard of a dealer allowing you to walk away with a coin of that or any value." Carl, ummm...yeah, I didn't read that too closely! Maybe the guy pointed a Glock at the dealer? Only way that's plausible. Seriously, if that method worked, wouldn't dealers do that all day themselves, where eventually any "deals" would disappear? Well...it looks like I stand corrected; I guess I don't know dealers who do this?  Best you can do, imho, is to have more knowledge than dealers on certain coins. Good luck all! Edited by KurtS
03/24/2008 8:03 pm
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Forum Dad
United States
24154 Posts |
quote:
WHAT?
I don't know what shows you go to but I go to about 2 to 4 coin shows a month. I've never heard of a dealer allowing you to walk away with a coin of that or any value. If a crowded show, you could just keep on walking.
Well, obviously carl, you don't have an in, or you don't know the goings on very well. Susan did it and made good money. She just didn't like doing it. The dealer that she was doing it for, begged her for years to come back when she stopped. She's walked around a show with a 25K coin in her purse. In fact, the dealer that she did it for, sometimes did it himself when he didn't feel like setting up a table. Susan and I walked one of these shows with him once. I watched him take a coin from a dealer, get a check for it from another dealer for 76K, take it back the the first dealer and trade it for a check for 4K. Took him 90 minutes. Every show you go to there's people doing this. Goes on all the time. |
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Valued Member
United States
164 Posts |
Hey all, first post for me. I have to agree with Bobbby, I have only been collecting for about 2 years and have only been to about 2 or 3 coin shows and have already seen this going on.
I have seen it happen when guys have an "in" I have also seen it happen when one "walker" leaves his coins as collateral and tells the dealer that he knows someone who wants that coin and can go sell it for the dealer. And, just like Bobby said, the dealer says I want X and the guy goes and tries to make it happen and make a little $$$ on top.
On a side note, I have been lurking on tihs forum for about a month, and finally crossed over. I have definitely learned a lot and now feel ready to contribute.
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Member
United States
3242 Posts |
I glad to see you join in Morgantype!
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Replies: 19 / Views: 5,546 |
Posted 03/24/2008 3:59 pm
