How Do I Make A Buck Out Of Classic Coins

I don't have a good answer (I wish I did!), but in your shoes I would probably narrow my focus. Get out of one set for funds to work toward completing another.

"How do I make a buck out of Classic Coins"? Buy low, sell high.

How much time are you willing to devote? It usually takes many years of study and experience to successfully flip coins. You're going to have to know how to grade, detect counterfeits/alterations/doctoring, value coins using actual sales and price guides, attribute varieties, and photograph coins if you plan on selling online. There are many online resources like this forum, books, and collectors/dealers that can help you acquire the knowledge and skills necessary to flip coins. If you are willing to put in the effort, it can be learned.

Unfortunately, the U.S market is soft and it will be more difficult. If you made a mistake in the past, the market would more likely than not help get you out of the hole. Now, it is more likely to help you keep digging.

Making "a buck" by selling classic coins is not easy. There is really no substitute for knowledge so far as I'm concerned, and to get that you need to read and observe a lot. Collectors spend a lot of time studying the coins they collect so learning does not seem like work for them. If you all you are interested in is makeing money, learning about coins and the business could seem like the driest, worst job ever.

I was a collector for 40 years before I became a dealer and kept at it for 10 years. I came to the job with a wealth of knowledge and learned a lot more on the job because I got to see and handle so many coins, some of which I had not seen before. I'd be a dealer today except for the fact that I don't like the security issues around the shows. I had a ball dealing in coins and working with collectors, but I reached the age and financial position where I didn't have to continue doing it.

I've known a few would-be dealers who tried to make it by buying and selling coins based on the grade that was one the holder. All of them failed. The reason is that to be a really successful dealer, you need to be as good or better than the average guy who grades coins for the TPGs. If you are not good, you'll have to make it either by a great gift for gab or by out right beating people. I was never great at the last two, so knowledge was my strength.

If you go to shows and buy at auction, buying below bid, you can sell for 10-20% above bid to collectors. its not easy and take a lot of time. You need to also know what things trade at relative to the price guides as well. With some coins, such as Draped Bust Dollars, I've actually found the Blue Book is more accurate than the greysheet.

Thanks for the advice. I don't have years. I once tried the collectable/antique business with my wife. We had a ball and ended up not making money but we do have a house full of junk. The only really good deals I got were buying at yard and estate sales. When you buy at auction you are buying what the market will pay. ebay is the worst in my experience. The coins go for high retail and even absurd prices. I did sell on ebay and again I had fun but after expenses I did not make a penny. I do remember the buyers complaining about shipping costs and when I finally closed shop I was getting emails asking me why I hung it up, ha, ha. I sold stuff I found at yard sales.

This question reminds me of my personal get rich scheme back in college. While working at the Texas State Capitol, I thought I was going to become a "bookie". I lasted all of one weekend, as I recall everyone that I took bets from won & wiped me and my "small" bank out of business. I'd love to deal in coins, but the danger of getting off the streets for a bargain is too risky. Best of luck to you!

I used to travel a lot. Wherever I was I tried to visit the local coin shops. I looked at a lot of coins before I settled on ones I liked. I have no intention of selling them, but anything that falls in the bullion category gets sold eventually.

I always try to buy at least a nominal amount of coins during my visits. As time went on and I found less coins of interest, the purchases were usually $20-40 worth of common half dollars. I accumulate them piggy-bank style, then sell them to buy something of significant value, usually a collectable coin but not always. I've worn a Breitling watch for 20 years that cost me four common date eagles, for instance.

The best part is hitting the jackpot and finding a coin I want, because it doesn't happen very often. Maybe once or twice a year. They aren't usually screaming bargains that I could flip for a profit. A 1671 8 reale Potosi cob in Carmel. An 1872-cc half and an 1812 ruble in St. Charles IL, An 1857-S half eagle in Portland. On every visit I'm looking for a very wide range of US and foreign coins.