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Where Can I Buy Coins At Dealer Prices, To Resell?

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LittleLuie's Avatar
United States
25 Posts
 Posted 08/30/2009  10:23 pm Show Profile   Bookmark this topic Add LittleLuie to your friends list Get a Link to this Message Number of Subscribers
Hello,everyone here has always been very helpful and I first want to thankyou.Now this is something you can help me with.I have been collecting coins for about 25 years and love everything about it.Now I want to sell coins for a hobby/living and need to know what ideas you guys have about where I can buy coins at dealer prices to resell.
I imagine just a place where I could buy coins at a price where I could make a small profit reselling them.Do you know a website where I could buy coins?I have been to a couple shows and have tried flee markets and have had no luck.I may be naive but I imagine stumbling onto this great oppurtunity where I could find alot of coins and buy them at a discount.Does anyone know of such a place?Where should I try?Thankyou very much and thankyou for your input in the past.
Bedrock of the Community
United States
10284 Posts
 Posted 08/30/2009  10:36 pm  Show Profile   Bookmark this reply Add TNG to your friends list Get a Link to this Reply
I see your age is 16. It is great to have young people interested in coins.
I would like to attempt to answer this question.
I am 53 and the very same thought occurred to me a very long time ago.
Your first investment is somewhat free.
It is your time. I suggest you study a certain series or two that you can also afford to collect.
There is no real wholesale place I have found that I can actually make money on coins. Not really.
The bank is probably the best place to go first. Politely establish a friendly connection with a teller or two and try to exchange your money for rolls of coin. On occasion you will find coins worth more than face, the more you do this without getting the teller aggravated, the larger your collection or inventory will be.
There are no shortcuts, unless you inherit a collection to sell coins and make money.
I've been collecting well over half my life and have dealt in coins and antiques for quite a long time. I started small, when times were tough, I dealt small. There is time and education involved, then there is money to be made secondly. No real get rich or even richer quick ideas I have seen work.
For a lot of collectors, they start out as collectors and somehow, they ended up collecting so much they had to sell. That's what happened to me, then I found that as a dealer, I was not cured of collecting.
Seems I never quit. I sell and buy.
The other tip I have is to keep the best and sell the rest, sell it when it's hot and buy it when it's not and always buy something you like and can enjoy. You may need to enjoy it a long time.
Sometimes you need to sell at a loss just to use the money you get to Buy something that would do you better to have your money invested in.
If you find an honest way to get rich quick in this business, please consider letting me in on the secret.
Edited by TNG
08/30/2009 10:55 pm
Pillar of the Community
cownas22's Avatar
United States
1055 Posts
 Posted 08/30/2009  10:41 pm  Show Profile   Bookmark this reply Add cownas22 to your friends list Get a Link to this Reply

First off

you double posted this thread, please read the rules and limit like issues to one thread!
New Member
LittleLuie's Avatar
United States
25 Posts
 Posted 08/30/2009  10:44 pm  Show Profile   Bookmark this reply Add LittleLuie to your friends list Get a Link to this Reply
Hello,actually I am 35 years old. I was told that discussing this is taboo in an open forum. I'm not talking millions of dollars,and I have alot of time on my hands,unlike most people so I thought I would do the leg work and the searching and make a little money.Plus enjoy looking at coins more frequently then I would just adding to my own collection.
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LittleLuie's Avatar
United States
25 Posts
 Posted 08/30/2009  10:45 pm  Show Profile   Bookmark this reply Add LittleLuie to your friends list Get a Link to this Reply
Really sorry about the double posting.It's just I made a mistake and posted it in the modern coins and I'm more interested in older coins.
Bedrock of the Community
United States
10284 Posts
 Posted 08/30/2009  10:53 pm  Show Profile   Bookmark this reply Add TNG to your friends list Get a Link to this Reply
Look up, I edited my earlier post.

( oops I guess you had 16 posts at the time, I thought it said you were 16. Sorry. )
Edited by TNG
08/30/2009 11:38 pm
New Member
LittleLuie's Avatar
United States
25 Posts
 Posted 08/30/2009  11:01 pm  Show Profile   Bookmark this reply Add LittleLuie to your friends list Get a Link to this Reply
Thankyou wheezydog.I may be naive but I love coin collecting so much I thought I would feel great going to work in the mornings doing something I enjoy so much.Thankyou.
Bedrock of the Community
United States
10284 Posts
 Posted 08/30/2009  11:07 pm  Show Profile   Bookmark this reply Add TNG to your friends list Get a Link to this Reply
It can happen, but it takes a lot of work and time. If you want to sell coins for a living, there is nothing wrong with that at all. Think about this though. If we older guys all knew an easy fast way to get rich on coins, we would be out on our yachts instead of having fun with other coin collectors in here.
Yeah we buy and sell, but this forum is more about the hobby and having some fun and helping each other learn.
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GO's Avatar
United States
6563 Posts
 Posted 08/30/2009  11:24 pm  Show Profile   Check GO's eBay Listings Bookmark this reply Add GO to your friends list Get a Link to this Reply
Duplicate Post Removed


Quote:
I am new to the coin collecting community and people looking for profit will kill the joy of the hobbie and without new people the sport will DIE.
Tell me if I am wrong!
(Corey's post from duplicate post)


Do you look at baseball or basketball any differently as a "sport" that thrives on the love of the game to make billions each year? If it's considered "wrong" to buy coins as an investment to resell for profit then wouldn't you be feeding it by buying from sellers online and in stores?


Quote:
I was told that discussing this is taboo in an open forum
Not exactly "taboo" but some frown upon it like discussing sniping programs.

One thing I used to do back when I had money was to buy large collections on ebay of odd assortments. Most of the time it was improperly listed or misspelled stuff. I got lucky with cool deals and then resold most of the items individually. Got some cool coins for free and made a decent profit to go out and do it again.

Not sure about if there are any secret dealer clubs for buying coins but you can get into buying Large bulk lots at cheaper prices
New Member
WLhalves's Avatar
United States
17 Posts
 Posted 08/31/2009  02:10 am  Show Profile   Bookmark this reply Add WLhalves to your friends list Get a Link to this Reply
Hey littlelouie, a lot of good advice here and seasoned vets sort to speak. One thing you might consider is this, learn to grade a series. The easiest way to make a buck is to know what you are looking at. If joe seller thinks his coin is MS61 and you know it is MS64 or65, you buy at or below MS61 and sell it at MS64 or 65. The trick is to know your series, this takes time but in the scenario you are describing you appear to have it.
Good luck and happy hunting.

Also Please Please consider this if you attempt this, you could make or break yourself quickly. In other words if what you thought was a MS65 is in actuality a cleaned coin that you bought at MS61, you are going to take a bath. It is a fast hard lesson.Do your homework first then, commit to your plan.
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Bryan1315's Avatar
United States
14454 Posts
 Posted 08/31/2009  07:57 am  Show Profile   Bookmark this reply Add Bryan1315 to your friends list Get a Link to this Reply
in the scenario above if you bought the coin at 61 and you think it is a 65 you could build a nice following as selling the coin at a PQ-64 instead of a 65, you would make money and the customer would be happy as well. There is no real easy way to make a living off of coins and it takes a good amount of time and knowledge to even break even most of the time, but it is not impossible. It is just like everything else, buy what you know and buy low and sell high. It sounds good on paper but allot of good people have tried it and failed but others have done it very successfully, usually those that make a really good living started early and have allot of knowledge and usually deal in high grade coins, they had quite a bit of money to start (sometimes in the millions) and it wasn't money they would need anytime soon so they could buy and keep it till it sold
Valued Member
VictoryBullion's Avatar
United States
187 Posts
 Posted 08/31/2009  10:44 am  Show Profile   Bookmark this reply Add VictoryBullion to your friends list Get a Link to this Reply
garage sales, estate sales, flea markets!

great places to coins on the cheap an then resale!

watch out for fakes
Pillar of the Community
Gothic Florin's Avatar
United States
2541 Posts
 Posted 08/31/2009  11:09 am  Show Profile   Bookmark this reply Add Gothic Florin to your friends list Get a Link to this Reply
I'd be lying if I said I hadn't considered doing this myself, but as a couple of people have pointed out, fakes and cleaned coins are pretty series road bumps to overcome. I believe the ANA offers a course in Colorado about how to detect fakes. It's probably costly, but will more than pay for itself if you decide to become a dealer! I'm sure a lot of fraudsters target newer dealers.
New Member
LittleLuie's Avatar
United States
25 Posts
 Posted 08/31/2009  11:56 am  Show Profile   Bookmark this reply Add LittleLuie to your friends list Get a Link to this Reply
Thankyou all for your advice.All the kind words will stay with me for a long time!
Continue to enjoy this great hobby of ours and God Bless all of you.
I look forward to posting more topics in the future.
New Member
United States
29 Posts
 Posted 08/31/2009  12:10 pm  Show Profile   Bookmark this reply Add dorino to your friends list Get a Link to this Reply
My father bought a belt buckle made out of lightly saudered (intact) Mercury dimes, and a Peace dollar, also intact. He won't let me take it apart, but besides the (easily removabe) sauder, the dimes are in mint condition!

He payed two dollars for it at a garage sale.

VictoryBullion has it right, Garage sales can yield unbelievable finds. Bank rolls too!

And wheezy, I know inheriting a small collection helped me. Not to make money, but just to get started. Going through my father's two small bags of wheat pennies, finding coins almost a century old (and a few over that!) was what got me started. It's been a year, and I still love this!
Edited by dorino
08/31/2009 12:12 pm
Rest in Peace
coinguybrian's Avatar
United States
5375 Posts
 Posted 08/31/2009  12:34 pm  Show Profile   Bookmark this reply Add coinguybrian to your friends list Get a Link to this Reply
I would agree, learn to grade certain series, then others. Maybe start by buying small time stuff off ebay (under $50 a pop) just to get used to things and not get ripped off (you may get burned once or twice, but not to the extreme). I actually followed this advice when I started ebay, and sure enough didn't really get burned much. The good deals took awhile, for awhile I was getting decent deals but nothing that great. Also, bid conservatively. Don't rely on stuff like the Red Book too much. Numismedia is decent, but can be a little high on common dates, and a little to very low on scarce dates.

So, do that for awhile. Beware of subtle problems like cleaning or tooling, etc. Maybe spend $1000 or so doing this before you get into more serious ebay stuff. Make sure there is a return policy unless the price is ridiculously low. Beware of 'too good to be true offers' and really sensationalist sellers. There are some seriously good deals out there, but you will have to look (they're usually with smaller time sellers).

If you don't want to do that, you can start going to garage sales and estate sales. This is what I plan to do soon, actually, after some experience on ebay. I just say that ebay is the easiest 'training route' since you don't have to travel anywhere if you're careful; it can be a really darn tough one if you get burned for $500.

I don't know about garage sales, but with estate sales, if you want to buy in serious bulk, you should probably have a few thousand in capital. Maybe more. The more money you have, the more you can buy. Before you buy valuable stuff from there, learn to do it on ebay (being very very careful of course). Don't just buy real valuable coins without knowing what you're getting into, and avoid uncertified key dates that are often faked.

Lastly, for real rare coins, auction services like teletrade and heritage are the most accurate estimate. Not greysheet, numismedia, and especially not PCGS price guide (avoid this).
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