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

I will reveal my secret source of cheap coins for all to know but I will only do that because the rest of you won't be able to impinge on my supply

I live three blocks from the only coin shop in the city of St. Louis, there are several others in the county area but Midwest Money is the only one I can walk to The shop sponsors what is known as a "bid board", it is basically an informal auction held on Monday evenings. Bid boards are almost a relic of the past nowadays with B&M shops rapidly disappearing and many of the ones that are left no longer do bid boards but they are still out there. There are approximately 75 coins available each week with lots of low priced goodies and also sprinkled with a few high end items. Some recent high end examples would be an 1876CC Trade dollar, an 1889CC Morgan dollar, and there were a couple slabbed Quarter Eagles up last week but the vast majority of items have an ending bid under $50. The shop is the source for most coins on the bid board with members also being able to add four lots per week. Coins are attached to a lined card and placed on a peg board for 1-2 weeks with the ending date written on the card. Bid board members have a number and you write that number and appropriate bid on the card, the highest bid at 7pm on Monday is the winner. There is usually a crowd of 15-25 on bid board nights so the action can get fast and furious(and crowded) with pens flying. I can usually get stuff for less that Greysheet bid but the nicer material always brings good prices.

With that said, this is not like "shooting fish in a barrel" for making money. Occasionally, I will miss a problem with a coin when I just happen to glance and bid at the last minute or I will get hit with auction fever and bid a bit too much. There have been a few coins I have sold here on the forum that I lost money on but it is usually a matter of only a few dollars. There is also the matter of taking proper photos and packaging the coins properly for mailing, both of those help to maximize your profits(and customer satisfaction) as well. The longer I do this, the better I get at it and the fewer mistakes I will make. I go there every Saturday to research the lots and I am usually there an hour or more. Then I go home and do a thorough pricing analysis and check on any potential variety cherrypicks. In the end, I spend about 3 or so hours every week so I can make good decisions on buying coins that can make me money.

So, if you are looking for a cheap source of coins, do your homework- learn your coin series and how to accurately grade- and then find yourself a shop with a bid board

LittleLuie,
All of the above responses reflect the advice of experienced coin collectors.Heed their advice and you will have a fighting chance in succeeding;and a lifetime of enjoyment!

LittleLuie:

Bottom line: There is no free lunch. There is no one place to buy cheap quality coins and resell them at a profit. If there was, many of us on this forum would all be living our dreams of working with coins every day and not have to continue our real jobs that provide us with the means by which to enjoy our hobby.

Sometimes that means we buy a coin for more than we should because we like it. And we know it's more than we would get if we resell it. It doesn't matter. It's what we want. Maybe it's that last open space in our album. Maybe the coin is just pretty and needs a home.

Occasionally one of us will find a great deal and get a great coin at a great price. Then, when the buyer shares his/her purchase on this Forum, all of us here can then rejoice for our friend who got a great deal and we're happy when a nice quality coin goes to someone who will appreciate and show it the respect it deserves.

I realize there is a need for people to buy coins and sell them for a profit. I'm just not into this hobby for profit. I knew that coming into it.

Every coin I have in my collection is because of extensive research, continual hard searching perseverence, and (VERY occasionally) good luck.

Like I said: There is no free lunch.

Coin collecting is very rewarding but most of us are not in it for the money and will never earn more than we spend on this hobby.

I say "Good Luck" to you and hope all turns out well for you in your coin gathering and selling business.