How to Make Money in Coins Right Now
I read this book some years ago.
Mr. Travers' recommendations were numerous. One recurring point he made was that you could crack coins out of their holders and get an upgrade. This is a fairly easy procedure if you have enough working capital.
Examples that could make you serious $$$ quite quickly: better dates that have a huge spread between the grade they are in now and the next. AU 58 better date, especially gold coins that shoot up in value in mint state--many, many PCGS AU58 coins can easily find their way into NGC mint state holders reaping you huge pay-offs.
The general strategy outlined in Mr. Travers' book(s) can best be employed at a large coin show where coins are actually and physically being graded with a one day turn around. At a big coin show like the recently concluded ANA show, you may have several chances to get the coveted upgrades and even cash in the coins for a huge payday.
Other collectors and treasure hunters have been fortunate to make large amounts of money with metal detectors at numerous locations, panning for gold in mountain streams, going to tag sales and sorting through people's undervalued "junk" hoards. What could be more fun than treasure hunting in new and exciting places?
I haven't heard of the book, but who doesn't like the idea of searching for buried treasure! When my uncle was a kid he threw a bunch of Mercury dimes out in a field so he could go hunting with a metal detector. I bet some are still there for some lucky person willing to look, and of course his method isn't the ideal one.
I also haven't seen people grading at a coin show myself, but I haven't been looking for it either. I think that's an excellent idea. I have wanted to get some graded, but was never quite comfortable with sending them in the mail. Although I consider making money synonymous with stacking so that's how I go about it
I have a number of Scott Travers' books...very good reading, I learned a lot!
I have to say it sounds much easier then it really is. There are hundreds of dealers at a major show that would offer onside grading. These dealers get there first before you can get in... And get to picking these coins off before you can even get anywhere near them. You would do much better by going to a small show and then sending the coins off later and hope for the upgrade. Don't get me wrong I have made some good money over the years playing the crack out game... I have however only bought 1 coin at a major show that upgraded. Most of mine come from little shows.
I was just thinking of bringing a handful of candidates with me. I have some Timberwolves in sealed plastic I'm considering..
Originally Posted by LostDutchman
Generally I like Traver's articles and books- this particular one just had a bit too much hype on the crack out thing. Remember there are a lot of people who know way more than you and I in coins.
I really didn't like this book. The whole book was just graphs and statistics of what some collectors bought and what they resold them for. It was painfully boring and there wasn't much as far as recommendations or information to justify the title. I felt that I could have found similar information online if I was so inclined to do so. Many of the collections were made up of super rare, multi thousand dollar coins that are way out of reach of the typical collector. It definately wasn't a book for a beginner or layman like myself.
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