How to profit in coins?

Discussion in 'Coin Chat' started by xGAJx, Mar 24, 2013.

Thread Status:
Not open for further replies.
  1. Cazkaboom

    Cazkaboom One for all, all for me.

    Perfect! I finally understand it all!

    One way to know how to make money is to read... A lot! Feel free to try with this thread.
     
  2. Avatar

    Guest User Guest



    to hide this ad.
  3. spock1k

    spock1k King of Hearts


    you can No, No Spock, forum rules only in advertising forums :D ~jim by the time you are finished you will learn first hand on how to profit in coins :D
     
  4. spock1k

    spock1k King of Hearts

    school? there is a whole university and it gives you a masters degree as well. come on grandpa you think we coin collectors all illiterate?
     
  5. spock1k

    spock1k King of Hearts

    noone learns everything ever not even yogi berra but if you come to CT and read the stuff here and you still cant make money on coins then there is something wrong with you.
     
  6. spock1k

    spock1k King of Hearts


    uncle jim

    i was being funny. i dont have a coaching class but i can start one for you :D
     
  7. bqcoins

    bqcoins Olympic Figure Skating Scoring System Expert

    I am going to go ahead and throw in some of my own wisdom. I vest pocket on the side, not for business, but in the love of my hobby, I have a list of customers and their wants and I chase those down. I do this because I enjoy the thrill of the hunt more than just about anything else, that and the research that goes into building a beautiful investment portfolio of coins for a friend/client. Do I make money doing it....very little, which is why it isn't my full time job. As long as I am gainfully employed I will be able to speculate on coins. I try and flip things her and there, off ebay, cherrypicking, etc. Until very recently, i.e. scoring the find of a lifetime, I was roughly only a few thousand ahead in the coin business over a period of five years and I "know what I am doing." I have been coin collecting for over 25 years and have gained a lot of knowledge, I have picked the brains here at CT, on other sites, at brick and mortar shops, and from other vest pocketers like myself. I have gained a dearth of knowledge and am still learning.
    If you want to make money you have to start slow, you have to persevere, don't make it the sole source of your income to start or maybe ever, and you have to have piles and piles of knowledge.
     
  8. Conder101

    Conder101 Numismatist

    If you don't want to sell online or have a physical shop, then your best bet for being able to buy and sell is to take a table at the smaller local shows and work your way up in experience, stock and inventory. having a table allows YOU to buy for the public and collectors and it allows you to sell directly to collectors as well (which provides a better return.) As you become accepted it will also allow you to be able to buy and sell wholesale dealer to dealer. Now this isn't easy, it is a lot of work and it takes a lot of knowledge, but it allows you to get your foot in the door without a lot of overhead expense. Tables at the smaller local shows tend to be very reasonable. Any profits made should be rolled back over into the business in inventory expansion and upgrading the quality of the inventory. Keep good records and after your taxes and expenses,
    after several years you may eventually be able to actually start drawing some money out of the business for yourself.


    Oh, sorry I misunderstood. In that case it is easy

    Inherit a large collection from a long time knowledgeable collector

    Sell it.
     
  9. spock1k

    spock1k King of Hearts

    edited - use a PM.
     
  10. miedbe7

    miedbe7 Wayward Collector

    And I thought I have learned little compared to most in the past 5 years or so of collecting!
     
  11. statequarterguy

    statequarterguy Love Pucks

    Speculate/flip moderns/US Mint products.
     
  12. cdc

    cdc Member

    If you'd like to make a small fortune in coins, start off with a large one.
     
  13. medoraman

    medoraman Supporter! Supporter

    ...and buy how most collectors buy. :)

    Myself included. I buy what I love, not what I have cognitively determined will have the best ROI.
     
  14. kaosleeroy108

    kaosleeroy108 The Mahayana Tea Shop & hobby center

    buy silver hold on to it for 20 yrs and then sell it walk away
     
  15. xGAJx

    xGAJx Happy

    what part of short time investment do you not understand?
     
  16. bkozak33

    bkozak33 Collector

    fine, hold onto it for 15 years and sell
     
  17. coinzip

    coinzip Well-Known Member

    Have you ever been to a coin show?


    If you take out Brick and morter, and online....that leaves you with shows.
     
  18. coinzip

    coinzip Well-Known Member

    You could learn to attribute bust coins and buy unattributed rare die marriages based on condition and sell them based on rarity.......
     
  19. Hobo

    Hobo Squirrel Hater

    Are you sure 'dearth' is the word you want to use?

    dearth - a scarce supply or lack
     
  20. eddiespin

    eddiespin Fast Eddie

    Hobo, what Confucius say? ;)
     
  21. non_cents

    non_cents Well-Known Member

    Buy a cherrypicker's guide guide if you want to get into cherrypicking varieties. If you find that die varieties is your best way to make money, invest in tools.
    -A scope is a must for taking pictures if you want to sell varieties you look forin circulation. Otherwise, you will be selling photos of poorly photographed coins or just by description alone, which is not good for business.
    -You need to spend money to make money. Invest in literature that will help you get an idea of what to look for, as well as the tools to help you sell it (a website with your own domain, perhaps.)
    -Know your market. Check ebay for completed listings of the same variety and see what they are selling for. Price accordingly. Don't flood the market with multiples of the same variety in a short amount of time, as that may decrease the amount you can get for them.
    -Accept your losses and learn from them. Know where you are making mistakes, and improve your method to minimize those mistakes in the future.
    -Don't expect to become a full blown coin dealer right away. When I started selling varieties last year I would have some sort of special sale every other week to try and boost sales, because I was desperate to get the ball rolling. It didn't work out very well, and I didn't make as much money as I would have liked.
    -Maybe being a coin dealer isn't the thing for you. Don't get me wrong, I am fine with selling varieties here and there occasionally (I get a sale once in a blue moon), but I didn't find selling my varieties to be a very rewarding experience in my own opinion. So I decided to focus more on education than selling, and I am much happier doing so. If you are struggling and not finding it a rewarding or fun experience, it may not be for you.
    Hope this helps.
     
Thread Status:
Not open for further replies.

Share This Page