Do coin dealers make good money?

Guess he doesn't wish to appear "cheap".

 

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Do coin dealers make good money? Here is the answer!~! Depends on YOUR goals. Do you want to make $1,000, $2,000, $3,000, or $4,000+ a month? YOU CAN.

EBAY. I'm using this as an example because it is the biggest auction site on earth! If you buy a bulk bag of Standing liberty quarters from Apmex and pay after all costs $6.50 a coin and sell it on ebay for $10 a coin + 1.99 shipping. You just made a $1-$2 dollar profit after factoring EVERYTHING into it. How many time do you have to do this to make $1,000? 500 hundred times! That would honestly be the worst case scenario. On some coins you may profit $4 or maybe $50+. Honestly in the coin business, prices from what you buy and sell there isn't much margin, unless you are ripping people off...NOT GOOD. If you have overhead like a coin shop on the corner of Main St. you're have to factor in a lot more into your numbers. Typically QUANTITY is most important in the business. A person might brag about their $10,000 MS69 coins, but how much did they pay for it. How much money is there to be made if they sold it & who is going to buy it!? I would rather have 50 coins at $200 a piece than 1 coin at $10,0000 because I will make a lot more money on the 50 coins 98% of the time!

If you have a goal of $4,000 a month you may have to sell 2,000 coins! That's about 65 coins a day for 30 days. Not so easy. If you can make $4 a coin profit. Then you would have to sell 30 coins a day!
*If you are fortunate enough to have people/customers bring old coins to you and you can buy them cheaper your profit may a lot more!

These are only examples but are 100% accurate because i've done it! Hope this helps! Thanks.

 

No, thank you! I bow to your genius, sir.

 

It's that kind of logic that gives both dealers and coin collecting as a hobby a black eye........

 

In my hometown there is one coin dealer (I use the term loosely, as I've heard of Chimpanzee's that know more about coins), and the guy is a rip off artist. I asked him how much his rolls of uncirculated 2009 FY cents are....FIFTY DOLLARS A ROLL...most coin shops in this area sell them for between 2 and 8 dollars a roll. However, since he's a ridiculous on his prices, I have to admit, I also have conned him, as his knowledge is low. I've taken coins to him that I have overgraded to sell him, and he just trusts my grading. I don't feel bad conning him because he himself is a con artist.

 

Please enlighten us with a more detailed response of coin dealership

 

I won't dignify it any further than my original response......

 

Helpful. Thank you.

 

:hammer: :arguing: Not allowed here :yes: