I have lost money on every coin i have ever purchased.

stiring the pot eh gd?

 

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the lowest priced draped bust cents that i could find on ebay or anywhere else in any grade even in very low grades is about $7.00 to $10.00 per coin on up to higher prices from there. so would everybody please stop saying that these coins sell for $1.00 to $2.00 on average because we all know that is simply not the truth. even if the coins are almost worthless they still sell for more than $1.00 to $2.00 each, because collectors have made them sell for higher prices. (i am not a collector of coins) people who are willing to pay too much for coins drive the prices up and make it impossible to buy the coins (regardless of the coins low value) any cheaper than a certain amount because sellers know that they can always sell the coins to collectors for more money than the coins are really worth. and to be fair i said that the coins that i sent to the dealer were low grade and a few of the coins had some nice details, and i never claimed they were anything other than that. but the fact still is that the dealer will still sell the coins for more than $10.00 per coin anyway. thats the truth. and another note about coins, almost every pcgs and ngc graded coin is very overgraded and over priced in my opinion.

 

then you are in the wrong business if you trying to make a profit

 

I try to buy coins at near the melt price, so if they are worth more it's a pleasant surprise. I would say that there is next to no market for coins in reality. It's all the bullion market. It's a mean world, but if you just keep in mind that it's a buyer's market you'll do okay. I sold a gold coin and the store wouldn't give me any more than melt and I realized that it's a bad way to sell things if you take it to a dealer.

 

do it for fun,. not for profit.... and enjoy

 

to be honest i really don't understand why coins are fun. to me the only thing that i think about when i buy coins is how much could i sell them for. i had always heard (even long before i had ever bought any coins) that coins are a good investment and from what i can observe, almost all of the people who buy and sell coins (and not just the coin dealers but the collectors too) are very rich or at the very least pretty wealthy. so i figured that maybe coins really were a good investment. but i guess i was wrong about coins being a good investment. and maybe the coin collectors were rich to start with even before they started buying any coins. maybe the people who collect coins do so because they are wealthy and not because people can get rich from buying and selling coins.

 

Believe me I'm far from wealthy , If I spend $500 on a coin it's a lot . I can't afford any "rare coins" but do have a very nice collection and some beautiful to me coins . Also I love this hobby , the art and history of the coins is why I collect . Sure when I die if some of my coins make a small profit that's just gravy . I really think you're in the wrong business buying coins to sell , because you sound like you have done very little research in this hobby . Sorry if that's harsh but that's what I see .

 

I think if you knew the collectors here personally, you would find an eclectic mix of backgrounds, knowledge, incomes and ages. But if I were to play the devils advocate and say I agreed with you 100%, why are you selling to the individuals who are giving you the least for your items? If you want to have the best chance of turning a profit, you need to sell direct to the end user, not the middle man.

 

Yes, we coin collectors are all rich, and we make alot of money buying and selling coins, but its not about the money or fame of being coin collector. We do it because we enjoy the hobby. The exoctic cars, women thats just a perk of being a coin collector.

 

Juan, let me spruce up your stats;

"...if broker-dealers in the financial service industry (my biz) pulled these coin-grifting stunts they go straight to jail."

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Maybe 3 out of 100 would go to jail. The rest plunge ahead with more derivatives, CDOs, sucker tranches, and disclaimers in print so fine it won't photocopy.

​

 

what scam. They are in the business to make money, they are not collectors, they are dealers. They have many exspenses, so they cant pay full price. Buy a coin thats worth 10.00 for a dollar, and maybe sit on it for years trying to get 10.00 is a business model that can be profitable.

 

That's my point exactly; it's not a good analogy.

And recall the member last week who discussed the lifelong dream of opening his own coin shop? I hope he is reading and retaining the essence of this thread too.

 

IMO you need to stop buying coins as you will not make money until you know more about the coins you buy and sell then the dealers you are dealing with. And you sir...do not.

Maybe you want to go buy some items from Wal-Mart and go sell them at your yard sale and try to make some money. As Wal-Mart share holders all seem rich to me.

 

i have never spent anywhere near $500.00 on any one coin. as a matter of fact i have never spent $500.00 on anything. (except for my rent because i have to pay that every month) $500.00 is a lot of money to me. what most collectors don't seem to understand is that if they would not be so willing to pay large amounts of money for coins then the prices of coins would come down. the prices would have come down if most would not be willing to pay such high prices for them. this would benefit the coin collectors most of all, because they only want to collect the coins and not sell them. everybody here seems to think that i have not done enough research on coins. the truth is i have spent more time and energy researching coins than i could even begin to mention. i guess all of my time and energy and all of the effort and the research that i have put into coins was just a total waste of time, because it does not seem to show in my posts and my comments anyway. and now that i think about it, all of the time and energy that i have wasted on coins is even worse than all of the money that i have lost on them.

 

yeah right, and i guess that it must be me that is calling almost every coin an MS65 to MS67 grade on this website. wrong again. i undergrade coins, i don't overgrade them. and overgrading coins is just what i see from most on this website. they want to think that their coins are in better grades than they really are. anybody could observe that on this site.

 

none of the coins were from metal detecting.

 

i always wanted to sell to collectors but i have not really had the chance to do that. everything on the web is always ebay or nothing. there just does not seem to be many choices for selling coins.

 

Mostly a collector forum here........we's don't look to make money, and right now, most of us are under water.........

 

"...if they would not be so willing to pay large amounts of money for coins then the prices of coins would come down..."


Nonsense. I see why you're losing money.

The next 3 coins you want to sell, post them here first, with your suggested prices, and we will analyze what's happening. When 20 or 30 CoinTalkers chime in, you will end up KNOWING how to make money, or at least how to avoid losses.

At this point, we don't know if you're picking the wrong sellers or the wrong buyers. Tell us the city you live in, that has something to do with your results.

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#1 Good rule to remember: Ownership raised the grade of your coin by 2 grades

#2 You sound a lot like Decteco complaining that the coin market is not working the way you want it to. Well guess what, your not going to change things in the whole market so learn to live with it.

#3 Enjoy coins and currency for what they are and stop worrying about profits or get out of buying them.