1. Know what you're doing. 2. Don't expect to make much money, especially if you are "dealing" in pocket change like you have shown.
Any Words of Wisdom for a Potential new Dealer? I guess that depends on how you'd define dealer. To me, and most others, a coin dealer is defined as one who makes his living with coins, his primary, and usually only, source of income is buying and selling coins. Anybody else, they're not coin dealers, they're just somebody who buys and sells coin now and then.
Think long and hard before you become a fulltime dealer - it's not a way to make a fast buck (and an easy way to lose money). Try part-time dealing first.
Also beware the inside ones are more than likely lower quality due to years & years of being picked over & they like to dazzle you beautiful end coins.
In my research, only 5% of the f-t dealers/sellers make a good living off of it. I don't expect to become rich. edited
I've been taking a business course online. This was my direction. If I can make a living off of it, I will give it a try, but, obviously I know the market is flooded with dealers and that it ain't easy... can't be any harder than trying to break into the music business.
I want to just get my feet wet first... test the waters. Mostly selling common stuff sure but I am looking into creating custom artful displays of Lots of coins using acrylic resin. Not exactly encasing them cause, I heard that collectors consider them souvenirs after that, but, yeah, hard to clearly define the vision... I will post when I get one done.
Yup, that is exactly what I wanted to do... start off slow. I was actually going to open up an eBay store on Canada Day but for some reason, technical according to customer service, they can't verify me... verified enough to accept my money for purchases but not verified to forward me money from sales... Hmm?
How do you mean? My UNC rolls of coin? Yes, I understand that being UNC does not automatically mean MS70 throughout.
Are you thinking of opening a brick and mortar shop, online only, or a combination of both? It would seem to me that the brick and mortar only shop would be hard to make successful these days. Some dealers have weekly online auctions but I'm not sure how profitable they are. I suppose it's a way to get rid of inventory; especially if the brick and mortar shop doesn't get much foot traffic. Since I've never been a dealer I don't know everything that's involved in a successful coin business. But I imagine that one would be expected to travel to many local, regional, and national coin shows, have a source of cash available to buy collections and be able to move the items in the collections quickly. Those of you on CT who are, or have been, coin dealers will be able to do a better job than myself describing all of the things they have/had to do to run their business. Selling drugs would probably be easier than selling coins.
The cycle of events going on right now this may not be your best foot forward. Think before you act. If you have the support of family, friends, and community go for it. Be honest, fair, and trustworthy to your clients the best advertisement is a satisfied customer. Have the inventory and a good financial background. Best of luck and always think positive. Welcome to the business world its a dog eat dog system!
I once had a great dealer. He was very intelligent and he told me something over 30 years ago. He said that as a dealer in coins and pm's you can easily go broke. With the spikes and declines in pm's, which can be sudden at times, it would be easy to lose everything, even your shirt. Know what your are doing and you must be able to use foresight, not hindsight. Best wishes