Can you make money being a coin collector?

Detecto, try having golf, or fishing, or car racing as a hobby (i.e., guess how much return I get on a used set of track tires)... only then you will appreciate the minor monetary loss most coin collectors experience.

Enjoy the hobby for what it is... find your niche, become an expert in that niche, then publish your research. That is where I find gratification in this hobby.

 

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Totally true in 99.9% of the time. I didn't mind working most of the time, but it sure wasn't that much fun. Collecting is an enjoyable hobby, but when you have to worry about paying rent, lights, phone, advertising and getting ripped off by some crook then it's not so much fun anymore. Better to get a good education and then a great job so you can afford your hobby.

 

What happened to the metal detecting? That seemed like a no risk, guaranteed profit for time situation that was tangential to coins.

 

As others have said, you can certainly make money -- search rolled coins, and you're just about guaranteed not to take a loss (unless you get rolls that are short on coins or contain less valuable items in place of coins).

Of course, this takes time. If you're in business, time is money.

But the cool thing about a hobby is that you get enjoyment from the time you spend. Spending time CRH'ing would be a terrible business plan, but it's a pretty good hobby plan.

 

It takes a lot more hard work than it takes money to be a successful, ethical coin dealer. To put it bluntly, most folks do not have the discipline or desire to become a successful, ethical coin dealer.

 

it will end very very badly if one gets into coin collecting to make a profit. What GD has not mentioned here is that a lot of collectors make sizeable losses and they can lose thousands of dollars, lose the shirt of their backs, and end up with broken families.

There have been some real heavyweights on this forum who have gone through some or all of the above.

BTW I am still searching for mrs spock

 

You have to go to college to get a degree, Tim. College costs money. You have no money. Keep wishing, Tim.

 

I'm getting a bit coincerned that the K-job is cutting back on hours. A career path into numismatics is beneath Detecto, even he has ethics and a sense of doing the right thing.

 

There are other jobs in coins outside of being a dealer. You can do research and write books, you could try to intern at one of the auction companies, etc.

 

Can you make money being a coin collector?

Of course you can.

However you'll usually not make as much as you spent.

 

Detecto,

I studied archaeology, history, and classics in college, with a personalized focus on classical numismatics, culminating in year long thesis project. I held internships at the ANA and a major auction firm, the latter of which I began working for immediately upon graduation. All of this happened because I sought it out.

There is a wealth of high-level professional education in this country. But it is not readily apparent in a standard local or regional college program. There are jobs in this field. But they are not easy, and they require a good deal of motivation to acquire and hold.

 

http://www.pngdealers.com/item.php?item_id=178&category_id=2

You can also contact the ANA to inquire about their two annual summer internships.

 

Unless I missed it you guys forgot the obvious answer.

Yes, you can go to work for PCGS or one of the other grading companies and work with coins all day long if you wish.

If going to college, get a generic business degree.

 

One of my coin club members has a relative working for one of the big 2 TPG. He applied for a job as a grader with his coin interest, but it seems that they weren't just hiring on interest, but looking more for certain type of brain functionality. He ended up in autograph authentication. People with good ' visual memory ' , who can retain images for matching would seem a good candidate rather than general numismatic interest. IMO. I am sure the major grading services have an evaluation profiles and training for interns to find the best .Some peoples ethics and personalities would also be a limiting factor for bonding purposes.

 

It's been slowing down quite a bit, and they hired 2-3 new cashiers, so they took some of my hours away so they could at least have some. Things will pick back up, due to the fact they are minors and cannot work during school days.

 

Detecto, the good news for NINJAs is
that the opportunity cost of entrepreneurship
is practically nil. And your education is
$11.40.
http://www.amazon.com/Think-Grow-Ri...-1&keywords=think+and+grow+rich+napoleon+hill
But don't be fooled by that cost. The real cost
is enormous amounts of effort and discipline
in understanding and applying the principles
in that book. People don't even like allusions
to those words. That's why the investing in coins
threads never stops. The anwers always boil down
to same thing: Effort and discipline.

The reason the NINJA generation has a nagging
feeling that: "your own kid, have a nice life and
don't forget our social security checks," is
because you are. Use it to your advantage-because
John Wayne doen't do hill tops on horsies anymore.

 

That makes Carrie Nation a 10.

 

no no my dear fellow you have the wrong idea