Can someone teach me how to make money coin collecting?

Start from your pocket change. You need to start something small first.

If you are looking for a how to get rich scheme, there are plenty of unethical ways of doing so. Genuine ones take a lot of patience, knowledge, virtue and effort. Whatever you do, never go into the route of selling counterfeits. You'll burn bridges faster than paper and may possibly end up in jail.

 

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My greatest lesson is the same for anything you want to invest in, you have to buy it at the right price. Most people overpay for any possibility of short term profit. Patience and some negotiation skill required.

 

Coin dealing follows that old saying, "It takes gold to make gold"
To the best of my knowledge, there is no place to purchase stock for a coin store. You better have a wad of cash to start with, to buy up coins, bullion, key dates, accessories, etc, so you can start selling at a profit. Put out ads as a buyer. But, it takes cash, and it takes time to establish stock and cash flow.
Not based on personal experience, but methinks you will have a good old time convincing the IRS its a business, not a hobby.

 

As Tom said "get lucky." I'd add--be fortunate to buy low and sell high. How one does that is anybody's guess. Invest, don't speculate, and don't be afraid to pull the trigger on a beautiful coin that you know is a good buy.

 

I can ...

John Lorenzo
Numismatist
United States

 

if you buy low, and sell high, you can.

 

So, do you prefer alchemy or witchcraft?

 

Don't start lol

 

My grandfather taught me a long time ago that the secret to success in business is to treat every customer fairly and honestly and to be content with only a reasonable profit over and above your costs, say, 10%. Having stuck to that advice, I can sit here and proudly proclaim to you all, he was right, as I am a huge success in business. And all I have been doing is taking a product that cost me $10, say, adding 10%, and selling it for $20.

 

Alchemy or witchcraft?

You need both ... and a good instinct on what is an upcoming market. The ability to determine this market can be called withcraft.

JPL

 

Eddie, with math like that, you must work for the government!
"taking a product that cost me $10 say, adding 10% and selling it for $20"
$20 for a $10 product is a 100% mark-up

 

RE:

Check your PMs

 

I cocur with all the good information that was provided. Hopefully during the process of learning how to make money in collecting the coin bug will "bite" you and will want to start collecting coins as a hobby...who knows...crazier things have happened.

 

I think one thing holding coin collectors back from dealing success, is they love their coins too much, and find it hard to part with prized acquisitions. Its a buy and sell business, and you will never make a profit by eating up your stock.

 

Pretty sure that's the joke.

 

I have learned several ways to not make money in this hobby.
My worst mistakes are when I bought an ugly coin. For some reason I just had to buy it. They are still ugly today and are a bit tough to sell.
Nice looking coins are easy to sell.

 

If you are selling on Ebay you'll probably need to get $20 for a $10 item in order to net 10%

 

It's pretty sad when even husters don't have an "amazing no money down system to flip unsearched estate coin rolls. All for only $29.95."

 

Well after being a collector and dealer for 30 years ,the best advice is try to find what coins are in demand and aquire them at a reasonable price of course and then price them accordingly to fill the demand. An example is with Newfoundland 2 dollar gold coins. I get calls and emails from the world over looking for these and on the rare occasion that I find them to buy, I have a waiting list of customers on file. The demand is unreal. This is just an example, I could write a book on which coins are in demand from personal dealings with collectors.

 

I have always like the idea of buying as a kid and selling as a grandpa.
It has worked for me.