Lots of questions relating to making money buying and selling coins.

Hey all,

So I've been working pretty hard to try to make some money off coins. From what you guys have told me and other websites and YouTube videos. But after doing that I'm left with a few questions.

1. Where do you buy coins to make a profit off of?
2. How do I know what to pay?
3. What should I buy?
4. What's a reasonable amount of money I should expect to make off of coin flipping?

Thank you for any help!

 

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Now, i know why there are so many advertisements for "i'll show you how to make millions in real estate with no money down". If someone created a coin version of this scam they would be rich.

 

No offense to the OP, but i swear there is a thead like this every couple weeks.

 

Sully, anyone knowing the answer to those questions would not tell anyone , they would just keeping making money themselves.

 

There is simply no way to answer your questions in short order. You are basically asking the equivalent of, "How can I make money on stocks?", or "How can I become a surgeon in a day?". Those who make money on coins and learn the answers to those questions put in hours and hours and hours of painstaking time and effort to learn the answers. Just like with any job, you can't come on a forum and ask 4 questions and then go out and do that job. I don't mean to sound harsh, but you need to study, study, study...then pick a specialty, then study some more. If you're a beginner, then you are about as far away from answering your questions as a freshman college student on the first day of class is from completing their major.

 

I'm pretty sure he should check with his parents first.

 

I'll answer your question.

Buy low and sell high. Coin Shows, online Merchants, US Mint, eBay.

OR

Buy "eye appealing" coins when a dealer is asking low money for them which you can then sell at a premium over what you paid to "known" buyers.

OR

Keep your thumb on the pulse of the US Mint and buy as many as you can afford of the "next best thing" (i.e. The Roosevelt Reverse Proof), submit them for grading and sell to the highest bidder. (True Flipping)

BUT, "beware", since it is a dog eat dog world out there and making money with ANY consistency is extremely difficult to do despite how easy it appears.

Of course, you could always concentrate on a single series, become an expert in that series and then support the market for that series.

Regardless of what approach that is taken, you'll have to look at a lot and I mean A LOT of Coins before you'll know what to buy and when to buy it for resale. You'll also have to invest "your" money into the knowledge that you pick up along the way knowing full well that you could "lose" money with a poor choice.

 

Then there are the flukes. When the U.S. Mint decided to mint S business strike quarters in 2012, the first to come out was the El Yunque state quarter. I bought 3 rolls when they came out, and when the mint stopped selling them, prices on Ebay shot up. I took advantage and sold a roll for a whopping 178.00 This of course, rarely happens, but it is an example of keeping up to date on what the mint puts out and does. Just like when there was no announcement of the selling out of the 2012 silver mint proof set. One day it just wasn't for sale and prices have been to the moon ever since.

 

I would add that it probably takes probably 10+ years of study and collecting knowledge before you can even hope to make a living as a dealer. I know I, as a collector, don't feel as though I know enough to make money in coins yet.

 

rofl

 

1. Ebay, coin shows, craigslist, forums
2. Research
3. Whatever you know you can resell for a worthwhile profit.
4. Depends how good you are and how much capital you have to work with.

 

If it were simple and easy, everybody would be doing it...

Join a couple coin clubs if possible, keep your ears open when they have club auctions, pay attention to the banter, you will learn a lot. Go to as many coin shows as possible, listen to what dealers are saying, you will learn a lot. Get smart on the Chinese counterfeits - one bad purchase wrecks your coin budget for a year.

 

I know the answer, but I will keep it to myself

 

Thank you everyone who gave response. A few things to clarify, I don't think this is a get rich quick thing nor do I think this will be easy and not require lots of research. Also I do have my parents permission there really happy I am turning $7 in coins into $87 (My last auction sales at my coin club). Thanks for all the help and keep it coming!

 

C'mon people, lighten up on the kid. I for one am glad to see a younger person interested in our hobby. Most just want to play video games anymore. (I sound like my father now)
With that said, school is just starting junior. Read lots, get your hands on as many coins as often as possible and keep at it. You'll learn far more on coins you lose money on than the ones you flip for a profit.

 

A quick addendum to my last statement. It wouldn't hurt to befriend a dealer who would let you sort coins for him in exchange for the opportunity to learn.

 

There is a difference between being unreasonably harsh and simply being honest, sir. New and younger blood becoming involved in the hobby is, of course, a fine and necessary thing, but when their primary motivation for doing so is profit, is it really a good thing? Too many both young and old seem to think coins not a hobby to enjoy, but a way to make an easy buck, so what does this say about how they view those already involved? When one believes that they can simply waltz in and with little to no knowledge of coins, be able to profitably sell to those who do, well, it does not suggest they've a great deal of respect for the hobby or for collectors in general.

 

I don't necessarily see anything wrong with the idea of wanting to make a few bucks here and there. How many kids would hoard, research, and collect comics in the hopes that they would be worth something someday? Who knows, if he finds he's got some talent with coins he may end up as a dealer instead of a collector -- and that's great, too.

 

I guess I can empathize with the young man due to the fact that I got involved with coins 30+ years ago through my business for the sole reason to make a profit. Then the inevitable happened and I have become an addict like so many others here. I am now my own best customer lol, and in my own defense I don't link to my business here. I am here simply as a collector.

 

I myself am not interested in flipping coins or making money. That's a part of my hobby sometimes, but my first concern is growing my collection. I take great pleasure in collecting. If your main concern is making money, I can't tell you what to do. You have to learn through being a part of the hobby. And I think only genuine interest and dedication will lead to the knowledge to consistently make profits. I've made sizable profits here and there, but unless you deal online or face to face with hobbyists I'd say making profits is a seldom occurrence. Good luck though