Quit Your Day Job to be a Coin Dealer?

I have answered this in a previous post; I am a hobby guy/
You must understand you don't get to KEEP the pretty coins.
Letting go may be harder than you think.

 

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I'm a little late to the party but I just want to say that if you're really passionate about something then do it. Do it without regret.

DON'T LET ANYONE STOP YOU!

This is a cliche but what works for one person might not work for another. Each of us thinks differently so you have to find what works for you. I'm not saying disregard others advice or not learn from their mistakes. There are things you can take from their experience to your advantage, but just cause they may have failed doesn't mean you will.

Good luck.

 

There are some coins that are hard to replace and therefore make you think twice about selling, but I always remind myself that there are better coins out there and to get those I need to sell these. That's my mental approach.

If there is a coin that you just don't want to sell then don't. You can still be a collector as a seller.

 

"The point being of course that you can do it, provided you are willing to put in the work, the study, and the time required to accomplish what you want."

I think this equates to almost any profession that you might wish to excel at.
Does (can) a professional grader really make six figures?

 

I had a part-time mail order coin business for a decade in the late 70s/early 80s. It was a lot of fun and enabled me to write off several trips taxwise. Also, I corresponded with and met some great people. I didn't make nearly enough to consider quitting my day job, however. Wait until you're retired and have some fun with it is my advice, for what it's worth. Also, leave the collector part aside; collect something other than what you're selling.

 

lol this is why I don't think I could ever be a dealer. I recently bought an upgrade for a coin (well another upgrade I now have 4 of that date/mint lol) and went to list 2 of them and thought "man I really like the look of these". So I compromised with myself and listed them for a good deal more than they should sell for so I can act like I'm selling them but in reality they'll stay with me

 

If you could spend all your time grading classic coins that wouldn't be so bad, but having to grade bulk submissions of 69/70 moderns and bullion coins all day would make it debatable whether even a six-figure salary is worth it.

 

Well you know what they say... You're not a man (or a coin dealer) until you've pulled out one of your teeth with a pair of pliers

 

Wow. That's crazy. Blood and all huh. Did he buy it lol.

I've dealt in dental gold before and when still attached to the tooth you have to put it in a bag and pulverize it with a hammer.

 

Wow that's pretty nasty to picture LM!

How much does a gold tooth go for these days?

 

Your response is Perfect in that a good coin Dealer makes a lousy collector and a Good Collector makes a lousy dealer.

However, virtually EVERY collector should spend a little time on the other side of the table just for perspectives sake.

I've done it. I learned a lot.

For example, I learned that I'd drown rather quickly as a dealer since being a coin dealer requires "insight" not "after the fact reflectivity". (i.e. if only's)
I only I'd done this or if only I'd done that.

Having a great and popular product is a sure winner BUT great and popular products are far and few between which is where it really counts.

I also learned that, as a buyer, I could never sell what I have to make a large enough profit to survive. I'd always have to have some type of financial backing to help defray my losses until the "next big thing".

Having said that, I'll say again, every collector should spend some time onthe other side of the table just for perspective.

 

Or the horse kicks you in the head..........

 

Typically it's 16k gold Sometimes up to 22k though but it's always treated more like 10k from a gold buyer. Less if the tooth is still attached