Newbie big questions.

Six grand in four years is $28 a week.

 

Log in or Sign up to hide this ad.

It's actually much more than that.
The first 2 years he hit it hard and last 2 years he has spent most of time with motorcycle and women....lol....
My point is that we shouldn't tell newbies that you can't make money selling when they can if they apply themselves.
The only ways to lose money are based on the collector him or herself.
If you overpay you will lose, if you need money quickly you will lose, or if you sell to a coin dealer you will lose.
Many people fall into those traps.
I am just tired of seeing threads across various collector sites where people tell a newer person that THEY CAN'T make money selling coins. And to only collect because you enjoy it.
You can have both. Profit and enjoyment

 

Here is the thing that you are missing,
That 28$ a week. And a Quoted "Gross profit"
Add in the time and Labor?
Your Buddy lost money!
Education first, then you might be able to make an actual "Profit".

 

What?

 

though out history innovators are shunned at 1st. I was going to share my new grading system with the forum but it would just fall on deaf ears. People thought the earth was round till brave men stood up against the norm

 

That's, "throughout." But you're right about changing systems.

 

Oh, please, please, PLEASE be so kind as to enlighten us with this surely revolutionary new "system" you've devised. Perhaps, think of it this way: doing so will allow you to prove that you are indeed the very serious and gifted individual you so often claimed. Come on, now; drop the big shot talk and take hold of the opportunity before you. Please, prove us wrong. Otherwise, you're slowly but surely inching up into Detecto territory with all the tall tales...

 

"Although the envious nature of men, so prompt to blame and slow to praise, makes the discovery and introduction of any new principles and systems as dangerous almost as the exploration of unknown seas and continents, yet, animated by that desire which impels me to do what may prove for the common benefit of all, I have resolved to open a new route, which has not yet been followed by anyone, and may prove difficult and troublesome, but may also bring me some reward in the approbation of those who will kindly appreciate my efforts.

And if my poor talents, my little experience of the present and insufficient study of the past, should make the result of my labors defective and of little utility, I shall at least have shown the way to others, who will carry out my views with greater ability, eloquence, and judgment, so that if I do not merit praise, I ought at least not to incur censure." - Niccolo Machiavelli, The Discourses, Book I, Introduction.

I just felt like it fits here...

 

There's really no magic to any of it. Just don't overpay for coins when you buy them so that when you sell them you may not make money, but at least won't lose much money.

As for not overpaying, that's where knowledge and experience come in. You have the advantage of entering the hobby at a time when real time pricing data is available at your fingertips through eBay, Heritage, Great Collections, etc. So please don't make the mistake many of us have made in thinking you got a good deal on a coin based on a published price guide. It's really only worth what you can sell it for, and fortunately eBay will give you a good estimate of that.

 

????

 

@tommcorm , you seemed to be new at this forum, and new to numistrics. There are many well known collectors on this site some published and others featured in publication. You will be hard pressed to find a better or greater wealth of knowledge than here. As you keep using this site I can only suggest that look up the users name in searches to form your own opinion of the quality of those peoples advice and comments. I can tell you my opinion and it is strictly my "opinion" that all of the commenters on this post that you started have valid and good information to impart to you. Except ONE.

There is one individual here on your post however that I would neither trust or pay any attention to what so ever. Should you sort through the posts here I believe it will become blatantly clear that the person is NOT to be taken seriously in anyway, and has been proven beyond a shadow that he/she is a less than truthful person who know only enough about coins to irritate those that do.

 

Oh, please....
Now you compare yourself to Pythagoras & Aristotle. Your ignorance and lack of humility knows no bounds.

 

Actually I think he thinks the earth is flat... He said people USED to think it was round...

 

Lol, I was so disgusted with his jabber jaw jacking that he is so infamously famous for, I completely missed the the best part.

 

We have both collectors and dealers on here in addition to people with delusions of grandeur. Let me ask any of the dealers who read this if they started off as collectors? Making money can be done, but not by most of us.

 

I, for one, would be very interested in hearing it. I hate the current system that really just prices coins rather than grading them. It wouldn't be so bad if not for the fact that some coins are priced far too high and some far too low.

 

I don't think there is anything wrong with those two maxims, but I agree that you can make money from flipping coins. And I know there are people on this forum who use their knowledge to cherrypick coins, flip them, and use their profits to fund their own personal collections. That said, most people who are successful at flipping coins are either very knowledgeable across most areas of numismatics or they are an expert in a certain niche of numismatics. Telling a newbie that they can skip the learning stage and jump right into the profit stage is more than just a little misleading IMO.

 

I've not had much success flipping for profit. This may be due partly to the fact that I only buy already certified coins online. Cherry picking raw coins, having them certified and then flipping them would be more risky but along with that risk there would be more return. Plus it takes a whole different level of knowledge.