Flipping coins for a profit Hey guys, i was wondering if you had any suggestions on how i could get coins at a wholesale price to flip for a profit on ebay? Im not looking for anything sleezy or dishonest, just a good way to go about getting the coins. Any help is appriciated.
I agree and you are likely to get more on-point replies/help if you make your thread title a LOT more specific.
Toughie here Cody..... Do what everybody else does, scour ( I live,eat,sleep and breath on them) all the auction sites and spot underpriced material and pounce. Once in a while it will fall in your lap, and once in a while you get stuck. More practise, less stucks. You will get to know every seller, their techniques, their picture style and ( even their secret " other" seller accounts if youre real good ) the market as a whole and spot an underpriced coin in a minute. Set up an auction snipe software and bid on tons of coins a day at minimum like I do, ( just be ready to pay if you win), you place bids slightly below whosale and catch the ones that fall thru the cracks, maybe a few a week, but the ones you do catch are winners. Resell potential. Be careful, stick to good material and don't sell cheap. Nice coins are tough to find, and price them according to the difficulty, not what a guide says. Or, the easy way......nevermind, let the shysters do that, there are too many of them already, it is so tempting, but you like to sleep at night, right? My advise is what I do, take it with a grain of salt
Thanks AJ. And to the rest of you, I didnt mean it like a get rich quick scheam, but just the best way to get coins that i can flip, whether it be a public auction, coin club auction, shows, or private transaction. Thanks.
Cody what we are trying to tell you is that there really isn't any easy way to do this. If there were, don't you think that everybody would be doing it already ?
Well, i guess that is a good point. Oh well. I wasn't talking about a huge profit, just enough for a profit thats worth the time.
Pending on if you know someone at a bank. You could do as a couple I've seen at coin shows do. I've talked to them over the years, got to know them, so they admitted what they primarily do. It's simple and they make big money doing it. And not illigal, just smart. You go to the bank and purchase as many rolls of uncirculated coins as possible. You then purchase a supply of 2x2's or the more popular dealer sized 1-1/2 x 1-1/2 inch size flips. You now put each uncirc coin in those flips, lable as Uncirculated whatever it is and either sell at a coin show or put on ebay. At a coin show you would need some 3 ringed binders and those plastic pages that hold 20 of those flips in the binders. Each cent would sell for $1. Nickel about $2. etc. Not much buisness the first few years but after a while, fantastic profits as you accumulate inventory. If you find someone selling rolls of older uncirc coins, this would help your inventory. Thier talbe at coin shows is one of the bussiest and they sell a lot of coins that way. Now over the years they've included proofs. They order many, many sets, separate them, each coin in a flip, all in those plastic sheets in 3 ringed binders. They too sell on ebay and other web sites. Thier profit is amazing.
If I were to put a doller per hour value on what I do, I would be better off flipping tacos at Taco Bell. It is not very profitable if you put it in perspective time wise.
They told me this when getting into the hotsauce biz: The best way to make a small fortune is......start with a large one
