How can I become a coin investor?

I am interested in making money off coins but I am lost on where to even start. I bought a red book but not sure how to use that to my advantage. Book recommendations, etc.? Thanks.

 

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Don't. 9.9/10 you will lose money. Period.

 

I can’t over emphasize the guidance @furryfrog02 has offered. Coins are a terrible way to create wealth for all except the most seasoned numismatists. And even they often struggle.

 

Unless you are a millionaire I would not suggest even trying. JMHO.

 

Trading in coins is the hardest way to make money.
Trading in coins is the easiest way to go broke.

 

An acquaintance of mine who is a very knowledgeable coin collector once told me, "If you want to make one million dollars collecting coins, you have to spend two million dollars."

Chris

 

The only way to make money on coins is buy something very rare and sit on it for 20-30 years. maybe you can make money on it. It's all about supply and demand. Red Book prices are not right with current market values... You will be lucky to break even on coins.

 

There was a CEO in tech who had a hot company that made a big downturn and his quote was “I made a million dollars the hard way - By starting with a billion.”

 

I stopped reading here.

 

the best way to make a profit on coins is to inherit them

 

Best way to profit from coins is to learn all about them, the history, the grade, the rarity, the artistic part of it, the metal used for them. the eye appeal. Having fun and talking about coins is the best part.

 

Let me know when you figure it out. I am in.lol

 

WOW.

 

Do you have any other interest in this hobby other than trying to make money?

All the previous posters speak candidly about making money in coins. So why not just collect and enjoy the hobby?

If you are set on making money in the hobby, pick a series and become an expert, then you stand a chance of turning a profit. Just my humble opinion.

 

Real Estate is for building wealth. Coins are for enjoyment and learning.

 

You won't. If investing and making money is your main goal, learn a trade or go to business school. Coins are not solid investments by any means. Numismatics is a passion, a hobby, and a past time.

 

If you want to devote the time and effort, you could become a coin flipper, but it takes very deep pockets and lots of luck to be a successful coin investor.

If you are looking for an investment vehicle, look elsewhere. Coins are not for investment, though many think they are. With the TPGs paving the way for someone to safely acquire coins without any knowledge or skill, you could easily end up with coins that are low-end for the grade. Those always lose money.

 

Here's a good starting point.

1). Free advice is worth exactly what you paid for it.
2). "Because I love you man" is a bucket full of bull pucks. Anyone uusingsuccessful methods to make money in coins, or anything else, has zero reason to divulge them.

 

How do you make money in oil? or software? or t-shirts? (Super Bowl tomorrow: did you miss your chance?). You have to know the markets. People make tons of money in this hobby.

There is no single method or easy formula. You have to know the coins (paper, etc., etc.). You have to know the people, who they are and what they want. And you have to be able to get along with them.

Just one example. When I was learning to fly, I collected world banknotes with aviation themes. I was standing at a dealer's table with another collector and I mentioned my interest and he began telling me more than I could absorb about some small differences in one series with an airplane on it. ... and it was not even an area of special interest to him: he just knows a lot. But it helps him to spot all manner of these rarities that other people miss. He can identify them, catalog them, and sell them to others who pay more.

But know as much as you can, socialization skills are the key to market success. (And don't forget bookkeeping...)

The school of economic theory called "Austrianism" suggests that entrepreneurship is ineffable. In other words, no formula exists to make someone into an entrepreneur. It must be learned, but cannot be taught.

But, yes, we do have millionaires in this hobby. Just not here in CoinTalk.