How do coin dealers make a living?

LOL @ Laura, you gotta love'er you know? That is one sharp and blunt woman, but read her advise folks, she does tell it like it is.

 

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cant u buy them for me instead? they must be really cheap going by what you are saying.

 

who gave u this information there are many world dealers inthe us and some world coins go in 5 figures and a large number in 4 figures high 3 figures.


if you become a world coin dealer and start offering those by weight. you will have a roaring business if not a successful one.

 

yea and if u bid at those coins in an auction expect to pay strong money to win

 

I dunno...maybe I read too many posts of people finding rare coins in dealer junk bins and paying $8 for a pound of coins.

 

if you become one of those guys ill be your first customer

 

We'll said Chris, and I know that James Halperin is probably the best in the biz at this. I read about this technique and the sucess of Halperin in the Travers book. It sparked an interest in me, and I have had some success at it, but still have a long way to go. A few individual upgrades does not make an artist, lol.

 

i believe our own GD could do it eyes closed

 

I resemble that remark !

 

nonsense if you wuld just play ball we would both make a million dolalrs a year. ia m sure u can spot an undergraded/overgraded coin from a mile away

 

The overgraded part is easy enough... there are more of 'em !

 

Some interesting assumptions here. I know only two ways to make a good profit on the sale of coins. The first is never to buy or sell on ebay or Amazon. Buy your vintage toys on ebay and your Harry Potter books on Amazon. Do your coin buying and selling at the dealers website, store, or table at a show where the price is fair and accurate. ebay is the naive coin dealer who is causing distrust among buyers by allowing counterfeit coins to be auctioned on their website priced by fools who know nothing about the value of a coin. As a dealer, I would not buy any coin that was transacted on ebay or Amazon.

The second is to research the coin and wait for a buyers market, then sell from your own website where you're not paying 10% fees on ebay or as high as 30% fees on Amazon. Oh, and regarding stolen coins, any coin dealer who believes a coin may be stolen isn't going to buy the coin. And unless you're submitting hundreds of coins to NGC or PCGS to get grading under $15, expect paying 2X that.

 

10 year old thread. But thanks for bringing it out of the depths, it was an interesting bedtime read.