Coin dealer or not

i do work for the gap currently, and have worked for target and wal-mart, and have sold clothes at all 3. did/does that not make me a retailer? if not, what would you call me? what would you put on your tax form for irs purposes? census purposes? employee of said company? or retailer? what are you at that point?

if you pay your rent/pay your mortgage, provide food for yourself and you family (if you have one) by the company, then you are a retailer/dealer for that company. plain and simple, imo.

 

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I am not taking this seriously but it is all about definitions, but I do not think it makes you a retailer - it means you work in the retail business(depending on the job). And the second job does make you a retailer - which is the sale of goods or commodities directly to the consumer. Now me you could say I work in "Defense Industry" - what does that make me?

Now for clembo - he certainly has the skillset to be a dealer. He might even buy and sell some coins for profit. But I don't think that makes you a dealer. I guess it depends on your definition of a dealer, so I can see where you might consider him a dealer. I just don't think of him as a dealer in my own opinion.

 

If I'm working my way through college (which I did so many years ago) and I get a job at Walmart (part time, mind you. I do have my studies to consider) at the end of the year I put down on my 1040 (occupation) student. I'm not a retailer.....:smile I represent the company, I work for a retail chain, but I'm not the retailer.

 

did being a student pay your rent and buy you dinner, or did being a retailer at wal-mart pay your rent and buy you dinner? so, what are you? did being a student bring you income, or was that a loan that you have to pay back with interest? on a scholarship? ok... is that work experience you can put on a resumé?

 

Nope - being a student probably saved him taxes. I still remember(not sure if it is the same today) not having to pay social security because of my student taxes.

 

Yep, it's kind of like if I work for a Doctor does that make me a Doctor?

 

More likely, it makes him a cashier.

 

I really think we all need to meet at a home reds game and partake in the libations of his second job. Then have a philisophical discussion over definitions and coins of course. I am a cheap drunk and it will only take maybe one of those $5 beers to do me in.

 

is that the only job at wal-mart? i never used a register. i don't use a register at the gap. so, what's my occupation? but i did/do sell clothing at both places.

 

OK Swish. Fast forward to present day. Currently I'm retired, but time was that I worked for UPS in the capacity of a package car driver. I delivered bundles to homes and businesses. The company I worked for is a giant in the transportation industry. Know what I put down on the 1040 as an occupation? Driver.....that's it. Nothing more. I wore the uniform, I did the job, I represented the company, but that's it. At the end of the day I was still a driver/employee.

 

I would disagree that the simple fact of selling a coin (or even a large number of coins) makes you a dealer. There are a number of people who sell quite a few coins as a capital gain. They sell as a personal individual, and buy as a personal individual. The gains may or may not be used to help support their livelihood. Yet, I would not consider them to be dealers.

Investors or speculators, yes. But, not dealers.

Likewise, I buy and sell coins, but do not consider myself a dealer. I do so in a professional capacity as a business, but it is more a secondary or second-hand result of the primary function of my business which is information services and consulting.

I advise my clients on current market trends, appraise their portfolios, accept consignments, sometimes even purchasing directly from them or sell directly to them to help strengthen their portfolios or liquidate them. I work as a finder, and make referrals to other professionals in the industry for services I do not offer.

I make some purchases for the sole purpose of research, photography and publication, and educational presentation. These purchases will later be liquidated (sold) to recover some costs. Wholesale publications will sometimes be purchased for distribution or sale to my clients, or later to the public after my clients' needs have been fulfilled.

Yet, in all of this, the purchase of coins for the sole purpose of turning a profit from it, is not the focus of my business. And even then, investors do as such when they hold a portfolio; and speculators, likewise, when they buy and sell based on market trends and indicators for a quick profit. And I still do not view such people as dealers.

To me, a dealer is one whose focus in the industry is to purposefully move coins through the market with the intent of making a profit. A dealer may or may not hold an inventory. A dealer may act as an appraiser or consultant from time to time, but the primary focus is to be a market maker.

Thus, you have "foreign coin dealers" and "United States coin dealers" and "gold coin dealers". And their primary focus is to turn a profit while making the market in their niche.

A collector who buys and sells as part of his hobby is not a dealer.
An investor who personally liquidates his portfolio is not a dealer.
A speculator who uses trends and indicators to make short term profits irrespective of market making is not a dealer.

In my opinion, that is one reason for guilds like the PNG to have such high financial standards for their member dealers: to be more assured that their members will be actual active market makers in the industry.

Yet, it does not matter if you are turning a few hundred or a few hundred thousand in coins per annum. If you are a market maker, you are a dealer. And, I do not believe in things like an "accidental dealer". One's purpose and intent largely define their role, in my opinion.

That's my take on the whole thing.

 

I'll drink to that......:smile

 

Probably not - but honestly when people hear you work at a doctors office how many proceeded to tell you their problems like you were a doctor? How many close friends(or family) ask for recommendations for medical problems like a cold?

It took years and years before my friends and family understood that because I work on computers(programming) it does not make me a PC expert. I still remember the first windows that I could play with - I told my boss that it would never work in the long run.

 

:head hung in shame:

I am a reluctant, part time dealer. Though my real job is as a broadcast television engineer, which is a full time job and is how I earn a living and pay my bills.

Normally I only buy coins, but every once in awhile I sell off a few to free up money for new purchases and to gauge the market.

A REAL dealer buys and sells coins and never develops an emotional attachment to any of them, they are merely product, like tires or cornflakes. I have coins that I will never sell at any price as I enjoy having them around and it would be near impossible to replace them. I would sooner sell one of my children.

 

No dealer here...I am full time BioTech Sales

RB

 

I heard you delivered packages with Jim Casey way back when.

 

Here we go again with the "old" guy jokes....LOL

I did meet him though.

 

Been on both sides of the table
I am a collector. I played a dealer for a while but was too much work for too little money.

 

I consider myself an Amateur Collector/Dealer, I am actually tracking every coin purchase I make this year and every sale to see if I can break even at the year end or even profit? Currently I'm at a total of -$217.11, in my defense thus far this year I haven't had the time to do a wave of coin auctions, so I have mostly been taking in stock all year to date. $51.63 is the total amount of after sale profits I have made from just a couple of small sales so my total spent for the year would be $268.74 to date.

 

Maybe I'll start a thread explaining my results once I have a full year under my belt