Any Words of Wisdom for a Potential new Dealer?

Discussion in 'Coin Chat' started by Devyn5150, Jul 10, 2020.

?

To Deal or Not to Deal that is the question.

  1. Heck Yeah.

    33.3%
  2. Hell no.

    66.7%
  1. Devyn5150

    Devyn5150 Well-Known Member

    Dealers...
    is it worth it?

    Got any advice you care to share?

    A 2019 5 Cents.jpeg

    B 2016 5 Cents.jpeg

    C 2016 10 Cents.jpeg

    F 2009 P&D 1 Cent Usa.jpeg
     
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  3. physics-fan3.14

    physics-fan3.14 You got any more of them.... prooflikes? Supporter

    1. Know what you're doing.
    2. Don't expect to make much money, especially if you are "dealing" in pocket change like you have shown.
     
  4. GDJMSP

    GDJMSP Numismatist Moderator

    Any Words of Wisdom for a Potential new Dealer?

    I guess that depends on how you'd define dealer. To me, and most others, a coin dealer is defined as one who makes his living with coins, his primary, and usually only, source of income is buying and selling coins.

    Anybody else, they're not coin dealers, they're just somebody who buys and sells coin now and then.
     
    Devyn5150 likes this.
  5. wxcoin

    wxcoin Getting no respect for 64 years

    It depends on what kind of dealer you are talking about.
     
  6. Charles Riley

    Charles Riley New Member

    Think long and hard before you become a fulltime dealer - it's not a way to make a fast buck (and an easy way to lose money). Try part-time dealing first.
     
    Devyn5150 likes this.
  7. Chris Winkler

    Chris Winkler New Member

    Also beware the inside ones are more than likely lower quality due to years & years of being picked over & they like to dazzle you beautiful end coins.
     
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  8. Devyn5150

    Devyn5150 Well-Known Member

    In my research, only 5% of the f-t dealers/sellers make a good living off of it. I don't expect to become rich.

    edited
     
    Last edited by a moderator: Jul 11, 2020
  9. Devyn5150

    Devyn5150 Well-Known Member

    I've been taking a business course online. This was my direction. If I can make a living off of it, I will give it a try, but, obviously I know the market is flooded with dealers and that it ain't easy... can't be any harder than trying to break into the music business.
     
    rosethe likes this.
  10. Devyn5150

    Devyn5150 Well-Known Member

    I want to just get my feet wet first... test the waters. Mostly selling common stuff sure but I am looking into creating custom artful displays of Lots of coins using acrylic resin. Not exactly encasing them cause, I heard that collectors consider them souvenirs after that, but, yeah, hard to clearly define the vision... I will post when I get one done.
     
  11. Devyn5150

    Devyn5150 Well-Known Member

    Yup, that is exactly what I wanted to do... start off slow. I was actually going to open up an eBay store on Canada Day but for some reason, technical according to customer service, they can't verify me... verified enough to accept my money for purchases but not verified to forward me money from sales... Hmm?
     
  12. Devyn5150

    Devyn5150 Well-Known Member

    How do you mean? My UNC rolls of coin? Yes, I understand that being UNC does not automatically mean MS70 throughout.
     
  13. wxcoin

    wxcoin Getting no respect for 64 years

    Are you thinking of opening a brick and mortar shop, online only, or a combination of both? It would seem to me that the brick and mortar only shop would be hard to make successful these days. Some dealers have weekly online auctions but I'm not sure how profitable they are. I suppose it's a way to get rid of inventory; especially if the brick and mortar shop doesn't get much foot traffic. Since I've never been a dealer I don't know everything that's involved in a successful coin business. But I imagine that one would be expected to travel to many local, regional, and national coin shows, have a source of cash available to buy collections and be able to move the items in the collections quickly. Those of you on CT who are, or have been, coin dealers will be able to do a better job than myself describing all of the things they have/had to do to run their business. Selling drugs would probably be easier than selling coins.
     
  14. Packrat

    Packrat Active Member

    Can that be an omen?
     
  15. Mr.Q

    Mr.Q Well-Known Member

    The cycle of events going on right now this may not be your best foot forward. Think before you act. If you have the support of family, friends, and community go for it. Be honest, fair, and trustworthy to your clients the best advertisement is a satisfied customer. Have the inventory and a good financial background. Best of luck and always think positive. Welcome to the business world its a dog eat dog system!
     
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  16. Collecting Nut

    Collecting Nut Borderline Hoarder

    I once had a great dealer. He was very intelligent and he told me something over 30 years ago. He said that as a dealer in coins and pm's you can easily go broke. With the spikes and declines in pm's, which can be sudden at times, it would be easy to lose everything, even your shirt. Know what your are doing and you must be able to use foresight, not hindsight. Best wishes
     
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  17. longshot

    longshot Enthusiast Supporter

    Know grading backwards and forwards.

    Integrity.
     
    Last edited: Jul 11, 2020
    philologus_1 and Mike Thorne like this.
  18. Razz

    Razz Critical Thinker

    You'd be lucky to find a single 70 in a box, probably none in any of the rolls you've shown.
     
  19. Mountain Man

    Mountain Man Well-Known Member

    I'd like 4 pallets of bricks and 10 bags of mortar please. How much is shipping?
     
    -jeffB likes this.
  20. wxcoin

    wxcoin Getting no respect for 64 years

    Free shipping if you're a Prime member.
     
  21. Mountain Man

    Mountain Man Well-Known Member

    LOL. Sorry, not a member.
     
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