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. masterswimmer

    masterswimmer Well-Known Member

    I can't speak to anyone else's 'want' of you succeeding or failing in your venture, only mine.

    Do I WANT to see you succeed or fail? Honestly, I don't care one way or the other. If you succeed, great! If you fail, oh well! Why would you think anyone other than your mom & dad would care?

    Do I wish you luck? Sure, why not? Advancing the hobby is beneficial to all collectors. Seeing YOU specifically succeed or fail is of no real concern to me. Not sure why you would care that any of us feel one way or another.

    What I will say is that your responses lead me to believe you're of the 'participation trophy' generation. That's one trophy I don't subscribe to. Earn it. Nobody has a right to it.

    @ewomack said it best. Your responses are filled with an attitude that is off putting to the very clientele you should be looking to endear yourself to.
     
    johnyb and charlie123 like this.
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  3. charlie123

    charlie123 Well-Known Member

    I'm guessing Devyn5150 is 12-14 years old.

    It is quite evident he is still a child based on his complete inability to accept any constructive criticism. Coupled with his being unable to control his temper tantrums leading to childish outbursts lashing out against those who have shown his lack of knowledge.

    He needs to grow up before he participates in any further discussions. He's irreversibly embarrassing himself in a large coin community.
     
  4. longshot

    longshot Enthusiast Supporter

    C'mon guys. Posts like this are unnecessary at best.
     
  5. charlie123

    charlie123 Well-Known Member

    Oh contraire. The truth is always necessary.

    If you want to be helpful point out to the OP he is attacking people who have responded honestly to him. I gave him Canadian websites to check out on young dealers starting out in Canada. He displayed Formative year penny's, and I told him who the expert was he needed to contact at CU. His thank you was to attack me. Just like a 12 year old child that doesn't want to hear the truth.

    Maybe look at the whole picture before you post. k?
     
    Last edited: Jul 11, 2020
  6. Brian Calvert

    Brian Calvert Active Member

    Good Luck, hopefully you knew others and got advice first. I am sure it is a Brutal Business. Catch Gold, and Silver at a high like this may pay off. Should be lots bringing their money in. Plus this Virus and millions laid off, another reason for people to cash in...
    Remember, and i see them at my dealer, old guys that want a Fortune for THEIR FAVORITE coin. That will work with anyone right now over 65. It is a different generation, great guys for the most part. But lets face it, as we all age we get more set in our ways.
    I work, side work from my regular business doing handyman work. Every guy out there over 65 (already knows how to do it) just hiring me because they DONT WANT TOO.

    Imagine you collect all your life, retire, now want to sell that collection. Worth maybe 5k tops, they want that 5k plus the 2K of work they put in... I dont think that goes for the serious collector here. They know true value, at the same time, they will never sell. Even the ones with no one to leave it too.

    Americans are a funny bunch.... I wish High Schools had made American's take a Psychology course, or 2. So that they would learn to process properly.
     
  7. longshot

    longshot Enthusiast Supporter

    When it's turning into a "pile-on", decent people need to quit. JMHO.
     
  8. charlie123

    charlie123 Well-Known Member

    When you become a mod you can tell people what to say.

    Until then MYOB.

    JMHO
     
  9. longshot

    longshot Enthusiast Supporter

    If nominated, I shall decline.:p
     
    Peter Economakis likes this.
  10. 1865King

    1865King New Member

    You are wrong that "Americans" don't appreciate Canadian coinage. Here in the northeastern part of the USA there are a lot collectors of Canadian coins and tokens. I collect Canadian silver dollars, large cents and tokens. I also collect coins from Great Briton, Scotland, Ireland and Germany (pre-1933). Add in Australia the Philippines, Central and South America. As well as US coins made prior to 1950. So don't assume "American's don't collect Canadian coins. A lot of us do.
     
    Derek2200 likes this.
  11. Derek2200

    Derek2200 Active Member

    It takes big money (and luck from a up market) be a full time dealer. If you don’t have that, find a job. Develop your coin business as a sideline you can shift to full time at some time in the future. Keep your mouth shut about your coin biz at job and leave no non work material in your desk.

    With USA market in downslide it’s easy lose money. It’s all about timing 1972-88 nowhere but up 1989 to now down slide.

    It takes cost plus at least 40 pct make it in coin biz. If bids in sheet stagnant, decreasing this becomes more difficult. For eBay you need calculate the bay selling expense as pct of sales to see what kind markup factor you need to make decent profit. Bay selling Costs consist of their fees, paypal, and shipping. Some items you can get 100 pct profit, these will carry other stuff you don’t make that much on. You need to know how buy low / sell high plus figure out what sells. Once you get bourse room experience you will have shows where people coming In room broke, won’t pay the money. Try make a bad selling show into a good buying show.

    At a bad show tire kickers come out like roaches seeking outrageous discounts. Don’t let them talk you down. Many trying rip u w lowball offers trying cover / hedge slab costs / submission expense. Don’t let them bug you just stick with your base strategy.

    One successful big time dealer I know started with inherited money at the dawn of slabbing. He was a really good pickoff artist (raw coins picked from other dealers he got slabbed) & crack out profiteer.

    Lately I have made more retailing Canadian and Mexican coins vs US. Many in US seeing US coins as overvalued so they buy in those areas.

    I really like the coin biz, being my own boss, the thrill of buy low sell high, chasing nice coins, free coffee / doughnuts, coin show food, sharing talk with other dealers.
     
    Last edited: Jul 12, 2020
  12. Joe2007

    Joe2007 Well-Known Member

    If I were to make the jump from collector to dealer I would start small and keep my day job. Being a small vest pocket dealer, starting an eBay store, and setting up at a few shows would be a low risk way of figuring out if making money in numismatics is a reasonable proposition for you. A lot of the people I talk to in the antiques and collectables world started as collectors and then after they had a solid base of knowledge and expertise they slowing started to sell to other collectors.
     
    Derek2200 likes this.
  13. baseball21

    baseball21 Well-Known Member

    Insanely inaccurate comment.
     
  14. GDJMSP

    GDJMSP Numismatist Moderator

    Yes, I absolutely do. But I wondered if you did, which is why I asked the question I asked. Ya see, solutions go both ways, and not always the way one wants them to go. What one needs to be able to do is to recognize the difference and have the wisdom to make the right decisions.

    Absolutely nothing wrong with that ! It is a fabulous idea ! I have posted more times than I care to count that every collector needs to sell some coins now and then. For by doing that he will learn more about collecting them than anything else he can do ! Ya see, selling coins teaches one how to buy them - and how not to buy them !

    I would also like to make note that doing what you said directly above, is so far removed from a coin dealer - that you can't even see being a coin dealer from there !

    Would you like me to continue ?
     
  15. Derek2200

    Derek2200 Active Member

    One addl thing:

    Try focus on low pop desireable material where your likely have only one in bourse room. That way your in control not something they can walk over to next table buy at bid.
     
  16. Derek2200

    Derek2200 Active Member

    Bb 21 when you become a mod you can quote my stuff. You don’t have anything original of your own lol?

    Until then I don’t care what u think about it as matter of fact I question if you have ever set up on the bourse or been in the business - what will help you is take a look at the PCGS 3000 graph 1970 to date.
     
    Last edited: Jul 12, 2020
  17. baseball21

    baseball21 Well-Known Member

    Can you give us some insight to what dealer you are? That text style response was just well..... and I get that many local show dealers aren't very good but still the post I quoted was still insanely inaccurate and I would hope a full time dealer would either not comment or give better information
     
  18. Derek2200

    Derek2200 Active Member

    bb21

    I wish it was inaccurate (my stuff would be worth more) but history and the Pcgs 3000 confirms that. My opinions are my own and based on analysis / experience. Who are you to judge posters here or even dealers? What have you invested in that made big $ then? Was it due to timing? In your favor if there is an award for quoting others you probably already earned it or at top of list lol.

    Many investing in coins suffered bankruptcy during / after since 89 crash. A well off dealer I know started dealing in coins in 1972 (during college) and has a fabulous shop in swanky vacation area. He went to coin biz vs a career in his degree field. That would have been pretty much well impossible if he started in 89. Numismatic investment is risky and with current trend of market since 2010 everybody knows not very bullish. Pcgs 3000 trend from around 67000 (2010) to 54000 now.
     
    Last edited: Jul 12, 2020
  19. baseball21

    baseball21 Well-Known Member

    Actually forget it.
     
    Last edited: Jul 12, 2020
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