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Message:: [QUOTE="jhinton, post: 861146, member: 24410"]There is some good advice in this thread so I thought I would share what I have learned in the short time I have been collecting/selling coins and currency.I am 26 and have been doing this part time for about 2 years (full time military). I have made some really poor decisions that have cost me a lot of money but I have had some good luck too. 1. Buy the book before the coin! This is great advice I once bought a fake 1942/1 dime for $500. I got my money back after about 2 months of threatening to sue but it sure was a headache. I also learned the hard way on how to spot fake civil war currency, but that lesson only cost me around $50. 2. Learn the difference between wholesale and retail and when to use them. When I first started buying coins I used the "Red book", then I found the "blue book" and thought "wow I am doing good now" and then I started using the CDN and realized I had been losing a lot of money <img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie1" alt=":)" unselectable="on" unselectable="on" /> 3. It has been fairly easy for me to spot an honest dealer vs. a shady one after talking to them for a few minutes. This has been a very valuable skill. Always be honest with your customers. I know people who will only deal with certain people because they can trust them, even if it means buying coins over the phone from across the country! 4. If you notice a trend or see a certain item is selling for a higher price than normal... That means you already missed the wagon and don't try to jump on it now. If you don't believe me I have some 2004 D extra leaf quarters I would love to sell you for grey sheet bid and don't get me started on the Washington dollars missing the edge lettering. 5. Quality sells! The only people who are going to buy your junk are hoarders not collectors. Collectors want the best for their money and if you don't have it someone else will. Good quality coins are generally a good investment. Crap is always crap. 6. Know the difference between "hoarders" and collectors", read above. 7. Always grade properly even if you lose a few bucks, people will come back because they know you grade correctly. As mentioned earlier it is 10 times more expensive to get a new customer than it is to keep one. 8. Ebay is great for some products but I would not waste my time listing a bunch of common date BU and proof coins. You will spend too much time and after you pay for envelopes, postage, Ebay fees, PayPal fees, and your time to list, package, and mail the item. Even if I just made a small profit I lost money due to my time and effort. That said, sometimes you need the small stuff to lure in people in for the big stuff. It’s always good to have inventory you just need a good balance that works for you. Don’t be afraid to experiment. 9. You will never know everything, but you should always try too. I know dealers who have been dealing for 50+ years. They have a lot of knowledge and experience but often don’t want to change how they operate or try anything new. Don’t be afraid to try something new, that s a part of the fun. Sometimes it works and sometimes it doesn’t but the dealers who stay up with the current trends usually do pretty well. I myself made a small fortune selling the Lincoln Coins and chronicles set just because I was prepared for it when they went on sale. (Everyone in my family had one sent to their home)I think this is long enough so my last bit of advice will be… always type your responses into word first, then cut and paste. That will keep most of your spelling mistakes to a minimum.Joseph Hinton[/QUOTE]

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