Hey, I'm 18 and am trying to figure out what to do in life. I know I have to work but I never could find a job I would like. Would anyone recommend getting into Coin Dealing? I know that involves a lot of reading and self discipline but I could do that. Please tell me everything I would need to know and learn. My whole life, people have told me to go to college which I agree is very smart. But this is definetely an exception if I'm determined. I will give it a lot of thought. On average, how much do coin dealers make a year? Should I go to college while learning about coins as a backup plan? Do they have coin schools to teach you? My local coin dealer is a millionaire and is in several books. Is this your above average coin dealer? I don't expect to be a millionaire, but I'd like to make enough money to live comfortably. ($50k-60k+) Besides being a coin dealer, a lot of people have told me to specialize in one coin or so. For anyone reading this, what did you choose to specialize in? Thanks for your time!
This could fill many books. The answer is not a simple one. Being a coin dealer is great for some, and a burden for others. There are several types of dealers. Starting with Vest pocket dealers. This is by far the largest section. They deal coins from their homes or places such as Ebay. Having a coin and $70 will allow you to be a "legal" coin dealer in most states. The wages are like any other profession. Yes some dealers make millions and others make a few hundred a year. Local shops will carry a few hundred thousand dollars in inventory. Larger dealers carry a million in inventory. Some travel on the show circuit. They are in a different city every few weeks. There are a few schools that have a class offered in numismatics. The ANA has a wonderful program. If you are thinking of this type of field. Try getting a job at your local coin shop. Now my personal view on the coin business. It takes a lot of time. Most of the day is spent in research. Not only for my own knowledge, but also for our customers. My staff and I are passionate about the coins and the hobby. We are not experts in all aspects of coinage. Consider why you would become a dealer. Is it to make money or share knowledge about the hobby? There are so many aspects of this business that I cannot list them all here. Spend time learning about coinage. It is far more than just the coins. Consider a course through the ANA. Go to shows. Read these forums to learn different aspects of the hobby. This business is by no means easy, but can be very rewarding also. I hope that this insight helps a little.
Thank you Rich. I wish that there were simple answers to rolltides questions. Having made a profession in coins, I can honestly state that I have never worked a day of my numismatic life.
