When I started out, I was an accumulator. It took quite a few years before I feel I truly could be called a collector. I have set up a table at numerous coin shows over the years, but I would never call myself a dealer. Nope, I am a coin collector and that's what I will remain.
I’m a hoarder and I admit it. I happily trade away any duplicate coins I have. I’ve sold only a handful of coins, and am considering selling off more to make room for new stuff. I do not consider myself to be in the “dealer category”. I try to limit purchases “just can’t say no” or “I really want that” instead of “I’ll make a quick buck here”. I’ll end up losing money on future sales of my excess stuff (bad purchases). I just pretend it’s money I didn’t have before and try to walk away happy. I also consider bullion purchases/sales to be investment money and keep it separate from my coins hobby.
I too am a collector/hoarder. I have two friends that are dealers. Both tell me they do not mix their business with their personal pleasure. Coins are simply business to them both.
I am purely a collector, but I usually sell my coins if I find an upgrade. Dealer? No, it wouldn’t be fun anymore as I would need to make money buying and selling coins.
All collectors should sell a coin periodically just to get the experience of it. I think seeing how things feel and work when selling helps when buying. JMO
I have heard (seen) many people saying that...or maybe just you several times the question it invariably raises in my mind is...where? If I don't sell many, does it make sense to try and sell on flea-bay? Sell to a dealer? Sell on CT? I have sold some recently on a bid board.
Anywhere is fine, but my suggestion is to sell in the venues you buy from as that helps with your direct experience. I mainly collect but have sold on eBay, CT, and at shows.
If I pay table fees for a table at a coin show,vthen for one, two, three days, I am a professional dealer. If I accept money to repair a neighbor's car or paint their kitchen, then I am a professional for that job. If a journeyman plumber fixes his sink is he a professional if he doesn't get paid for the job?
No. You’re just a neighbor who may or may not be qualified. Professional: engaged in a specified activity as one's main paid occupation rather than as an amateur.
Despite working full-time in another field, and not strictly fitting Doug's definition, I still call myself a dealer. I have undertaken the following specific actions / expenses in order to be effective in this marketplace: Conducted business transactions exclusively through business-dedicated bank accounts Established a dedicated business office space Filed my business annually with the NH Secretary of State Registered my business trademark with the US Patent & Trademark Office Paid for professional staging and photography of advertising imagery Copyrighted my advertising imagery Paid to erect a professional e-commerce website Subscribed to monthly maintenance of the website Paid annually for dealer's insurance policy Subscribed annually to paid business periodicals and memberships Offered for resale every coin purchased by the business Filed and paid my tax liability to the IRS annually Moreover, I spend between 24 and 32 hours weekly carrying out my normal business activities. I think the foregoing actions go a long way toward differentiating ToughCOINS from vest-pocket dealer status.
I think what @ToughCOINS properly described is a professional dealer. I am still conjuring up what I believe my ideal definition of a dealer is, but I’ve met quite a few who don’t do half of those things but make their money selling coins. Some I am unsure ignore they pay their taxes. I think this definition represents the steps we would hope a professional dealer would take, but that not all dealers do.
I think so understand but with me it's simple: Left front pants pocket is spend Right front pants pocket is keep Wallet: Front is keep and Back is spend.
Uhhh, if I were you I'd consider the source Mike Pretty sure it's nothing more than a play on words - a joke