Warning: LONG READ I just found this site the other day and couldn't resist becoming a member. First, I want to say hello to everyone and tell you how excited I am as to what I can learn from you all. This site seems to have a great community and knowledgeable moderators, which is why I had to join. I have some questions and comments for you all, but first I will give you some background information. I'm a 24-year-old graphic designer who is starting to realize that my current career path is probably not something I want to be doing for the rest of my life. I love designing and creating the things that I do, but the passion just isn’t there anymore. Ever since I was a young boy I loved the arts (painting, drawing, photography, sculpture, etc.). People can be so creative and inspirational that I find myself trying to better educate myself in all these different fields. A few years ago I had plans on becoming a freelance designer and own my on company, but the motivation to do so has since come and gone. The past couple of months have been a “reflecting moment” for me and I think I know what it is I would like to do, become a coin dealer! I know it seems like a rash goal (at least to my friends and family), but honestly, I’m so excited about the idea that I can’t wait. The same things that drew me to painting and sculpture are the same things that now draw me toward the study of coins. The more I research this field the more I enjoy learning not only the history, but also the art behind it. Many coins have been posted on this site and I continually get blown away how beautiful some of them can be…and I want to be apart of it. So, the million dollar question; what next? Well, I plan on going back to school to get a degree in business management. Some people may think this isn’t necessary, but I would rather have the knowledge along with the safety-net incase things don’t work out the way I plan. For those of you wondering, I don’t want to deal through EBAY (I will most likely have a web site, though). I really much rather have an actual store that I can deal with customers face to face. The time frame I’m looking at is ~3-4 years because it will take that long in order to educate myself and build enough capitol to acquire property and a sufficient inventory. Many people have suggesting that I go to coin shows and talk with the dealers there. This sounds like a good idea and I will start looking around. But what other things can people recommend? Those of you that are dealers, what experience can you share? Has it been everything you were hoping it would be? One last question, can any of you recommend any good books? There are hundreds out there and I would hate to play “hit or miss” when purchasing some of them. Thanks for all your help, advice, and/or comments. I really look forward to talking and discussing the world of coins with all of you. God Bless.
I heard a joke about you and pete sitting in a boat... one of you fell off - the result was very time consuming.
Hello RePeat I think that the problem here is that your question is open ended, there is so much information on coins to begin at the beginning would be something of an exercise in futility. Many of the coin type magazines are helpful ,and have very interesting facts about the designers and design of certian coins, and the grading of coins in general,, read a lot buy a little . My suggestion is that you begin by collecting , some type or all types whichever you decide,learn to look at a coin and determine in your own mind If it is something that tickles or not. There are many very knowledgeable people here that will help you If you ask, but try to narrow tha field a little, Welcome to the forum, looking forward to watching you achieve your goal through your posts !!
Maybe National Dealer can resurrect some of the pertinent postings from the thread a while back on the subject of "becoming a dealer".
Hi RePeat and welcome to the forum. I would suggest that the first thing you do is a lot of reading. I recommend getting the Red Book, ANA Coin Grading/Counterfeit Detection, ANA Grading Standards, and the Breen Encyclopedia. Are you planning on specializing in US or World Coins? If you are interested in World Coins also, I would recommend getting the 3-volume Krause guide. Going to shows and talking with dealers is a great way to learn about the business. This forum board is a great way to learn and meet people. Hope you stay awhile!
My three cents ( silver ) Step into a collectors shoes before even thinking of becoming a coin dealer, buy from many differant dealers, learn from your experiences with them, and apply those good experiences to becoming a dealer, and make note on the bad experiences, so you know not what to do. Don't buy high-end coins at first, start out small so you catch the drift of things. Go to a dealer and tell him you want to purchase some various cleaned coins, whizzed coins, etc. But make sure you are paying a very very low price for them, you will soon find out how to spot a cleaned/whizzed coin, books books books, read read read. Although when I first got into coins, I didn't have anything but a blackbook, luckily enough I did not get ripped but once for a 3.00 coin, which is not always the case for some who loose 100 - 500.00 their first time around, i've even met those who have been buying copies for authentic coin prices, not even knowing it untill they met me, sadly enough, they ended up loosing thousands and thousands of dollars. Set your goals on a just a couple of series to specialize in, it's far and few for one dealer to know anything and everything about every single type of coin, although, it's always good to have the best variety of coins for sale. As a collector, I am ( beginning ) to specialize in seated, barber, and bust coinage, as a seller I specialize in wheat cents.
Well I wish you all the luck in the world on your quest. But I may perhaps offer an alternate to consider - the US MINT is currently looking for new, young artist, designers to design coins. Could be wrong - but based on your input - it seems that may be your niche
Thanks Roy. After reading through 12 pages of threads that I have started, I am beginning to wonder if I have written anything good about being a dealer . The early threads do offer a few good ideas for anyone willing to look through the 12 pages of threads started by myself.
Welcome. Can't help with the info you're looking for, but I would like to wish you luck, and I'd always be willing to discuss coins with you.
Thanks for the warm welcome and advice/suggestions. Sorry if the post was long and a little vague or open-ended. I guess I was just excited about my plans and wanted to share them with you all . Also, I definitely want to start collecting coins along with gathering knowledge. The plan is "full emersion"...collecting, reading, studying, dealing, and everything else that goes on in the coin business. GDJMSP - Thanks for the information about the US Mint jobs. Sounds like a good opportunity. Unfortunately, I don't think I will have the time to continue a full-time job while I go back to school. And I really want to be my own boss. Maybe I'm being picky, but I just can't seem to work for anyone. Some people wanted to be firefighters, doctors, lawyers, pro-athletes, but I always want to own a successful company (whatever that was going to be). Many of you have recommend that I should specialize in a particular coin/field. That's my plan, but first I want to gather general knowledge about many fields. Though, as a dealer, I will probably focus mainly in modern US coinage (silver, gold and platinum eagles, proofs/mints sets, etc.). I don't want my store to be a place where only the die-hard coin customers will come in and purchase some extremely rare 200-year-old coin. I want it to mainly target the general public who probably don't currently collect coins, but are starting to entertain the idea. Much of my focus will be in marketing and how to draw that particular person in by presenting a new and creative perspective on the industry. Too many people just don't understand why people collect coins (at least that's the feeling I get) and my goal will be to educate the public as to why they do. Well, much of this will be refine and developed over the next few years, so I don't want to get ahead of myself. Again, thanks for your input and I will definitely be sticking around here. Eric
Repeat, Stay out of the bullion market. Believe me. Any dealer will tell you that this is the hardest part of our business with the least profit. We only do it to satisfy a customers needs. The amount of capital required to work in bullion is not worth it.
