Has anyone made a decent profit buying and selling coins

Discussion in 'Coin Chat' started by j2theq, Aug 20, 2012.

  1. j2theq

    j2theq New Member

    I'm a new coin investor and I'm looking to make a profit through buying coins, mostly gold coin at one price then selling them to mainly local dealers at a higher price. Now that I have the info that I need from the greysheet I can better coordinate my plan of attack. let me know some of your experience's. I've seen many different auction websites where coins have been bought way under current bid price and I've seen some sell for way over bid price. Any tips when trying to make a profit this way. Also if you buy through online auctions what website has the lowest buyer's free, I've used greatcollections in the past as there fee is only 10% but, are there any other sites with a lower buyer
    s fee. You don't have to give me all your secrets just some tips, thanks.
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  3. zachfromnj

    zachfromnj Junior Member


    Thank me later
  4. green18

    green18 Sweet on Commemorative Coins Supporter

    If I told ya, I'd have to kill ya........:devil:
  5. BUncirculated

    BUncirculated Well-Known Member

    You'll never make a profit selling to your local dealers unless you can get the items for a lot less than the dealer would offer you.
  6. treehugger

    treehugger Well-Known Member

    Keep this within easy reach.

  7. dsmith23

    dsmith23 Gotta get 'em all

    And with gold coins, that could get very difficult.
  8. BUncirculated

    BUncirculated Well-Known Member

    Next to impossible.
  9. zachfromnj

    zachfromnj Junior Member

    Silver coins yes
    Slabbed coins maybe
    Gold coins no
  10. treehugger

    treehugger Well-Known Member

    I've found the best way to approach coins is out of love for the hobby and the coins themselves. When monetary gain gets into the mix, so does great disappointment.
  11. Bedford

    Bedford Lackey For Coin Junkies

    Just because the grey sheet exsists or that you have the info from them doesnt mean squat . They are not the be all & end all for prices. The bids & asks are taken from multiple points & there are many,many other bids & asks out there for coins. Higher & lower . If you are new then the cards are stacked even less in your favor due to issues that coins may have that you may not see but the dealer will.Being that you also stated you are new at 'the game' please read the fine print at the bottom of any CDN publication. Unless you are established or have some type of ''in" with the buyers of your purchases you will be hard pressed to get any deals.

    Good luck though-

    Attached Files:

  12. dsmith23

    dsmith23 Gotta get 'em all

    Also if you buy something for under greysheet, don't always expect the dealer to pay the greysheet amount either, most likely it will be under, depending on how long he'll have to hold on to it, demand in the area, etc.
  13. Bedford

    Bedford Lackey For Coin Junkies

    For most gold (generic) there are daily bid & ask sheets sent out to dealers from Heritage,Rarcoa, & multiple other dealers that post buy & sells every day . The prices fluctuate more than one would think ,also when a big house gets an influx of material that market maker can sell things to dealers for prices that are nowhere near to publically posted prices.
  14. BUncirculated

    BUncirculated Well-Known Member

    +1 on both of your posts :thumb:
  15. -jeffB

    -jeffB Greshams LEO Supporter

    How do you propose to get coins at lower prices than your local dealers pay?

    I've bought underpriced or poorly-described lots on eBay at prices low enough that I could profit by selling to dealers at coin shows -- due to immediate competition, dealers typically must make stronger offers at shows. I've also bought when PMs were low, then sold when they went up.

    On the other hand, I've bought lots on eBay where the price I paid wasn't that great, and I've bought when PMs were higher than they are now. I'm underwater on quite a bit of stuff at the moment.

    You can make some money, but I don't think it's nearly as easy as you appear to assume.

    The one way that you're guaranteed not to lose money is by coin roll searching, where you get everything at face value. All you stand to lose is time.
  16. BUncirculated

    BUncirculated Well-Known Member

    The other factor the OP must consider is dealers not buying everything that walks into their shop, or up to their table at a show.

    The last bi-monthly show here, not many dealers, if any at all, were buying. Some of the reasons are they have the same or similar item for a long time and their money is tied up on those items, and some aren't buying common stuff at the moment, which seems to be a lot of what people are bringing in to the shows, to sell.
  17. TsutoyaRei

    TsutoyaRei New Member

    I've made some profit on buying and selling coins. But it won't be a fast profit always. It's all long term investment.
    You'll only make fast profit from buying and selling when you're really lucky.
  18. gmaster456

    gmaster456 New Member

    It's hard enough making a decent profit on ebay, let alone selling to coin dealers.
  19. BUncirculated

    BUncirculated Well-Known Member

  20. -jeffB

    -jeffB Greshams LEO Supporter

    Here's a tip: I've sold junk silver at local coin shows, where the rates were higher than usual storefront offers. You'll get less for it than you see in eBay closing prices, but when you figure in eBay fees, PayPal fees, shipping, and the chance of getting ripped off by an eBay buyer, it's a wash. This is not a coincidence. (If people could get better money on eBay, they'd sell there; if dealers could get lower prices on eBay, they'd buy there.)
  21. ikandiggit

    ikandiggit Currency Error Collector

    It is possible to make a profit selling coins.

    First, you have to find a source that will sell you quantities of coins far below market value so you can make a small percentage of profit. This is virtually impossible because all the good sources are controlled by dealers. Many of these dealers have been in business doing this for several decades.

    Second, You'll have to be able to predict the future. This is helpful in being able to stockpile coins which will be highly desirable in the future. You can make a killing doing this.

    Thirdly, if you want to make money investing..... find an alternative. While it is possible to make a profit selling coins, the trick is to do it consistently. That depends on the marketplace and economic conditions.
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