Message:

<p>[QUOTE=&quot;Harryj, post: 514787, member: 14623&quot;]I&#039;ve contemplated on opening a coin shop or website, but quite frankly I don&#039;t know how coin dealers make a living. If these are secrets of the trade then let them be.</p><p>&nbsp;</p><p>#1- Attending Coins Shows and Auctions costs $$. Hotel, food and gas fees will eat up any profits made. I realise that there may be some tax write off&#039;s because of this.</p><p>&nbsp;</p><p>#2 Websites and coin shops cost $$ also. Website maintenance fees, Coin store rent, bills, payroll for employees, time invested, shipping, ebay fees, auction house cuts ect.</p><p>&nbsp;</p><p>#3 Where to buy coins and turn them around for a profit. I&#039;ve heard before coinshows that dealers may exchange coins at grey sheet bids. Why would a dealer give another dealer a discount? Wouldn&#039;t it be better to give the customer one?</p><p>&nbsp;</p><p>#3 continued. I understand that most coin shops have a &quot;sell&quot; and &quot;buy&quot; price. Are there that many people selling coins for a lower cost than what they paid? If I purchased a coin today from my local coin shop and sold it the next day I would lose $$. Very few coin dealers will buy a coin back or or give you a trade in at the price you paid. I know AJ does this and I&#039;m pretty sure Rick Snow and The Penny Lady will honor returns and or trade- in&#039;s but there are not many dealers like this.</p><p>&nbsp;</p><p>Personally The only coins I&#039;ve sold are gold and silver bullion coins along with a few key date mistakes I&#039;ve made in the past. I definitely lost on the key dates and usually almost break even on the bullion depending on the price of gold.</p><p>&nbsp;</p><p>So how do you coin dealers keep your head above the water without drowning? If you buy a $2000.00 coin from Heritage and sell it $2100.00 for it you probabally lost $$.</p><p>&nbsp;</p><p>Harry[/QUOTE]</p><p><br /></p>

Your name or email address:

Do you already have an account?

• No, create an account now.
• Yes, my password is:
• Forgot your password?

Stay logged in