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Message:: [QUOTE="huntsman53, post: 514938, member: 1242"]I know that I am somewhat late in getting into the fray on how Coin Dealers make money but here goes! There are honest Coin Dealers that purchase coins mainly from the public at 10% back of Bid based on the Dealer's Grey Sheets then sell the coins either to other Coin Dealers at Bid or back to the public at Ask or higher prices. Then there are the dishonest Coin Dealers that purchase coins from the public at prices that teters on grand theft. When a person comes into their' shop to sell coins, the first thing out of their mouth is, "What do you want for them?" or "What are you looking to get out of them?". If that gets confused responses like "well, I don't know!" or "I don't know what they are worth!" or "What are they worth?", then the Coin Dealer will usually quote a price which is at least 50% below the actual value of the coins and most often a lot less. If you are really going to make it in the Coin Business and stay in it for a long time, then your reputation means everything. If you are honest in your dealings, the word will get out and you will do much, much more business than the dishonest Coin Dealers. Also, purchasing coins in Lots such as acquiring entire accumulations such as a Collector's Collection or Estate Collections seem to be a large part of the money makers for many Coin Dealers that I know. These are sometimes the purchases that contain Rare Key Date or Rare Variety/Error coins that are usually just thrown into a box with a bunch of other coins and have been long overlooked. Also, many of the Coin dealers that I know, have Collectors and/or other Coin Dealers already lined up to purchase these accumulations or Collections even before they actually make the purchase thus preventing the long-term tieing up of funds needed for other purchases. Frank[/QUOTE]

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