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<p>[QUOTE=&quot;bhp3rd, post: 515026, member: 16510&quot;]<b>The way to make money is buying and knowledge.</b></p><p><br /></p><p>The way to make money is to &quot;buy it right&quot; and know where there may be treasure.</p><p>Every dealer I know says the way to make money is to &quot;buy it right&quot;. Now that means different things to different people. To some that may be 45% back of bid on some items or 10% over bid for some items. It really depends for example as you grow in the business you start to know your product, it&#039;s weak points and strong points and at which time for each. If a dealers has $14,000 sitting in the basement in mint and proof sets he does not want no more and will not offer much as with the 45% scenario - I cannot fault the man for that because he really hopes the guy will walk away, nothing wrong with that - it&#039;s like everything else in the market supply and demand. If the same man walks in with a 1922 &quot;no &quot;D&quot; Lincoln in a PCGS AU-50 that same dealer may offer over bid for that coin because he knows you cannot buy them for grey-sheet money and he&#039;s got several people waiting for that coin.</p><p>The mistake that we, (many collectors &amp; dealers) make early on is thinking that common junk like mint and proof sets should be treated the same (in regards to buying and selling) as truly rare and desirable key date coins - they should not even be in the same room at the same time. They are not the same will never be the same and will be priced, bought and sold accordingly. I&#039;m not sure why that is a shock to folks accept that people mistakenly believe that they should always &quot;get their money back &quot; on coins - why would folks think that??? It&#039; ain&#039;t true in any other market, antiques, guns, paintings, cars, and especially jewelry and furniture.</p><p>As to the posts mentioning dealers that are crooks the same thing applies - where is there not crooks in any market???</p><p>Our job is to have the knowledge needed to minimise the risks as it applies to buying and selling coins and bullion.</p><p>So how do dealers make money - <b>the pay their dues.</b></p><p><br /></p><p><b>1. Most work very hard and have stayed with it for a couple of decades at least.</b></p><p><b>2. They know the market and they know their customers.</b></p><p><b>3. They have built a reputation so as to have many avenues or outlets already in place to move certain types of coinage to before they even buy it. </b></p><p><b>4. They buy right - and with that I do not mean they rip their customers, sure some do but they do that in any market.</b></p><p><b>5. to further expand on #4 as you know more people you have more connections, more connections means more places and persons to tap into for buying, selling, trading, and resources to find out information.</b></p><p><b>6. They get chances at better stuff from time to time and some will yield nice returns.</b></p><p><b>7. And that brings us to die varieties, my favorite subject.</b></p><p>Now I know quite a bit about 19th &amp; 20th century die varieties. </p><p>I have paid $8 dollars for 1971 proofs sets with all the &quot;big 3&quot; Lincoln&#039;s DDO&#039;s in them worth collectively more than $2500 for the three - I do not have to share my body of work when I am searching and digging for that doublED die. I have bought the books, I have searched the thousands of hours, I have belonged to the clubs, bought the magazines, updates, computers, phones and done the footwork and when I find one the above has already paid in advance for that coin. Now not every coin, and not with every dealer, customer but the fact is I do not have to share my bought and paid for knowledge with every single person to be an honest coin dealer. I will though freely share with anyone who asks and will always help folks learn about these hidden treasures.</p><p>I deal with 20 to 25 dealers each month and in between another 2 or 3 and I think the above hold true for most of my better dealers.</p><p>&nbsp;</p><p><b>I&#039;ll tell you two things and not charge you&#039;all for it - most dealers know absolutely nothing about doublED dies unless the coin is in the Red Book.</b></p><p><b>The other, mint and proof sets along with most bullion will never make you a fraction of the money that you could have made buying and selling truly rare key date coins and die varieties - folks putting money into mint and proof sets is a losing endeavor - I think you&#039;d be better off with a boat - at least you can get out a few days a year and have fun - you will, know matter what lose money eventually in mint and proof sets.</b></p><p>&nbsp;</p><p>Ben &quot;I&#039;m oh so tired now&quot; Peters[/QUOTE]</p><p><br /></p>

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