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<p>[QUOTE=&quot;Player11, post: 1266255, member: 26725&quot;]Starting a shop is a major investment for an experienced dealer which requires big money - I mean a good six figure sum. I dont believe as a student you have that unless its inherited.</p><p><br /></p><p>If your getting an MBA go for a real job that pays money - you can do coins part time at shows. To make the equivalent in the coin business of say a $75,000 a year job assuming you can even make a 15% ROI You will need an inventory probably around half a million assuming you can turn it quickly. A smaller one will do if you can turn it real quickly like multiple times.</p><p><br /></p><p>If you have at least $10,000 in inventory you can start taking tables at shows which have low fees. Your goal is to get enough inventory to fill up two cases. Its going to be tough but will give you a taste of what its like and to see if you have the skills to succeed in the business. As you make money in your job you can add to your inventory. Avoid setting up at the expensive out of town shows and leave being buried in $1000 show costs before you sold a coin to the big people. You will be competing with people who have shops where it walks in at 60% of Bid and they will undersell you by wholesaling to the public. Many shows give out greysheets to the public for free (really hacks me off) so you can kiss retail at those goodbye. I worked in financial (am MS Acctg) and as a part time dealer at shows before taking over a shop near retirement and only then it was due to corporate downsizing with a hefty package. To make it in the coin business it takes buying low and selling high. Unfortunately it can be tough to buy it right without a shop. Work your day job during the week and take shows on weekends - you can use the coin business as a schedule C Tax deduction / tax shelter. You can gain the experience buying and selling plus dealing with all the BS that will come your way then if the finance career is not working out and you have ample funds then you might make a go of it. Gold and silver are on their way into the stratosphere but many Numismatic coins have been stagnant for decades.</p><p><br /></p><p>If setting up at a show I have the following policies:</p><p>1. I expect cash or will take coins in trade at melt or below bid. If they have the money for it they know where to get it or find an ATM.</p><p>2. It takes cost plus at least 40% to make it in the coin biz.</p><p>3. I dont allow any item of merchandise to leave my table unless bought. All sight seen transactions at a show are final. In over twenty years of doing shows I have had only person at a show challenge this and when I confronted him with some rather firm language he backed down.</p><p>4. I dont ship anything mailorder unless payment has cleared. I dont send out approvals - thats for dummies.</p><p>5. At a show I am there to buy and sell at my price and dont owe some other dealer anything like selling to him at wholesale. I dont take checks from anyone. If they dont have the money to pay me I will take their gold and silver bullion related coins at melt or their numismatic coins at say 60 - 80% of CDN Bid. Afterall its a money show. Otherwise they can get lost. Deselect non serious buyer / sellers - when their BS starts at your table (bashing dealers, your price, the coin, etc.) its time for them to leave.&nbsp; If a guy at a show is some big icon in numismatics doesn&#039;t mean squat to me - I am there to make money, not kiss someones rear end LOL.</p><p>6. Back at the shop I am not a buyer of numismatic coins unless I can flip them on the Bay, shop, or at a show for an instant profit. I avoid big ticket coins unless in them way below bid. Nothing will break you like some big ticket coin you cant sell unless taking a large loss. Many of the dealers who have these on their website or shows dont really own them - the coins are on consignment! Gold coins near melt ok. I am an agressive buyer of bullion and USM products but will back off when I start to exceed my position I am comfortable with or market vibes just aren&#039;t right. I wont be the bank for rare coins and bullion.</p><p><br /></p><p>I have made profits in Bullion material over the years and banked big time. It paid for my condo on Hollywood Beach and leisure activities. I have also made many super deals buying low and selling high on numismatic coins. Florida is an inexpensive place to live vs New York or California and is a coin show mecca with many super deals walking in the door. Also lots of big money here which means good retail. With its beaches, beautiful girls, and over 200 strip clubs, casinos, Florida has been a great place for me to relax. </p><p><br /></p><p>Would suggest you get Bowers Book on becoming a Coin Dealer.[/QUOTE]</p><p><br /></p>

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