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Message:: [QUOTE="SuperDave, post: 2461818, member: 1892"]Ultimately, though, they make no money as a group unless they sell to individual collectors. They wholesale to each other - that's why there's a Greysheet - and the only notable profit margin for any of them lies in retail sales. Do you really think a guy who was in on the founding of both major TPG's would start a third similar business if he didn't have to? The whole point of TPG's was so he could trade sight-unseen to have coins to sell the people who really made him money. If that weren't the case, Albanese would still be working far less hard running NGC or PCGS than he does now. Of course there was profit margin calculated into the CAC business model - doing it at a loss would be stupid. CAC has almost 57,000 Morgans and almost 20,000 Saints in its' archives. 6,000 Bust Halves and 11,000 Wheats. I daresay everything else they've done might add up to as much as those put together. Call it 200,000 coins at $10/pop. How do all of them get rich on that? Heck, there are players involved who spend that much on one coin.[/QUOTE]