I have lost money on every coin i have ever purchased.

LOL That's misinformative. Haircuts at coinshops are much steeper than you imagine, 2008-13.

On the upside (I guess???!) you won't lose as much as if you'd gone to the slots, dogs, ponies, whatevah...

"Enjoying" your coins means DONT EVER SELL. Because that's a reality (mark-to-market) you don't want to face, really.

 

Log in or Sign up to hide this ad.

If you want to buy coins at a cheap price and sell them you may want to consider roll hunting. It may take a while to find some good coins, but buying at face value is always a treat when selling for profit.

 

By now we've clearly established that the OP's method of buying and selling is faulty, so I won't pile on. It is possible to make money buying and selling coins, but it has to be the right circumstances. You usually need to buy them in a way that their true value was overlooked: part of bulk eBay lots with blurry photos, bulk Craigslist purchases, a lucky find in a dealer's junk bin. Then you'll get the best money selling them on eBay. Set a price where you are guaranteed not to lose money, and only list using free listing promotions. In most cases you won't make a ton of money, but you can make some, and if you sell a lot of coins this way it can add up somewhat.

 

becoming a successful vest pocket dealer takes patience, knowledge, a lot of skill and even more luck...

 

you are right maybe 30-50% below retail.

 

'Selling for profit' means net all costs. Don't drive to the bank (burn gas!) ... and what about 'opportunity cost' (waste-of-time)? I very much doubt there are enough "good coins" to make it worth anyone's while. Elsewhere I read that other OCDers are pulling ~17 (15-20) Wheaties per brick ($50 bag) and sort time is ~2.5 hrs.

The LCS probably pays $0.015 per Wheatie, so if you're not separating coppers you're waaaaaay behind the curve. Your "profit" is ~$0.10 for all that work!

A brick has ~1,100-1,300 coppers so ~$25.83 - 30.35 intrinsic, but how long would you be hording those and what would melt (illicit) costs entail?
Good grief, I need to find another Collyer Bros. pic lol


http://www.lincolncentresource.net

 

NFN, am I correct in understanding this transaction was via the mail?

And if so, why are you not dealing face to face with the dealer?

You also could send the check back to the dealer and ask for the return of the coins. No one forced you to accept that check.

 

Sell them here on here on cointalk..........

 

yes, i agree that even the very low grade draped bust cents sell for no less than $5.00 each and most often from $10.00 to $20.00 or $30.00 each on average. that is why i figured the amount that the dealer paid for the coins should have been at least 5 to maybe 10 times more than i received for the coins.

 

I have looked through some of your posts asking about values on large cents. The coins from those posts are mostly basal state culls, and really only worth $2-$3 each on ebay. If the coins you sent to the dealer are like the others you have posted they are not worth $10-$20.

Keep in mind, the bid/ask spread is going to be larger on low dollar coins. A dealer can do 20% on a $500 coin which would net them $100, but they can't do 20% on a $10 coin. The effort involved in buying and selling the $10 coin is worth more than $2.

If your not happy, contact the dealer and ask for the coins back. You can make money on coins, even buying them on ebay, but it requires in depth knowledge of the market and series, a lot of patience, and a good eye.

 

yes, i send the coins through the mail when i sell them to coin dealers. i don't have any local coin dealers in the area where i live and i don't drive, i have to pay for public transportation which is very expensive. i am thinking about sending back the check to the dealer and asking him to return the coins. but i have bought some nice coins from this dealer and i think that he might not want to deal with me anymore if i ask him to return the coins.

 

99.9% of the time you will lose out if you sell to a dealer, not vice versa. My general opinion, you need to sell your coins as retail, to other collectors. That's the only way you will be able to sell your coins and profit from it.

 

yes, you are right. i wish that i had discovered this website before i spent so much money on coins. thanks for the reply

 

If the coin from the OP's other thread is any indication of the lot's overall condition, I highly doubt this is the case unless the dealer really wants to play games over a few dollars. But, he also posted an AG-ish 1803 (IIRC) which is definitely worth more than a buck or two, so really all depends on the coins in question and until/unless he shares this information, we can do nothing but speculate.

There should be no harm in at least calling to discuss the matter with him, but if you wish to use him in the future, do not make a big deal out of this. Since in your original post, you said the coins were sent to him to "sell", ask what happened to them. If he still has them, you might be able to get them back, but if they are gone, please do take this all as a lesson learned; both in how much you are paying and with sending/consigning coins before discussing how much you expect to receive for them. Good luck to you.

 

i mostly only buy coins to try and make a profit on them. it is sort of like i am trying to just make enough profit on coins to make up for all of the money that i have lost on them. i don't know if that makes any sense or not.

 

i have bid on about a total of 100 low grade and some very low grade draped bust cents on ebay over the past couple of years and i place my bids at about $8.50 per coin. i have only won a few of those auctions ever, i lost almost every one of those auctions because the other bidders almost always outbid me. so i am not sure where any draped bust cents in any grade could be bought for only $1.00 or $2.00. i have even searched all over the web for about 2 years now and i don't see anybody selling those coins for those type of low prices.

 

this is one of the coins that i sent to the dealer, though not the best coin that i sent. i don't have photos of all of the coins that i sent. sorry about the low quality of the photos. these are the best photos that i have of this coin.

 

Oh gosh. Coins are like Beanie Babies, ya know? If you don't need them you REALLY shouldn't buy them.

 

Ebay is probably the best place to sell these kind of low grade, cull large cents. If you are trying to buy them on ebay and flip them, you are going to have a very difficult time.

I have found, that in order to make a profit buying and selling coins you have to have an edge, something that you do to add value. That can be more knowledge then the dealer selling coins, so you cherry rare varieties at common variety prices, or accurately identify undergraded coins in a dealers inventory, etc. That edge can be in connections to other collectors who you can sell coins to at retail prices. Or that edge can be time spent searching hi and low for coins. But you have to identify your edge.

 

FWIW, I buy and sell coins with the express intention of losing money on them. I do it for the enjoyment (I like beautiful coins!), and just try to keep my losses to a minimum. Lately when I try to sell, the bids are pathetic and I just keep the coins. Can't imagine trying to make money that way, never mind selling to dealers. Although as an aside, I have noted that many 'high bidders' recently have been dealers.