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

Sorry to hear about your health problems. I think in the 5 years you have been trying to flip coins for a profit you have found what most collectors also realize, it's often not profitable.

 

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I used to have trouble with keys sticking too. Pry the ? up with a fingernail file and swab the area with rubbing alcohol on a Q-tip. If you don't have a can of compressed air, you can dry the key mount by huffing and puffing.

 

Poor fellow........

 

Ya know? I'm really sorry about the medical incidents incurred dear fellow, but there is a gaggle of dealers out their that make money everyday. You're doing something wrong, and if it's causing you stress and bottom line medical issues, then you really need to step back and take a breather. You've been privy to some very knowledgeable advice in this thread......... experienced folks who've extended a helping hand. Don't make the mistake of slapping it away.

 

I can't understand why someone that is not interested in coins would try to sell coins in the firt place, but maybe he thought there was a good chance of success.

But there are several things that you can do to earn money selling coins. Obviously the current buisness model is not working, so try another method. I know a few sellers that simply market date runs of modern coins of rolls that they have squirrled away. Many collectors, including myself, aren't very interested in modern coins but like to keep their collections up to date. The easiest way for me to do this is to buy a five year or so date run at a small premium off of ebay and update my albums. Maybe not the smartest way of collecting, but for me it works and leaves time to persue the older, rarer coins that I like.

Another way is to simply market coins that another dealer owns. Just mark up the price a bit, hope someone bites, then buy it from the dealer and ship it out. You can also use this method with common mint products, just be careful that shipping dates are not too far away. Using this method, you can sell coins that you don't have to buy until they are sold.

A more complicated way is to study market trends. For example, when the statehood quarters came out, older quarters in the series skyrocketed in value because all of the new collectors wanted to collect the entire collection. This is a really obvious example, but you get the point.

People that say that there is no way to be a collector and profit on coins at the same time are, in my mind, uninformed. There is plenty of money to be made buying and selling coins if done properly. We know that this is the case or there would be no dealers at all.

Good luck!

 

You don't make money selling them, you make your money when you but them.

 

If you say: "I have lost money on every coin i have ever purchased".

Then you need to ask yourself: "Why?".
Why have I lost money on every coin & why am I still doing this if it's only costing more money?
They say that profit is made & lost when you purchase the item just as much as when you sell it. Step back and analyze the situation. There are a lot of great informational posts here that can help you, notice how often "selling on ebay" is mentioned?

 

Yeah, that is odd. I have consigned coins at a bid board auction at the coin shop near my work, they take 10%. I've made a little money on everything I've put in there (until you take out gas driving there, time spent researching, ect). I've sold some stuff on ebay, made a little money there. I'd never drop coins off with someone and have them mail me a check.

 

I have a hard time understanding this too, but over the last 4-5 years in particular, I've seen a surprising number of people do just this, although most have been of the younger crowd. My feelings are that they think, or thought, it an easy get-rich-quick schtick and possibly because of then-rising metals prices. Of course, and at least without taking the total scam route, most seem to have failed miserably.

 

I agree. Too many new folks (and I don't just mean young folks) get into the hobby for the wrong reasons......

 

So now that you have found out amateur dealing in coins is a money losing proposition, and you're not enjoying yourself, why don't you devote yourself to some other endeavor?

The classic definition of insanity is doing the same thing over and over and expecting different results.

I've looked at your posting history and it's almost entirely griping, pi**ing and moaning.

HINT, HINT: Numismatics is not your cup of tea!

 

The "classic definition" is attributed to Einstein; his intention was to chide researchers in experimental physics...

 

I got into this fantastic buisness because this is such a wonderful hobby, and I dream in coins. (literally, people think im crazy) Not for a profit. Thats just extra bonus for me. Thast why all coin collectors should start from.

 

A silver dime is worth $2.00 (minimum)

$11.00 - $2.00 = $9.00 for the remaining large cents, 11 you say (including some Draped Bust type)

So, $9.00 / 11 ~ $0.82 is what he paid you per large cent?

Yeah, your dealer's a crook

 

Did you bother looking at the photo examples the OP provided? If not, please go back and take a look before calling this dealer a "crook". With all due respect, Brian, I've come to expect better from you, especially knowing you work in a shop.

 

Especially since Brian works for a dealer it gives his opinion validity. I doubt his boss would pay under a buck per large cent. But we can't only blame the dealer. It is mostly the sellers fault.

 

Maybe, try selling coins to people you know who may have a passion in coin collecting, just be honest with them. Friends look out for me all the time, they make some cash and I get a deal. It works. In my opinion just stop buying and selling coins and enjoy LIFE because you are missing the whole point on the joy of coin collecting.

 

I did not see the photos before making my first post, but after reviewing them, my opinion hasn't changed much.

But yes, given their condition, I agree "crook" was a poor choice of words - for that I apologize.

 

Yeah you got that right. It takes alot of prep time and knowledge to make money off of coins, and I've never made money selling to coin dealers. After all, all they're gonna give you is the wholesale price so how can you pay retail and expect to receive above retail? I'd say you're barking up the wrong tree and you have alot to learn. I'm not talking down on you as there are areas where I have alot to learn as well that's why I'm on this coin forum. With that said for right now, do not sell to coin dealers through email or the internet, that's simply insane, jmho. better luck, next time.

 

I too have lost money on a lot of my coin purchases, if I were to think of it that way. Sure I'm trying to sell or trade off some parts of my collection that I've acquired over the years that don't interest me. These coins have come by way of "lots" that I've purchased with a lot of different coins in it when I really wanted a part of it, or if I've "grown apart" from certain ones. There's the saying, "coins are only worth what someone will pay for them" and I believe that statement will always ring true.