Discussion in 'Coin Chat' started by AirborneReams, Sep 17, 2020.
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Selling coins for a profit takes time and it's not easy at all, as your post has stated. I suggest you learn all you can here by reading and participating in the discussions and after a year or more, then think about your position at that point. The only place I can think of to buy coins for good prices is a yard or garage sale. They won't have any out, you have to tell them you're looking and see what they say. I think you'd be surprised how many people have old silver coins laying around! good luck!
If you want to sell coins, do it because it's something you enjoy and have time to kill. Don't expect to start making a living from it anytime soon unless you have deep pockets, or an advanced knowledge which gives you an edge over the market.
If you are profiting ~$5-20 on sales (you didn't mention coin values, but let us assume on $50-$200 coins for a ~10% profit margin), you are doing pretty darn well just starting out.
My advice: Do the coin sales because its fun. Then use the knowledge of online selling you acquire to sell a product which is less niche and more commoditized. There is way more money to be made in Sham-wows and Foreman Grills (socks and lip balm; tape dispensers and soap holders ...etc) than there is in coins.
thats a good idea to join some groups I didn’t think of that one! I guess it’s more of a time with experience thing. I’ll have to take a look around at some local yard sales I’ve seen a few in my area lately, thank you!
i was kind of waiting to hear that from someone that there’s not much money in the business so I’m glad I heard it this early on, kind of wanted it not to be true. But it is something I love and can handle on the side. There’s just a few sellers I see that have daily auctions where their coins go for 100$-1000$ Each and I check their inventory and all the coins are extremely rare, just wonder how they get so many of them and for prices where they can make money off of. But I’m sure it’s just like anything, some people just find that way and it works for them. I’ll keep doing it as a passion and if it turns into something bigger then great. Thank you for your advice!
We got your back, Jack!
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A coin club is a great start. Don’t want the have to learn everything from costly experience
So much good info online once you know how to evaluate it
And books are your friends
If I was going to try to start making a living out of it here are a few of the things I would do:
- find a few Local coin shops that don’t do internet business (many still don’t). Build a relationship with them and see if you can buy wholesale and sell on eBay/auction sites.
- advertise in your area letting people know you buy coins. You can advertise for free or cheap in many places. Put up signs etc.
- keep doing what your doing making 5-20 a coin adds up and let’s you buy more inventory
- find coin niches. For instance if you know a ton about Certain ancients you can walk into many coin shops and they may underprice ancients because they focus on Bullion, etc.
- you need to start building up a collector clientele. You can do that with your own site and some advertising. Buying wholesale from coin shows and auctions and selling directly to collectors is your best chance at bigger margins. You can help people find and buy specific coins or coins from your inventory. Many people want help and need someone they can trust.
- find good sources for raw coins and learn how to grade a few types of coins really well so that you can buy under graded coins and send them in to be slabbed. This takes time and knowledge but it works and can give you some great returns.
Keep a day job until you build the business up enough to cover your basic expenses. If you still love it and its going in the right direction you can quit your day job. That is always the safest way to start this type of business.
This is true! Any books you might recommend besides the red book already got that lol!
Wow that was very insightful! I never thought to even ask the local guy I go see a few times a week, already Pretty known in the store so maybe I can give that a try. I really appreciate that I’ll be putting some of these things into play!
That’s the smartest thing I can do, I did lose my job to all this stuff going on but hoping it will come back soon, thank you!
I'm late to the conversation, but do have some advice.
The BEST way to get started in this to provide some kind of related service to folks who are collectors or who want to disburse a collection.
What I'm talking about is; be creative and come up with some kind of display stand or frame that integrates photos or other display items along with the collectors coins. It could be a departed loved one, a birth year set, a local club or historical site, a business or event. Or offer to sell collections for folks on a consignment basis. Honesty and good documentation here is the key. There are probably a dozen more examples that I'm not thinking of off hand
Either of these two types of activities bring you along side the coin owners, you will be viewed as a resource, not as the advisory. It's the psychology of the sale and salesman. Become the assistant, not the 'predator.' Once alongside, you can ask and have discussions about items of less interest to them but of more interest to you. Maybe you can start by picking up bags of obsolete Indian nickels to help younger collectors fill holes in their nickel books. Search modern change to do the same with quarters. Or blend two hobbies together . . .
I started making State Quarter and 1911 dated coin wooden and bone gun grips for folks a while back. That blends coin collecting with gun collecting. Examples below. You just have to be creative in the approach.
Whatever you can do to bring yourself alongside as a resource will give you better access to the resources.
Hope this helps.
As for U.S. coins, there are some dealers that are not as good as others at grading, and you can often purchase under graded coins at a good price. And if you purchase multiple coins each time, you can often get some sort of discount. Dealers will often negotiate if there is room in the price, vs. what they paid, as well.
Also learn what is not so great, and stay away from that- such as the statehood through America the Beautiful quarters series. The West Point mint quarters starting in 2019 of course do have a premium over face,, along with silver issues, and also a few error coins-but otherwise nothing to see here.
You may already be aware of a lot of this info, but if not, I hope this helps. Please ask more questions and we will try to help here.
Just continue learning as much as you can, and you'll start to get a feel for what is a good value over time.
There's book is key, but ignore the prices stated. I just came from an auction where the auctioneer kept hyping the prices in the red book to get high bids for a coin.
The people who put out the red book also have a series covering various U.S. coins. I have one on Morgan's and another on Franklin halves, for example.
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