The costs of the coin dealer

What safes do you think are the best?
thanks

 

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You said that in the coin bussines you can be cheated by fakes over and undergrading and stuff like that. Since there are not books or websites on becoming a coin dealer are there any books on the stuff you loose money on in the coin bussines like overgrading? Is the book The Official Guide to Coin Grading and Counterfeit Detection good? Also what are some of the best dealer networks?
thanks

 

The only way to learn how to run a coin business is to be in it. We all loose money on deals. We all buy fakes. We all buy over graded coins. All of these things happen. It is a serious learning curve. I worked for the company 11 years before buying it. I was into coins years before working in them. Currently I spend 70 to 80 hours a week involved with coins. I view hundreds of coins each and every week. My days, nights, and weekends are spent talking, sorting, grading, packaging coins. This is not for the parttime effort.
Now all dealers do not put in this kind of effort, and some put in more. It all depends on how you want to be. I know flea market guys who spend a few hours a week buying and selling coins. That is how they wish to do it. I have 16 employees that count on me putting in the long hours and sacrificing a life for it. I choose this, because I am good at it, and I love every aspect of it. This is my life. And short of being picked for a bachelor on one of the reality shows, I would not consider another job.

There are two great dealers networks. Both require referrences, two years in the business, and financial referrences.

 

"There are two great dealers networks. Both require referrences, two years in the business, and financial referrences." Which are they? Could you send it to me through the private message because I know the forum does not like you to put that info out on the board. How do you train all your employees about grading and other aspects of the coin business? How do you know they won't pay to much? Also what are the things you loose money on? i.e.. scams, over grading,....

 

Most of our bad buys recently have been fake platinum. Done while we were at a large show. I have the greatest employees in the world. All have been through the ANA courses, along with lots of training in house. Then they work with another employee until the ropes are learned. All have either come from other companies, or from dealers we have bought out. Since we buy using greysheet, it is tough to pay too much. Hasn't been much of a problem yet.

 

Were you able to track down the seller and get you money back?? If you got taken I hope it was someone walking through and not one of the other dealers with a table!!

 

You may remember CoinWorld doing an article late last year about these fake platinum pieces. We were at a large show, and very busy. Someone was offering the coins in kontains. A quick look, and the price was offered. They were thrown into the buy box, and it was only after the show did we notice they were light. Very light. Turned out to be fakes. Now, all bullion is weighed at the table before buy offers.

 

If I want to be a coin dealer do you recomend going to the ANA courses? Where can I found out more about them?
thanks

 

The staff and I have completed each course the ANA offers. Some can be done from home, and others require a trip to Colorado. I would recommend the ANA courses to everyone.

It will not however teach you how to be a dealer. No one can teach that. You need to find a dealer in your area, and get a job there. After you have learned a lot, and put away many thousands of dollars, then open a shop.

Be careful though, there are plenty of larger dealers out there that don't exactly appreciate the competition.

Little fish have a habit of becoming food for the sharks in these waters..........

 

How do you find more info on the courses? I looked on the website.
thanks

 

Here is the full link to the ANA educational dept. If it isn't there, you may have to contact them.

http://www.money.org/education.html

 

There is a book by the illustrious Q David Bowers titled "How to be a succesful coin dealer". It is not very good, but it does give some insite. A large part of it deals with general business practices. If you have ever owned a business, don't bother with this book.

 

So they do offer online classes?
thanks

 

Where do they sell the book?
ND, what do you think?
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I got my copy (used) over 15 years ago at a coin show. Try Amazon or Barnes & Noble.

Joe

 

So it really just has stuff on how to run a coin store? It says it was made in 1988. Do you think the info is out of date? Would you be willing to sell it?
thanks

 

Whew, asking me to sell one of my books is kind of like asking me to donate a kidney, I'm gonna have to think about it. I'll see if I can find another copy.

 

What is it that makes this a good auction for dealers? I'm looking at the prices realized and one thing sticks out, half of the first 50 lots did not sell. Is this typical of this type of auction (for better material)? I have been to several coin auctions, but never anything on this price scale.

 

This one Sold! Be sure to click on the "Lot Description" link - fascinating reading.