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<p>[QUOTE=&quot;tradernick, post: 6552, member: 648&quot;]Hey ND send me some of your promotional Morgans&nbsp; <img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie7" alt=":p" unselectable="on" unselectable="on" /> </p><p><br /></p><p>Nice thread.&nbsp; I&#039;d like to weigh in with some thoughts, too.</p><p><br /></p><p>They say with real estate the key is location, location, location.&nbsp; </p><p>For coin dealers the key is experience, experience, experience.&nbsp; If you don&#039;t know coins intimately you&#039;ll be in trouble fast.&nbsp; There are more ways to lose money than you can count.&nbsp; Fakes, theft, market fluctuation, high overhead...there&#039;s a lot of demons waiting to dance away with your money.&nbsp; </p><p>The biggest asset to anyone dealing in coins is KNOWLEDGE.&nbsp; Knowledge is power.&nbsp; Knowledge of current prices is important but not everything.&nbsp; All too often I buy something from another dealer who says &quot;Bob had this at the show and only had it graded vf&quot;, or &quot;I cherried this 72 doubled die lincoln out of someones junk box&quot;, or something similiar.&nbsp; </p><p>The general more numismatic knowledge you have, the more you can buy and sell.&nbsp; </p><p><br /></p><p>There&#039;s a Florida coin dealer that I truly respect.&nbsp; He&#039;s been in the business forever, he&#039;s constantly surrounded by customers at shows asking his buy prices, handing him coins, etc.&nbsp; There&#039;s always several people at his table looking through boxes of coins.&nbsp; He&#039;s just one of the busiest people you&#039;ll ever see. </p><p>This dealer knows how to buy coins, currency, bullion, diamonds, sterling flatware and tea sets, wristwatches, pocket watches, scrap gold/silver...it goes on and on.&nbsp; I heard once he even bought a trailer park in Texas...just because he thought he could sell it at a profit.</p><p><br /></p><p>Knowledge.</p><p><br /></p><p>Dealers can have specialties, sure...cents, dollars, calif fractional gold...whatever.&nbsp; We all have our favorite (and not so favorite) stuff.&nbsp; But if you&#039;re going to have a shop you need to know you&#039;re going to be asked to buy all manner of coins, 90% silver, scrap gold, foreign coins, jewelry, gold/silver bars, etc, etc, etc.&nbsp; One person may have 30 Krugerrands and the next person may have a 1943 steel cent in ag.&nbsp; You could look at some certified saints one minute, then a holed buffalo the next minute.&nbsp; The more you know how to buy and sell, the more you&#039;ll be able to buy and sell.</p><p><br /></p><p>Another thought before I close...this post is already much longer than I intended.&nbsp; You&#039;ll need an undying passion for coins and for PEOPLE.&nbsp; If you don&#039;t like talking with other people you&#039;re in trouble heh heh.&nbsp; Believe me this hobby has some wonderful people, but there&#039;s some real cheeseburgers out there, too!&nbsp; Many silver/gold bugs are convinced that the world is going to end, lots of people think that you&#039;re out to get them, others expect you to pay &quot;book price&quot; for coins, and still others want you to sell for nothing.&nbsp; You&#039;ll hear a million stories about the marvelous and stunning collection that they used to have before it was stolen, lost at sea, buried by their crazy uncle, eaten by their dog...it&#039;s endless.&nbsp; But you have to love them cause they&#039;re people just like you.&nbsp; It helps to succeed in this business if you&#039;re chatty.&nbsp; Don&#039;t pre-judge people.&nbsp; Last year I bought 24 saints from a man who was so pitiful looking I thought he was a beggar.</p><p><br /></p><p>I&#039;ll post more later if I get the chance.&nbsp; I&#039;m out of time and didn&#039;t get to talk about the money aspect.</p><p>Hope you all have a great day.</p><p>Nick[/QUOTE]</p><p><br /></p>

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