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<p>[QUOTE=&quot;huntsman53, post: 320069, member: 1242&quot;]Hey Folks,</p><p><br /></p><p>Sorry I am so late in responding to this Thread but I will weigh in with what I have learned from my experiences!</p><p><br /></p><p><b>How do Dealers get their coins (besides buying from walk in customers)??</b> Most Coin Dealers I know, purchase probably 60 to 80% of their coins from other Coin Dealers! Most of the transactions are done Dealer to Dealer over the phone or Dealer to Dealer at Coin Shows and/or local Coin Club meetings. A good Coin Dealer doesn&#039;t purchase coins blindly and has a plan!&nbsp; They have want lists (orders) from regular and walk-in customers that they try to fill but they will almost always have commitments from Collectors or other Coin dealers to buy Estate Collections or large Coin Collections before they ever lay out any money whatsoever. In other words, a large portion of the coins that a specific Coin Dealer purchases are basically already sold before he or she actually purchases them!&nbsp; Quite a few Coin Dealers also have regulars (people that bring in a constant flow of coins) that bring in coins to them every week to sell and if the price is right, they will take it.&nbsp; (This is sort of the vague area of the industry where quite a few Coin Dealers take the Sergeant Schultz (from Hogan&#039;s Heroes) stance of I know nothing, see nothing and do nothing!&nbsp; The regulars never tell where the coins came from and the Dealers never ask!)&nbsp; Another thing you should be aware of, is the fact that most transactions at Coin Shows are made between Coin Dealers.&nbsp; Most of the larger Coin Shows have one day during or after setup (a time when the public is not allowed in) before the Coin Show is actually scheduled to open to the public and one to two hours each day before the Coin Show opens (during operating days for the public), for Coin Dealers to do business between themselves.&nbsp; (Note: Since much of their&#039; transactions have already taken place between themselves, this is why many Coin Dealers pack up and leave early.)&nbsp; During this Coin Dealer to Coin Dealer time, it is nothing to see quite a few $100,000 to $250,000 transactions take place every hour between the larger Coin Dealers and $25,000 to $100,000 transactions every hour between the smaller Coin Dealers!&nbsp; One Coin Dealer that I know, would try to have at least $50,000 on hand when he went to Coin Shows when I first met him and now he goes to Coin Shows with no less than $150,000 (but try to have $200,000) on hand.</p><p><br /></p><p><b>How to become a Coin Dealer??</b> The answer to this question can vary significantly, depending upon whether you want to deal in coins full-time as a job or whether you want to deal in coins part-time (with sights on becoming a full-time Dealer) while holding a regular job!</p><p><b>To become a full-time Coin Dealer as a job</b>, you really need to get a job at a Coin Shop or at least be taken under the wing of a Coin Dealer that will allow you to make money off of the purchases and sales that you make on his or her behalf.&nbsp; (You not only need to make money to survive but also need to make money to accumulate operating capital unless you are already loaded!)&nbsp; <b>(a)</b>You must first establish yourself within the Community where you operate and establish yourself with the smaller and bigger (loaded) Coin Collectors, regular customers and especially with other Coin Dealers.&nbsp; <b>(b)</b>Go to every Coin Show and local Coin Club meeting that you can, so that these folks will eventually remember your name and not just your face.&nbsp; <b>(c)</b>Make as many contacts that you can by compiling a list and phone numbers (if possible) of every Customer and Coin Dealer that you come in contact with.&nbsp; <b>(d)</b>Purchase as many Cell Phones and calling plans needed to enter the phone numbers of the best contacts and compile a list of all of your contacts and any significant information (what the person buys, collects, etc.) in a notebook.&nbsp; This plan of action, may take you up to 5 years to accomplish but possibly more years depending on how well you do and how much exposure you get with those in <b>(a)</b> above.</p><p><b>To become a part-time Coin Dealer with the vision of becoming a full-time Dealer</b>, you will need a lot of patience and determination as well as operating funds that are not tied to your budget!&nbsp; You must follow <b>(a)</b> above and be willing to suffer quite a few losses with the gains and be willing to suffer consternation and much ridicule when dealing with some Coin Dealers (there is a lot if mistrust of any newcomers to the industry, besides you are competing with many seasoned and hardened Coin Dealers).&nbsp; Be very vocal when dealing with anyone and especially so with other Coin Dealers, let these folks know who you are and what you are about.&nbsp; Follow <b>(b)</b>, <b>(c)</b> and <b>(d)</b> above.&nbsp; This plan of action, will probably take you 5 to 10 years to accomplish but again possibly more years depending on how well you do and how much exposure you get with those in <b>(a)</b> above.</p><p><br /></p><p>I seriously got back into Coin Collecting about 6 years ago with the vision of making a little money to support my collecting and to build up some operating capital so that I could eventually become a full-time Coin Dealer when I retire.&nbsp; It has been a hard row to plow considering that my work and my family take up a lot of my time and due to family situations that always seem to arrive, my coin budget more often than not, is tied to my overall budget.&nbsp; I had envisioned that at this point, I would be more than half-way if not nearing my goal, when in reality, I am probably less than a quarter of the way to my goal!&nbsp; Yes, I have made a lot of contacts and many of the Coin Dealers can now attach a name to my face but I still have not earned the trust of many of them and do not get the discounts from most of them, that other Coin Dealers get.&nbsp; Also, due to the lack of time because of my work and my family obligations, I have been unable to amass the information needed on the contacts to really carry on a regular Coin Business.&nbsp; Therefore, I make a few contacts here and there (some of which are members on C.T.) and try to fill their coin requests as best I can!&nbsp; I doubt that I will ever make a great Coin Dealer as I am too personable with almost everyone that I meet or have contact with and they eventually become friends or good acquaintances and I eventually end up giving them extremely better discounts on coins than I would someone that I just met.</p><p><br /></p><p>The above is just my perspective on buying coins and becoming a Coin Dealer based on my experiences!&nbsp; Other folks here may have a different take or twist on these subjects due to their life experiences and knowledge.</p><p><br /></p><p><br /></p><p>Frank[/QUOTE]</p><p><br /></p>

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