Becomming a Dealer

[Tegwin]

Hello all,

I am fairly new to collecting bank notes and would like to try my hand at becomming a dealer. I have a few notes, in my own collection that I can start offering for sale (on ebay etc) but the question I have is how do I go about getting notes at wholesale prices so that I can resell them on.. I understand that this may be a sensitive topic and that people would not want to share their secrets to the greater community online, so if anyone has any suggestions to offer and is willing to share, please contact me offline on tegwin_15 at yahoo.co.uk.

 

 

Thanks

 

Best Regardss

 

 

teg

[Rhino]

Hello all,

I am fairly new to collecting bank notes and would like to try my hand at becomming a dealer. I have a few notes, in my own collection that I can start offering for sale (on ebay etc) but the question I have is how do I go about getting notes at wholesale prices so that I can resell them on.. I understand that this may be a sensitive topic and that people would not want to share their secrets to the greater community online, so if anyone has any suggestions to offer and is willing to share, please contact me offline on tegwin_15 at yahoo.co.uk.

 

 

Thanks

 

Best Regardss

 

 

teg

 

If you're looking to be a small-time seller of banknotes, it's not really being a "dealer," when I first read your post I thought you meant buying a space, putting a shop together, and buying and selling to a regular clientelle face-to-face. But the idea of being a seller on ebay is great, and it's easy to become a relatively successful one. I would recommend starting out more specialized, don't just sell random banknotes. Concentrate on a certain type, country, something that you have a solid understanding in. For example, for me I only do Russian banknotes from all the time periods. Before you start selling, get your feedback up to a good number. No one wants to buy banknotes from someone who has a feedback of like 1-10, you know?

 

In terms of buying in bulk, ebay again is the way to go (for me at least). There are special categories under Coins and Banknotes that are called "Collections" or "Mixed Lots" and stuff like that. Find sellers that are selling your type of notes in bulk, bid, and you'll win a few. Also, start learning a bit about notes outside your area of expertise and see if they become profitable too. For example, about 6 months ago I won a small lot of around 10-15 German bankotes on ebay, sold as one of those lots, for $25 (it was a nice experiment, I figured you can't go wrong with aying $1-2 per note, and their values were much higher in the catalogues). Within 2 weeks, I relisted those same notes individually with a proper description, proper category, etc. and got a little over $100 for them.

 

Whatever you do, don't fall for those lots that sell like 200-500 bankotes for really cheap, for like 50 cents a piece. They usually just have modern crap that isn't worth anything. Choose wisely.