NewCoin Posted September 15, 2005 Report Share Posted September 15, 2005 I am interested in selling coins to supplement my retirement income. EBay appears to be a reasonable way to start, but frankly I would like to attend some of the major coin shows around the country and buy/sell there. Any advice to a newcomer? One good dealer friend told me to "...be very careful of thieves." Evidently he knew of a fellow who was robbed after a show. How do you keep up with inventory? Pricing? What should be considered in determing what to sell? Thanks in advance. NewCoin Link to comment Share on other sites More sharing options...
LostDutchman Posted September 15, 2005 Report Share Posted September 15, 2005 Dealing coins is a capital intensive business. EBay is a good place to start....this can help gain capital. First things first get a subscription to the greysheet (http://www.greysheet.com) This is updated weekly and really gives you a pulse on the market. If you do decide to do shows you need to figure out what kind of dealer you would like to be. There are wholesale dealers who drive all around the country buying from coin shops at between 10 and 15% back of bid. They go to shows and sell to other dealers. There are also retail dealers who buy from the wholesale dealers and sell at retail to the public. If you are more in the "Coin Shop" approach then there all sorts of things you have to consider...advertising, rent, inventory, ready cash, contacts, customers, profit margins, just to start. if you have any questions please feel free to give me a call here at the shop at (317) 545-7650 I will be happy to help Matt Link to comment Share on other sites More sharing options...
detz Posted September 15, 2005 Report Share Posted September 15, 2005 Same go for currency? Would it be wise to focus on one section, coins or currency or do you kind of have to be in a little of both. If I opened anything it would be online first, cheapest appraoch since you don't have to have a store. Where do you find these wholesalers? Link to comment Share on other sites More sharing options...
LostDutchman Posted September 15, 2005 Report Share Posted September 15, 2005 you need to have a working knowlege (or at least books) of just about everything if you want to be a dealer. You never know what you are going to run into. If you do decide to specalize....you are going to cut your customer base by not offering anything that might intrest potental customers Link to comment Share on other sites More sharing options...
detz Posted September 15, 2005 Report Share Posted September 15, 2005 I have a nice collection of $2 bills and I was thinking of starting an online store for just $2 American currency. The cost for the site would be nil so it's the time to make it and then get the word out. Not sure how many people would be interested in $2 bills but ebay sucks because their fees really cut into your profit. Link to comment Share on other sites More sharing options...
LostDutchman Posted September 15, 2005 Report Share Posted September 15, 2005 that sounds like an idea....but you have to consider this....that is a very specalized website....your customer base is going to be just a fraction of what it could be if you expand your view on to lets say American currency... Link to comment Share on other sites More sharing options...
detz Posted September 15, 2005 Report Share Posted September 15, 2005 that sounds like an idea....but you have to consider this....that is a very specalized website....your customer base is going to be just a fraction of what it could be if you expand your view on to lets say American currency... Yeah, and I probably would expand, but slowly. I'm very picky and have to know everything there is to know about something to lessen the chances I will get ripped off, and to find good deals. I've been learning the $2's because I like them so if I start with these and slowly move to other bills, probably $5's and $1's, older then I can grow my audience. It's also a money issue, i don't have the extra money to buy lots of everything but I can get enough together to get a decent size inventory on one set of currency. Link to comment Share on other sites More sharing options...
LostDutchman Posted September 15, 2005 Report Share Posted September 15, 2005 It does take time.....I have been collecting and now dealing coins and currency for 15 years and there are still things out there that I have never seen before. Best thing I can tell you is to pick up as many books as you can and read read read.....the internet is also a valueable resource for information. Link to comment Share on other sites More sharing options...
detz Posted September 15, 2005 Report Share Posted September 15, 2005 It does take time.....I have been collecting and now dealing coins and currency for 15 years and there are still things out there that I have never seen before. Best thing I can tell you is to pick up as many books as you can and read read read.....the internet is also a valueable resource for information. Do you sell online too? Link to comment Share on other sites More sharing options...
LostDutchman Posted September 15, 2005 Report Share Posted September 15, 2005 yes I do....if you would like to take a look at my website please PM me with the PM function....I don't want to break any rules.... Link to comment Share on other sites More sharing options...
henare Posted September 15, 2005 Report Share Posted September 15, 2005 The cost for the site would be nil how do you manage this? any webhosting worth running a business on costs money. Link to comment Share on other sites More sharing options...
bobbycoin Posted September 15, 2005 Report Share Posted September 15, 2005 how do you manage this? any webhosting worth running a business on costs money. Not if you work for the web host -Bobby Link to comment Share on other sites More sharing options...
detz Posted September 15, 2005 Report Share Posted September 15, 2005 how do you manage this? any webhosting worth running a business on costs money. A already have servers...I'm a web developer by day. It would cost me about $6 for the domainname and I have a server that is barly being used, plus I could design and develop everything myself. If you guys want to setup a online site let me know, maybe we can work something out. Link to comment Share on other sites More sharing options...
Monster110 Posted September 18, 2005 Report Share Posted September 18, 2005 Not Sure Link to comment Share on other sites More sharing options...
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