Dealer label?

[Davers]

Being just another guy
I would love to have the "I'm a coin Dealer Label"

So I could purchase Coins from people at--(At least) the Blue Book price.

I suppose I could if I had the Capital To start a company.

IMO It would be too Dangerous ,[To somehow let the public know ] ill buy their coins for say 5% or more than a coin shop would .

Also I would be un-ethical & an %ss for standing near the front of my local coin shop telling people
"Ill pay you a little over what they offer you"
I could never do that unless they really peed me off , witch never has happened.

Just a crazy thought.
Davers
I need some.

 

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[huntsman53]

Many folks advertise on Craigslist to buy coins and so can you! Unlike some of these folks, if you pay a fair price over them and the Coin Shops, the word will get around (word of mouth) and you will get a lot of calls. Arrange to meet in a public place if possible but if that is not possible, then take someone with you for extra security. I not only look to protect myself but also the person selling the coins and folks appreciate the concern. I have both bought and sold coins using by advertising on or responding to Craigslist Ads. While making contact with a person has not always worked out when we met (i.e. they wanted more than I could pay for the coins when I was the Buyer or in reverse, they weren't paying what I was looking to get when I was the Seller) but I have never had a problem. You just have to be careful!


Frank

 

[TreasurePirate69]

I've had the same ideas that you have had but in the end I have found that it just isn't worth it for me. YMMV.

It isn't black and white. There are benefits and drawbacks to being a dealer. To name just one... as a dealer you are expected to offer a price for most coin collections whether you really want them or not. Depending on the area and whether or not he has a brick and mortar store, the dealer can see as many as 5 crappy shoebox collections for every one decent collection coming across his counter. As such, many dealers have a sizable amount of money tied up in junk that sits in a box or that needs to be wholesaled off (which costs time and money). Although you can turn away some of those types of collections or offer low amounts for them, the general public does not appreciate dealers who do that and your reputation can be hurt if word gets around that you are low-balling people. Remember... everyone thinks their collection is worth a fortune despite the fact that most people's collections consist of a couple of dateless buffalo nickels and a partial set of state quarters in circulated condition.

If being a dealer was such a great thing then there would be no end to the number of dealers out there. Everyone would be wanting to do it. The fact that there are relatively few coin dealers around should tell you that it is not all that it is cracked up to be. I know that it can be both profitable and fun to be a dealer. But I personally found that I would rather not deal with the issues that most dealers are faced with just so that I could have the option to buy coins at a few percentage points less than what I already pay. Considering that I can get coins at about wholesale at my local monthly coin show I have no real reason to subject myself to the hassles of being a dealer.

 

[bigscores]

Dealers enjoy the ups and downs... Try telling somebody that bag of 50 cleaned common Morgans they bought off TV back in 1983 is worth about 1/5 of what they paid for it... ouch. Or better yet, somebody who bought Franklin Mint material back in their heyday... talk about losing money. When people realize that you're telling them they've lost thousands of dollars, they get very upset and generally don't want to hear what you're saying and think you're a bad guy who is trying to rip them off.

On the contrary, it's always nice to view a collection and spot a coin or three that is worth a substantial amount more than the owner was expecting. I bought a collection 3 months ago that included a '93-S Morgan and a MS '28 Peace amongst a bunch of cull silver dollars. The owner was delighted to hear those two coins were worth about 5x as much as everything else on their own.

Being a dealer is great in some ways, not so much in other ways. I personally don't consider myself a dealer, but I do buy and sell a lot of coins... mostly because it's easy money to be had if you know what you're doing. The thing is, most people have no idea what they're doing and usually buy coins at a price where it is impossible to make money on them after costs... throw in getting burned on a fake and/or counterfeit occasionally, and you're not really making any money. I'd say that if you want to give serious consideration to becoming a coin dealer, you should accrue 10-15 years experience in the hobby first.

 

[Beachkid23]

One guy locally has been buying sterling for .20 a gram below melt. I've been asking around and finding who the shops sell to and they say the same guy. One place is a larger thrift store. So I told them I'll pay them .20 over melt on any sterling. I stop buy once a week and its like Christmas! There had been name brand, Tiffany, and others too. They had a problem with theft and didnt sell any gold or silver any more. Now they sell it to one person! Any gold is 20% below melt.

 

[Davers]

One guy locally has been buying sterling for .20 a gram below melt. I've been asking around and finding who the shops sell to and they say the same guy. One place is a larger thrift store. So I told them I'll pay them .20 over melt on any sterling. I stop buy once a week and its like Christmas! There had been name brand, Tiffany, and others too. They had a problem with theft and didnt sell any gold or silver any more. Now they sell it to one person! Any gold is 20% below melt.

Sounded / Sounds like a good deal.
I hope the person they sell to is you.
Thanks for your time to reply
Davers

 

[Davers]

Many folks advertise on Craigslist to buy coins and so can you! Unlike some of these folks, if you pay a fair price over them and the Coin Shops, the word will get around (word of mouth) and you will get a lot of calls. Arrange to meet in a public place if possible but if that is not possible, then take someone with you for extra security. I not only look to protect myself but also the person selling the coins and folks appreciate the concern. I have both bought and sold coins using by advertising on or responding to Craigslist Ads. While making contact with a person has not always worked out when we met (i.e. they wanted more than I could pay for the coins when I was the Buyer or in reverse, they weren't paying what I was looking to get when I was the Seller) but I have never had a problem. You just have to be careful!


Frank

Thanks for the reply huntsman53..
Yeah I suppose it can be a funny business..
Another reason I need a Ga. CCP : Along with the times I out in the middle of nowhere Relic Hunting.
Davers

 

[Davers]

I've had the same ideas that you have had but in the end I have found that it just isn't worth it for me. YMMV.

It isn't black and white. There are benefits and drawbacks to being a dealer. To name just one... as a dealer you are expected to offer a price for most coin collections whether you really want them or not. Depending on the area and whether or not he has a brick and mortar store, the dealer can see as many as 5 crappy shoebox collections for every one decent collection coming across his counter. As such, many dealers have a sizable amount of money tied up in junk that sits in a box or that needs to be wholesaled off (which costs time and money). Although you can turn away some of those types of collections or offer low amounts for them, the general public does not appreciate dealers who do that and your reputation can be hurt if word gets around that you are low-balling people. Remember... everyone thinks their collection is worth a fortune despite the fact that most people's collections consist of a couple of dateless buffalo nickels and a partial set of state quarters in circulated condition.

If being a dealer was such a great thing then there would be no end to the number of dealers out there. Everyone would be wanting to do it. The fact that there are relatively few coin dealers around should tell you that it is not all that it is cracked up to be. I know that it can be both profitable and fun to be a dealer. But I personally found that I would rather not deal with the issues that most dealers are faced with just so that I could have the option to buy coins at a few percentage points less than what I already pay. Considering that I can get coins at about wholesale at my local monthly coin show I have no real reason to subject myself to the hassles of being a dealer.

TP69 You hit the nail on the head.
As for being a dealer ( it's really just a pipe dream at this time)
You basically "Described my LCS"
All the times I have been in (usually) a few people come in wanting to sell their coins & I
always thought it would be cool to pay 1$ or so for common Mercs & Blue Book or Grey Sheet prices for peoples coins.

I have taken note that they do buy almost everything that comes in the door , Like 2 cent a piece for common wheats &
a small amount for dateless Buff's & even foreign coins. ( They take the good with the bad)
and are very kind people.
We also have a monthly coin show in my area that I have yet to attend.-(I def, need too)
Thanks again for the im-put
Davers

 

[Davers]

Dealers enjoy the ups and downs... Try telling somebody that bag of 50 cleaned common Morgans they bought off TV back in 1983 is worth about 1/5 of what they paid for it... ouch. Or better yet, somebody who bought Franklin Mint material back in their heyday... talk about losing money. When people realize that you're telling them they've lost thousands of dollars, they get very upset and generally don't want to hear what you're saying and think you're a bad guy who is trying to rip them off.

On the contrary, it's always nice to view a collection and spot a coin or three that is worth a substantial amount more than the owner was expecting. I bought a collection 3 months ago that included a '93-S Morgan and a MS '28 Peace amongst a bunch of cull silver dollars. The owner was delighted to hear those two coins were worth about 5x as much as everything else on their own.

Being a dealer is great in some ways, not so much in other ways. I personally don't consider myself a dealer, but I do buy and sell a lot of coins... mostly because it's easy money to be had if you know what you're doing. The thing is, most people have no idea what they're doing and usually buy coins at a price where it is impossible to make money on them after costs... throw in getting burned on a fake and/or counterfeit occasionally, and you're not really making any money. I'd say that if you want to give serious consideration to becoming a coin dealer, you should accrue 10-15 years experience in the hobby first.

bigscores
You are def, right as well IMO
I went in the shop years ago with some common Morgans & I remember being VERY mad about the price I was offered .

I wish I had bought coins back in the 80's instead of all the almost worthless (Steroid Laced) Baseball Cards I purchased.

Thanks for the reply.
Davers