How To Become A COIN DEALER - Pros And Cons Of Starting A Coin Business
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- Опубликовано: 29 сен 2024
- Here's some facts, pros and cons to becoming a coin dealer and what you need to have an what you need to do. Basics on starting a coin shop.
If you want to learn more watch my videos on buying and selling coins. I have a large playlist on this subject.
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I have collected for 50 years and I am very passionate about coins. I have been accumulating coins this whole time and haven't sold anything. I would like to be a part-time dealer in my retirement to supplement my income. This was a great video to help me Focus my direction. Would like to know more about buying coins from individuals for resale. Particularly what I should pay for them that's fair in order to make a profit. Thanks Daniel!
There are a lot of collectors who resell their collection once they are retired in order to supplement their income. Social security alone doesn't cut it! If you have a meager IRA, it's not enough either. I used to buy coins from a retiree who passed recently. After that, his wife tried to keep selling but she hired an ignoramus who would not budge below a 10% discount. Sigh...
I know that this is a old video, but if you are interested still, I would be happy to help guide you through the best ways to accomplish that. What I like about Daniel in this video is he obviously promotes the importance of honesty. I won't give 2 cent's to a thief, for a new house. But I'm going to do whatever I can for a honest person, with good values. I am sure that you can get big money for your collection,if you really saved for 50 years. I spend about 10 hours every day on this hobby. If you want me to help you, let me know. If there is anything I am not sure about, I'll direct you to someone who knows. This video is old though, so you probably figured it all out. Just remember integrity. Carma is real.
I use the coin HELP app all the time particularly photo grading. Thanks for all you do for coin enthusiasts!
Thank you
Yes sir so true. 😎😎😎😎😎
When you are in business for yourself you only have to work half a day. Either the first half or the second half.
I wish. I work first half and second half. No freebies in my businesses.
Muchas gracias tocayo. Saludos desde NYC.
Hello i have 1000s of old coins that my grandfather left me. dates range from 1950s and lower its overwhelming and around here u cant trust any dealers is there an easy to read and understand book that shows u values how to start getting coins graded? Im not lookin to start any buisness just wanna kno what i have. Thank u
@@888strummer thank u!
The killer advice just never stops coming from you Daniel, helluva good job
Thank you
With the rampant lawlessness out there I personally would be hesitant to want to have a "Brick-and-mortar" store. AND, I would certainly want security even if I were just doing coin shows. Thanks for the information Daniel.
My thoughts exactly..
Once again great advice. I am friends wtth my local dealer, he gives me great advice and what to and not what to look for. He's taught me how to grade coins and what to look for in grading.
Great advice! Thanks for Sharing my friend
I don't wish to be a dealer, just know good one's! But if I tried to be, my biggest problem might be that I wouldn't want to let go of key, high grade coins!!!! Hee Hee!!😀
So I was going to do this as a part time gig. I was going to rent a booth at my local antique store. 40$ a month. I know quite a bit about coins. I frequently buy coins on whatnot and i reference my graysheet. Honestly even though im not a coin dealer yet. I still like to get a deal.
Do you run into the vest pocket dealer types? I would think the B&M would welcome the small dealer spending $x,xxx every few weeks. Then the small dealer could flip that stock at the next show.
long silver short gold
Thank you
Hi , can I buy coins from wholesale dealer without being a part time coin dealer ? If not , How can I find coin wholesale dealers to buy after I got my part time coin dealer license? Thank you
U have gave me so much advice lately... Thanx 💯💯
Liquidity , inventory turnover,, and cash is king. Network, network, network with other dealers.
Daniel, thank you for this video. Really awesome tips.
For me my situation is like I said before is that I want to go to coin shows and sell an buy there and auctions I did pretty good at my last coin meeting auction instead of selling back to a coin shop I would of got half the money than what I made at the auction well I haven't went broke in 12 years I am not rich but I am not broke plus I am getting a nice collection
My grandfather collected cons for the past 60 years an never sold anything. I have bucket and bucket of standing liberty and barber quarters, 3000 morgan and peace dollars, rolls of franklin , walking libeterty halfcs 5000 rolls of indian head pennys.
i have had a coin dealer fly in fromNYC an they offere me 3 million dollars for everyghing , i have 168 $20 carson city gold coins its realy overwhelming.
Why did you turn down the 3 million? Sounded like a simple deal and no more overwhelming. You could use that 3 million and turned into much more.
Wow really awesome video!!!
Thank you
@@CoinHELPu you're very welcome 😊
Which kind I sand you old coins and mony nots I have 19 countrys old mony and coins
Could you recommend some books to further my education?
How do you find a wholesaler to buy from?
There’s the key statement. Honestly 👍👍👍👍. I would love to see your shop and pick up a few must haves. 😀
Great video Daniel. Do you ever travel to the Detroit area for coin shows? I know on Thanksgiving weekend, they have a huge one up here. Thanks.
No, but hope to make one in the future.
Great advice as always.
The problem with many eBay sellers is that they don't want to make deals (the Best Offer sellers AND the sellers who won't bend at all), and they expect too much. Let's say I covet a certain PR65BN Indian cent priced at $500. The PCGS price guide says it's worth $425, but it does appear to be a superior coin. So I offer $440 and it's declined without even a counteroffer. Then I see that the same coin is still listed, six months or a year later, at the same $500. Seems to be it would be better to take the $440 and get some cash flow going. There are some dealers who understand this and those are the ones who get my business.
Yep, some dealers have museums.
Sounds good but on the other end of that lets say the guy is $420 into the coin and he sells at $440. Ebay and PayPal are then going to take at least 10% and of course everyone wants free shipping and add to that insurance, his cost to sell that coin is well over $50 leaving him with less than $390.
Great info. Daniel thanks for sharing sir.
How is year end inventory treated for tax purposes
You need to consult a tax professional.
Can you comment about the equipment you have/use, what's a need to have and what's a nice to have? Thanks for all the work you do helping us.
Safes, cameras, supplies. You would be better visiting coins shops and looking around, not all are the same.
Bullet proof glass
Great info. Way too far to achieve - big amount of capitalization, had or have a great mentor, long years experience, trained and knows business and time management, persistence and determination to succeed, passion about numismatic activities, etc. Not too many have all these qualities and factors, I think. You are blessed to be in such business. Thanks you,Daniel. Looking forward to your next video every morning.
Thank you. I am blessed.
Very interesting videos lately on how to buy and sell coins, Daniel. Hope to see you at the coin show in Columbus this weekend.
Cool. I am hear now at the Hyatt. We are in the hall, and in the corner. See you there.
Would love to eventually become a coin dealer. For right now I'll stick to eBay! Great tips, thank you for the video.
could i ask what you use ebay for? do you buy and resell, and how you do it with ebay 10% fees
Thanks for your information
I definitely agree about some dealers and coin shop owners being a bit guarded and not too friendly
Sometimes they seem Pawn Shopish definitely don’t deal with them
You should appeal to their sensibilities
@@CoinHELPu 😳
I don't want to be a dealer but I did want to know about it . I'm definitely not educated enough.
Always good to know the basics of what it takes.
Thank you it was so useful
Transitioned to part time dealer a few years back. Important collecting lessons are quickly learned after you set up that first time. Mainly, just because you think something is cool doesn't mean anyone else does. Also, seen guys come in the first time with cases full of MS70 ASE's and Pandas they paid $80-$150 for and they can't get $35 for them. Oh yeah and a big one I have seen... The supposed *'Rarity'* of certain moderns means absolutely *Nothing* without demand.
You're correct, seen it myself.
@@CoinHELPu One of the worst I saw was at the big Long Beach show, a guy had three cases of slabbed State Quarters, Presidential Dollars and Sacy's. I have never seen him since.
Awesome guidance...not available anywhere else ... thanks
Thank you!
L i k e. 👍
Integrity. You have it.
I saw the title and I wondered why you would do a video on this topic. I see from your
comments that some may be interested. That really floored me. I for one would never
want to go into the business for all the reasons you mentioned. I certainly don't have
the knowledge for one and what it would cost to set it up is just insanity. Not to
mention the economy we may be facing in the all too soon future.
Thanks Daniel and have a great day. ; D
Well you lost me at having money and hard work LoL, great video 👍
LOL. Not easy
Great advice! Thank you!
Have you ever had someone with ten $1 Sac or Presidential coins come in thinking they were 1 oz gold coins? One women thought they were gold krugerrands.
great advice thank you, coins just my hobby and i dont sell many.
You're welcome
Great advice Daniel.
I have been watching you now for years. I enjoy your shows and I want to do what you do. If I could be a fraction as talented as yourself I'll make it. I heard what you are saying, I have all those and more. I just need a chance. Thank you
Great advice!
More great advice!! Thanks for all these videos, Daniel!!
Thank you
Good video Dan, Coin dealers have a really bad reputation in the Ohio River valley ,but not you sir u have got a lot of new people interested in coins in are area
Thanks for the amazing information!!
You're welcome.
Can u make a video on how to tell what a coin shop should offer for your coins vs a person at a show and negotiating tactics
I already did. Check it out here ruclips.net/p/PLku4wL94a2MMgbOfvsZVxIbftuegmbBBE
The problem is that most sellers don't have enough knowledge to KNOW what their coins should sell for. Greysheet prices are surely not set in stone. Some coins are superior and are worth a premium; most are inferior and are worth less. This seems simplistic, but I just buy superior coins. When it's time to sell, the dealer will be looking at gem after gem and will be ready to make a deal. You want to offer coins that dealers can put front and center in the case, and that everyone will talk about. Most sellers are offering the opposite.
@@jeffw1267 Go to enough shows and you see those primo coins you're talking about sit there show after show. I see it all the time. If it isn't auction worthy then prepare to sell for a discount. It's a changing market, mark my words. I am at a 2 day show now, sitting my hotel room. I know what I see every month. I watch live Heritage and Stacks auctions and watch great looking coins sell for under bid,. No one can call it all the time.
💞
Dillon gage seems to be a great wholesale group that you can source your mordern coins from. I think a lot of starting a coin shop depends on what type of coin dealer you want to be.
I think you need a dealer agreement with them?
How hard is it to get hooked up with wholesalers once you start?
You need to start first.
@@CoinHELPu “once you start”
You start first then worry about things like that, I have a few videos on how to buy and sell coins and be a coin dealer, you can search my channel or RUclips, and use coinhelpu. You can't get ahead of yourself.
@@CoinHELPu I appreciate the information your channel provides, but you’re assuming that I’m getting ahead of myself for whatever reason. It was just a question. If you don’t want to answer, that’s fine. Thanks anyway.
@@crucibull I have several videos on this subject. I am giving you the best advice you can get. You do this business one step at a time and learn as you go. I take it very seriously when I give advice on this. It’s easy to find wholesalers for everything actually, but it’s also not that simple.
Thanks