How to make money coin collecting

[Sullysullinburg]

I'm not really new to the coin collection community but I am new to buying and selling a coins so I was looking for some help on how to flip coins and how to cherry pick and stuff like that.


Thanks in advance!

[NHsorter]

You need to learn. Just like any collectibles, you need to develop the knowledge and skill to find underpriced coins and then find the right buyer to flip that coin to. Learn by doing, I say. You just gotta search around and find your own honey holes. Thrift stores, pawn shops, LCS's, craigslist, yard sales, auctions. After a while you will find which ones produce the best results for you. It different for everyone.

Or, if you don't feel like taking the time to do that, you can just haul, sort, haul, sort, and sell copper. Not as glamorous and really does not pay much per-hour. Especially in this market. Less risky though. And you could always find that 09SVDB while you are at it!

[NHsorter]

Oh, also let me say that I clicked on this thread because I thought it would be an instructional thread telling ME how to make money with coins, haha. So just because I replied does not mean I know what I am talking about. Ask someone like Christostock or Rodebaugh if you want a good answer.

[Rodebaugh]

I think you hit the nail on the head Jason with your response. Opportunity and knowledge.....you have to know what you can profit from and seek out that material for the right price.

[Sullysullinburg]

I think you hit the nail on the head Jason with your response. Opportunity and knowledge.....you have to what you can profit from and seek out that material for the right price.

Any material to help me know what to look for?

[brian0918]

I like the two Cherrypickers' Guide volumes, but there are probably more comprehensive books out there that will give you all the varieties. It will take a lot more time to learn and search for those, though.

[wheeler_dealer]

Visit your local coin shop. Ask about old unneeded gray sheets. You may have to purchase at a nominal price. This is an investment well worth the dollar or two. Very good current price guide.

[Recyclersteve]

It is not just making money, but also avoiding big losses. So how would you authenticate coins like gold coins where there are lots of good quality fakes out there?

One way you might consider making money is buy bringing together a buyer and seller for a finders fee. Ask dealers what kind of stuff they have a hard time buying cause they can't seem to find it. Also, what kind of stuff do they try to avoid buying.

You might be surprised at what you will find- for instance I found someone local who will buy circulated 1976 bicentennial quarters for 10% above face and 2011 Sacagawea dollars in Uncirculated condition for $2 each.

[Sullysullinburg]

Not trying to be rude but I'm still lost.

[Recyclersteve]

You might consider working for a coin dealer for a while to learn the ropes before making a decision as to whether you want to start your own business.

[Sullysullinburg]

You might consider working for a coin dealer for a while to learn the ropes before making a decision as to whether you want to start your own business.

That's not really an option. I'm 15 so kinda have school and I can't really buy a store. Can someone sum up what to do or give like steps?

[Morsecode]

Offer to buy coins and collections on craigslist, sell on ebay.

Roll sort pennies, sell the wheats, better dates, and varieties. You already have internet access to find values. Cents are and always have been popular...a good place to begin for a new dealer.

You haven't said how much of a budget you have to get started.

[OneBiteAtATime]

Put simply Sully, y'gotta buy low and sell higher; like everything.

I focus on auctions, I make good deals because I know more about them than other bidders, then I flip them for a profit.

I also focus on pawn shops.

If you look at the Buy it Now area here, the BIN area at BullionStacker. Learn about what things sell for on eBay. You can do this, you have a young skull full of mush just waiting to get filled up with 1916-d Mercury Dimes and 1877 Indian Head Pennies. After some time you will find that you focus on something and learn more about it than the competition. For instance, here, Rodebaugh is the man when it comes to Morgans (and about anything), Thogey has a gift for bulk foreign silver. Uthminsta knows tons of numi foreign stuff. TheJonasCollegeFund is awesome at varieties, etc. etc.

[Sullysullinburg]

Put simply Sully, y'gotta buy low and sell higher; like everything.

I focus on auctions, I make good deals because I know more about them than other bidders, then I flip them for a profit.

I also focus on pawn shops.

If you look at the Buy it Now area here, the BIN area at BullionStacker. Learn about what things sell for on eBay. You can do this, you have a young skull full of mush just waiting to get filled up with 1916-d Mercury Dimes and 1877 Indian Head Pennies. After some time you will find that you focus on something and learn more about it than the competition. For instance, here, Rodebaugh is the man when it comes to Morgans (and about anything), Thogey has a gift for bulk foreign silver. Uthminsta knows tons of numi foreign stuff. TheJonasCollegeFund is awesome at varieties, etc. etc.

What you said sounds good but I need like a step by step thing.

[coppernickel]

Coin dealers stay in business, so it is possible. I have not made money, but do hope to build a small collection.

[Recyclersteve]

One thing I'd do is to find some dealers or individuals looking to buy things that you can get without a lot of expense (for instance, copper pennies, bulk foreign coins, etc.). You need to have perhaps $500 to $1,000 of your own money set aside for getting rolls from banks, etc.

Will you have access to a car when you are 16? Or can you get someone to drive you around to pick up and sell coins?

The Coinstar machines charge something like 9% as a fee to take people's coins. You could advertise that perhaps you'd do the same thing for 4-5%. Then you can go through the coins and pull out the occasional good stuff (copper pennies, silver dimes, etc.). Keep in mind that there are banks and credit unions in some parts of the country that have FREE coin counters, and in some cases you don't even have to have an account with them!

I don't know which part of the country you are in, but you might consider buying Canadian coins and currency for, say, 40 cents on the dollar. You could set aside copper pennies, nickels before 1982 (pure nickel except the war nickels from some years in the 1940's and 1950's), and the occasional silver you might get.

Expect to work hard and not make much money at first. Also expect adversity- for instance, a dealer who says he'll buy all the copper pennies you can bring him and later says he changed his mind- what do you do then? You will have occasional moments of real excitement when you find good coins. Be very polite with bank tellers- don't dump coins at the same bank branch where you pick them up.

Keep coming back here and updating us on your experiences. There is lots of talent on this site and many of us started when we were kids. I was 6 years old when I first started collecting.

Think also about what you can do belore you reach age 16 to earn some cash. Perhaps something like mowing lawns and telling the homeowners that you'd like to be paid from their piggy banks.

If you tell us what part of the country you are in, perhaps someone who knows that area well can give some tips on good places to dump large quantities of coins.

You will be dealing with the public and possibly some nervous old people. So you physical appearance will make a difference. If you are clean cut, speak politely, and don't have tattoos and blue hair, it will help you do much better. I'm not trying to be harsh by saying this- just trying to be realistic.

[Sullysullinburg]

One thing I'd do is to find some dealers or individuals looking to buy things that you can get without a lot of expense (for instance, copper pennies, bulk foreign coins, etc.). You need to have perhaps $500 to $1,000 of your own money set aside for getting rolls from banks, etc.

Will you have access to a car when you are 16? Or can you get someone to drive you around to pick up and sell coins?

The Coinstar machines charge something like 9% as a fee to take people's coins. You could advertise that perhaps you'd do the same thing for 4-5%. Then you can go through the coins and pull out the occasional good stuff (copper pennies, silver dimes, etc.). Keep in mind that there are banks and credit unions in some parts of the country that have FREE coin counters, and in some cases you don't even have to have an account with them!

I don't know which part of the country you are in, but you might consider buying Canadian coins and currency for, say, 40 cents on the dollar. You could set aside copper pennies, nickels before 1982 (pure nickel except the war nickels from some years in the 1940's and 1950's), and the occasional silver you might get.

Expect to work hard and not make much money at first. Also expect adversity- for instance, a dealer who says he'll buy all the copper pennies you can bring him and later says he changed his mind- what do you do then? You will have occasional moments of real excitement when you find good coins. Be very polite with bank tellers- don't dump coins at the same bank branch where you pick them up.

Keep coming back here and updating us on your experiences. There is lots of talent on this site and many of us started when we were kids. I was 6 years old when I first started collecting.

Think also about what you can do belore you reach age 16 to earn some cash. Perhaps something like mowing lawns and telling the homeowners that you'd like to be paid from their piggy banks.

If you tell us what part of the country you are in, perhaps someone who knows that area well can give some tips on good places to dump large quantities of coins.

You will be dealing with the public and possibly some nervous old people. So you physical appearance will make a difference. If you are clean cut, speak politely, and don't have tattoos and blue hair, it will help you do much better. I'm not trying to be harsh by saying this- just trying to be realistic.

Thanks this is really helpful if anyone has any other help this is the format I'm looking for!

[christostock]

Try this
http://www.coinshows.com/
see if there are coin shows near you.
If there are then go to them, all of them, all the time.
Ask questions all the time about everything.
this is important - bring money to buy stuff. if you don't ever buy anything, people at the shows will stop answering your questions.
Here is a great question when you see the same dealer the next time - do you have any new coins for sale.
You need to know what you are buying at what price or you will not make any money. The dealers are there to make money and they know what the coins are worth and how hard they are to sell or how easy they are to sell.
You cannot just buy everything and you MUST say thank you for showing me this but I will have to pass on it this time.

Now, you will not have any success ever unless you go out and start getting involved

[Sullysullinburg]

Try this
http://www.coinshows.com/
see if there are coin shows near you.
If there are then go to them, all of them, all the time.
Ask questions all the time about everything.
this is important - bring money to buy stuff. if you don't ever buy anything, people at the shows will stop answering your questions.
Here is a great question when you see the same dealer the next time - do you have any new coins for sale.
You need to know what you are buying at what price or you will not make any money. The dealers are there to make money and they know what the coins are worth and how hard they are to sell or how easy they are to sell.
You cannot just buy everything and you MUST say thank you for showing me this but I will have to pass on it this time.

Now, you will not have any success ever unless you go out and start getting involved

How do I know what to buy and at what price? Great info thought.

[christostock]

Try this
http://www.coinshows.com/
see if there are coin shows near you.
If there are then go to them, all of them, all the time.
Ask questions all the time about everything.
this is important - bring money to buy stuff. if you don't ever buy anything, people at the shows will stop answering your questions.
Here is a great question when you see the same dealer the next time - do you have any new coins for sale.
You need to know what you are buying at what price or you will not make any money. The dealers are there to make money and they know what the coins are worth and how hard they are to sell or how easy they are to sell.
You cannot just buy everything and you MUST say thank you for showing me this but I will have to pass on it this time.

Now, you will not have any success ever unless you go out and start getting involved

How do I know what to buy and at what price? Great info thought.

This is where you need to start getting involved!!!
Read all the buy it nows here and on bullionstacker.
Look at ebay and what sells at what prices.
If you go into this blind then you will ONLY lose money.
None of us that make money doing this started with much knowledge.
We all have made mistakes and have lost money.
Do NOT buy because you are excited about something!!!!
Do your homework and start reading up on a few particular types of coins and move on from there.
There are so many different things to buy and sell that you cannot learn all of it overnight.
In fact you will be learning about this hobby/business for a long time to come.
Look at my listing from this afternoon http://www.realcent.org/viewtopic.php?f=28&t=32586
Look at what sold and what did not sell and the prices (gold spot was approx $1195 for most of this sale)
I make at the most 2% of the sale as profit. Small margin items means you need to move lots of it.
Look at some other posts that never sell anything, you will start to see prices that work and prices that don't work.
If I could buy pennies for $12 and sell them for $17 I would do that all day every day. Again the dealers know what their items are worth and will sell them for maximum profit to them (not you)
Here is another good resource to help you with grading http://www.pcgs.com/Photograde/ this will not teach you about cleaned coins(they have much lower value than original coins)
START READING

[Sullysullinburg]

Try this
http://www.coinshows.com/
see if there are coin shows near you.
If there are then go to them, all of them, all the time.
Ask questions all the time about everything.
this is important - bring money to buy stuff. if you don't ever buy anything, people at the shows will stop answering your questions.
Here is a great question when you see the same dealer the next time - do you have any new coins for sale.
You need to know what you are buying at what price or you will not make any money. The dealers are there to make money and they know what the coins are worth and how hard they are to sell or how easy they are to sell.
You cannot just buy everything and you MUST say thank you for showing me this but I will have to pass on it this time.

Now, you will not have any success ever unless you go out and start getting involved

How do I know what to buy and at what price? Great info thought.

This is where you need to start getting involved!!!
Read all the buy it nows here and on bullionstacker.
Look at ebay and what sells at what prices.
If you go into this blind then you will ONLY lose money.
None of us that make money doing this started with much knowledge.
We all have made mistakes and have lost money.
Do NOT buy because you are excited about something!!!!
Do your homework and start reading up on a few particular types of coins and move on from there.
There are so many different things to buy and sell that you cannot learn all of it overnight.
In fact you will be learning about this hobby/business for a long time to come.
Look at my listing from this afternoon http://www.realcent.org/viewtopic.php?f=28&t=32586
Look at what sold and what did not sell and the prices (gold spot was approx $1195 for most of this sale)
I make at the most 2% of the sale as profit. Small margin items means you need to move lots of it.
Look at some other posts that never sell anything, you will start to see prices that work and prices that don't work.
If I could buy pennies for $12 and sell them for $17 I would do that all day every day. Again the dealers know what their items are worth and will sell them for maximum profit to them (not you)
Here is another good resource to help you with grading http://www.pcgs.com/Photograde/ this will not teach you about cleaned coins(they have much lower value than original coins)
START READING

Is their a book or like a website just for this because I'm lost on the buy it now area?

[christostock]

EBAY
you are 15 and your brain is probably more computer savvy than most of us.
"grasshopper, when you can snatch the pebble it will be time for you to leave"

[coppernickel]

Learn how to ship the coins and you have a ready market for silver and copper on this forum.

[Sullysullinburg]

EBAY
you are 15 and your brain is probably more computer savvy than most of us.
"grasshopper, when you can snatch the pebble it will be time for you to leave"

What I look for on there also what's the point of the quote?

[Thogey]

EBAY
you are 15 and your brain is probably more computer savvy than most of us.
"grasshopper, when you can snatch the pebble it will be time for you to leave"

What I look for on there also what's the point of the quote?

That is so funny. I knew he wouldn't get it. We're getting old Chris!

The quote is from a very popular television show in the 70's Kung Fu.
It was part of the beginning when a Shao lin Monk, Master Po, tells a student Kwai Chang Kang when he will have the skills to leave the temple.

When he is able to snatch a pebble from the palm of his hand.