How much money do coin dealers make

Are you interested to know how a coin dealer makes his money? Well, it all depends on the dealer knowing the right type of people. And they are the people who have coins to sell, and those who want to buy. The dealer tries to find coin collectors who are willing to pay the money he is asking. Coin collectors are looking to buy coins for less than their value. So, it is important that the coin dealer has a network of people seeking coins.

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My Philly Mint Set. Toggle navigation. Categories Discussions Activity Best Of Sign In. Coin Forum. August 1, AM in U. We all know that the superstar coin dealers make a ton of money. But what about the average dealer? I saw a lot of these this past week in St. Not many except the dude selling Chinese modern bullion gave off the vibe of being very successful.

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Does the average coin dealer make money? Is coin dealing a hobby for a lot of these folks? August 1, AM. Otherwise they wouldnt be in business very long! Next Question. What we’ve got here is failure to communicate

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I did not ask what percent of inventory is scrapped versus sold. Calculating one-third of 52 weeks means we will make a 10 percent profit 17 times a year. The coin dealer is doing better by almost twice as much, even though he only made 10 percent per sale and the jeweler made 50 percent. Most jewelers look at the gross margin only.

Gold and silver are commodities. This means that any one ounce of gold is equal to any other ounce of gold, in terms of its metal content, and the same is true of silver. But as they are commodities, the question then becomes, how can bullion dealers make money selling them? Well, although the metals are commodities, coins, and other bullion products are not, strictly speaking. All bullion products, beyond shot, have some numismatic or collectible value. A Silver Eagle is more desirable than most generic silver rounds because its a Silver Eagle, but even a generic silver round is worth more than an ounce worth of silver shot. Still, two Silver Eagles in the same condition are equal. This article explores thirteen of them. These are the tactics they use to make a profit—some of them are legitimate, others somewhat dubious, and others clearly unethical. Naturally, not all dealers use all of these tactics, but being aware of them all will make you a more informed customer. Hedging protects against market fluctuations by playing both sides of the market. For instance, imagine a big coin shop had a steady order of 1, ounces of gold per month. When each futures contract came due, the dealer could either make delivery of the metal or, more likely, buy an offsetting long contract on the futures market, thereby canceling out the position. Hedging is a legitimate and ethical practice.

Asked in Coins and Paper Money How much will a coin collector pay for a coin dated ? New Cars. It has been my experience that coin collectors will pay more for a coin than dealers because they plan to keep it for many years and a dealer will try to sell it for a profit and thus must pay less for it. Get some online quotes and also call a few banks and credit unions. At very least, a silver coin will always be worth scrap value. How do coin dealers pay for silver money? If you are looking for something a little more upmarket, coin dealers will be able to help, or you could try eBay.

One variant of the Proof coin is made from sterling silver, but that is reflected in the price you pay for. Some are also sloppy with there so called junk boxes, I have pick up some rare coins for the dealer did not know what the coin was and didn’t want to take the time to find. New Cars. Trending News. This is called the «buy rate» — the rate at which the bank is willing to loan you the money. You only get what you pay. Mint and is worth only what a person is willing to pay for it. What they will show you is the «sell rate», the interest rate that includes their commission. Robert Kennedy Jr: ‘We’ve destroyed the middle class’. It has been my experience that coin collectors will pay more for a coin than dealers because they plan to keep it for many years and a dealer will try to sell it for a profit and thus must pay less for it. Your best defense is to shop for your own car financing before going to the dealership. Although pawn shoppes pay well for gold and silver, their not generally dealers in antique jewlery. Asked in US Coins. I have quite a few times bought a rare variety of a coin, for the common prices, for the dealer did not know what he .

Actually you will find the Ancient and World coin dealers to be about the honest, as well as having a great knowledge of the coins, how much money do coin dealers make well as the market. Your high volume wheeler and dealer coin dealers, know the coib bid and all the money making tricks, but monet no idea about a lot of the coins they sell.

They make few friends and sooner or later, collects see they are not much help. They also have a tendency to over grade. The high class dealers sell the million dollar coins, so one sale can set them up for a long time. Only the real big high stakes dealers have millions. They are usually a company anyway, of more than just one person. One way a collector can beat a dealer, is doin know more than he does about what you collect. I have quite a few times bought a rare variety of a coin, for the common prices, for the dealer did not know what he.

Some are also sloppy with there so called junk boxes, I have pick up some rare coins for the dealer did not know what the coin cion and didn’t want to take the time to find. More than once going through a box of so called common Mercury Winged Liberty dimes I have found and D.

Don’t worry about the dealers, just have fun and it is fun, staying one step ahead of. Trending News. Singer falls silent, dies during live performance.

Student found dead at Stanford University fraternity. Philip Rivers makes ‘permanent’ offseason. Trump mocks ‘foolish’ plans for NYC sea wall. Robert Kennedy Jr: ‘We’ve destroyed the middle class’. A luxury dish is banned, and a rural county suffers. Officials: 2 officers dead in Hawaii shooting. Spearfish Lv 5. They all seem to have millions Deallers Save. Jim McGarigle. Hoa Answer. US Coin dealers? That is the money end, the other is have really good people skills.

Coin collectors collect coins, coin dealers collect friends, friends who like to buy coins. Sorry, that answer requires a secret handshake ;- Jim a coin dealer PS mucj We don’t all have millions, that is a myth. Taiping Lv mych. Still have questions? Get your answers by asking .

Make Money Like A Coin Dealer — How A Coin Dealer Does It

Started by BrendaMNovember 20, I’d like to cash in several gold bullion u. I’d like to know what I should expect a reputable coin dealer to pay over the counter, if I were to pursue that option, i. The spreadsheet is huge, mostly maje bullion, but gold bullion pieces in U.

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Mint packaging of various sorts; the number of coins I’ve recorded so far is in the hundreds. I’ve put a couple of the coins up on eBaybut it was quickly apparent most eBay bidders were not willing to pay even spot prices for the gold buffalos. At mucch point, I’m exploring my options: over the counter at a certified dealer, continue with eBayor I’ve recently discovered Great Collections in Irvine, CA. If any of you golden souls could point me in the right direction, I’d be grateful. As a fellow collector, I appreciate your dilemma. I’m guessing that you’re doing your homework Red Book, price guides, etc,so the only advice I would give is to attend the Long Beach show in February. Go during the week and bring a sampling of some of your better coins and see what you are offered. It will be a bit of a grind and may be daunting, but you should be able to answer your question and find a number of reputable dealers of your material without going door-to-door.