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Can money be made buying and selling coins?

Hi, I am new to the group and new to coins. I know that people pay crazy money for coins.(Of course most of the coins I see are certified MS 62-68/errors) So what is the best way to turn a profit? I need to start out small (like pennies) Bought a few wheat rolls off ebay. But nothing too special. Can't get burned to bad with those. Anyone in it for the money? Suggestions?
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Can money be made buying and selling coins?

Buy from the us mint--bep and you cant go wrong. Alot of people buy from ebay what you can get direct from the mint and the bep and pay alot higher prices for it!!
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Can money be made buying and selling coins?

billgwolfjr
Enthusiast
I think if you are really into it for the money. It will not be a quick process. You need to buy all available proof sets from the mint every year and buy more than one set if you can afford it. Then wait about 5 years and start selling them. If you really want to make a lot of money have them certified first. I personally buy a lot of coins off ebay for less than the value of the silver content. You can then re sell them for the silver value and make some money if you want to make money quickly. Well that's my two cents. Have a great time buying and selling coins!
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Can money be made buying and selling coins?

szul2005
Enthusiast
It sounds like error coins are your interest.If that's true,get yourself a Cherrypickers Guide at the local coin shop.You can start by checking your collection.Now search ebay with your favorites from the book.Do not buy anything until you learn to grade.Get yourself a grading book too.There are many cool error coins for a small budget.That is a safe place to start. Good Luck! Brian
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Can money be made buying and selling coins?

Yep!! But, (a big caveat here), you need to know your material and the market. Here's one way to proceed. Let's say you are perusing ebay. I would suggest that you follow these steps: - Only purchase coins that are slabbed by pcgs, ngc, anacs, pci, segs, and icg. There may be others but you should be safe with these slabbers. - Acquire a subscription to the greysheet. This comes out weekly with dealer to dealer transactions, monthly with supplements, and quarterly with real priciy ones. This should give you an idea of what the price of a particular coin is in its respective grade. - Then try to buy it for less than the greysheet price. Remember to include shipping and insurance in your bid price. - Acquire a reliable grading guide for the ooins that you purchase. Naturally the ANA guide is superb. - Here's the hardest part...you will need to be patient, patient, PATIENT. You will not win the auction on a lot of coins. Just the reverse, actually. You will only win a small percentage of the auctions. But the ones that you win should enable you to sell your purchases at a profit. - One last caveat. If I were a dealer, and I had a slabbed coin that I thought was overgraded, I'd but it up for auction with all the documentation of the slabber. So, be sensitive that the coin needs to be what the slabber says it is. As is the case in most businesses, you make your money when you buy (low relative to the sale price) so be careful and don't be anxious about passing up on a deal where the price gets too high. Good Luck.
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Can money be made buying and selling coins?

coinman_ben
Enthusiast
The best way to make money selling coins on ebay is by searching for misspelled listings and than, either resell them on ebay as a full lot, untouched, or break up the lot as you see fit and than sell the new lots, which most of the time, will be one coin at a time, or you can add to the lot to make a complete set and then resell it, but the most important thing to remember is to spell all words in your listing correctly or else the casual buyers (a vast majority of the buyers on ebay) will never find your listings.
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Can money be made buying and selling coins?

Intersting discussion. cbbehrens, could you tell me how much a greysheet subscription costs? I am pretty sure it is not cheap. Thanks Dennis.
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Can money be made buying and selling coins?

ssmith4646
Enthusiast
I've just got back into buying coins.I've been buying all kinds of coins.Should i go back and start with one coin or should i stay diversafied?eventually want to start selling the coins.any thoughts would be appreciated.Thanks SSmith4646
Message 8 of 13
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Can money be made buying and selling coins?

Yes, money can be made buying and selling coins, but coin dealers have no printing presses or coining presses, so you can only make money by taking it away from someone else. Care to try?
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Can money be made buying and selling coins?

I don’t necessarily see it as “taking money away from someone else”—especially if the person that you’re “taking it away from” doesn’t even care, and wants to transact business with you. You’re not forcing anyone to buy or sell anything. Both sides have to agree to any transaction. So, it’s all done with full knowledge and consent of what’s happening by both parties. To call it taking money away from someone else is to mislabel it (in most cases), IMO.
It’s simply called wheeling and dealing in the open marketplace, and countless examples of people doing it happen every day, not just in the coin world, but in every other commodity that you could possibly imagine, as well.
If you’re the one who’s putting forth the effort to try to make buying and selling coins profitable for yourself, and someof the people that you transact business are not, then who should be making the profit? Making a profit selling things usually requires an outlay of cash, a lot of patience, some shrewdness and business savvy (which is an acquired skill and must be learned), and a knowledgeable grasp of the items being bought and sold. This is where an investment of your time and effort comes in.

 

Sounds like something that you should be paid for to me. 

keep in mind that if you’re not getting paid for it, you’re probably not even gonna be able to keep doing it……..

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Can money be made buying and selling coins?

Holy Crapazoni............the most recent previous post to this thread was more than 16 years ago.

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Can money be made buying and selling coins?


@biggymoe wrote:

Holy Crapazoni............the most recent previous post to this thread was more than 16 years ago.


i'm guessing the powers that be will lock this thread very shortly... they don't seem to like it when old threads are brought back to life...

Message 12 of 13
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Can money be made buying and selling coins?

You can certainly make money selling coins on ebay. Learn as much as you can about them. Go to coin shows, join a club or several. While you can reflip coins from this site, buy with a different ID and look for listings that don't take into account things you can see that improve the value. Perhaps run adds in your local paper or classified site looking to purchase coins. It's on you to be sure of the authenticity and quality of the items you sell.

 

Overall I find that ebay is a low ball site for coin sales. Buyers expect bargains. Personally I try to give them that. I do sell quite a few items on my 3 business accounts. That said, ebay sales this past year are about 8% of my gross. I do far better selling wholesale to major buyers, and at shows and in my shop. Ignore the advice about buying Mint and BEP products directly, especially proof sets! Good way to lose money. Nearly every proof set ever made sells for less than it's issue price.

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