Flipping Coins - Some Tips if You Want to Buy & Sell Coins for Profit
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- Опубліковано 12 лип 2024
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Ben The Coin Geek
Old Pueblo Coin
I have been buying and selling for a living since 2009 when I retired from another job. Mostly industrial items, HVAC, plumbing, etc. I have also bought and sold a few coins. Compared to other items I have dealt in, coins have been the most difficult for me to make money. Buyers, even at auction, are paying up for coins right now. Another problem I have with reselling coins is that I tend to buy what I like and after I have It I don't want to let go of it. It is not good business to fall in love with your inventory.
I have been able to flip a couple of smaller collections just by telling people around me that I buy coin collections. I always argue, everybody collects coins. Everyone has something they found interesting and put away. I offer an appraisal when it comes up they have coins, and make them a fair offer.
I've been down this road, trying to flip coins and continuing to learn how the market responds. Learning what people like and what is popular as far as bullion, numismatics goes a long way. You also have to like numbers, percentages. You will constantly be trying to undercut the next deal, and be ready to accept what could possibly negotiate on the back end. Establish relationships and develop an ability to grade, also take into account eye appeal not just the grade or potential grade. So much to learn trying to discern what is cleaned, damaged etc. Good luck and dont depend on this venture to pay Bills. Unless you plan on turning 10s of thousands and you have a good eye for rare coins, keys and a strong knowledge of the particular series, dont speculate unless you can afford to sit on it, or you have a retail venue that is established for a vest pocket dealer. I have always tetered on the line of collector/dealer. Eventually I just decided I wanted to collect because I'm not setup to make money like a dealer. There is a big difference in commitment.
Very true. I am on that line of collector/ dealer right now. I will set up on Saturdays at my local flea mall with some coins. Mainly 90% silver. I have found though that I tend to spend most of my profits on coins for my own collection rather than building a bigger inventory. You are certainly right about it being a whole new level of commitment to be a dealer.
@@jplifts3008 I say this mostly because dealers depend on flipping coins as thier livelihood. That type of stress detracts from the joy I get with collecting. Old school dealers use to say, be prepared to have $100k ready to sit in escrow. There's no set rule except becoming a certified dealer. The flea market thing I've thought about. Probably would have done better pre-covid. The coins I use to buy and sell online I can't find anymore without trying to swallow a lump. Prices are high, if silver keeps dropping I think some of the cool coins will eventually become more affordable, like capped quarters and twenty cent pieces.
@@samsmobilepressurewashing8422 I’ve ran into the same problem with trying to buy inventory and still staying affordable to customers at the flea mall and still make some money.
@@jplifts3008 Good for you!
Mandeme.un.lifro
Nice coins in old PCGS holders are a good way to go.
Nice video..the key for me is I got friendly with a wholesaler. I used to get the first dibs on fresh error coins. I knew the market and considered myself a Top 10 guy knowledge wise back in 2001..2002.. Best I ever did was a NGC65 Transitional silver cent. Finest of 5 known. I paid $3500 wholesale and flipped it in a Bowers sale 6 months later for $8000. I had a 10k bankroll and would find 3 to 5 coins. I only needed to hit a homerun on one coin and break even on the rest to do pretty well.
Great advice, Ben. LEARN all you can about what you are going to invest in. Knowledge is key. Makes you a smarter entrepreneur.
One hint -- look at antique markets and such for showcases for rent. Renting a showcase (even a small showcase) can be a good way to sell some coins, and other items you might want to part with. They aren't making you any money in storage while you try to find places to sell them, and even if you do have a dealer you sell through, you have a chance at getting a bit more. Just put it in your case for a month and if it doesn't sell, drop it off at your dealer friend.
Thanks for taking the time to make this video,very helpful!
Thanks for the video. You are compassionate with the questioner and provided a good answer, avoiding some of the pitfalls that may be in his/her future. Starting with $2000 and trying to seriously move coins in this market is a challenge. Yes . . . key dates. I would also recommend any Type coins in major cert holders (for the 7070 crowd) . . . and avoiding ANY problem coins of any sort. If there is a problem now, there will be a problem on selling. Finding a niche and developing a few downline sources to sell to help as well. Think now of the restarting Dansco "hole-filler" market . . . dead for a decade and a half, but now resurging. Semi key Lincolns and Indians in collector grades . . . Morgans and Peace better dates in XF-AU . . . they are starting up again. Have fun . . .appreciate the history in your hands . . . attend a pile of local shows . . . and sometime sit on the other side to get a real picture of what is 'hot'. Drunner
Good talk Ben! It's all about knowledge. Knowledge of what things are worth, knowledge of how to sell, knowledgeable buyers/sellers wants etc. etc. You hit the hammer on the nail. Definitely would not be a smart way to start into coins in my opinion. It would behoove that individual to learn about coins first before attempting to buy to flip.
The trick to flipping coins is this: extend your hand away from the body and make a fist. Holding your fist sideways, tuck your thumb between your index and middle fingers, forming a flat area with your thumb knuckle that is level with the side of your index finger, and balance the coin on top of the two. With the coin in place, spring the thumb upwards to the 👍position, thus launching the coin in the air. And just like that, you've flipped your first coin!
Uuuuuuuuuuuuugh
Great video! This one needed to be done...
Thanks for sharing the knowledge.
Thanks for this bro soon I think my wife and i will go check out your shop
Good tidings for the New Year. Buy raw have it stabbed then sell at auction. Good luck in 2022 !!
Best advice that this gentleman could have given would be to take the notion of flipping coins and forget about it. Unless you're trying to make nickels and dimes well then keep going for nickels and dimes. But if you want to make dollars then you need to wait at least 10 years for your investment to mature. Accepting anything less than 20% of your investment is ridiculous. Always shoot for 30% and you are not going to get 30% by buying a coin and trying to flip it within a couple of days. Good luck with that one.
Found a pawnshop that had their 90% in separate tubs that let me spend time going thru a tub of dimes, quarters, halves and Morgan/Peace dollars, paying scrap prices for 1889-CC Morgan, 5, 1928 Peace Dollars, 1890, 1891, & 1892-CCs Morgans for scrap prices(the Morgans were all VG-F, the 1928 Peace$ were AU/Unc) many 1921, P, D, S Walking Lib Halves at scrap, 6 1838 Seated Lib dimes, mostly vg-vf, a 1835 Capped Bust half, nice vf-35, 1838 Reeded Edge Half, Vg, 1873 dimes, quarters and halves common date arrows, winter of 2012/13.
Great video thx 👍 for sharing
really good vid coin-geek🤘🖤🤘🤩👍
Good advice Ben👍
Hi, Richard. Prospero Ano Nuevo. *TYU*
Happy New Year.
Hi, Ben. Why are current US Mint coins sold for more money on eBay before release? Almost all the hot issues from the Mint in 2021 dropped dramatically in price as soon as they were released. It seems strange to me that people pay more before release. I believe the buyers are uninformed. Maybe it can be attributed to FOMO. Come to Albuquerque next week for the coin show. *TYU*
I think buying key dates in a low grade is a good start.
I tried flipping and discovered that it wasn't for me. That was good advice, though. Thanks, Ben!
Any thoughts on where to sell top 50/elite 30 Morgan and Peace dollar VAMs?
Hello Ben.💯💯💯
So i bought a UNC 1948-D roll On Stacker Bower. I paid. Little to much for them but i think they would grade MS63 up to MS66. I wanted to start trying to sell them individually on eBay. What’s the best way to go about this? I’m not looking to make a killing but 10 to 15 % profit would be nice. I guess since the cost to grade compared to value kind of screws this scenario up but i just want to get the feel for it. Example i bought a 1936-D PCGS MS66 from Heritage for $900. I believe i can get at least $1200 to $1400 for it on eBay. Am i in the ballpark of thinking when it comes to part time coin flipping?? Appreciate any help.
The market is super hot right now...
I want to flip coins but i just want to flip what i find. How can i determine what coins to keep while sorting through my change?
I got a 1 euro coin with that owl in the back from 2002 is it worth selling?
Sell first, then buy it... safest way to successfully flip coins (or any other tangible item for that matter.). Figure out what someone is looking for, what they will pay exactly, and then go find that item for less....
Ive bought and sold a couple of coins. Typically at a 40% loss.
Being able to buy and sell coins is extremely difficult.
I've got some good coins if I could get some one to look at them
$10 Indian Heads??? Be careful; make sure they’re certified like he said.
Hi, DP. Prospero Ano Nuevo. *TYU*
@@donaldinnewmexico
👋
🖤🤘🖤🤩👍
I have a 1918 penny and other old coins that I would like to sell. I need some information where I could go and sell these coins.
you can email us staff@oldpueblocoin.com
It is not easy do your home work first!!!!
I have coins
Hi set how to sell my coins Queen Elizabeth two pence new pence
I have Massa coins......
You can’t do it. Don’t try. Buy what you like.
You can helb me
Flippers aren't collectors
3k isnt much to start with
I hear alot of talking but nothing worth my time
don't forget to get receipts when you buy and sell! you will need receipts for the tax man. buying and selling for cash with no receipts is illegal.
Yea F that. The tax man gets enough of my money.
I dislike coin flipping. Me and other people have multiple fake eBay accounts. We pick certain sellers and bid or buy there coins and then just never follow through with the transaction. It ties them up with having to start all over again. Ebay just closes one account and we just use another fake account. Mainly we do people who hog up sales when the mint releases them . They go through the coins and sets and pick the good stuff for themselves then sell everything else. Point being the average actual coin collector who truly wants the coin never gets a chance to buy certain coins from the mint. Keep on flipping lol 😂.