Sources?

My wife and I have been considering the idea of putting up an online coin
shop to make a little extra $$ as a side business type of thing. We are
interested in purchasing gradeable coins, (mostly morgans & peace dollars)
sending bulk out to be graded, then selling them individually for about a
10% minimum profit. However, it seems like making money on coins is 95% how
you buy them & that's were we're having a hard time. Does anyone know of or
have a useable source that could possibly help out?

Just curious
Todd

1. If you have time, go to estate sales as a source for coins, and you can
advertise in Pennysaver or the newspaper.
2. Bid for them on Ebay (but do your pricing research first).
3. A 10% profit margin is insufficient and will end up eating you alive
4. Don't forget that transaction fees (PayPal and venue fees) will also
eat up your profits (at the cost of goods line in your P&L).
5. You are correct in that you make your money on the buy side
6. Best time to bid, and best time to sell is something to which you will
need to watch. Check with Andale (an Ebay company)

"Todd & Kerri Ohse" tkohse_at_adelphia.net wrote in message
...
My wife and I have been considering the idea of putting up an online coin
shop to make a little extra $$ as a side business type of thing. We are
interested in purchasing gradeable coins, (mostly morgans & peace dollars)
sending bulk out to be graded, then selling them individually for about a
10% minimum profit. However, it seems like making money on coins is 95%
how
you buy them & that's were we're having a hard time. Does anyone know of
or
have a useable source that could possibly help out?

Just curious
Todd

If you mean by "gradeable" that you intend to have them slabbed, you'll get
killed by the grading fees.
The slabbed coins I sell are already slabbed, and the raw coins are sold
raw, but I know how to
grade them properly.

Established dealers pay about the same for coins, due to the competition.
If they don't offer the
going market price, they won't buy very many. Dealers seeking "bargain
priced" inventory will
likely end up with overgraded, cleaned, counterfeit, altered, or stolen
material.

Do you have experience in coins? Most successful ebay sellers are already
experienced in the
same line of business offline.

On Fri, 7 Jan 2005 15:30:15 -0800, Todd & Kerri Ohse
tkohse_at_adelphia.net wrote:

My wife and I have been considering the idea of putting up an online coin
shop to make a little extra $$ as a side business type of thing. We are
interested in purchasing gradeable coins, (mostly morgans & peace
dollars)
sending bulk out to be graded, then selling them individually for about a
10% minimum profit. However, it seems like making money on coins is 95%
how
you buy them & that's were we're having a hard time. Does anyone know of
or
have a useable source that could possibly help out?

Just curious
Todd

Common coins like Morgan and Peace dollars usually can be found in bulk
lots in the various auctions that the larger companies run. Stacks,
Superior, Heritage, B&M, AR and so on. They tend to have online catalogs
and once you start bidding you'll get the mail order version too. If you
think you can figure out how a lot of 100 dollars will slab you can
calculate what you should bid (keep in mind the 15% buyers fee). The also
be sure to target a 10% cost on transaction fees. Don't forget your fixed
costs (most ecommerce sites run $50 / month for a bsic set up).

"Todd & Kerri Ohse" tkohse_at_adelphia.net wrote in message
...
My wife and I have been considering the idea of putting up an online coin
shop to make a little extra $$ as a side business type of thing. We are
interested in purchasing gradeable coins, (mostly morgans & peace dollars)
sending bulk out to be graded, then selling them individually for about a
10% minimum profit. However, it seems like making money on coins is 95%
how
you buy them & that's were we're having a hard time. Does anyone know of
or
have a useable source that could possibly help out?

Just curious
Todd


My opinion only

Buying coins is easier than selling coins if you have some money.
Selling coins is very easy.
Consistently selling coins you have bought at a profit is difficult
unless...

if you have a walk in store....then location is important.
If you have a good location then a large diverse inventory is important.
If you have a large diverse inventory then inventory turn over is important.
For a large inventory turn over, repeat customers is important.
For repeat customers then shopping for their wants is important.

If you don't have a physical store and are new to coin collecting/selling,
then an alternative source of income is VERY important.

If you are an experienced collector that wants to sell then....
Buying coins at a low price is important, no na :-).
There is no one or many consistent sources of low priced coins.
It doesn't exist. There are some wholesalers but that will result in a
very minimum profit margin but generally only if you have a large market
for them.

Buying from the public in a large city with you advertising effectively
is a source of coins for profit. You have to give less than you can sell
for.
That is called fleecing the public ;-)

Buying from dealers at dealer-dealer price is great if you have a seller and
an idea what they will give
and it is greater than you pay.

Whatever you do, for a consistent source of income from coins...
You better know a lot about a lot of different areas.
You better have access to a large market or a small richer market.
You better know more than the person you buy from.
You better love it.

Well I think I would rather buy than sell ;-)

Dale
I said it was my opinion.

Start with a large one....


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On Sat, 08 Jan 2005 06:58:14 +0000, Wes Chormicle wrote:

Start with a large one....


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Date: 12/13/2004
Amen! LMAO Had to re read the subject before I caught it though.
--
DW

I've heard that one before, but can't help guffawing every time I hear it!
It's so devilishly true!

James
'came into this world with nothing and have most of it left'

"Wes Chormicle" wrote in message
.net...
Start with a large one....


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