General coin help.

[Danny]

I have saved up a fair bit of money and am thinking of buying and selling coins, I dont know much about coins at this moment but im willing to put alot of effort in. I just wonderd if anyone could give me any ideas were to start buying and selling cheap coins to gain expierience or?

Any information and help would be much appreciated.

Thank You.

[argentumandcoins]

I have saved up a fair bit of money and am thinking of buying and selling coins, I dont know much about coins at this moment but im willing to put alot of effort in. I just wonderd if anyone could give me any ideas were to start buying and selling cheap coins to gain expierience or?

Any information and help would be much appreciated.

Thank You.

Danny I do this for a living and the best advice I can give you is try buying and selling something that you know about.

Most dealers (the good ones at least) started off as collectors. You need the knowledge you gain as a collector to become a half decent dealer. As a novice you will not have the first idea about grades, rarity, state of preservation (cleaned, whizzed, tooled etc), value, desirability or authenticity. You need to know all of those to stand any chance at all of even breaking even.

Ebay is already cluttered with people selling coins that they know nothing about and the auction rooms already have far too many novices paying silly money for boxes full of unsaleable crap.

Sorry to put a dampener on your plans but if you are serious you need to start a collection first.

[Danny]

I have saved up a fair bit of money and am thinking of buying and selling coins, I dont know much about coins at this moment but im willing to put alot of effort in. I just wonderd if anyone could give me any ideas were to start buying and selling cheap coins to gain expierience or?

Any information and help would be much appreciated.

Thank You.

Danny I do this for a living and the best advice I can give you is try buying and selling something that you know about.

Most dealers (the good ones at least) started off as collectors. You need the knowledge you gain as a collector to become a half decent dealer. As a novice you will not have the first idea about grades, rarity, state of preservation (cleaned, whizzed, tooled etc), value, desirability or authenticity. You need to know all of those to stand any chance at all of even breaking even.

Ebay is already cluttered with people selling coins that they know nothing about and the auction rooms already have far too many novices paying silly money for boxes full of unsaleable crap.

Sorry to put a dampener on your plans but if you are serious you need to start a collection first.

Okay Thanks, Argentumandcoins

Maybe Ill start collecting first I do have a whole bunch of worthless old english coins in the cuboard been told would only get scrap value for them though, sold all the pre 1937's

Was thinking of bootsales but apparently you get nothing but junk there now everyones too wise.

Thanks Anyway.

[declanwmagee]

Well Danny, I started collecting when I was 9 (34 years ago!), and started selling 5 years ago, but I still couldn't live on it, it's still just a hobby if I'm honest, and I'm still nowhere near up with most of them on here - that gives you an idea of how long it takes to build a business out of coins!

Do it by all means, but don't expect quick riches!

[azda]

I have saved up a fair bit of money and am thinking of buying and selling coins, I dont know much about coins at this moment but im willing to put alot of effort in. I just wonderd if anyone could give me any ideas were to start buying and selling cheap coins to gain expierience or?

Any information and help would be much appreciated.

Thank You.

Danny I do this for a living and the best advice I can give you is try buying and selling something that you know about.

Most dealers (the good ones at least) started off as collectors. You need the knowledge you gain as a collector to become a half decent dealer. As a novice you will not have the first idea about grades, rarity, state of preservation (cleaned, whizzed, tooled etc), value, desirability or authenticity. You need to know all of those to stand any chance at all of even breaking even.

Ebay is already cluttered with people selling coins that they know nothing about and the auction rooms already have far too many novices paying silly money for boxes full of unsaleable crap.

Sorry to put a dampener on your plans but if you are serious you need to start a collection first.

Okay Thanks, Argentumandcoins

Maybe Ill start collecting first I do have a whole bunch of worthless old english coins in the cuboard been told would only get scrap value for them though, sold all the pre 1937's

Was thinking of bootsales but apparently you get nothing but junk there now everyones too wise.

Thanks Anyway.

Maybe you could also tell us what you have thats worthless junk, list a few coins, maybe the earliest dates you have first and lets see if they actually are worthless junk, also a picture of 1 or 2 of them for grading purposes. Next piece of advice is buy some books on the subject, always a good place to start

[Peter]

Hi Danny

Before you buy any more coins buy some books.

Collectors coins GB (from this site)

Grading British coins (from this site)

Spink 2011

All are on Amazon.

There are many more good books which you will grow into.

You will need to become a collector 1st to learn the subject.

Welcome to the forum.

[Gary]

Danny I do this for a living and the best advice I can give you is try buying and selling something that you know about.

Most dealers (the good ones at least) started off as collectors. You need the knowledge you gain as a collector to become a half decent dealer. As a novice you will not have the first idea about grades, rarity, state of preservation (cleaned, whizzed, tooled etc), value, desirability or authenticity. You need to know all of those to stand any chance at all of even breaking even.

Ebay is already cluttered with people selling coins that they know nothing about and the auction rooms already have far too many novices paying silly money for boxes full of unsaleable crap.

Sorry to put a dampener on your plans but if you are serious you need to start a collection first.

Excellent advice from Argentum and other members above. There are quite a few dealers on this forum and I am sure they will all agree with Argentums comments. I can only agree with the books listed above, they dont cost the world and will be a good investment if you are serious.

[Peckris]

I have saved up a fair bit of money and am thinking of buying and selling coins, I dont know much about coins at this moment but im willing to put alot of effort in. I just wonderd if anyone could give me any ideas were to start buying and selling cheap coins to gain expierience or?

Any information and help would be much appreciated.

Thank You.

Danny I do this for a living and the best advice I can give you is try buying and selling something that you know about.

Most dealers (the good ones at least) started off as collectors. You need the knowledge you gain as a collector to become a half decent dealer. As a novice you will not have the first idea about grades, rarity, state of preservation (cleaned, whizzed, tooled etc), value, desirability or authenticity. You need to know all of those to stand any chance at all of even breaking even.

Ebay is already cluttered with people selling coins that they know nothing about and the auction rooms already have far too many novices paying silly money for boxes full of unsaleable crap.

Sorry to put a dampener on your plans but if you are serious you need to start a collection first.

Hi Danny

Before you buy any more coins buy some books.

Collectors coins GB (from this site)

Grading British coins (from this site)

Spink 2011

All are on Amazon.

There are many more good books which you will grow into.

You will need to become a collector 1st to learn the subject.

Welcome to the forum.

Yes, excellent advice. I married reasonable knowledge to a far-from natural ability as an entrepreneur - and I did no more than 'tick over'. You may be a natural entrepreneur but you don't yet have the knowledge and experience you really need.

The best dealers have "the knowledge" AND they are able to 'wheel and deal' with the best of them. Collecting will start to give you the knowledge at least.

[Danny]

Thanks for the all the great advice, brilliant and friendly forum.

I have a couple books i baught a while back will start having a little look through them build up a little collection and maybe make it a hobby for the time being.

Im only 18 so still young

Thanks, will post again.

[argentumandcoins]

18????

At your age you should be spending your cash on women and beer

[Cerbera100]

18????

At your age you should be spending your cash on women and beer

Here here!

To Danny - Look at it this way... if you went out and got a lower-wage job (say £15k pa), its a guaranteed income. Should you wish to deal in coins, to make a similar take-home you would need sales of £150,000 and thats working on a fairly lofty 10% margin! Also consider that you have had to outlay £140,000 in the first place!

I have considered this myself in the past but worked out that I would require around £10k liquid capital to sink into 'stock' before it would be worth even trying! Given a mortgage, wife etc, this is unlikely in the near future - though given that I am less than 10 years older than you, I hope that may change!

[TomGoodheart]

18????

At your age you should be spending your cash on women and beer

Here here!

To Danny - Look at it this way... if you went out and got a lower-wage job (say £15k pa), its a guaranteed income. Should you wish to deal in coins, to make a similar take-home you would need sales of £150,000 and thats working on a fairly lofty 10% margin! Also consider that you have had to outlay £140,000 in the first place!

I have considered this myself in the past but worked out that I would require around £10k liquid capital to sink into 'stock' before it would be worth even trying! Given a mortgage, wife etc, this is unlikely in the near future - though given that I am less than 10 years older than you, I hope that may change!

However ... I'm sure everyone here can see coins that had they bought years ago would have been cheaper and perhaps better than those they now own. So collecting at an early age might well pay in the long run. Just remember the best quality common coins are often worth more than knackered rare ones. And learn to specialise or else you'll just have a mish mash of stuff. A series of related coins is both more interesting from a study point of view and will sell better if necessary.

[Danny]

HAHA!!! been there and still doing that!

[Danny]

18????

At your age you should be spending your cash on women and beer

Here here!

To Danny - Look at it this way... if you went out and got a lower-wage job (say £15k pa), its a guaranteed income. Should you wish to deal in coins, to make a similar take-home you would need sales of £150,000 and thats working on a fairly lofty 10% margin! Also consider that you have had to outlay £140,000 in the first place!

I have considered this myself in the past but worked out that I would require around £10k liquid capital to sink into 'stock' before it would be worth even trying! Given a mortgage, wife etc, this is unlikely in the near future - though given that I am less than 10 years older than you, I hope that may change!

I think ive got about 10k, just need the knowledge though.

[azda]

If i had 10k i think i'd know exactly. A nice sum though, but probably still better to buya few books 1st, have a good read, check out whats selling on fleabay and other coin auctions, familiarise yourself on grades as this is quite important, it could mean the differencr between 20 quid Loss and 100 or more profit

[Danny]

If i had 10k i think i'd know exactly. A nice sum though, but probably still better to buya few books 1st, have a good read, check out whats selling on fleabay and other coin auctions, familiarise yourself on grades as this is quite important, it could mean the differencr between 20 quid Loss and 100 or more profit

So its best to stick to the top grades at the moment until i get my bearings? do you have any ideas on what coins to start on? predicimal hammered etc...?

Thank You.

[argentumandcoins]

If i had 10k i think i'd know exactly. A nice sum though, but probably still better to buya few books 1st, have a good read, check out whats selling on fleabay and other coin auctions, familiarise yourself on grades as this is quite important, it could mean the differencr between 20 quid Loss and 100 or more profit

So its best to stick to the top grades at the moment until i get my bearings? do you have any ideas on what coins to start on? predicimal hammered etc...?

Thank You.

Danny the obvious answer is come to me and I'll take £10k off you no problem at all!

Do you want to collect, invest or try to turn a profit?

Collecting; buy what you like the look of in the best grade and condition you can find/afford

Investing; High grade scarcer items always increase in value over time (1905 halfcrowns, 1869 Pennies etc).

Buying to sell; Learn the subject first. If you live in an area with a coin club go along to that, go to fairs/dealers shops and pick their brains (do spend something while there though or you will seriously p**s them off), read books, read the Coin News magazine, visit the forum regularly and handle as many coins as you can so you get used to what they should look and feel like.

As to how to make a profit......if you find out could you let me know please?

[Danny]

If i had 10k i think i'd know exactly. A nice sum though, but probably still better to buya few books 1st, have a good read, check out whats selling on fleabay and other coin auctions, familiarise yourself on grades as this is quite important, it could mean the differencr between 20 quid Loss and 100 or more profit

So its best to stick to the top grades at the moment until i get my bearings? do you have any ideas on what coins to start on? predicimal hammered etc...?

Thank You.

Danny the obvious answer is come to me and I'll take £10k off you no problem at all!

Do you want to collect, invest or try to turn a profit?

Collecting; buy what you like the look of in the best grade and condition you can find/afford

Investing; High grade scarcer items always increase in value over time (1905 halfcrowns, 1869 Pennies etc).

Buying to sell; Learn the subject first. If you live in an area with a coin club go along to that, go to fairs/dealers shops and pick their brains (do spend something while there though or you will seriously p**s them off), read books, read the Coin News magazine, visit the forum regularly and handle as many coins as you can so you get used to what they should look and feel like.

As to how to make a profit......if you find out could you let me know please?

Haha! sounds like a plan, Thanks for all the help much appreciated. Well let you know in a couple days when im rich.

[Cerbera100]

A brilliant breakdown there from John (argentum)!

Personally, I would (or I have?!) start with option 1, and slowly move to option 3! Work on the premise that collecting will inevitably lead to upgrading a coin that you already have, and as such likely needing to liquidate the funds from the lesser coin to put towards more!

If you are in the area, I'd be more than happy to welcome you to Reading Coin Club (I am the secretary there!), or if you are further afield, can point you in the right direction of your local club! We're all baying for young blood, so if it is something that you might be seriously looking at as a hobby (and/or business!) it will be well worth it!

[Red Riley]

We're all baying for young blood

?You've got me?!

[azda]

He said YOUNG blood Derek, not new lol

[Cerbera100]

He said YOUNG blood Derek, not new lol

I dont think Derek even qualifies as new blood any more!

[Hussulo]

Great advice by all, which I totally agree with.

I've been collecting since I was about 8 and I'm 32 know. I've bought from dealers and ebay and dabbled at selling on ebay for several years. I mostly sold coins that didn't fit into my collection any more or ones I had upgraded.

Lately I have started dealing part time. To be honest sometimes I wish I had more money to but stock but I haven't been taking a wage from this business (I still work full time). Instead any profits are used to by more coins for my stock. That way in a few years my inventory will grow to a nice size with hopefully many choice and eye appealing coins.

I would love to deal coins full time but as others have pointed out it's not an easy thing to do.

As others have pointed out, knowledge is key and take your time. You are still young enjoy the hobby, collect and learn first.

As to buying on ebay, I have written a guide on my website which you might find useful:

http://www.coinsgb.com/Buying_Coins_On_Ebay.html

One last thing to add... If you have any questions just ask, there are many experianced members on this forum with decades of specialised knowledge only to happy to help.

[Danny]

A brilliant breakdown there from John (argentum)!

Personally, I would (or I have?!) start with option 1, and slowly move to option 3! Work on the premise that collecting will inevitably lead to upgrading a coin that you already have, and as such likely needing to liquidate the funds from the lesser coin to put towards more!

If you are in the area, I'd be more than happy to welcome you to Reading Coin Club (I am the secretary there!), or if you are further afield, can point you in the right direction of your local club! We're all baying for young blood, so if it is something that you might be seriously looking at as a hobby (and/or business!) it will be well worth it!

Yeah im definately serious, I live in Rainham Essex, I dont know if thats near? Would like to get stuck into it and use some money wisely.

[Danny]

Great advice by all, which I totally agree with.

I've been collecting since I was about 8 and I'm 32 know. I've bought from dealers and ebay and dabbled at selling on ebay for several years. I mostly sold coins that didn't fit into my collection any more or ones I had upgraded.

Lately I have started dealing part time. To be honest sometimes I wish I had more money to but stock but I haven't been taking a wage from this business (I still work full time). Instead any profits are used to by more coins for my stock. That way in a few years my inventory will grow to a nice size with hopefully many choice and eye appealing coins.

I would love to deal coins full time but as others have pointed out it's not an easy thing to do.

As others have pointed out, knowledge is key and take your time. You are still young enjoy the hobby, collect and learn first.

As to buying on ebay, I have written a guide on my website which you might find useful:

http://www.coinsgb.com/Buying_Coins_On_Ebay.html

One last thing to add... If you have any questions just ask, there are many experianced members on this forum with decades of specialised knowledge only to happy to help.

Thanks for all the help will be sure to let you know if i need any more