Coin dealing

trout · June 12, 2014, 09:00:16 PM

OK.
I have only been a member on 2 coin sites and most of the Members seem to shun coin Dealers.
In reality Most of us ARE in fact dealers, Maybe we sell on eBay, Sell to a B&M shop, Sell through Facebook or any other site or avenue even if it is only the odd coin.
Even if we swap coins we are STILL trading in them :ok:
I simply cannot understand why collectors seem to think it isn't "Kosher" to sell coins when in a vast majority of the cases it is the only way that a collector can get the coins required.
As long as the dealing is done honestly and with conscience I have NO problem at all .
We have to remember though that most of us sell as part of our hobby and NOT as a way to earn a living, So please make sure that we support the people that have the guts to have a B&T shop whenever we can because our "Amateur" attempts at being a coin dealer IS slowly taking the food off the B&T dealers tables.
I seem to think that most of us are of the opinion that the Coin Shops are making "Squillions" when in fact I think that it is far from the case and most of them operate because they love what they do and could make a far better living working for someone else.
End of rant :angel:

robbiegal · June 12, 2014, 09:20:43 PM

I don't quite get this trout
I always buy from dealers & half the forum or more here does

so where on earth is this drama coming from?

according to the ANDA - see below

most of us don't fit that category ... or do we??
http://www.anda.com.au/about.asp

"Membership is open to both individuals and companies, subject to compliance with the Association rules. Briefly membership is confined to those whose sole or main occupation is trading in collectables or related materials primarily related to Numismatics. New applicants must have been trading full time for at least twelve months or two years part-time before they can join. Membership and other inquiries should be directed to the Executive Officer"

trout · June 12, 2014, 09:37:17 PM

Quoteso where on earth is this drama coming from?

NO drama whatsoever RG just pointing out that most of us DO deal in one way or another (Vest pocket dealers) whatever.
Nothing wrong with it as long as it is done with Honor :heart:

kchan1111 · June 12, 2014, 09:41:23 PM

How important is it to only buy from a dealer who is a member of ANDA?

I mean of course, if you go into a shop. Not ebay.

stevo1962 · June 12, 2014, 09:47:51 PM

Quote from: 'kchan1111' pid='52287' dateline='1402575083'How important is it to only buy from a dealer who is a member of ANDA?

Not very

Goldseeker · June 12, 2014, 11:27:49 PM

I am myself what I consider to be a coin collector and a small time dealer.

I collect/purchase the coins when issued and put them into albums etc as most of us do.

I try and buy some INVESTMENT coins, ie. 1930 (2) pennies, 23 halfpennies (3), 21/22 overprint 3d (2) etc to try and sell to improve my wealth a little later down the track if need be.

I will chase gold and silver coins if I can get tem pretty well at issue/face value. (To date, I have managed to secure 6 x $200 gold coins at face value from the banks).

Yes, I do sell coins on Ebay and to several people I know personally.

I make a little profit but not to the extent where I can buy another house or something like that. I sell because I have many of the same type of coin. IE: 2001 COF Upset, I did have 480 odd now I am down to approx. 330. Some were sold to give me spending money for out now recently cancelled world cruise voyage.

Never mind, I shall just plod along and eventually will dispose of my coin collection if and when I need funds to survive.

If the above makes me a dealer, then I am a dealer but who cares?

trout · June 12, 2014, 11:55:54 PM

Well done Goldie . Nice to see some of us are successful :good:

Coiny Chris · June 13, 2014, 06:01:03 AM

Hello,

Who has ever sold a Car ? If so are you a Car dealer ? I know this is splitting hairs a bit, but in my view a Dealer sells things to make a profit. ( a source of income ) A hobbyist sells things to buy more and cover costs. A profit is secondary here. Many " dealers " are people trying to sell anything to make money. There was a shop a friends son worked at, he sold all sorts of things, and got sewing stuff in. Apparently he had a thing for girls. Not the sort of person I would buy anything from. ( he also told so much crap he cleaned his teeth with toilet paper ) The bigger ones will be in a City location where rent will also mean they have to charge more. Not everyone knows of or uses Ebay, so a shop may be the only place. If you buy from a reputable shop, not much chance of being swindled with a fake. Especially if they are a member of a dealers group.

Regards Chris

stevo1962 · June 13, 2014, 07:36:44 AM

I'm another hobby collector and even my accountant accused me of running a business until he did the figures and declared that it can't be a business if I'm losing that much money every year as I dont think a business is supposed to lose money for more than a couple of years in a row.My losses are mostly due to the amount of purchases I make in a year and the fact that many of the coins I sell lose money as I'm just trying to offload the stuff I don't want any more

Australian coin · June 13, 2014, 01:34:20 PM

it don't matter if you buy or sell coins it is part of coin collecting as long as you have fun and it gives you something to do. that why its my hobby, and part of that is educating yourself on what and how to collect, the price of coins, when to buy and sell, and most importantly setting yourself budgets, that is life

autocoupler · June 14, 2014, 12:51:41 AM

The internet has probably had a substantial affect on shop front dealers, but having said that, we know they are using this medium as well. I think those guys / gals would have had it pretty good in the years before the internet though. I just collect, too much emotional attachment at the moment. Hell, the only thing I ever sold was a house, even then I wanted to keep it considering the amount of toil and memories involved.

Here's a question, if when viewing a dealers offerings a collector spies something that is a steal, something that the dealer has overlooked or simply lacked knowledge of, does the collector say nothing and grab the bargain? Or should they bring the oversight to the dealers attention? If the collector chooses the first option, does that make their action dishonourable?

Fulvio · June 14, 2014, 01:16:27 AM

Quote from: 'autocoupler' pid='52417' dateline='1402672901'does the collector say nothing and grab the bargain? Or should they bring the oversight to the dealers attention?

http://en.wikipedia.org/wiki/Cognitive_dissonance :angel:

Goose · June 14, 2014, 01:36:26 AM

"I'm not a crook!" Hmm, I seemed to have heard that before, but I grab the 'bargain'. I was in a pawn shop looking around and I saw a nice Civil War era (1861-1865) S L quarter in V F condition for $20. I knew that the retail value was around $40....it's mine now.

Coiny Chris · June 14, 2014, 06:18:31 AM

Hello,

There are a lot of Human " Vultures " that want to profit when someone has a " Firesale " and also many that have a fake closing sale with no discounts. I am happy to pay more than the asking price, if the person is OK ( and have underpriced the item ) . If it is someone dodgy who is happy / boastful about ripping People off then I will take pleasure in their loss.

Regards Chris

Australian coin · June 14, 2014, 09:55:23 AM

I found a 34 over date threepence from a dealer who didn't know what it was or what to look for, did not tell them it mine, knowledge is something that pays for itself