Flipping Coins – Some Tips if You Want to Buy & Sell Coins for Profit
The hobby of collecting and investing in coins, also known as numismatics, has been gaining popularity among individuals looking to diversify their financial portfolio. With the right knowledge and strategy, flipping coins – buying and selling them for profit – can be a lucrative endeavor. In this article, we will provide you with some helpful tips if you are looking to venture into the world of coin flipping.
1. Educate Yourself:
Before diving headfirst into buying and selling coins, take the time to educate yourself about the basics of numismatics. Learn about different coin types, grading systems, and the factors that affect their value. Familiarize yourself with the current market trends and popular coin series. This knowledge will help you make informed decisions and avoid potential pitfalls.
2. Research:
Conduct thorough research on the coins you want to buy or sell. Look for reputable dealers, auctions, and online platforms where you can find coins at reasonable prices. Attend coin shows and join numismatic societies to network with experts and gain valuable insight into the market. Utilize resources such as coin catalogs, price guides, and online forums to stay updated on the latest news and market values.
3. Start with a Specialized Niche:
To maximize your chances of success, consider specializing in a particular niche within coin collecting. Focusing on a specific area, such as ancient coins, rare gold coins, or coins from a specific country, allows you to gain expertise and build a reputation as a knowledgeable seller or buyer. Specialization also helps you identify undervalued coins and attract collectors who share your interest.
4. Grade Authenticity and Quality:
Coins’ value heavily relies on their grade, authenticity, and overall quality. Familiarize yourself with the grading system used to assess a coin’s condition, as minor variations in grades can significantly affect its value. Investing in a reliable coin certification service can provide potential buyers with confidence in your offerings. Verify the authenticity of coins through reputable experts or grading services to avoid scams or counterfeits.
5. Timing is Key:
In the coin collecting market, timing can make or break a deal. Keep an eye on market fluctuations, numismatic trends, and historical data to identify opportunities for acquiring coins at favorable prices. Additionally, stay updated on economic and political events that can impact the coin market. With a keen sense of timing, you can sell coins when their value peaks or buy them when they are undervalued.
6. Networking:
Build relationships with fellow collectors, dealers, and enthusiasts within the numismatic community. Networking allows you to gain valuable insights from experienced individuals, improve your knowledge base, and potentially gain access to exclusive coin deals. Attend coin-related events and join online platforms or social media groups to connect with like-minded individuals.
7. Patience and Discipline:
Successful coin flipping requires patience and discipline. Avoid impulsive buying or selling decisions based on short-term market fluctuations. It is essential to have a long-term vision and a well-thought-out strategy. Develop a buying and selling plan, set realistic profit expectations, and stick to your predetermined criteria.
Flipping coins can be an exciting and profitable venture, but it requires dedication, knowledge, and continuous research. By educating yourself, conducting thorough research, specializing in a niche, understanding grading systems, timing your transactions, networking, and practicing patience and discipline, you can increase your chances of success in the world of coin flipping. Happy collecting and flipping!
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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.
Mande.su.direcsion
I have Massa coins……
I have coins
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.
Thanks for taking the time to make this video,very helpful!
Any thoughts on where to sell top 50/elite 30 Morgan and Peace dollar VAMs?
I've got some good coins if I could get some one to look at them
You can helb me
Hi set how to sell my coins Queen Elizabeth two pence new pence
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.
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 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 have very unique antique coins.. Genuine buyers contact me fast
Since Covid started – I have succeeded and failed doing the flipping thing. As long as you buy something and eventually sell it at break even price levels then I'm happy enough with the situation…It's when you lose that you need to quickly/accurately evaluate what is happening and why or you will forever be someone else's(Ebay's) means of making money and they're the last ones that'll be honest with you at that or any point. I reeeeeeeeeeeally wish that I knew the Instagram streets because somehow even with Ebay's nonsense I am making money in my small corner of things…My advice is to try something on top of Morgan's that you like, are better at grading than anyone else and see how you do. For me, and I hope I am not slitting my own throat, but Barber Half Dollars in Fine to XF seems to be a last bastion of safety. If you set your background at something attractive like CC/Morgan's or PL/Morgan's and then have this other thing for people to check out while they're on your page – seems to work for me. It's going to be tough if you choose Franklin Halves right off the bat/mid century modern or newer Canadian imho….but having a nice width can't hurt you. Ben, I bought an old rattler slab from you that had an 1878-S in MS 63 off of your site and really like it. The coin had a strong reverse that's at leeeeast PL and a super toned obverse….I am tempted to crack it out but imagine that a Gold CAC will suffice the itch to have the coin properly appreciated value wise since most coins from that era are under-graded. You had the coin at $140 which was completely fair but….do you remember it and how come it stayed on the site so long…I love it and I guess I am worried that I am missing something…? Stay safe! Where's the Barber Half Dollar video or at least a video on coins under AU that are valuable like the Barber series….a lot of rarities hidden away as well as grade rarities!
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….
I think buying key dates in a low grade is a good start.
Thanks for sharing the knowledge.
Thanks for this bro soon I think my wife and i will go check out your shop
Flippers aren't collectors
Why do so many people freak out about ebay; I've been selling on there for several years now, there is the occasional hassle, but no more than any other area of life. You can start small on ebay, take your time, learn as you go. I don't make a lot of money; for me its as much a hobby and pass time as anything.
The market is super hot right now…
Great video! This one needed to be done…
Great advice, Ben. LEARN all you can about what you are going to invest in. Knowledge is key. Makes you a smarter entrepreneur.
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.
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.
I tried flipping and discovered that it wasn't for me. That was good advice, though. Thanks, Ben!
You can’t do it. Don’t try. Buy what you like.
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.
Nice coins in old PCGS holders are a good way to go.
Happy New Year.
Good tidings for the New Year. Buy raw have it stabbed then sell at auction. Good luck in 2022 !!