Coin Dealer Essentials

By: lynter
So, you want to know the secrets to becoming a good coin dealer? It's not rocket-science but you have to be willing to at least try these seven helpful hints. As you already know, selling marketable coins isn't difficult, especially when it seems everyone is busy buying and selling. However, these helpful hints will increase your ability to sell more.

Worth of Coins: A good dealer knows the worth of his coins. Don't get sentimental, get knowledgeable. Knowing how much coins are worth allows you to get good deals at buying time. Many a coin dealer has learnt that buying wholesale only works if you really know what coins are worth. Buying for less will give the coin dealer more at selling time.

Current Trends: A good dealer is in constant touch with what's happening in the market. He can even tell the future with upcoming trends. If you have a coin series, make sure you know this.

Certifying Coins: If you have coins above the value of $200 it is important to get them certified. Dealers who take the time to get their coins valued by a reputable certifier increase the chances of a good sale.

Keeping Records: Yes, even if you don't like keeping records, this is a trait that a good dealer needs to have. Keeping track of who, what, when, and whom is very important especially at taxation time. It doesn't matter whether you are buying or selling, a coin dealer who's kept detailed records can save himself a lot of time, and the possibility of unnecessary trouble.

Grading and Describing coins: Do you want to be a successful dealer of coins? Then you are going to have to learn how to grade coins accurately. When you come to sell coins, you need to sound like a knowledgeable coin dealer to the prospective buyer. This means you also need to be able to describe the coins using the appropriate jargon. Learn this from copious readings of coin selling related sites and journals.

Exercise: Yes, a good dealer needs to exercise patience. Coin selling is not for those who want quick monetary gains. Being willing to wait for the value to increase is important to prevent a quick sale. Dealers of coins know that exercising patience can make more profit in the long term.

Networking: Making many contacts is profitable for the dealer. The more sellers and buyers he knows, the more opportunities there are for purchasing and profit. You will need to constantly replenish stock without depleting too much of your funds. The more people the coin dealer knows, the more potential bargains he may get.

So, you have some tips on how to become a good coin dealer. Now it's up to you to put them into action!

Summary:

Coin dealing is great business if you know the finer points of coin-trading. A strong knowledge about the history of coins, grading of the coins by a certified company, understanding of the coin market, and a broad network of acquaintances, can make a lot of difference to a coin dealer.
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