3 Ways You Can Become A Coin Dealer For A Living
Posted on: 24 June 2016
If you love to collect coins or feel you have a deep knowledge of the coin collecting industry, you may have thoughts about becoming a dealer. This can be a very profitable career if you know how to follow gold and silver trends and have the know-how to tell counterfeit coins from their worthy counterparts. Here are things you should do if you want to become an experienced and skilled coin dealer yourself.
Apprentice
You likely already know a dealer or a reputable company that you refer to when seeking rare or uncirculated coins. Contact these places and see if they would be willing to apprentice you. Let them know that you are interested in becoming a dealer and that you have a current collection and have basic knowledge. As an apprentice, you will learn how dealers locate and valuate the coins they resell and how to compare current market values with individual currency rates. An apprenticeship is a great way to see if becoming a coin dealer yourself is a wise choice.
Begin reselling your collection
While you won't be able to call yourself a coin expert, selling your own collection can help you can some insight as to what goes into selling coins for profit. Set aside a portion of your collection that you would be willing to part with, and research current market values for each coin based on its rarity, condition, and whether it is part of a completed set or not. As you sell your pieces, you will gain a knowledge of what consumers are looking for and how to negotiate a fair price that works out well for you and your buyers.
Partner with a known dealer
Once you have gained some confidence selling and locating coins for resell, you may want to partner up with a known and reputable dealer in your area. This is beneficial over opening your own shop because you are already working with a company that has created a name for themselves in the industry and don't have to raise consumer awareness on your own. After you have worked with a reputable dealer for a few years and have learned how to make a steady and reliable profit in addition to coin circulation and resell knowledge, you can think about opening your own full or part time business dealing coins.
Whether you want to become a coin dealer as a hobby or as a career move, you want to make sure you get the right exposure and training to make the transition work. Working as an apprentice, selling your own currency for practice, and even partnering with a known dealer in your area are all ways you can get started in this type of career. click here for more on coin dealers.
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