Let the Hobby Take Care of Itself

I get on the social networks, talk to people, read what they post and I gotta tell you it breaks my heart some of the stuff I see.  Someone posted a picture of a $50 Star Note  and explained that she could not afford to keep it.  Another poster talked about a $150 Amscope and did not want to spend the

money.  I advised her to sell some coins to get the scope.  This coin hobby we all have going on offers a great opportunity.  You put money into it at the start, but once you get some knowledge and experience, you can let the hobby take care of itself.

I know it's tough out there for a lot of folks.  I've explained that an extra couple hundred bucks a month is enough for most families to improve their situation.  We're not talking a fortune...50 bucks a week.  It would be enough to keep that Star Note.  In a few weeks, it would pay for an Amscope.  Keep it up for a couple years, you'd have every piece of equipment you can think of:  scales, scopes, loupes, calipers, cameras, copy stand, computer, printer, and stuff that hasn't been invented yet. 

I've talked about selling coins online, but that was part of what goes into it.  There's shipping, packaging, sending and printing invoices, handling payments, dealing with deadbeats, handling returns, photography (I'm not even close to an expert in that area, let me tell you), tracking inventory, and more critical subjects that need discussion such as consistently finding decent coins at a decent price without getting ripped off.  It's clear that I have a whole lot of explaining to get enough information out there that one can jump right in.  If you just can't wait for me to describe all the subtle nuances involved, jump right in on your own and start selling stuff.

The best way to learn is firsthand, seat-of-your-pants, trial and error, get your hands dirty, sink or swim.  You've got the coins.  If you have ordered online, you've got some things on place (Paypal account, involved in some facebook coin groups, coins worth selling) and have some idea what to do (sound packing of shipments, how to take a decent photo).    Consider selling a couple of items as a practice run.  You'll learn more from that first sale than you would from reading every article in my blog.  If this is your first time selling you might let your buyer know that it may take an extra day for you to get your act together.

You have a coin collection.  Start a money collection: keep the money from sales separate, use it ONLY for your con hobby.  Buy equipment you want or need.  A fine camera will help you sell coins easier and for a better price.  Buy supplies needed to keep the project going.  You get a better price on 100 envelopes than you do for 5.  While you might start with 5 envelopes, at some point you'll want to get ahead of the game so you can keep your costs down.  Buy more coins.  There are deals out there to be had.  You've got to do your homework.  If you sell some items, then spend the money on your electric bill it's the same as spending your coin collection. 
  
There are some DOs and DONTs when selling


DO
-Identify your coin, take the best photos you can, start bidding at a fair price or BIN at a price you are happy with.  If you can sell for 10% over your cost, that's pretty good.
-group coins together as needed to bring the estimated sell price to $10 or more.  Shipping on small value coins makes for a poor sell.
-include shipping costs in your listing.  $3 is fair, covers USPS 1st Class with tracking, and cost of the envelope, maybe a shipping label.
-have the coin ready to ship when the listing goes active: coin is in a holder, envelope, bubble wrap, mailing label, your paypal account in place.
-read the rules of the group and STICK TO THEM.
-offer a full refund of the purchase price for coins returned in 14 days, and be flexible with that 14 days.  This means you don't touch the money for at least 3 weeks.
-keep the money separated from your paycheck and  household money.  This is your coin money.  Use it only for your coin enterprise.  Consider a dedicated checking account with it's own debit card and Paypal account just for coins.
-describe the coin in detail, including features and flaws.  It does you no good to try to hide a defect-that will get you the coin returned.
-sell several items at the same time and let people know you will combine shipping.

DON'T
-expect to make a fortune.  This is your first time out.  Getting your money back plus a couple bucks is a fine start.
-try to sell BS.  People can smell it through their screens.
-list a price or starting bid below what you would accept.  You WILL be expected to ship at the selling price.
-start plastering your pocket change all over the place and expect good results.  You'll end up getting booted from the group. 
-refuse to ship because you made a mistake or are not happy with the selling price.  This is in your control.
-overgrade, make false claims, misrepresent the coin, inflate the price, or make promises you can't deliver
-charge more for shipping than absolutely necessary.  Cover your costs: envelope, packaging, mailing label, insurance if that's included, inkjet printer cartridge, paypal fees, and nothing else. 
-get emotional about your coins.  Be willing to let some go so you can move ahead.
-spend the money as fast as it comes in.  Set a target, say, a $30 scale.  Keep at it, you'll get there.  when you do, your reward will be waiting.   
-don't buy junk, don't sell junk.

Coin Roll Hunting offers a unique opportunity in that you can find valuable coins and get them for face value.  There are die varieties and errors that can be sold for a few bucks.  A decent WAM will sell in the $5-10 range pretty easily.  A 72 DDO #3 will get you a $20 bill.  A few 40% silver halves will quickly give you some working capital.  For lower value coins, group a few together if need be to get the value of the group high enough that it's worth more than the shipping cost. 

Selling coins is the next level up in coin collecting.  Make the leap.  Test the waters.  I can't promise you'll make a fortune.  You can turn some unwanted coins into cash and put that cash to good use improving your hobby.  You can repeat the process, picking up some extra money regularly, doing something you enjoy.  You can use the hobby to pay for itself.  There is more to life than working for the man and scrapping by eating ramen noodles.  You have to put in the effort.  You have to do your homework and have a good idea what you are doing.  Stick with it, picking up some extra cash here and there, you'll be able to move into buying and selling higher value coins.  Keep reinvesting your sales into the hobby.  Build your stock, keep it turning over.  People do this all the time.