How can I make money as a coin collector with no experience or knowledge?

Coin collectors don’t make money by collecting coins – they make money when selling all or part of their coins; sometimes to profit, sometimes to liquidate part of a collection, sometimes to pay bills.

Collectible coins are an accumulated or acquired asset. You are in a position to make money with coins when you can sell them for more than what you paid.

Most collectors (myself included) have a fondness for coins and collect for fun. If you approach coin collecting as a business, You can make money, but you need to learn the market. Your coin collection becomes inventory, you need to manage it, track your costs, advertise, and buy and sell to build up your business. Some coins may have value but not sell well; a downturn in the market may cause a downturn in your business.

If you are truly interested in coins as a business (and you need to treat it as such) I would suggest educating yourself as to what coins can make a profit, which coins sell quickly vs. sit on a shelf, and what kind of investment you want to make in your coin business.

Making friends with a local coin dealer, and going to shows is also helpful – their experience and advice can be invaluable.

To recap:

  • Decide whether you want to be a collector or coin dealer/trader
  • Treat coin collecting like a business, not a hobby
  • Learn as much as you can about grading and coin values
  • Track prices in the coins you want to inventory and sell
  • Make friends in the business, you will benefit by knowing them

Books that may help:

A Guide to Coin Collecting: A Guide to Buying, Selling and Finding Coins Online (Amazon)

Pleasure & Profit: 100 Lessons for Building and Selling a Collection of Rare Coins (Amazon)

Websites:

Dumb People Can Make Money in Coins

How to Make Money as a Coin Collector

Get the Inside Scoop on Buying and Selling Coins

YouTube video (one of many):

Thanks for the A2A! (This question originally appeared on Quora)

I wish you the best of luck in your numismatic endeavors!

Disclaimer: I blog about coins on my site, Pocket Change Riches

Welcome to Pocket Change Riches

Valet tray (coins not included) from Amazon

By Alan Chenkin, who jingles his coins…

With Credit cards and smart phone payments we hardly need to carry cash anymore.  While it makes me a bit of a throwback, I will miss the bulge and jingle of change in my pocket.  For example, slot machines Have been using paper money, credit cards, for wagering and paper slips for winnings when you cash out.  They used to have big trays to catch the players winnings, and the noise of all the coins dropping was like a siren call to all the nearby gamblers.  Casinos used to distribute sealed towelettes to slot machine players because of the dirt that would accumulate on their hands from handling coins while playing.  And kept coin cups nearby to hold the winnings of the lucky players! 

In my man cave, I have always been in the habit of throwing my loose change in a cup on my dresser every evening.  every so often I will sort it out, and hunt for coins of value;  old silver coins – the odd foreign penny or farthing; sometimes a Euro – so I can celebrate my “find” and put them aside.  For the older silver and well preserved coins I have “Coin Flips”, for keeping the coins clean after I wipe them with a cotton sock, er, “coin cleaning rag”.

Coin Flip Assortment - Cardboard 2x2 Holders - 25 each of 6 Sizes
2×2 coin flips from Amazon
Collecting coins is almost a passive hobby in this way – seeking finds in pocket change (ergo “Pocket Change Riches”) and finding fun collectible coins in stores, on EBay, or yard sales.  We all have need for money, and what painless way to accumulate coins and potential wealth, just by emptying your pockets!
 
I hope you will join me in this journey of coin collecting and enjoyment as I answer questions from my readers and post them.  feel free to comment or share, and I will respond to any requests or queries to the best of my ability.
 
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