How A Coin Dealer Does It
How do coin dealers make their money? It’s based on the people they know and collaborate with. They own the coin stores and search for people willing to pay the asking price. On the other hand, coin collectors seek to purchase coins for less than their actual value.
A coin dealer should have a web of people looking for coins. Learn how to become a dealer from this video.
After identifying willing buyers, the coin dealer should convince them to accept his offer and guarantee that the coin has a higher value. Why can’t collectors purchase and sell coins themselves without the help of a dealer? Sometimes collectors think their coins are rare and unique, making them highly valuable. However, they may struggle to find collectors to sell to. The coin dealer acts as an arbitrator between the buyer and seller in the coin stores world.
Many people wonder why coin dealers with lots of coins hardly consider reducing the price to sell more coins and earn more money. Dealers must ensure their coin stores aren’t depleted. As a result, he must regain the money he spent to purchase the coins. Reducing the price could trigger losses. Coin dealers are risk takers, meaning if they spend a lot on a coin, their risk rises because they must regain their expenditure.