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Start a Coin Dealer Business

What you will be doing. Collectors are always on the lookout for rare and mint condition coins. As a dealer, you would provide these items to collectors from beginners to those who have been collecting for years. Coin dealers buy and sell coins in their business. A coin dealer who is enterprising can also appraise coins for collectors. Being able to tell the worth of any coin that is shown to you is a valuable skill that translates into money for your business.

How to start. Do some research on the subject of coin collecting. Coin dealers need to know what coins are the rarest, the newest, and the most traded. Search for coin dealers on the Internet. Establishing a network with other dealers may come in handy when searching for coins to flesh out your inventory.

Someone in this business may be a collector themselves. If you have coins of your own, they can start you off. Visiting trade shows and other coin shops will give you an idea of the type of operation you want to begin with. You will also need insurance to protect your inventory from theft or fraud.

Start up costs. A business of this type needs a good deal of capital to set up shop. Consider taking out a small business loan. With that, you will be able to buy enough coins to get you started. Depending on your market, the coins you stock may be fairly expensive.

Equipment such as display cases, a jeweler’s eyepiece, and items to clean the coins may be necessary. A coin business will need space so that the coins can stay properly organized and space to work when you are appraising or cleaning the merchandise. For an at home business, a garage or other room in the house dedicated to the home business is a good idea.

Skills needed. A coin dealer should have knowledge of everything related to coins. There are people out there who will try to defraud dealers by offering counterfeit coins. A good dealer needs to be able to recognize a fake.

Most coins have a history or distinct features related to the time period when they were minted. Studying up on your history can help you to keep from being a victim of fraud. Also, bargaining is a useful skill when you and a customer are trying to reach an agreed upon purchase or selling price. Reading body language and facial features will come with time and practice.

Marketing. Advertise in trade magazines, free ad papers, and newspapers. The fees are nominal and you gain exposure in the community. Trade shows give you a chance to meet other dealers and serious collectors. The fees are a bit more, but the contacts you make will be worth the money.

A business like this would do well on the Internet. Con collectors can read up about you and your services. Descriptions of the coins you have in stock and new purchases when they are made, will keep people coming back to the site. Allow for comments and questions on your site to gauge how well you are meeting the needs of your target audience.

Coin collecting and selling can be time consuming. This business can make a lot of money when the research is done and the knowledge of the product is there.

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