If you were going to start a coin business...

MrEureka

Is there anything that you would do that nobody else does? What would you do to rise above the crowd?

BTW, this is a difficult question. I'm not looking for "Oh, I would be different by being courteous and knowledgable and by having the lowest prices". That, my friends, is way too obvious. Tell me something I don't already know!

Russ

One would have to be insane to start a coin business.

Russ, NCNE

kieferscoins

If I told you, you would only laugh like you do to all my other sample slab posts. I'll keep my idea and make money myself without giving it away.

Cameron Kiefer

MadMarty

I would give out a Cammy punching bag with every $1000 purchase!

JrGMan2004

I would want to have an inventory with the selection and prices that'll draw the big buyers, but that'll also get the little guy too... it seems like I've seen that in a lot of the online coin business... they've got tons of high grade, high rarity, high dollar coins... and I hear that, "Oh, they're great to deal with!" and all this stuff... and I look for something in my price range, and I don't even come close to having enough money for even their low-end coins...

MrEureka

I would give out a Cammy punching bag with every $1000 purchase!

Where should I send my check for $3000?

MadMarty

<< <i>I'll keep my idea and make money myself without giving it away. >>



Cameron Kiefer Male Prostitute!!!

kieferscoins

I'll let you punch me three times for $3,000. I could put that towards my business.

Cameron Kiefer

boz

<< <i>Cameron Kiefer Male Prostitute!!! >>



He asked for an idea that would make money!

nwcs

I can only tell if I get a royalty.

MrEureka

I'll let you punch me three times for $3,000.

Cameron - For $3000, you could buy enough styrofoam boxes to build yourself a small (but very ugly) cottage. Seems fitting, in a way.

kieferscoins

Thanks for reminding me. I am going to take the pic of the box right now!

Cameron Kiefer

MrEureka

Thanks for reminding me. I am going to take the pic of the box right now!

OH MY! WHAT HAVE I DONE???

kieferscoins

I posted it in the other thread also with another picture:



Cameron Kiefer

MrEureka

CarlWohlforth

I would start an online coin trading network modeled after the NASDAQ. That would open up many opportunities. Wait... I think that might have been done already

Seriously, do you have any new ideas for us Andy?

RYK

If you were going to start a coin business...

I would be rude, nasty, grumpy, and would occasionally doctor a coin. It is a great way to get publicity around here.

mgoodm3

2 words: Hooter's Girls.

AmericanSilverEagleCoins

I would cut a deal with PCGS to make sure the coins I submitted uner my business name for my customers got done on time.

barberlover

Andy,

Their is nothing new under the sun.

If I were to start a coin buisness, I would rather do what works then whats new.

I like what some forum member dealers I've done buisness with have done. Offer really nice eye appealing coins at reasonable profit margins, with decent pictures of their coins.

Maybe not a revolutionary idea, but thats what I would try to do.

Les

kieferscoins

A couple of hot blonde women would be great for conventions. They would attract collectors and dealers to your table like flies.

Cameron Kiefer

JohnZ

I would follow Danglen's lead and offer a wide selection of World Crowns. If I had a brick-and-mortar store, I would display this selection of World Crowns near the popular US stuff like SAE's and Morgans. Many US collectors don't realize what an incredible amount and variety of coinage there is out there, much of it to be had at small premiums over bullion. (The cruddy pictures in Krause don't do anything but discourage potential darksiders in my opinion.)

I would also invest in slabbing many World Crowns, more for the sake of protection than grading, but it would be good business as well. After all, a lot of customers have jumped on the TPG train.

Edited to add that I agree with the Hooters girls.

kranky

I would make arrangements with CW, NN, Greysheet, etc. to buy reprints of articles and include relevant ones with orders. For example, buy a Unc Buffalo, and with the coin include a reprint of an article in the Monthly Supplement discussing year-by-year characteristics of Buffalos, and a list of books on them. Allow the publications to include subscription info on the reprints to get a better deal from them.

For customers spending over a certain amount in a year, provide a free ANA one year membership and a membership to their local coin club (if there is one).

Provide coins to club meetings that they can raffle off in order to generate name recognition and goodwill. Bigger meetings get nicer coins. Include a pile of business cards along with them.



<< <i>A couple of hot blonde women would be great for conventions. They would attract collectors and dealers to your table like flies.

Cameron Kiefer >>



Why, Cameron, they quit doing that in the 80's.

Barry

Accept credit cards at shows.

snapmohr

A couple of hot blonde women would be great for conventions. They would attract collectors and dealers to your table like flies.


i2 words: Hooter's Girls.

<< Cameron Kiefer Male Prostitute!!! >>[/

OK, how much do you think I could make....would it be profitable to get a boob job?
Who would make more ....me, Kiefer or the guy selling the coins?

JohnZ

OK, how much do you think I could make....would it be profitable to get a boob job?
Who would make more ....me, Kiefer or the guy selling the coins?

I know how I'd spend my money!

Come here big boy...

snapmohr

Darn, that Kiefer gets all the hunks!! Well, can't blame a girl for tryin" !!
snapmohr

JohnZ

Cocoinut

Nothing new about this, but I'd deal only in PCGS, NGC, and possibly ANACS slabbed coins recognizing that there is a differenve in the prices for coins graded by different services. I'd have someone create a dynamite website that I could easily maintain, post good quality pictures of all coins, and place small ads in Coin World to advertise. It takes time to build a business, so I wouldn't expect miracles overnight. I would NOT have a brick and mortar retail store - too much overhead. It seems that small retail stores are being put out of business by internet competition. I would avoid dealing in the nickel & dime stuff that takes a lot of time and produces little or no profit, and stock a lot of coins in the $50-$1000 price range, with more expensive ones, if they're real gems or key dates. I 'd be very choosy about what I purchased; if you buy junk you have to try to sell it, and it may sell slowly, possibly at a loss, or not at all. Fast and courteous service is a must for any new business. Word of mouth is often a very effective method of advertising, and you don't want to start off with negative comments being made about you. If I had a coin in stock, and the market dropped, I'd lower my price accordingly. I hate to have a dealer quote me an exaggerated price and tell me he's got XXX dollars in the coin. If he overpaid or held the coin too long, that's HIS problem, and he shouldn't pass on his mistakes to someone else.

In the end, it's all about treating people the way you'd want to be treated. Be fair, honest, and easy to deal with.

Jim

ohbaby

Start an exchange/trading board/auction site for people who want to sell their coins direct. Screen out the dirt bag dealers [we know who 99% of them are] and have tough rules to ensure service and satisfaction.

Whoever comes up with that will earn my biz. Ebay has failed and is vulnerable. Between 2000-02 I bought over six figures on ebay. I got ripped once and that was enough, no more ebay, I rarely look at coins there. All transactions are face to face now or via mail with dealers who know me.

The coin community is relatively small and well conected with forums and websites. Setting up an eBay alternative should not be impossible. If it's good they will come.

The hobby for most of us here is a meal ticket for the reputable dealers [a good thing] and a gravy train for the dirt baggers. Until that changes I will avoid online auctions as they exist today.

ealandg

Barry, you are a genius. If you accept credit cards at a show, I will be there.

wallstreetman

The Hooters idea is the best so far! Hey guy, can I look at that roll in your pocket?

relayer

I'd charge outrageous S/H

coinvet

With the way the economy is going today would be a great day to start a coin biz.

High stuff from only the best slabbers.

haletj

How about sell accurately graded moderns raw. Then someone could work on a nice high grade collection without so much money going into the slabbing fees. (And also store their coins the way they want to strore them, not in big scratched up bulky slabs where the coin is crooked in them sometimes!).

roadrunner

I would place the results of my clients and customers above my own, hopefully earning longterm business. Unfortunately, this is usually a losing proposition in the retail business.

roadrunner

JadeRareCoin

I would file the appropriate papers within the State of Michigan to be a Non-Profit Corporation. I am running a non-profit business as it is, so I may as well make it official. Know what I mean Vern???

Rodius

I actually spoke to my tax guy last year about this very subject...and the answer is not what I wanted to hear. Because this is a "collector" market and no "real" value as it pertains to the stock market values and the market funds stay away until I have a small buisness license and an inventory that exceeds $5000. He also advised that buying and selling on EBAY was also subjective when it comes to the IRS. However, on one of the threads there was some scuttlebutt about PayPal and EBAY keeping better records when it comes to the money coming in to sellers. Why does the government have to have its hand in everyones pocket.

I believe that one can supplement ones income with a coin buisness on the side, acting with integrity and honesty, and keeping strictly accurate records.

Also, as stated in this thread, networking will get you far. Make friends and when we expand our circle of influence, it will only benefit both parties.

Friends are the greatest benefit far beyond any price realized. What is you legecy????????

Rodius

I have to agree with RoadRunner. It is all about the customer/client. Their happiness is of the utmost improtance. I have sold a small and meager amount on EBAY and it is all about the return customer. In one aution that was non coin related, the shipping was beyond what I quoted. MY bad, but the customer was overwhelmed at the service. That's what it is all about. Customer satifaction!!!!!

nankraut

I'm with Russ on this one. Collecting coins is one thing...a great life-long hobby for me. But, a coin dealer; now that's not what I'd ever want to do.

relayer

I would be different by being courteous and knowledgable and by having the lowest prices

Philip

<< <i>I'll let you punch me three times for $3,000. I could put that towards my business.

Cameron Kiefer >>



Can I punch you three times for $3,000. No futher liability for medical expenses assumed, though

Goldfinger

I would offer a financial advisory service to wealthy investors looking to put together a high-value portfolio of coins.

Also, I wouldn't name my coin business after myself. "Goldfinger" sounds like a cheesy fictional name for a coin guy.

-Jay

JoyofCollecting

I would create a case (or web page if your internet only) and allow my customers to put coins on consignment into that case at 2% commission. I would allow them to put one dollars worth of coins into the case for every three dollars worth of coins that they buy from me.

This would encourage customers to buy from me, it would increase the amount of coins that I could offer to customers at any given time, it would give me a legitimate first shot at some great coins, it would encourage potential customers to come look at the consigned coins (just the thought of the dealer making no profit will intrique people and bring them into the store) and the hype from word of mouth will pull more people into the store/sight.

Just a thought.

Dennis88

It's on of my dreams to start a coin shop once...........

Dennis

Coppernicus

I wouldn't want to get into the coin "business." Ever notice how most smaller coin shops also have jewelry? "XXXXX Coin and Gem", etc. Many of these make more on jewelry than coins - more volume & better markups. That should tell you something about the retail coin business.

Add to that the impact of ebay and I believe the retail coin business is not very lucrative. JMHO

Mike

Neptune

Good advertising, good business name-logo-motto, good business plan, mucho bucks to invest, great inventory that caters to collectors and investors, outstanding service, no hooters girls - possibly some hunky men for the ladies, a kick-A$$ grand opening with food and freebies for all, some champagne to get the buyers buzzed so they will spend some of those bucks, great business cards, a website that is easy to navigate and spend, and weekly coin club meetings with informative subjects/speakers, etc. hmmmm sounds like a plan to me - now all I need is the mucho bucks.