Thinking of adding coins to my store.

Julio

The only brick and mortar coin shop in Florence, SC recently closed due to the death of the owner. I know I miss it and could never replace his selection or expertise, but I'm thinking others miss it also. What seems reasonable and cost effective would be to have some ASE, Mint sets etc. for Xmas as stocking stuffers for those last minute shoppers. I'm set up as an LLC with all current licenses etc. I've got what is a ton of money to me already sunk into art/sculpture/jewelry equip. and salaries so I can't get into the high end coins. Don't have confidence in my grading abilities to allow for purchasing of coins. Good idea, or an accident waiting to happen? TIA. jws

Everytime I think, I get in trouble. jws

Compa

Your suggestion of ASEs - mint sets - etc seems reasonable. If things don't pan out, you should be able to dump them anytime for at least your purchase price. As long as the other business expenses are already covered you have little or nothing to lose. Go for it!

CarlWohlforth

<<money to me already sunk into art/sculpture/jewelry equip. and salaries>>

Does that mean you already have a store of some sort?

It couldn't hurt to display some coins. You would want to take the ANA grading course so you could feel confident in buying some stuff.

Julio

Does that mean you already have a store of some sort?

Yes, so the overhead is already there. I've been open since 9-05. I've even got a few extra cases for display so the outlay to make it happen would be minimal. Room will be a problem. jws

stiffy

Get thee to the ANA summer seminar next month and take a grading course.

Plenty of folk will help you in ways other than just grading.

carl

Absolutely YES. Don't worry about having high end coins. Remeber that someone has to have the common coins that a YN can acquire for a reasonable price. And think of this. If you start getting a few young kids interested in coins they may bring their parents there to see what they want to buy and guess what. New customers. And remember the young kid you have as a customer today will some day grow up to be an adult customer spending even more money.

Julio

That's the shop. jws. Thanks all for the input. Keep it coming.

StrikeOutXXX

<< <i>Absolutely YES. Don't worry about having high end coins. Remeber that someone has to have the common coins that a YN can acquire for a reasonable price. And think of this. If you start getting a few young kids interested in coins they may bring their parents there to see what they want to buy and guess what. New customers. And remember the young kid you have as a customer today will some day grow up to be an adult customer spending even more money. >>



Julio - I have to agree with Carl on this point. The only place within an hour of my house with coins is a little antique store. Basically just one small above counter display case with maybe 50 coins at a given time. Mostly common stuff that they get in estate sales, auctions, or walk-ins, but great for my son, or filling Whitmans - and now and then they have a few nicer things.

Most of the time I go in there I'm with my wife, or my son will have her run him in there real quick. I think she's spent as much on antiques as we have on coins. She wasn't real big into antiques before this either, just by being there she found stuff she likes. I'm sure you'll find some crossover business from your coin sales.

Barndog

Your store front is beautiful. Coins don't look like they would "fit" into that theme. However, as others have pointed out, modern mint products purchased at judicious prices, could fill a local niche. You will need some grading skills, since people will learn quickly that you sell coins and likely offer some to you hoping to sell -- and you won't want to pass up good opportunities.

Julio

Barndog; You will need some grading skills, since people will learn quickly that you sell coins and likely offer some to you hoping to sell -- and you won't want to pass up good opportunities.
Also your point; not fitting the theme, is valid.
I'm still chewing the fat on this one. Our average customer has money, but does not waste it. They will kick the tires on the BMW even if it's new. We have a large medical community in Florence, but they still expect a bang for the buck. Bottom line: I live and die by my reputation. A satisfied customer will tell a few friends, a customer who thinks he/she was mistreated will talk about you until they die. I would hate to endanger my core business to indulge a hobby. Yes; I need the grading course, no doubt. Life is short and I'm getting old. I'm thinking I'm gonna give it a try. 2 employees will also need to get up to speed. They know which side the bread is buttered; and right now, it's art. jws

Your mind is a jail; it can never know how much of the object it knows is in the object, or in the mind that "knows," Such are the sensations whose verdict gives you "truth." Will Durant

F117ASR

I see no harm in stocking a few mint products. As others have said, if worse comes to worse you can just sell them for issue price. Coins don't take up too much space so it's perfect. I would just stock some silver proof sets, mint sets, ASE's etc. You may spark intersest in someone and it's fun. This works out great since you already have a store.