Retail Coin Shop

bidask

Ok , so is it time to consider opening a coin shop in your area? Do you think there is room for one more dealer in your area? The retail coin dealers ( ones with shops/store) are cleaning up with walk-in business!

segoja

Not so sure it's all that easy!

They may be making money know, but they've paid their dues!!!

Caricon

There is no coin shop here. Don't think there has been one around here for years either. The only coin shop
I know of is an hours drive away. About 40 miles away or so. I wouldn't want to open one myself since I'm
not really any type of professional on coins. I just like to pick some older ones up now and then, just toss them
into the chest and leave them there. Maybe in 20 years or so I'll pull them out and take a look.

coinandcurrency242

I only have one coin shop around where I live. They have weekly auctions for collectors who want to sell a coin or two.

BECOKA

there are only two shops in about a 20 mile area. They are both pretty well established and I have never seen the shops with no customers. I don't think I would have much luck.

michael

only if you got a feeder and you can buy cheap this is the ONLY REASON YOU ARE THERE TO MAKE M,ONEY

jdimmick

We have two retail shops in the area. One the guy is a big rip -off as he charges very high, and buys for very very low, the other is decent.

I opened up a business this past year, but went the office by appointment /consultant route with yellow page advertising ,etc. The money is made buying coins as I have other avenues for selling such as e-bay, Ccu forum , shows etc. It wasnt cost effective for me to open up a store front to sell state quarters, silver eagles and supplies which is 95% of what over the counter sells are here locally. I can offer competative buying prices with lower overhead and also offer better quality coins at better prices as well with want list service.



Jim

mrearlygold

There's not enough money in the world for me to sit inside a fishbowl like that again.

JJM

go for it !

ScarsdaleCoin

All I can suggest is that you take a look at the real costs associated with opening up a store...spend a few dollars to sit with a CPA its money well spent....

Now along those lines..... what do you think a fair pay would be for someone working at a store....or what would the average fellow accept to work 40 hours a week in a coin shop 20k, 35k, 45k.... let me know what you think?

Bochiman

If I had enough $$$ to retire and do it for fun, and not worry about hurting my family's nestegg/college fund, yes, I would do it as I think I would have a lot more opportunity to get some great coins for our collection.

Would I give up my day job to do it? Nope. I wouldn't be able to rip people (not in my personality trait) and I probably wouldn't want to sell a lot of the items (and, I wouldn't be able to rip off people on the selling end either).

ABC123

If you have the Money, the Time and the Location---anything is Easy !---Donald Trump

bidask

Anybody remember the days when gold was on its way to $800 and silver to $50 . Where I live not only were shops popping up but literally strreet corner kiosks advertisng to buy. I know we are not in that environment but I have seen alot of business walk thru the doors of the retail stores where I live and yes they buy low and want to make money. Just seems like there is room for more.

bidask

<< <i>All I can suggest is that you take a look at the real costs associated with opening up a store...spend a few dollars to sit with a CPA its money well spent....

Now along those lines..... what do you think a fair pay would be for someone working at a store....or what would the average fellow accept to work 40 hours a week in a coin shop 20k, 35k, 45k.... let me know what you think? >>

I think there are knowledgeable collectors out there who would work for any of those amounts. Throw in benefits and a 401k and you'll have no problem finding people to work for you. But clearly the pay would depend on how much you as an owner is doing in business.

bidask

<< <i>If I had enough $$$ to retire and do it for fun, and not worry about hurting my family's nestegg/college fund, yes, I would do it as I think I would have a lot more opportunity to get some great coins for our collection.

Would I give up my day job to do it? Nope. I wouldn't be able to rip people (not in my personality trait) and I probably wouldn't want to sell a lot of the items (and, I wouldn't be able to rip off people on the selling end either). >>

I agree you have to have the occasional rip to be in that business full time and thats not necessarily bad.

SamByrd

i would say do somethong else if you want to make a decent return on your work and investment. Retail coin stores are fading fast, do a sheet with start up and other cost, insurance floating at least 50k of inventory and the concept you wont gross dollar one of profit for at least a few years if then.

if you dont need to make a living and are retired or wealthy then a coin shop is the great.

however if you have the bug why not start selling at some of the shows, buy attractive and good for the grade coins and mark them up slightly start getting a name and see where it takes you.

bidask

<< <i>i would say do somethong else if you want to make a decent return on your work and investment. Retail coin stores are fading fast, do a sheet with start up and other cost, insurance floating at least 50k of inventory and the concept you wont gross dollar one of profit for at least a few years if then.

if you dont need to make a living and are retired or wealthy then a coin shop is the great.

however if you have the bug why not start selling at some of the shows, buy attractive and good for the grade coins and mark them up slightly start getting a name and see where it takes you. >>

Well, like someone else mentioned, the reason to have a retail store is to buy the deals that walk thru. Whole lot different than trading on the bourse. Look at some of the most successful dealers and you will see they have a retail shop, namely Julian Leidman and Jack Beymer, among others. Scarsdale, what do you think? Is it worth the effort?

Coinosaurus

<< <i>however if you have the bug why not start selling at some of the shows, buy attractive and good for the grade coins and mark them up slightly start getting a name and see where it takes you. >>



Sam has the right idea. Good experience, and a lot less risk doing it this way. If you are successful at this, then maybe go for the store later.

lordmarcovan

My very-small booth in an antique mall is the only thing that passes for a coin shop in this area; perhaps in the entire coastal area between Savannah, GA and Jacksonville, FL. Unfortunately, though, I don't often get the benefit of buying from the public, since I am mostly an absentee consignor (they have keys to my cases and sell the stuff while I am not there). Of course, that has its benefits, too, and the overhead is low.

Bryan1315

I actually think one in my area could do rather nicely, the closest one to me is 80 something miles away and it has some smart a$$es running it, I guess because the closest one to them is another 30 miles away

bidask

<< <i>I actually think one in my area could do rather nicely, the closest one to me is 80 something miles away and it has some smart a$$es running it, I guess because the closest one to them is another 30 miles away >>

Gets you thinking too.