Coin Dealers....

gene2393

I am a novice collector, only been in the hobby going on 6-7 years now, I am curious, I am interested in starting my own store and such, I would like to know what kind of advice there is available from those of you that have been in the business for years. Should i start online based then move to a physical location or how should i go about this?

Gene2393

DRUNNER

A huge topic. Not meaning to be insensitive at all, but I think a good place to start where you can go at this "at your leisure" would be the 'Search' feature on our site. This question appears 2-3 times per year and there may be some excellent information there for you from people who may not even post anymore. A good option for you!

Drunner

BillJones

If you think that you are just a "novice collector" you should get the concept of starting a coin store out of your mind. When I started as a dealer in the mid 1990s I had been a "coin collector nut" for over 30 years. Before I became a dealer I had studied numismatics long and hard and in depth. I made money every year, even when others were doing poorly, and did well some years, but that was because I knew a lot about a wide range of coins.

The only way that you can succeed as a “novice collector” is if you know a lot about a specific area of the market and are willing to work that market for all it’s worth. I know a guy in my area who deals in Walking Liberty half dollars, PQ looking Morgan dollars, Buffalo nickels and a smattering of other 20th century coins. He goes to major shows and buys that material in quantity. He’s got a web site, and he does well, but he does nothing in “classic” U.S. coins because he does not feel comfortable in dealing with them.

If you are going to be dealer, you need to be an expert in your field. Alternatively if you are going to be a dealer, and not an expert, you need to be great at marketing. But if you succeed because you are great at marketing, get ready to have a world of hurt when you customers see through you. If you take them for a ride because of your lack of knowledge, be prepared to get taken for a ride yourself. I’ve seen it happen, and it’s not pretty.

ctf_error_coins

Bill gave you some excellent advice.

I am making that move to becoming an error coin dealer myself. IMO you should specialize and become an expert in a specific area.

An Online store would be the way to go and not a B&M store as their is so much overhead in a physical location.

I have set up an online store, I buy and sell on ebay. I also have auctions with Coinzip. I wrote an error coin article for Coinsarefun with a link to my website. I have not sold at coin shows but that would be my next step.

I answers error coin question here and post cool looking error coins to help increase my traffic.

You need to be able to find inventory at a good price. I choose only coins with excellent eye appeal.

You need to run an honest business with great customer service.

It can work if you educate yourself and don't mind working extremely hard.

Good luck, Chris

gene2393

I personall.yhave a bit of knpwledge in wheat cents as thats what i collect most. id like to maybe start some thing online with those for now

bidask

open a store and buy and sell bullion