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Article "Why I Am A Coin Dealer" by Patrick Heller
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Why I Am A Coin Dealer
By Patrick A. Heller
August 30, 2011
Someone recently asked me why I was a coin dealer. After giving a quick answer, I later thought about it in more depth. It turns out that there is a more to my choosing to be a coin dealer than simply trying to earn a decent living at something I find interesting.
I have always been an idealist, thinking that I could help improve the world one person at a time. This attitude largely came to me by observing both of my parents doing exactly this. They went above and beyond their job descriptions to improve people’s lives one small step at a time, with the result that many people benefitted far outside their circle of co-workers, friends, and families.
Most people dream of improving their financial well-being and security. As a coin dealer, I provide value to people to help make their dream a reality. But it’s not only offering competitive buy and sell prices, the real value of a dealer comes from these activities:
• Doing constant research to understand what is really happening in financial circles, then trying to explain it in understandable terms. This research involves identifying those who know what they are talking about, those who doesn’t have a clue but pretend that they do, and those who just don’t understand. Part of this process is developing reliable contacts who will give you the straight scoop (for which you return the favors over time).
• Writing consumer protection articles, giving speeches, and becoming a customer advocate, even in circumstances where it does not generate any business for you, such as providing volunteer professional expert service for the state attorney general’s fraud investigators.
• Giving customers, readers, and listeners the straight scoop, and doing so in such a way that they understand and can better decide what is in their best interest.
• Becoming a trusted adviser for the customers’ best interest, where you are comfortable not getting a particular deal when they found an opportunity elsewhere.
• Publicly decrying some “less than honest” business practices committed by some in the industry.
• Working (and paying the bulk of the financial cost out of pocket) to achieve a statewide sales and use tax exemption on the retail sales of rare coins and precious metals.
• Aggressively cooperating with police departments and county sheriffs to prosecute the occasional crook that dares to sell stolen merchandise to you.
• Employing a deeply knowledgeable and experienced professional staff that can handle almost any question a customer may have.
• Realizing that customers don’t have any “stupid” questions. Instead, perceive that they are doing an intelligent thing by seeking information on something where they have inadequate knowledge
• Providing a friendly and safe environment to visit.
• Avoiding cold calls to customers to badger them to buy “the next great thing.”
• Offering free education to the visitors at your “museum.” There is so much fascinating history involving coins, paper money, and exonumia.
• Sharing the fascination of numismatics with schools, fraternal organizations, senior citizens groups, and the like, making sure to pass around actual treasures that listeners can touch.
• Assisting fellow dealers and collectors for the mutual benefit on the hobby and industry. Supporting organizations and trade associations both financially and with a commitment of time.
• Helping student employees develop an entrepreneurial spirit. This has been one of the greatest satisfactions in my 30 years as a coin dealer.
Maybe you thought that all you had to do to be a coin dealer was figure out how to acquire merchandise at prices below what you could sell it. While that is certainly necessary, I think you will find that the coin dealers who engage in providing some of these extra values will derive greater enjoyment in their career. And, guess what, if you treat your customers like they are the most important people in the world, you will also likely get a greater financial return.
Numismaster link
By Patrick A. Heller
August 30, 2011
Someone recently asked me why I was a coin dealer. After giving a quick answer, I later thought about it in more depth. It turns out that there is a more to my choosing to be a coin dealer than simply trying to earn a decent living at something I find interesting.
I have always been an idealist, thinking that I could help improve the world one person at a time. This attitude largely came to me by observing both of my parents doing exactly this. They went above and beyond their job descriptions to improve people’s lives one small step at a time, with the result that many people benefitted far outside their circle of co-workers, friends, and families.
Most people dream of improving their financial well-being and security. As a coin dealer, I provide value to people to help make their dream a reality. But it’s not only offering competitive buy and sell prices, the real value of a dealer comes from these activities:
• Doing constant research to understand what is really happening in financial circles, then trying to explain it in understandable terms. This research involves identifying those who know what they are talking about, those who doesn’t have a clue but pretend that they do, and those who just don’t understand. Part of this process is developing reliable contacts who will give you the straight scoop (for which you return the favors over time).
• Writing consumer protection articles, giving speeches, and becoming a customer advocate, even in circumstances where it does not generate any business for you, such as providing volunteer professional expert service for the state attorney general’s fraud investigators.
• Giving customers, readers, and listeners the straight scoop, and doing so in such a way that they understand and can better decide what is in their best interest.
• Becoming a trusted adviser for the customers’ best interest, where you are comfortable not getting a particular deal when they found an opportunity elsewhere.
• Publicly decrying some “less than honest” business practices committed by some in the industry.
• Working (and paying the bulk of the financial cost out of pocket) to achieve a statewide sales and use tax exemption on the retail sales of rare coins and precious metals.
• Aggressively cooperating with police departments and county sheriffs to prosecute the occasional crook that dares to sell stolen merchandise to you.
• Employing a deeply knowledgeable and experienced professional staff that can handle almost any question a customer may have.
• Realizing that customers don’t have any “stupid” questions. Instead, perceive that they are doing an intelligent thing by seeking information on something where they have inadequate knowledge
• Providing a friendly and safe environment to visit.
• Avoiding cold calls to customers to badger them to buy “the next great thing.”
• Offering free education to the visitors at your “museum.” There is so much fascinating history involving coins, paper money, and exonumia.
• Sharing the fascination of numismatics with schools, fraternal organizations, senior citizens groups, and the like, making sure to pass around actual treasures that listeners can touch.
• Assisting fellow dealers and collectors for the mutual benefit on the hobby and industry. Supporting organizations and trade associations both financially and with a commitment of time.
• Helping student employees develop an entrepreneurial spirit. This has been one of the greatest satisfactions in my 30 years as a coin dealer.
Maybe you thought that all you had to do to be a coin dealer was figure out how to acquire merchandise at prices below what you could sell it. While that is certainly necessary, I think you will find that the coin dealers who engage in providing some of these extra values will derive greater enjoyment in their career. And, guess what, if you treat your customers like they are the most important people in the world, you will also likely get a greater financial return.
Numismaster link
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Comments
Pat Heller has been in the business a long time Al. Lighten up.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>
<< <i>"numismaster" advertises EBAY listings? They have really gutted that company. Shame on them
Pat Heller has been in the business a long time Al. Lighten up. >>
Tom, I asked who this feller was, you want me to write an atricle about myself telling everyone that I am the collector's colelctor. I don't care how nice or good a dealer is, i don't need to read someone's self written glowing article about themselves, now if someone else wrote it about them that would be a different thing. Otherwise it is self serving and outright dull and boring...just being honest.....can you handle the truth Mr Good two shoes
Silly Boy! I'm not Mr Goody Two Shoes!
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>
<< <i>"numismaster" advertises EBAY listings? They have really gutted that company. Shame on them
Pat Heller has been in the business a long time Al. Lighten up. >>
Tom, I asked who this feller was, you want me to write an atricle about myself telling everyone that I am the collector's colelctor. I don't care how nice or good a dealer is, i don't need to read someone's self written glowing article about themselves, now if someone else wrote it about them that would be a different thing. Otherwise it is self serving and outright dull and boring...just being honest.....can you handle the truth Mr Good two shoes
If you want a good chuckle....just read his weekly predictions or premonitions in Numismaster. I can't think of any that have come to fruition. In my book, he's nothing but a bullion dealer trying to peddle his wares.
<< <i>
Tom, I asked who this feller was, you want me to write an article about myself telling everyone that I am the collector's collector.
Sounds like a great opening post for a new thread!
PNG Honors 2010 Award Winners
(Boston, MA) -- The Professional Numismatists Guild (PNG) presented its outstanding achievement awards for 2010 during the PNG Day banquet held in Boston, Massachusetts on August 9, 2010. Patrick Heller of Liberty Coin Service in Michigan was given the Abe Kosoff Founders Award presented in recognition of a PNG member-dealer who has made a significant contribution to the Guild or to the numismatic fraternity in general. "Pat has shown enthusiastic leadership, dedication and selfless sharing of knowledge," said Gary Adkins, who chaired the Kosoff committee. The award is named after PNG's Founding President
I give away money. I collect money.
I don’t love money . I do love the Lord God.
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a nice read to be sure
thanks for posting it
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I was also the beneficiary of their vigilence when some of my coins were stolen several yrs ago. They recognized one of the coins as being mine and being suspicious they called me. The perps fled and I was reunited with most, if not all, of my coins. Sure glad I used them to get a half dime regraded by NGC. Got a one point bump and that coin was in the mix stolen. Whew!!!!
Am no longer in Lansing but when I come to town, I try to stop by. And, I recommend them to people I care about as The Place to go for bullion transactions.
Lastly, I love reading the Liberty Outlook. Sure its got hype but I find it both entertaining and informative.