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My dream is to open a coin shop in....
MGLICKER
Posts: 7,995 ✭✭✭
Tombstone Arizona. Been considering it for half a dozen years. I specialize in Morgan Dollars so Tombstone would be a good fit.
Sell coins to the tourists and run the online business when things are slow.
Probably less security issues than in Tucson.
Sell coins to the tourists and run the online business when things are slow.
Probably less security issues than in Tucson.
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Have been told that only a few property owners control the retail on Allen St. Have to get out there and see what I can do.
"O.K. Coin Corral" ?
"If I say something in the woods and my wife isn't there to hear it.....am I still wrong?"
My Washington Quarter Registry set...in progress
<< <i>I wonder how coin shops in tourist locations do. Seems to me that not many do serious shopping in these kind of places but are looking for some trinket to remember the trip. I could be wrong though. >>
The key is finding the right location at a decent rate. Just saw a 16,000 ft building for sale at $2,900,000.
Obviously way more space than I need, but it gives me an idea of square footage cost.
Be heading out there next week.
Or maybe PCGS would do a custom Tombstone label with a crude crucifix. Pedigree anyone? There's the Earp collection, McLaury, Clanton.
You could get rich! Well, maybe not.
Lance.
<< <i>I won't think tourists would be looking for high dollar coins and I doubt many would be bringing in coins to sell. >>
they are springing for stetson hats!
<< <i>Stock up on the less expensive CC's in VF. Sell them in weathered wood boxes shaped like coffins with some marketing hype. >>
Wouldn't even need a vault. Just find an old tree to hide the good stuff under.
<< <i>Arizona in the summer. Now that is real melt value. >>
Tombstone is high desert, 4500 ft elevation.
Have a Great Day!
Louis
<< <i>
<< <i>Stock up on the less expensive CC's in VF. Sell them in weathered wood boxes shaped like coffins with some marketing hype. >>
Wouldn't even need a vault. Just find an old tree to hide the good stuff under. >>
Tombstone, AZ - November 4, 2068 - Local man discovers $10,000,000 hoard of silver dollars in his backyard.
It was just announced that a long-timeTombstone resident discovered a hoard of circulated US silver dollars in his back yard.. Michael "Little Mikey" Glicker III, grandson of local entrepreneur Michael Glicker, famed owner of the Tombstone Coin Cemetery and The Chicago Pizza and BBQ, made an amazing find in his backyard yesterday. The hoard, two put-together rolls of various dates issued by the US Government and made at the historic Carson City Nevada Mint. The two rolls (40 coins) were immediately seized by Federal officials who watched the discovery when one of there drones spotted "suspicious activity".
Recompense was made with a Universal Debit Card to the value of the silver. The forty coins contain almost a full ounce of silver (an IRS agent was observed with his thumb on the scales) worth, at current market rates, $250,000 per ounce. The 178,437.92 amount was the remainder of the $10,000,000 after Federal, state and local taxes were subtracted..
"Little Mikey" was ebullient. Said he, Grampa used to tease Dad about some great stuff to "be found in the yard." Dandled we kids on his knees and whispered "Someday your Dad or you kids are going to worth more than the Flying Dutchman Mine. Remember these three magic letters but don't tell your Dad until the day comes"
"Pay attention, then keep your mouths shut." ROI. .
Good luck
WS
Make sure your coin shop has "upper level partitions" for a little business on the side too. The upstairs business could only be paid for with silver dollars which would greatly increase your revenue.......
OINK
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.americanlegacycoins.com
really?
the online business is irrelevant, you can do that anywhere. You want to be in the business of trying to sell coins to tourists?
really?
Liberty: Parent of Science & Industry
<< <i>"Sell coins to tourists"
really?
the online business is irrelevant, you can do that anywhere. You want to be in the business of trying to sell coins to tourists?
really? >>
Actually I want a good excuse to move out of Tucson and relocate to Tombstone. Coin shop is a bonus.
<< <i>I think if you sell smoothies too you will be OK. >>
Most of the Morgans will be.
Good luck if you are serious!
<< <i>…my pajamas. >>
Sorry RYK, no consignments at first!
all those wall street'ers are so hyped up on securities and paper, those few old guys who actually remember buying physical gold are already retired.
as for the tombstone bit - I think those peeps would rather buy cell phone accessories.
without the young people actually participating in the hobby - we are in for a big downturn in about 20-30 years
<< <i><<Note the upper level partitions, where business was conducted on the side>>
Make sure your coin shop has "upper level partitions" for a little business on the side too. The upstairs business could only be paid for with silver dollars which would greatly increase your revenue.......
OINK >>
More profitable if the customer service agents are particularly adept at their trade.
<< <i>
<< <i>I think if you sell smoothies too you will be OK. >>
Most of the Morgans will be.
If you sell fossils, as well as cater to them, I just might drive down to your shop.
RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
CJ: 'No one!' [Ain't no angels in the coin biz]
Customers might be afraid you'll bury them.
<< <i>Tombstone!?!
Customers might be afraid you'll bury them.
You have to earn the buyers trust. It can't be taken for granite.
<< <i>
<< <i>"Sell coins to tourists"
really?
the online business is irrelevant, you can do that anywhere. You want to be in the business of trying to sell coins to tourists?
really? >>
Actually I want a good excuse to move out of Tucson and relocate to Tombstone. Coin shop is a bonus. >>
That sort of shuts up the naysayers. Coin shop as a hobby, just so you have an excuse to go there, and a place to go when you do. Could be an expensive hobby, but if you got the money...
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
if i had a shop in Tombstone id stock
bins of no date buffalo nickels
silver ounce "bullets"
one ounce copper rounds
reproduction brothel tokens
magic coins
Tombstone is a dying town ... just a matter of when
I used to be stationed in Ft WeGotcha back in the early 70s for a while. The place had much more business then. This last generation has no real attachment to the Old West emotionally and I predict at one point the town will be dead.
Last time I was there Chaperoning (sp) a school field trip, it wasn't doing so well.
IMHO, the money to be made in coins is on the buying end. Your opportunities for buying collections there would dry up faster than your spit in July.
The coin shop in Virginia City has really high prices. I'm surprised they're still in business. Goes to show how much I know.
What about the Windy City's second best victual, just a bit behind franks and ballpark brats (and those special condiments)?
What about pizza? The occasional care package from The Saint?
<< <i>IMHO, the money to be made in coins is on the buying end. Your opportunities for buying collections there would dry up faster than your spit in July. >>
Thank you for the input. I will spend a fair amount of additional time in Tombstone before making any decisions.
Considered opening a full scale B&M in Tucson a decade ago. Still fresh in my mind was a slaughter by two thugs at a Pizza Hut less than a mile away. That was over a few hundred bucks, what would they do for a load of silver or gold.
Perhaps I am delusional in thinking that Tombstone is less prone to such crime, but I believe it to be much safer for this type of business.
If I am wrong, Boot Hill is right down the road......
Will keep you guys updated.
<< <i>Go for it!
"O.K. Coin Corral" ? >>
I like it!
That would be $181.25/ft².Tourists will buy your junker dollars if you have them priced right.You better be able to move quite a few of them on a regular basis if you expect to see a modest profit. It is highly unlikely that you will get much interest from tourists for your better date/better grade Morgans.
A common tourist question:
Why are some of your silver dollars in plastic holders and why do they cost so much?
Great spirits have always encountered violent opposition from mediocre minds.-Albert Einstein
Of course, if you wanted to choose a town other than Tombstone that has an Old West flavor to it, you could always simply move a little bit further West into the lovely Old West town of Calico, California.
Calico is right next to Barstow, California and has always (at least in my mind after visiting there once in 1981 while driving back to LA from attending a Vegas wedding and observing residents and tourists of the old mines located there who were so "out there" that they would scare the pants off of "Humungous" and the other assorted bad guys in the Mad Max movies) been known as "The Playground Of Barstow's Effluent".
Best of luck.
Maybe on your fact finding mission you try to make a deal with a current store owner to try out your material, see how things actually sell there. Why go all in at once? I wouldn't open a pizza stand without actually working in one for least a year.
Personally, I'd never want to get pinned down in a shop in AZ. Would want to head to the hills and swing a metal detector or dig gemstones in the desert during winter, have a beer in Tombstone, then get back north for the summer and do the same there.
Just a suggestion
Actually most any business will be viable if you work at it, roll with the flow and make changes as needed. I personally would be a bit worried but if you control the cost.....
I would be concerned about material coming thru the door to buy. You need those old widow ladies and meth heads bringing in coins/silver/bullion that you can buy for cents on the dollar.
NGC registry V-Nickel proof #6!!!!
working on proof shield nickels # 8 with a bullet!!!!
RIP "BEAR"
<< <i>Tombstone Arizona. Been considering it for half a dozen years. I specialize in Morgan Dollars so Tombstone would be a good fit.
Sell coins to the tourists and run the online business when things are slow.
Probably less security issues than in Tucson.
Not a bad idea. Last time I was in Carson City I almost felt obligated to buy a silver dollar from one of the two main coin shops that are within a block of the museumed Carson City Mint. (Did take home the commemorative coin they were minting that day though. Tip to those visiting CC, don't miss seeing the original money press in action which locals make a point of operating each Friday - or so I understood though the link below only guarantees it operates on the last Friday of every month. Probably depends on the season and if they have a run of commemoratives they are trying to get out.)
The original Press at the Carson City Mint