Coin Dealer Wanta Be?

RKC by now your getting tired of my advise but here is just one more suggestion. I noticed at most coin shows there are at least one of more dealers that have jewelery. Not much, but a little variety. I have seen similar situations at gun shows. I asked one coin dealer and was told that many men bring a wife, girl friend, etc. in hopes to get them involved in coins. If this doesn't work, they get bored and may start looking into available jewelery. He said he always sells a little bit there. I've noticed some coin dealers also carry magnifying glasses, small flashlights, batteries and even some have knives. Versatility.

Hi RKC. I have been watching this post with much interest. I would say honesty is number one for a successful shop. Stability in your location and local advertising offering to purchase gold and silver as well as coins will help. Your walk in purchases(those wishing to sell off collections, usually from another family member) can build inventory rapidly. Keep your viewing areas open and neat. Leave a few inexpensive loupe's around for customers to use. Lots of coin magazines, price lists etc.

I would love to own a shop but any shot I had at doing it went out the window with high medical costs the last 4 years. Make sure to get your posts up and sell/advertise through here as well. Most people that come in with coins to sell really want to get rid of them. Your reputation for being fair can make or break you in most cases. The best of luck and keep us posted! Mike

Mike and biokemist6 sort of said the same thing many others have said so you can tell that being nice to people and versatility is highlly important. One thing about buying so called collections from walkins. I really hope you can detect counterfeits. Prior to opening you should really acquire as much info on that subject. I've known a few dealers that got burned really bad purchasing collections that were spiked with fakes. What these people do is buy a fairly decent collection from a coin show or from anywhere. If any rare coins, those are removed and replaced with the fakes. When presented to a dealer as an old collection from an inheritance, the fakes blend in with the rest and can be overlooked especially in an Album. One dealer I know that was in buisness for well over 30 years got a 16D Merc fake that way.
Probably as already noted eventually carry Proof sets, Uncirc sets, some commemoratives, coin albums, extra pages for albums, those press on letters and numbers like Whitman advertises, 2x2's, coin books, coin magazines, possibly a few stamp items, magnifyers, close up glasses, some jewelery, some pens, pencils, note pads, those plastic rolls, plastic sheets for notebooks with slots for 2x2's, notebooks, good lighting, possible music in the background. You also may want to contact any coin clubs for flyers of their club and lay them out. At coin shows one of the most common things is to have several large 3 ringed binders with those plastic sheets that hold 20 2x2's and fill it with the lesser valuable coins so it could be put out on the counter. You may want to look into carrying a supply of those 1-1/2"x 1-1/2" size flips for any local dealers since at coin shows that is prevelant around here.
Again, be realy carefull of walk in purchases. Around here that is a great way to distribute fakes.
You should probably print all this stuff out, then use my suggestions for lighting a fire in your fire place or bar-b-que grill.

Just Carl, Sorry I not braging about succuess with coins. To tell you truth I feel like an failure on it since I bought so much stuff and cant sell it seems, or I having severe problems trying finish my sets or stuff is wrong with them. The onley reason I make long post or whatever your saying was help coin dealer wanta be. I just want help those guys learn something from what I am doing or wanting to with buying large amounts of coin boxs from bank to search for them.

One other thing sorry all my post are hard read sometimes. I am still learning English all these years later. I was never talented in writing on an computer or anything like that. Stuff like that is easy for you but very hard me since I am still learning English and I onley type with one finger. I have lots problems even with little things the smart people like you do all each day.

RKC,

I was trying help you figure on geting lots inventory to sell in your new store. Trust me in state of Texas its takes lots permits and very expensive to own an retail store. I been there and done that since I owned an retail store in Houston Texas before. It was not coins but used cars. Its same thing in buying or selling anything. My advice to you is hire an accountant to help with all the paperwork each monlth. You need one where you can see if you making money or losing money. Its easy to overspend and not turn an profit I learned in retail before. Find ways to cut cost on your overhead if you can. Expensive overhead is why I shut down my car lot. I was turning an profit on stuff I sold but I was overspending on all overhead and was losing money becides making money. Before you open up. Shop around for cheaper rents and stuff.

Good luck you need all.
Chevrolet454ss

This might sound a little corny and someone might have already mentioned it but maybe try to give change using $2 bills, $1 presidential quarters, Lewis and Clark nickels, Kennedy halves, State Quarters, etc.

When I was collecting stamps more than I do now, most of the dealers would always send my purchases using old postage stamps...nothing rare but it was a nice touch and a collectible right there on the envelope.

just carl:
How old is old? it's just a mental state. Some days I feel like I am 19 although my body says hell no. Other days I think I feel like I am 100. At 19 I thought 60 would be the end of the world but I will top 65 before the end of the year. It's not so bad I just have to remember the old song " I'm not as good as I once was but I am as good once as I ever was". as for bi lingual it is necessary in Texas. I am proficient in Cajun, Bronx Brough, Dixie, Hoosier and Texas Red Neck. Anything else takes some doing but I get by~rkc

I came across an article on security pointing out that putting prices on coins at shows (at least more expnsive ones) increases the risk of robbery. Would-be thieves usually do not know values and a dealer makes it easier for them to evaluate a score by labeling coins with prices. The author pointed out several instances where this had happened. Just something to consider.