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Coin Dealers-What Do You Do?

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New Member
United States
6 Posts
 Posted 11/03/2011  10:16 pm  Show Profile   Bookmark this reply Add bigjpst to your friends list Get a Link to this Reply
Try reading "How to be a successful coin dealer" by Q.David Bowers. The printing I got was over 20 years old, but it has tons of information about starting up in the coin industry. He talks about everything from what reference material you need to buy and study before you ever buy any coins to how to buy, sell and advertise. It was a real interesting look into the coin business.
Pillar of the Community
afclassic87's Avatar
United States
564 Posts
 Posted 11/03/2011  11:05 pm  Show Profile   Bookmark this reply Add afclassic87 to your friends list Get a Link to this Reply
I see a major problem no one has really mentioned. Rachums107 is 16 years old. I know in my state you have to be 18 to own your own buissness exc. also customers might not take such a young man seriously. Don't get wrong I think owing your business is a great idea but you do need to be the proper age and enough capital saved up to start and run your business correctly. If I walk into a shop with little to no inventory I never come back. With the creation of the Internet coins are no longer as hard to find as they once were. You can find any coin you want.
Bedrock of the Community
GR58's Avatar
United States
11951 Posts
 Posted 11/04/2011  10:23 pm  Show Profile   Bookmark this reply Add GR58 to your friends list Get a Link to this Reply
with afclassic87

Just because a person wants to do something, there is still a need for experience and capital.

The majority of small businesses fail. Many fail because the owners have no idea how to run a business and do not have the capital to make it through the 3 to 5 years it takes to get established.
Pillar of the Community
Lobby's Avatar
United States
548 Posts
 Posted 11/05/2011  12:11 pm  Show Profile   Bookmark this reply Add Lobby to your friends list Get a Link to this Reply
We old fogies sometimes have a negative view of the world. Personally, seeing a young man so interested in starting his own business is enlightening and refreshing to me.

I wish this young man great success.
Valued Member
CowboyB's Avatar
United States
110 Posts
 Posted 11/05/2011  4:34 pm  Show Profile   Bookmark this reply Add CowboyB to your friends list Get a Link to this Reply
Lobby. Glad to see some youngsters interested in the coin biz.
rachums107 you might want to talk to your local coin dealer and see if you can work part time, after school or on weekends. Maybe he will pay you or you could start on commission only.
That would be a good way to not only learn the biz but gain experience also.
Edited by CowboyB
11/05/2011 4:35 pm
Valued Member
mariospaghetti's Avatar
United States
421 Posts
 Posted 11/12/2011  11:51 pm  Show Profile   Bookmark this reply Add mariospaghetti to your friends list Get a Link to this Reply
As a youngster I would hang out in the next town at a hobby shop and chat with them. I would be sorting through nickels and a buddy of mine would be going through the Half Cents with the 1/200 on the reverse. We asked all kinds of questions and wanted to open our own coin shop.

So I say to you learn all you can. Start saving and earning money. and like others have said check out other venues to get your feet wet. ebay and other ways to try it out.

I work a full time job and do collecting/ selling in my spare time. Now a days you don't need a brick and mortar store front to have a coin business.
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