Coin Business Advice

Its a double edged sword. obviously walk in business would be better and you would get the chance to get things youre currently missing out on from people selling, but at the same time its not cheap and those bills significantly what you have to sell before you start to make anything.

Only you know the area youre in but theres a lot of things to consider before jumping right in. Will you rent or buy the space/what will it cost a month? Where will that space be? Whats the competition like in the area? Do you have the inventory and is there the demand for a coin only store or would be it a coin and jewelery type store?

Theres a lot more to think about than just that but its just some of the things to start to figure out if youre thinking of opening a store. It can be a way to increase business, but at the same time a lot of physical stores go out of business with the added expense. You may want to try getting a table at some coin shows in the area and see how that goes before diving head first into a store.

We have two coin stores in the area, and the margins are small. Think about rent, utilities, security, sales tax collection, and your time commitment. You also need a larger inventory, which needs insurance. On the other side many people want to examine the coin, not a picture.

Unless you have a large inventory, the issue will resolve itself, because people will come in once and no more. We had one person try this in our coin club, and the comments included such things as too little quantity, and mostly lower grades than would be worth considering. And, he opened two blocks from one of the two well established shops with great inventory. Think, think some more, think even more, then ask do I have enough to start? Can I wait for customers to find me?

It's really tough running a small business. That being said it's very rewarding and a brick and mortar will definitely increase your ability to bring in new and unique pieces from local walk in traffic. I constantly visit my local shops and would be lost without them. I wish you the best if luck in all you endeavors.

I'm thinking the brick and mortar model of numismatic sales is dying - there are too many other options for the buyer. B&M stores will still be viable in large-enough markets, but it's not a path I'd advise anyone to take.

If I were going to do it, I'd be building a combination of an online presence and the show circuit as Carl's acquaintance does. Put yourself in front of a dedicated audience. Your online store must be characterized by appealing design, big, clear images of the coins, fair pricing and fast turnaround; there's a ton of competition and you have to stand out. And don't expect it to take off immediately, it'll have to be built over time.

Your coin show presence has to be characterized by a large inventory of coins people wish to buy. Nothing below VF, wide selection of types (plenty of issue specialists exist, and they're been doing it a lot longer than you). Price high and be ready to dicker.

That's how I'd do it. But first and foremost, however you wish to do this, you have to have stuff people want to buy, and a lot of it. My initial guess is an inventory total of roughly $50-$100k retail is bare minimum if you intend to earn a living selling coins.

Yoccos.............




VERY newbie here ... via coins

However NOT a newbie with Brick and Mortar.

The business you are doing now, does it include modern coins? Is there a way to buy at face or close, and turn a buck?

When you buy at FACE ... you can liquidate via ZERO loss.

Makes me wonder how this point has missed so many high Dollar B&M stores.

Are you selling Error coins. In a very small way I have pocketed a dollar with modern error coins. Do you have anyone to help you? ebay listing IS time consuming.

It has been decades since I met a pay roll. It was brutal, even back then. Signing a new 3-5 year lease was a heart attact for me each time.

Go all so ever slowly ... into Brick and Mortar.

But when you do put your soul into the effort.

DO NOT try to sell what ===>YOU<=== like.

Hope you the best