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 Replies: 26 / Views: 4,640 |
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Bedrock of the Community
 United States
18657 Posts |
Hey folks just want to get opinions comments etc on a business opportunty I was thinking about. People have old coins they have saved over the years or inherited coins and they have no idea what they have; what value they are and how to sell them. I'm disabled and looking for something I can do from home. I was thinking of starting a small business grading assigning some type of value and assisting these folks in selling these coins. Ive been collecting for 50 years and grading seriously for 40. Do you guys think this is viable? Is there anything you can think of that I would need to keep in mind when structuring a business like this? Is it a stupid idea? Do you think folks would pay a fee to evaluate their hoard or a percentage to list and sell the better ones? Any comments would be appreciated. |
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New Member
United States
28 Posts |
Ok, Great idea but I would not really go into the grading buisness because the NGC can recive a shipment and grade and case a coin for like 12 dollars. On the other hand, you could make a site that people could fire up a search engine and search a coin and see how much its worth. if you do try to do a website I wish you the best of luck i would also use a site called concrete 5 to build your website or use wix and pay for a domain but dont buy wixes plans they will rip you off I sugest that you buy a domain at http://www.godaddy.com for 1 dollar a month hope you find spmthing you would like to do! |
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Rest in Peace
United States
4078 Posts |
Interesting. we just got home from a brief trip. Let me settle in. I have done somewhat of what you are trying to do, Later.
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Bedrock of the Community
 United States
18657 Posts |
I'm not interested in starting a grading business just to grade their coins so that values can be assigned to give them a sense of what their cache may be worth. Most folks that have no idea about coins end up at pawn shops or gold silver shops and leave a lot of money on the table as they don't know where to turn. I was thinking of just doing this locally as it might be difficult to do this at a distance. It may not be cost effective.
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Pillar of the Community
Canada
4227 Posts |
I think it's something that would be a help to people, but how would they find you? Advertising would cost a fortune likely, that's how those "businesses" that spend a lot to post locally in papers, come into town and set up in a hotel to fleece people work. I like the idea, but don't see how customers would find you. Hope you can figure something out though.
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Rest in Peace
United States
18456 Posts |
 sounds like a good idea, but will you have them bring and leave their coins with you. I don't think they would want to do that. and if you went to them would you stay at their residents for a long time if they have a very large collection ?  Something to think about. |
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Bedrock of the Community
United States
18657 Posts |
Tbop, I thought of that. Not sure how to that out as it could take a while to through a larger collection. Maybe a bonding company or say under 50 coins in their home more than that maybe some type of contract. The other open item is pricing. If it takes 5 hrs to grade and value a small collection I may not be able to charge enough to make it worth my time. I thought maybe doing scaled pricing. 1 to 25 coins 25 to 50 coins 50 to 100 etc and set a flat fee for each group. Also thought about selling the coins for them. Maybe a 60/40 split or 70/30. I would think that I would weed out all the commons first and only deal with lets say $10 value or more coins. lots of loose ends |
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Bedrock of the Community
United States
20753 Posts |
I would seriously reconsider such an adventure. Of course this is pending on who you are, where you live, who lives with you and several other factors.
The main thing to consider is criminals. If you advertise you are interested in anything with coins, stamps, guns, knives or anything of value, remember not all that sells such adds are honest people. You mentioned your disabled. Might not be in your best interest to allow people you don't know into your house. If they think your doing anything with items of value and your disabled, I really don't think you should get involved.
Just my opinion based on where I live and the people I've met and know.
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Bedrock of the Community
United States
18657 Posts |
Good point justcarl. My disability only precludes me from sitting in an office for 8 hrs. I also have a carry permit  . I would not advertise either one |
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Pillar of the Community
United States
1314 Posts |
Consider passing out business cards to Law Enforcement, that needs to value and identify goods, Law firms that deal in divorce and inheritance, any local ebay brokers the list for customers and local coin clubs. When the court needs an expert, a lawyer will pay well for your expertise. Good luck. |
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Bedrock of the Community
United States
18657 Posts |
Excellent leads chute. Thanks. May have to consider a png affiliate membership to add credibility. Was thinking of that as an option
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Moderator
 United States
188213 Posts |
I think Chute has the right idea.  Adding a PNG membership would probably look good on those cards as well. The only other think you made need is some references. |
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Pillar of the Community
United States
4591 Posts |
The job is called an appraiser and depending on where you live, you will need the appropriate business license, plus insurance and possibly a bond.
-----Burton 50+ year / Life / Emeritus ANA member (joined 12/1/1973) Life member: Numismatics International, CONECA Member: TNA, FtWCC, NETCC, EveryCountry (online) coin club Owned by three cats and a wife of 40+ years (joined 1983) Author: 3rd Edition of the Sample Slabs book, https://www.sampleslabs.info/ |
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Bedrock of the Community
United States
20753 Posts |
And too you should really get to know as much as possible about fakes.
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Pillar of the Community
Canada
1747 Posts |
Lastly, something that has not been mentioned yet, and something that might save you is insurance. I do not know how easy this may be able to attain for this kind of business, so good luck. You need to minimize your exposure to lawsuits, if you sell stolen items, what if you mistake a fake for a real coin? or vice versa? In the USA where its sue first ask questions later mentality you might have issues. as per your question about pricing, I would start with this, free 10 minute appraisal, this would be let me see what you have, and if nothing is of real value then its not a big deal for the client. I would say that 90% of inherited caches will be of junk silver with a few possible key dates etc. |
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Valued Member
United States
70 Posts |
I think it's a great idea, however the key would be making the people feel comfortable with you. To start off, get licensed, and bonded, then I would offer the service right at their home or business, that way they would feel even more comfortable. I realize there is a great deal of time involved based on the quantity, yet I really think this may be the ticket.
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Replies: 26 / Views: 4,640 |
Posted 04/19/2015 4:51 pm
