Must have coins for a shop.

Do you still plan on collecting as a dealer?

That, in itself, can mean a lot.

 

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The biggest plus in having an actual store in my opinion is that people will come to you with coins that they want to sell. If you possess the knowledge to distinguish between good and bad (and these days real and counterfeit) you will have all kinds of opportunities to acquire inventory at wholesale prices.

If you treat people fairly and don't go for the fast buck word will spread that you can be trusted and your business will grow.

 

Yep, thems the guys, nice stuff but won't haggle. It's tough to even get them to drop $5 or $10 bucks. I'm glad you mentioned that tho b/c I thought all this time I was just using the wrong approach.

 

I think a mixture of modern coins, proof and mint sets along with classics such as Morgans, Buffalos, and of course IHCs and wheats is a very good start. Should consider a blend of graded and raw coins as well. Good luck! TC

 

Keep in mind overhead and the fact if you want to pay your self, plus expenses and buying coins for resale. Have you considered maybe a mail bid or internet business, and maybe work from home? No Rent or utilities.

You could start a coin business now as a sole prop for under 100 bucks in most states, skip the retail part for now and work with other dealers before you decide to dive right in with a physical shop.

The question I keep asking myself "is it easiers to attract customers to a shop or a website" The internet never sleeps but physical shops have typical business hours.

When it comes directly to your question of what you should have in stock, I think you should specialize in something and dabble with everything else. Perhaps your favorite collecting topic could be your specialty.

Not too sure what to think about the coin store/ barber shop, but I do like the idea of a coin bar. Does anyone know of a coin bar?

I have always like the idea of a coin store/ pawn shop.

My two cents,

Nice tread

"The easiest way to make a million dollars in the coin business... start with two million"

 

Stuff people want

Have stuff people want priced with a realistic spread. Collectors are very very smart!!

 

Go with the popular , Lincoln and Indian cents with a lot of semi key Wheaties , Unc Morgan and peace dollars . Then some type coins 20th century and 18th century . Join the ANA and take a couple of their courses on counterfiets and grading . As time goes you'll see what people ask for , then you could always change your inventory to suit . If your planning on a brick and mortor shop you should take some small business courses , and security is a real biggie .
rzage
PS pick as many dealers brains as you can .

 

ditto - along with some generic supplies (tubes, 2x2's, mag glass, etc) and publications if feasible - Redbook, Coins Monthly etc...

 

Wheats and Morgans

I was at a coin show last month and walked by the table hosted by our local club. A couple of older men who were manning the table had no one interested in the local club to talk to, so they were gabbing along about their monthly meetings. One said "if one more person brings in a wheat penny or a Morgan dollar to our meeting, i'm just going to walk away and let one of you guys handle it". Up until this point, I was going to introduce myself as a local collector, but decided to keep on walking. And I probably won't be going to their meetings either.

One point here, most families have at least one person who has saved some Wheats & Morgans in their lifetime - these are what people remember from their childhood. Have a good selection - i'm not just talking about high end key dates, have some problem-free low-grade inexpensive ones for the young collectors or those on a budget. That's how I started - and I haven't gotten sick of them yet.

 

I think opening a coin shop is the last step, not the first. Begin by selling what you think is popular near you. Figure out what sells and what doesn't. Find out what you can buy and sell for a decent profit margin. Develop sources for coins. Expand slowly into what sells and what is profitable. Maybe sell metal detectors at the same time. Develop a few regular customers. And when you get to the point where you have too many coins and too many customers to handle, then think about opening a coin shop.

 

I would have higher end coins if you are planning to do shows