Starr A Small Business

Discussion in 'Coin Chat' started by icollectoldmoney, Jul 22, 2015.

  1. icollectoldmoney

    icollectoldmoney ANA Member:3192499

    Best way to find useful information and resources to start a small coin business.
     
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  3. Treashunt

    Treashunt The Other Frank

    Is there a question there?
     
  4. ace71499

    ace71499 Young Numismatic

     
  5. Amos 811

    Amos 811 DisMember

  6. Treashunt

    Treashunt The Other Frank

    Tuesday
     
  7. omahaorange

    omahaorange Active Member

    NSP likes this.
  8. icollectoldmoney

    icollectoldmoney ANA Member:3192499

    Yes I want something to not only be my hobby but a job also I know it will take a few years but hope I can one day open a shop
     
  9. BooksB4Coins

    BooksB4Coins Newbieus Sempiterna

    Each time this comes up, the first response to the question should be another question: what, if any, experience do you have with coins. Are you an experienced and knowledgeable collector, or one of the many new who think coins an easy path to easy money and lots of "fun", or perhaps somewhere in between? What type of "business" do you have in mind: a little buying/selling on the side, perhaps as a way to help fund your habit, or something you hope can, or will eventually, generate reasonable income? What kind of start-up money do you have to play with? Where/how you intend to acquire inventory, and how you plan/hope to sell it? My point is that asking for "useful information" on how to start a "coin business" is a tad to vague to expect to receive much more than the most general of answers.

    I will say that more often than not, knowledge pays, and profiting from coins can be much more than simply buying low and selling high. Not only would you be wise to know the coins themselves before even considering such a venture (beyond, perhaps, an eBay listing here or there), but also to know YOUR market very well. A few poor buys, based on assumptions, can easily put the brakes on your budding enterprise, and I've seen more than a few want-to-be sellers dig themselves into holes they could not get out of all because they convinced themselves to see what they wanted instead of what was actually there. In some cases they didn't truly know what it was they thought they were buying, while in others they allowed themselves to be blinded by the windfall they were certain was coming their way, but either way, the point should be clear. Buying and selling coins may sound like lots of fun, and it can be, but it's also easier to lose money than to make it unless one knows what they're doing, and even then there are no guarantees. Depending on the path you wish to take, do understand that while there are many, many fine people involved in this hobby, there are also people, even "collectors" out there more than willing to rob you blind if given the opportunity.
     
    green18, NSP, Jwt708 and 5 others like this.
  10. Jwt708

    Jwt708 Well-Known Member

    ^ What he said.
     
    green18 likes this.
  11. Amos 811

    Amos 811 DisMember

    what they said^
     
  12. stoster38

    stoster38 Member

    I'm not a dealer but how are you grading skills? The reason I'm bringing it up is that as a dealer you're going to have people coming to you to sell as well. If you're not good on grading I would suggest taking a grading course or two.
     
  13. green18

    green18 Unknown member Sweet on Commemorative Coins

    See if you can apprentice at a local (reputable) coin shop. Offer your services for free. In a few years you might learn something. There is no simple answer to your question and no pill or injection you can take that will acquaint you to the business side of this hobby. Read, devour, immerse.........and still it will take years.
     
    coinzip likes this.
  14. geekpryde

    geekpryde Husband and Father Moderator

    +1

    Read here on CT for a few years, along with PCGS forum, NGC forum, subscribe to various coin mags, buy used coin related books, buy old auction catalogs from Heritage, Stacks, etc. and bookmark sites to read daily like:

    http://www.coinweek.com/
    http://mintnewsblog.com/

    View coins on various auction sites, including viewing known problem coins:

    http://www.ha.com/
    http://www.legendauctions.com/
    http://www.stacksbowers.com/
    https://www.scoins.com/
    https://www.greatcollections.com/

    Once you put in about 1000 man hours, you'll have better idea of what it will take. No rush, spread it over two years, you'll be amazed at how fast two years can go buy, especially if you have kids! ;)
     
    Jwt708 likes this.
  15. icollectoldmoney

    icollectoldmoney ANA Member:3192499

    Thanks for all the helpful info is the American Numismatics Association course worth the $400 dollars I know it is going to take a long time to get knowledge on everything and I will probably start small selling on ebay or at a local fleamarket.
     
  16. Coinchemistry 2012

    Coinchemistry 2012 Well-Known Member

    You really, really need to know what you are doing or you will fail. A brick and mortar is even more risky than say an online shop or mail order business because of increased overhead.
     
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