We're Opening the Coin Talk Coin Store.....

and we have $250,000 capital to buy the inventory. If you were the buyer, what would your first purchases be? Remember, we need to be profitable, and have to have fairly quick turnover.

 

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It wouldn't be my decision. I would try to visit all of the coin clubs that I could locate within about 20 miles to see what the members collect. I'd see what the other coin stores in the area are selling. And since I would be smarter than I am about coins since I know enough to go into the business, I would already have a pretty good idea about what the popular series are.

Then I'd stock the items that the customers and potential customers are looking for even if I didn't personally care for them. After all, it's business.

 

The first money I'd spend would be for go-go dancers to distract public from the prices.


Seriously though, the first things I'd buy would be the generic silver eagles, proof sets, and other mint issues.
The general non-collector public tends to eat that stuff up.
Second, I'd buy some nice key dates as eye candy for the collectors.
Third, I'd stock plenty of supplies, folders, and gift boxes.

After filling the stock lightly, I'd advertise.
I'd make a business card that was folded in half and print it so the outside of it looked like a folded hundred dollar bill.
On the inside I'd have my business name.
Then I would proceed to "accidently" drop them around malls and such.

 

Now THAT is a solid idea, you gotta be in marketing, Rotobeast!

 

Seems the only thing coin shops have on display around here are Morgan and Peace Dollars :/

LOL. That's a fantastic idea.

 

1909 S, 1909-S VDB, 1914-D, 1923-S, 1924-D, 1924-S, 1926-S & 1931-S Lincolns in the better grades. I am not too sure how long the silver boom will last (at least until the interest rates rise), but bulk silver coins and silver dollars from APMEX. Who knows, you might even find some varieties in them.

 

This is a really low buck idea - but those are the only ideas I have

Raid the banks and get all the Ikes you can for face value. You probably won't get many.

Then sell them at 1.30 or so for each one.

It WORKS. I've done it on e-bay. I'm still scratching my head.

 

Thanks !
I'm not in marketing.
My job just takes very little mental involvement, so a lot of ideas bounce around in my head all day.
LOL

 

Hey, 30 cents here and there helps, this is a struggling start-up here!

 

One scenerio I might try would be -
I would buy about 425 generic $10 Liberty Eagles in MS 62 & see if I could get an upgrade to 63 on them - Even if only 10% upgrade it is still an approx $20,000 profit.

 

Is this store going to be brick and morter or online? I assumed whith the title it was a forum related coin store, but after the replies I'm a little confused.
Regardless, any popular series at fair prices should sell well. A few odd denominations would be good also.

 

I was under the impression it was a hypothetical B&M.

 

Exactly, this is my fantasy coin store. Other guys can have their fantasy football teams, this is mine.

 

In that case you need as many keys as possible, ms 66 of coarse, and a few silver eagles and lincolns to keep the cash flowing. Some walkers and buffalos would be good to.

 

stick to better grade problem free COLLECTOR coins...always a market

 

Whoa man!! Only an upgrade to MS63? Why not send them through INB or SGS? They'll come back upgraded to MS70(maybe an MS69 or two) then you would make like a gazillion dollars profit!!

 

Since this is just a fantasy idea so why not continue with fantasy items. All coins in a minimum of MS-69 or
-70 or even higher. All coins such as 1856 Flying Eagle Cents, 1922 Plain Lincoln Cent, 1943 Copper Cent, 1959 Wheat Back Cent, 1913 Liberty Head Nickel, etc. All sales in Cash only. No taxes, no postage, no insurances for lost in mail. :goof::goof:

 

Good picks Carl, but unfortunately my fantasy store has a budget of $250,000. We'll need to spread it around a little more or I'll have a lot of empty display cases!

 

Now here's someone who knows something about business if not the coin business already. Great call, cloud!!!

If TC's being serious, that is. I mean in all truth, you need basic stuff. Proof Sets, Mint Sets, some collector coins, but not too much high-end stuff. You need some silver, some platinum and some gold.

But you said it's like it's a fantasy football team. That leads me to believe that you're really looking to build a "better store". I don't know how to field that. I'll give you an example of real world stuff. This last week my coin shop boss sold 2 1909-S VDBs in PCGS MS-65 Red. Got all the money for them too, no discount. Now, you say, yes, that's what I want to stock, but realize that he had those 2 coins for over 2 years. A long time... too long. You need to turn your stuff and more often than not, that means more low-end stuff. This and fantasy football are in some way mutually exclusive in my mind. Maybe you can clarify.

 

my suggestions would include....... invest in honesty, integrity, and customer service. educate the consumer and invest time in developing lasting collector bond. take care of the kids as they may be your day to day bread and butter. treat the collector as you would wish to be treated. put some $ into books and supplies ( typically higher profit margin items). establish an auction division also to enhance profits thru buyer and seller fees w/o too much capital investment. ....steve