if a person wanted to set up a coin store today, would it be better to have a brick and mortar building, a website or both?
Well I like the building where you can see the coins and talk with the owner and things like that but I would guess most people would like the web better. Speedy
I think today you need both. They are both important markets that really need to be sought after. I think the majority of collectors won't buy without having the coin right in front of them to inspect, thus the need for an actual store. Then there are the collectors that buy mostly from on-line sales but usually only after you earn their trust. Either way, there is a large market to be lost if you don't pursue both.
Free advice is worth what it costs. Start online. When you can afford it, open a store, if you want to. Many dealers have been mail order only for many decades before the Web was invented. Max Mehl did very little walk-in business. Stacks was just the opposite. Personally, I believe that if you want to build trust, then you should join all the clubs fron the ANS and ANA down through your regional and state club to the local club. Join and attend. Be there. Make the shows. Buy the tables and sit at them. Whatever else you can do, you must do. You might excel at telephone sales. Then call your clients to stay in touch. A newsletter might work better for you, but you have to do that, then, if it does. A website of some kind is mandatory. Part of that could be joining a trusted online community. For ancients, that would be VCOINS. Others are out there. Clubs can establish links to your website, of course. Again, to me, content is important on a website. Everyone has nice coins. Big deal. Put up something a collector can benefit from. They will come to identify you as a source of reliable information. Of course, that takes time and effort. Like all advertising, it pays for itself and never makes any money. Among the many, many, many, many problems with any kind of store is that you are only open during business hours, but you pay rent, taxes, etc., 24 hours a day, every day. A store is a great place to hang out. Do the hanger outers actually buy enough to justify your providing them with a clubhouse? In essence, every dealer is a broker. There are true brokers who walk the ANA floor, buying from this dealer and selling to that one. You (or I, anyway) never know who they are. The point is that you can be any kind of "coin dealer" you want to be and you should follow your dreams, always. That said, you have to ask yourself if you really know that you already do have a talent for making money in numismatic collectibles ... or if you are attracted to the romantic notion of being a coin dealer.
Very insightfull Mike.I do very much enjoy the freedoms we have to be the kind coin dealer,(or whatever) we want to be. Thanks, Dave
thank you very much mike, that was a very down to earth response. also satootoko, thank you for doing the sensible thing and checking if there are any previous discussions of this topic.
