Considering becoming a flea market coin dealer. Any advice?

You might create a niche for yourself at a flea market, but a better bet might be local coin shows. To do that, you might need a sales tax account with you state, and maybe a business license although the local show promoter might make that unnecessary. As for record keeping, with an accounting degree, I was able to keep my own financial records.

If you are going to get serious, you are going to need the expertise to grade coins and spot counterfeits. My perception is that the counterfeit problem is worse now than what it was when I was a dealer. I imagine that Morgan silver dollars in circulated condition are more popular than ever for small buyers, which are the kind of people you would find at a flea market. You had been be able to spot the fakes on the fly, or you could get into big trouble fast. Buying fakes or selling fakes can sink your business quickly.

As a further piece of advice, I can’t imagine selling coins at a yard sale. You might as well put up a sign in your front lawn which reads, “Coin collector here! Come and rob me!”

 

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