COST TO DEAL COINS

Hello, i was wondering what supplies would someone need to become a coin dealer at coin shows , and where the supplies could be purchsed at for a good price?

 

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Minimum would be coins to sell and cash.

 

That depends a lot on what you are selling. Could you be more specific so we can help you out? Example: If you have a bunch of loose coins and/or loose 2x2s, you'll need bins and 3x5 cards to label what you have. If you have binders, you'll likely only need the table space unless you need a book shelf.

 

Supplies:

1) Coins
2) Something to carry/display the coins in
3) Receipts
4) Pen

 

www.wizardcoinsupply.com

is a good place to start.

 

Why set up at a show? Start on ebay, until you get a decent inventory.

 

And remember the saying - you can't sell from an empty boat. You must have lots to choose from, have a lot of patience and resources.

 

Thank you for the advice, to be more specific i would say a set that would help people start collecting coins would be sold. This set would include a modern copy of the redbook, a supplemental book that would give information that may not be include in the red book, or information that is in the red book but in a more condenced verson. also included would be a 30x pull out loop, 18 coin folders 3 for each size of the following dime, small cent, nickel, quarter dollar, half dollar, and large dollar. A whitan folder for heat back pennies. And 35 dollars worth of coins. The store would also sell some more coins so they could grow their collections.

 

$35 worth of coins is not nearly enough. You should start with about $1500 - $2000

 

It sounds like you're trying to make a pre created set and sell as a package? I'd suggest a large Ziploc bag for the set you're mentioning so you can simply hand it as one piece already made. Have a lain out set for them to examine but pre-made bags to hand off. Also, if you're not buying wholesale, you might struggle making any money off your sets. I'm not sure where you are going, but unless there's a Boy Scout Troop or field trip coming to the event, you might not have good luck with the sets. Better to have more money in available coins as a backup. Best of luck!

 

I think he means there would be $35 worth of coins included in each starter kit he plans to sell?

 

The first thing you need to find out about is a business license.

Then you should find out if you need to collect sales tax where your selling, and if so how to go about paying those taxes.

 

Good point. Which begs the question: how much are these kits going to sell for??

 

And a business license, and a reseller's permit, and insurance, and a bank account, and probably able to process credit card transactions wouldn't hurt.

 

Forget the business license, bank account, supplies, whatever; you're getting ahead of yourself. At this point the ONLY thing that should concern you is IF this idea is even viable. I've told you this a few times before, but insisting on following a business plan that sounds good or fun to you, instead of what there is a legitimate demand for, is a recipe for disaster. I thought profitably selling such a kit on ebay or amazon highly unlikely, and now you want to offer them at some small show? This isn't something that will have a broad appeal; it's a niche product that, if it had any chance of succeeding, needs a wide audience.

I commend you for your entrepreneurial spirit, Brandon, but please... do your homework first and before trying to force a square peg into a round hole. Thus far the feedback you've received on this idea from the board hasn't been overly positive, and should tell you something. People don't buy things because you want them to, or because you think it's a good idea.

Also, a supposed "30x loupe" for a beginning general collector, will be near worthless. If your plan was to buy the Chinese cheapies of the bay (often a gold/brass color and claim to be triplets), you also should know that most are nowhere near 30x, but closer to 10x, but even that's too much and is better suited for varieties. 3x to 5x is more than enough for grading/examination.

 

Whitman has a sample pack for beginners, probably on sale now.
But, one could put together a better kit.

 

Many coin shows charge a fee for a table.

 

I'm thinking all shows charge a fee.

 

Here you go!

http://catalog.usmint.gov/coin-discovery-set-an-introduction-to-coin-collecting-YC1.html?cgid=null#q=coin collecting&start=1

Buy these from the mint and sell em for a profit!

 

Yes sir, I do mean $35 worth of coins included in each starter set.