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Coin Dealer Business Idea

Have you ever wondered whether the change you have might include coins rare or valuable to a coin dealer?

Have you always had a fascination with coins? If so, maybe you should consider starting a business as a dealer yourself.

If you have a coin dealer business, you will provide a forum for people to buy and sell rare and valuable coins, antique coins, silver coins, and gold coins.

You will also provide pricing, grading, and services to authenticate the coins. Even if you establish your business in a retail establishment, you will want to have an internet presence for coin trading and valuation.

The most important asset for your business will be knowledge. That is especially true because of all the counterfeiters out there in the industry.

It will help greatly if you have an in-depth knowledge of coins or access to another person who does, or to other resources that can help you such as a network of coin dealers. To start your business, you will need a few thousand dollars to establish your inventory.

One thing that will help you to expand is writing a coin collecting newsletter. It could cover such topics as rare coin reviews, pricing and grading charts, coin collecting basics, and classified advertisements. You might even decide to expand your business to include stamps, watches, or pens.

Starting Your Business

To start your business, you should research coin collecting. Search for coin dealers on the internet, as they will know what coins are the rarest, most traded, and newest. Establishing a network with other dealers can be very beneficial. Visit trade shows or coin shops to decide the types of coins you would like to begin your trading with.

Besides coins, you may also need to buy such equipment as display cases, a jeweler’s eyepiece, and items to clean the coins. A garage or other room may be adequate to operate your business in, so there is no need to spend a large amount on premises.

Advertising Your Business

To sell your coins, you need to advertise. You can advertise in trade magazines, newspapers, and free advertisement publications. Trade shows are another good place to promote your business – especially among other dealers and collectors. You might also make a lot of sales on the internet, and there are a lot of free and inexpensive web hosts that can be found by doing an online search.

Other Subjects Relating To Becoming A Coin Dealer

If you are not an accountant yourself, there is help available for your numismatics business – or business dealing with coin collecting. Do an internet search for accounting software for small businesses and you should find plenty of help. It will not be hard to find insurance for your business.

If you do decide to start a business as a coin dealer, you very well end up being very glad that you did.

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