How to Be a Coin Dealer

Coin collecting is one of the most popular hobbies in the United States and throughout much of the world. Coin collectors spend huge amounts of time cataloguing their collections, learning about the origins of their specimens and selecting their next collecting targets. By moving from just collecting into coin dealing, you can generate significant income by selling rare coins to other collectors at a profit.

Difficulty: Easy

Instructions

1. Assemble the coins that you will start dealing. You may need to purchase coins, or you may have some from your own collection that you no longer want or need. You should have a variety of prices and values in this group so that you can appeal to many different types of coin dealers.

2. Set up an online store. You can do this in several ways. eBay will let you set up a store on its website where you can promote your coins, or you might want to set up a blog that has information about coin collecting, as well as pictures and details about the coins you have for sale. The important thing is that you have a way to display your goods and a way to accept payment for them. The easiest ways to take money are PayPal and Google Checkout, neither of which require a credit check. Later on, when you are operating on a bigger scale, you may wish to set up a merchant account so that people can pay you by entering their credit card numbers onto your website at checkout.

3. Post the images of the coins that you are selling. Take pictures of both sides of each coin, and write a description for each coin. You should mention why the coin is important and describe the types of collectors that might be interested in them. The more detail you provide, the better your chances at a sale will be.

4. Start promoting your site or store. In order to be a coin dealer, you will need to be on the lookout for new coins to buy and sell all the time. The best way to do this is to have people who want to sell their coins contacting you. Make sure that you have contact information on your sales site so that buyers and sellers can let you know what they are looking for. You might promote your dealership through online advertising, by leaving a link to it on coin collectors' forums, or by publishing small ads in coin collectors' publications.

5. Maintain a good inventory. In order to be a coin dealer, you need good, valuable buys. Keep a good inventory of coins on hand, and always be on the lookout for coins that you can buy at a discount and then sell at a profit. As your reputation grows, you will find that your coin dealership has more business than you ever expected.

Tips & Warnings

• If you do not know much about coins, then you need to educate yourself before you begin dealing in them. Otherwise, you not only risk selling a major find at a deep discount and a loss, but you also will have trouble maintaining your credibility with buyers and sellers.

Resources

• Learn how to set up an eBay store here.
• Get access to thousands of free Word Press blogs here.
• View an online coin dealership here.