How to Open a Coin Store

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Buying coins through a brick-and-mortar store has many advantages over ordering online. The customer sees and handles the coin, and can ask questions and barter in person without the lag time caused by answering emails or voice mails. It is a lot harder to open a retail store than to set up shop online, but the rewards of talking with customers in-person is an advantage for some coin dealers.

Things You'll Need

  • Coins
  • Display cases
  • Coin lamps
  • Magnifiers
  • Safe
  • Gather start-up capital and management. Opening a coin store requires quite a bit of money, so find an investor or get a small business loan. You’ll need experience dealing with customers and setting prices to open a brick-and-mortar coin store. Internet coin-selling experience is helpful, but running a retail store is more complicated. Hire a retail manager or consultant if you are unfamiliar with face-to-face customer service.

  • Purchase inventory and equipment. Think about the needs of the coin collectors in your community. Check with local coin clubs to see what people want to buy. Some regions attract more American coin collectors while others have more world or ancient money aficionados. Purchase enough coins, paper money and proof sets to provide an impressive display for walk-in customers. You’ll also need coin lamps, magnifiers, cleaning solution and a safe for expensive items.

  • Protect your store with on-site security and insurance. Criminals target coin stores, particularly if they stock rare or highly publicized coins. You need the best business insurance you can afford to protect against fraud and theft.

  • Hone your coin knowledge and negotiation skills. This will help protect you against fraud and con artists. Learn how to negotiate with customers. Bargaining with collectors is a primary part of running a coin store, especially if you sell rare pieces.

  • Market your store. Run ads in coin magazines and newspapers like Numismatic News and Coin World. Place a display or classified ad in the weekend section of your local newspaper. Attend collectors’ fairs, flea markets and trade shows to meet new customers and purchase new stock for your store. Print business cards, flyers and brochures to distribute.

  • Design a website for your store. Take photographs of your coins, and offer an online purchase option for some or all of your coins. Some stores refuse to do this and prefer to deal with locals only for safety and shipping reasons.

References

  • Photo Credit Jupiterimages/liquidlibrary/Getty Images
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