How Do I Start a Coin Business?

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Starting a coin business begins with learning as much as possible about the business. Discover how a coin dealer can act as a mentor to a person who is trying to start her own coin business with help from a second-generation numismatist in this free video on coin businesses.

Part of the Video Series: Coin Collecting
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Video Transcript

Hello, I'm Brian Kuszmar with thecoinbroker.com. Let's talk about how to start a coin business. Don't, trust me. With joking aside. If you really like the coin business, and you like dealing in coins and you like numismatics, my suggestion is, first, learn as much as possible. For myself, at thecoinbroker.com, I'm a second generation coin dealer. I started working for my father, and he basically taught me how to deal in coins and taught me how to look coins up. So I spent many years working with him, someone that taught me how to do it. And then on top of that, he ran a coin business, so I was able to watch how he ran his coin business. There's not a lot of colleges, actually there is no colleges for coins. There is no schools for coins that you can go to. So it's a business you have to actually kind of learn on your own, or be mentored by someone. So my suggestion is, if you want to start a coin business, first gain lots of knowledge, learn as much as you possibly can, attend as many coin shows as you can. The second thing I'd recommend is, befriending a coin dealer. Go meet someone that's in that business, find out how they're making money, and pick their brain. Chances are, they'll give you a lot of really useful information. But it's not a business that you just run and jump into. It takes many, many years to learn coins, learn how to grade, learn what to look for. And, the other thing, too, is you don't see a lot of just coin shops, anymore. A lot of coin shops, if you notice now, do other things. They do precious metals, they do antiques, because it's hard to keep your overhead open just doing coins. So again, you won't see a lot of just coin businesses, you'll see 'em mixed in with other types of businesses, antiques and other things.

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