So you want to be a coin dealer...
Posted: Wed Jun 29, 2011 10:11 pmBeside owning & operating Market Harmony, I am also a part-time coin dealer. I buy for the purpose of resale, but man I love coins. My personal collection, believe it or not, contains a whopping 13 coins. Yes, that is it. I do not have a retail shop where I deal with customers all day. No, I work a keyboard, phone, loupe, and a pen with indelible ink. Pretty simple, right? hmmm.....
I often get asked whether I deal in coins full time, or whether I have a store. My answer is always the same... I do this for fun on the weekends. My full-time job is Market Harmony bullion and refining. But yes, dealing does add income to the bottom line, and lately it has reached 50/50 status with the refining & bullion side of the business. This year alone, I have already done 14 shows; and this is my primary market for dealing in coins.
I have spent unknown hours and dollars on refining my eye. Dollars? Yes, I paid tuition to the grading services. I have devoured as much as I could in learning the art of coin grading, but testing my abilities by submitting to the major grading services taught me more than any book or conversation. This cost was my tuition. The results of the time spent assigning grades and then to get a professional 3rd party opinion has drastically improved my eye for grading. Don't ask, you don't want to know how many coins I have sent off to the various graders. And the information I have accumulated, though costly, has probably saved me thousands by being able to determine cleaning and counterfeits. It has also helped me to turn a decent coin into a great coin if I feel it is undergraded and then resubmit to get an "upgrade"
I have an inventory of coins that would scare my grandmother. She went through the 1st Great Depression, as well as having her family home swept away in the same massive flood which wiped out Johnstown, PA. She was born with nothing, raised with nothing, married into poverty, worked in steel mills during WW II while here husband was in Japan, raised 3 children, never drove a car, and died at 93 with no wealth other than a $30K house. Her eyes would bulge if she knew what I have paid for little pieces of metal as old as her. And that affects me, too. I think about that all the time... that these discs only have a value that someone else puts on them... bottom line is that my neck could be on the chopping block if I needed to scramble for cash.
Safety? I just read about a dealer that had to shoot a robber. And what about theft?
In an industry that is receiving renewed scrutiny due to CfG operations, and consumer advocacy groups, the title "coin dealer", or "bullion broker", is getting a bad reputation. Regulations are increasing. Enforcement is improving. The tax collectors' eyes are on the dealers.
But, the best part of it all is the people. Realcent is just a part of my whole. And the people of realcent are a spectacular group. I thank each and every one of you, and I hope I get to meet you at one of my shows. Perhaps one day you'll get to walk into a Market Harmony store near you
Has anyone here ever considered becoming a dealer? You need: a passion for coins, passion for work, capital, inventory, guts and guns, legal advice or acumen, and a love of people. Still up for it?
I often get asked whether I deal in coins full time, or whether I have a store. My answer is always the same... I do this for fun on the weekends. My full-time job is Market Harmony bullion and refining. But yes, dealing does add income to the bottom line, and lately it has reached 50/50 status with the refining & bullion side of the business. This year alone, I have already done 14 shows; and this is my primary market for dealing in coins.
I have spent unknown hours and dollars on refining my eye. Dollars? Yes, I paid tuition to the grading services. I have devoured as much as I could in learning the art of coin grading, but testing my abilities by submitting to the major grading services taught me more than any book or conversation. This cost was my tuition. The results of the time spent assigning grades and then to get a professional 3rd party opinion has drastically improved my eye for grading. Don't ask, you don't want to know how many coins I have sent off to the various graders. And the information I have accumulated, though costly, has probably saved me thousands by being able to determine cleaning and counterfeits. It has also helped me to turn a decent coin into a great coin if I feel it is undergraded and then resubmit to get an "upgrade"
I have an inventory of coins that would scare my grandmother. She went through the 1st Great Depression, as well as having her family home swept away in the same massive flood which wiped out Johnstown, PA. She was born with nothing, raised with nothing, married into poverty, worked in steel mills during WW II while here husband was in Japan, raised 3 children, never drove a car, and died at 93 with no wealth other than a $30K house. Her eyes would bulge if she knew what I have paid for little pieces of metal as old as her. And that affects me, too. I think about that all the time... that these discs only have a value that someone else puts on them... bottom line is that my neck could be on the chopping block if I needed to scramble for cash.
Safety? I just read about a dealer that had to shoot a robber. And what about theft?
In an industry that is receiving renewed scrutiny due to CfG operations, and consumer advocacy groups, the title "coin dealer", or "bullion broker", is getting a bad reputation. Regulations are increasing. Enforcement is improving. The tax collectors' eyes are on the dealers.
But, the best part of it all is the people. Realcent is just a part of my whole. And the people of realcent are a spectacular group. I thank each and every one of you, and I hope I get to meet you at one of my shows. Perhaps one day you'll get to walk into a Market Harmony store near you
Has anyone here ever considered becoming a dealer? You need: a passion for coins, passion for work, capital, inventory, guts and guns, legal advice or acumen, and a love of people. Still up for it?
