Coins 101- Start your Research Here!

Coin Dealer 101

COIN DEALER 101

By Tony Swicer

  1.   County & State License- this differs county to county and by state.

A. County Occupational License

B. State Sales Tax Number- You are supposed to collect sales tax on bullion under $500.& all foreign coin sales   All US coins are exempt & bullion sales over $500 are exempt.

2.  Business materials needed-

                 Business cards, invoices, pens, calculator, note pad, subscription to Coin                         

                 Dealer Newsletter, Numismatic reference books.

3.  Where do you sell at-

C. A shop- overhead & security

D. Coin Show- travel

E. EBay- time consuming

F. Mail Order

4.  Pricing merchandise-

G. Use small labels

H. Cost code everything

I. Price everything on the reverse

J. Inventory everything on computer

5.  Security-

K. Get a concealed weapons permit.

L. At shows, always keep everything under lock & key. Open inventory is asking for shoplifting.

M. At a show beware slight-of-hand artists switching your coins.

N. Leaving a coin show, never stop to eat. Go directly home. Many dealers are followed from coin shows.

O. Never let people come to your home to do business.

6.  Appraisals-

P. If you have to travel to do an appraisal, charge a fee, minimum of $50,

      Refundable if you buy the collection.

Q. For written appraisals charge for both the time looking at and writing up       

      the coins.

R. Free appraisals at coin shows.

7.  Numismatic Organizations-

            A. National- ANA & Specialty clubs

            B. Regional- FUN, CSNS

            C. Local Clubs- Ft. Lauderdale, Gold Coast, Palm Beach coin clubs

8.  Your Responsibility-

            A. Sell & Buy coins at fair prices.

            B. Don’t knowingly sell or buy counterfeits. If you sell a counterfeit, you are   

                 Supposed to take it back and refund the customers money.

            C. Don’t knowingly buy stolen coins.