November 30, 2007, Newsletter Issue #94: From Collector to Dealer

Tip of the Week

Cue "The Apprentice" theme song. Money, money, money...You're a coin collector and an entrepreneur. Like Donald Trump, you also have hair that doesn't move.

A penchant for coin collecting may lead to a lucrative career. Many coin dealers started out as coin collectors. They have a passion for coin and currency collecting and a respect for the coin collector. "The Donald" might have begun this way, had he been a coin collector.

Your financial empire might not span the globe, but as a coin dealer you can pursue your love of rare, old, and new coins. Looking for some coin career guides to the art of the deal? Here are some coin collecting tips:

* It's a good idea to be a member of ANACS and the other coin certification/authentication organizations. You keep current on which coins are genuine, and you inspire confidence in buyers.
* As with any other business, develop a business and marketing plan, but count on the loyalty of coin collectors.
* You might consider specializing in particular coins, e.g. British coins, modern coins, specialty coins, Colonial coin collections. This is good advice for beginning and advanced coin collectors as well, since it can save beginners time and money as well as help old coin collecting hands increase their ROI.
* Become a member of the American Numismatic Association--you can stay current on coin trends and establish yourself as a reputable dealer.
* Offer appraisal and grading services, but back up your appraisals with data from the ANA or ANACS (note: ANACS doesn't appraise coins.)
* Take Accugrade's course, "How To Become A Coin Dealer The Professional and Ethical Way," or a similar course.

Establish yourself as a coin dealer, and who knows, The Donald just may come knocking on your door, thankfully not with the words, "You're fired."

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