Start an online coin and banknote dealer

Hobby collectors, people completing sets, gift buyers and people who have inherited a collection and want to sell it.

You make the margin between what you pay and what you sell for. Some money also comes from valuing or appraising collections for a fee.

• Knowing Australian and world coins and how to judge condition
• Careful research and honest descriptions
• Good photography and listing skills
• Negotiating fairly with sellers

• Second-hand dealer or pawnbroker licensing and registration rules differ between states and territories, and may or may not cover coins and banknotes. Check with your state or territory fair trading or licensing body before you start buying from the public
• If you buy from the public, you may have to keep records of who you bought from. Check your state or territory rules, and check AUSTRAC guidance on whether any anti-money-laundering obligations apply to you, especially for cash purchases
• GST treatment can differ for investment-grade precious metals and collectable items, so check with the ATO or an accountant, and register for an ABN (and for GST if you reach the threshold)
• Counterfeit and altered coins, and overpaying for stock, are the main financial risks
• Consider public liability insurance for fairs, and cover for stock in the post
• Check whether your council needs approval for a home-based business

Estimates suggest startup costs typically around $2,000 to $10,000, depending on how much stock you buy, your photography and listing setup, and whether you take tables at coin fairs.

It depends on your state or territory, so check first. Second-hand dealer or pawnbroker rules may or may not cover coins and banknotes. Also check record-keeping duties, AUSTRAC guidance on cash purchases, and ABN and GST requirements.

Estimates suggest monthly revenue typically around $1,000 to $5,000, depending on the stock you buy, how well you describe and photograph it, and how many hours you put in, from about 10 hours a week.