Online coin and banknote dealer

Hobby collectors, people building sets, gift buyers and small-scale investors. Sellers also pay you indirectly when you buy their inherited or unwanted collections.

You earn the margin between what you pay for coins and what you sell them for. Some dealers also charge a small fee for valuations or sell on commission.

• Knowledge of Canadian and world coins
• Spotting fakes and damage
• Product photography and listing writing
• Fair, honest dealing with sellers

• Dealers in precious metals may have reporting duties to FINTRAC, so check whether your buying and selling of gold or silver is covered
• GST/HST treatment differs between bullion and collectable coins, so check with the CRA or an accountant
• Check whether your municipality or province requires a business licence or second-hand dealer registration, and whether Quebec rules apply to you
• Counterfeits and overpaying for stock are the main risks, so start small and keep proof of where items came from
• Insure stock against theft or loss and store it securely at home

Estimates suggest startup costs are typically around $3,000 to $12,000, depending on how much stock you buy, photography and listing setup, and secure storage and insurance. Overpaying for stock is a main risk, so starting small is sensible.

Monthly revenue is typically estimated at around $1,000 to $5,000, depending on stock quality, how often you sell online or at shows, and what you pay for collections. These figures are estimates only.

Check whether FINTRAC reporting duties apply to buying and selling gold or silver, how GST/HST treats bullion versus collectable coins, and whether your municipality or province requires a business licence or second-hand dealer registration, including Quebec rules.