Online coin dealer with coin fairs

Hobby collectors, people building sets, gift buyers and some small investors. Your sellers are often people who have inherited or found a collection.

You buy at one price and sell at a higher one, so your margin depends on your buying skill. Valuations and sourcing coins for specific buyers can add smaller extra income.

• Knowledge of coins, grades and prices
• Clear photography and listing descriptions
• Patience and careful research
• Fair, honest dealing with sellers

• Fake and altered coins are common, so learn how to spot them and be ready to offer returns
• Check whether you need to register with HMRC under money laundering rules, especially if you ever take large cash payments
• Check the VAT rules for second-hand goods and for gold or silver bullion before you price your items
• Ask sellers about where coins came from, and check the rules on metal detecting finds, which may count as treasure
• Cover your stock with insurance, as home contents cover may not include goods for sale
• Check with your landlord or mortgage lender if you will be storing stock or posting parcels from home

Estimates suggest startup costs are typically around £1,500 to £8,000, depending on the stock you buy, photography kit and fair fees. Check that your insurance covers stock, as home contents cover may not include goods for sale.

Monthly revenue is typically estimated at around £500 to £3,000, depending on the stock you source and how often you sell online or at fairs. Fake and altered coins are common, so be ready to offer returns.

Check whether you need to register with HMRC under money laundering rules, especially with large cash payments. Also check VAT rules for second-hand goods and bullion, and the rules on metal detecting finds, which may count as treasure.