Coin and currency shop

Local collectors, people selling inherited collections, gift buyers and visitors who want to know what their coins are worth.

Margin on coins bought and resold, plus sales of supplies such as albums and holders. Walk-in buying and online sales help keep stock moving.

• Grading and valuing coins and notes
• Negotiating fairly with sellers
• Running a shop and managing stock
• Building trust with the local community

• Many states and cities require secondhand dealer or precious metals dealer licenses and record keeping, so check locally
• Theft and robbery risk, so check insurance options and invest in safes, cameras and alarms
• Counterfeits and stolen goods, so verify sellers and keep ID records where required
• Check sales tax registration and how your state treats coins and bullion
• Cash handling and IRS reporting rules for large cash transactions
• Inventory ties up a lot of money, and prices can fall

Startup costs are typically around $20,000 to $100,000, depending on your premises, security equipment and how much coin and currency stock you buy. Inventory ties up a lot of money, and prices can fall, so these are estimates to test.

Many states and cities require secondhand dealer or precious metals dealer licenses and record keeping, so check locally. Also check sales tax registration and how your state treats coins and bullion, IRS reporting for large cash transactions, and insurance and security.

Monthly revenue is typically estimated at around $5,000 to $25,000, depending on your location, stock and how much you also sell online. The estimate assumes about 35 or more hours a week. Revenue is before stock purchases, rent and other costs.