Should You Become A Coin Dealer?

There are many reasons to become a coin dealer, but this career isn't for everyone. If you want to be a coin dealer, you have to know the trade, be a people person to some degree, and know when to take risks and when to hold tight. Continue reading to learn more about what you need to become a coin dealer.

Career description

A coin dealer is an individual who buys and sells coins to those who collect them. They may work on a part-time basis, do trade shows, work at markets, sell coins online, or via auctions. A coin dealer is responsible for assessing the value of the coins they keep in circulation and often buys coins for themselves to sell when the market is right. They will often simply trade coins as well so they can increase or diversify their own collections.

Training required

There is no official training required to become a coin dealer. That being said, it's important to have more than a basic knowledge of coins, and being a coin collector yourself is likely the best asset you can have when it comes to coin dealer preparation. It's also important to have great people and negotiation skills since you'll be dealing with the public.

While you don't need to have any formal training to be a coin dealer, you do want to understand the market when it comes to the value and popularity of different coins so you can sell when coin trading is hot and know when to back off.

Career outlook

It's difficult to pin down just what a coin dealer can make in a year. This is because a coin dealer's career is based on the type of coins they trade and other factors. However, the average coin dealer in the US makes just under $35,000 a year. You can make more or less than this as a coin dealer depending on how often you work, the avenues you use to work with the public, and other factors. All in all, this type of career has a healthy outlook and you can remain in control of how much money you choose to make.

Being a coin dealer isn't for everyone, but you can enjoy a fun career or a side gig as a coin dealer if you love coins. Explore your options and learn more by going to coin trade shows and observing how the professionals work.