A LIFE IN THE RARE COIN TRADE

As noted in other articles recently, there is also noticeable interest among young people for the rare coin trade, an encouraging sign for the future of the hobby and business (bless you, Witter Coin University). Patrick Heller wrote a piece on Numismatic News encouraging students to work at a coin dealership. Here's an excerpt - see the complete article online. -Editor

Over the decades, the company where I work has hired dozens of middle school, high school and college students. About half of them have gone on to entrepreneurial careers. Several have become coin dealers either at this company or elsewhere. Others have become a certified public accountant, attorney, international sales, bank loan officer, florist or jeweler. The percentage of student employees who have gone on to entrepreneurial careers is many times higher than the overall average.

Might I suggest that being able to work at a coin dealership could prove more beneficial in the future to students than jobs where you might feel like you are only part of an assembly line.

Most businesses generate revenues in only one direction. To work at a coin dealership, an employee needs to have greater mental agility. Depending on the specific company, an employee might be called upon to either buy or sell, to work with retail or wholesale customers, in an environment where the inventory needs or cash flow requirements of the business are constantly changing, and where precious metals products can often experience 20,000 price changes during a day.

There are many lifelong coin dealers who first worked in the industry while they were students. If they become numismatists at a young age, the knowledge they accumulate may give them a jump-start toward an advanced rather than an entry-level position at a coin dealership.

As a hobbyist, I've never worked in the coin business directly, but of course now I find myself in the numismatic publishing business with this newsletter. I could never interest our children in collecting, but I'm delighted that all three found jobs with Wizard Coin Supply, my friend Wayne Herndon's nearby business. None have gone the typical fast food server route, instead getting a front-row seat at a thriving small family business.

Our oldest son has been there the longest, moving from counting and packing coin supplies, to photographing stock and updating the database, to setting up and taking down coin shows, to expanding and stocking the warehouse, to packing and shipping orders (including valuable wholesale coin deals), and helping to manage the staff and locking up at the end of the day. He's gained experience in every aspect of e-commerce and logistics. You don't get that in most student jobs. So I second Patrick's recommendation - working in the coin business is a great way to start a career, whether you stay in the business or not - the experience is invaluable and could prove foundational for whatever career you choose. -Editor