Hey everyone! I’m excited to share a fantastic guest post by my new friend and coin dealer, Jesse Gernigin. We’ve exchanged a few emails recently, and I asked him if he’d tell us what it’s like to own a coin shop—something many of us have probably dreamed about! Jesse kindly agreed, and I hope you enjoy his story as much as I did.
Hello Coin Thrill readers, I’m Jesse Gernigin, and I own Ken’s Coins, a coin, gold, and estate shop in East Alton, Illinois. I bought the shop four years ago from the previous owner’s assistant, who inherited it when the original owner, Ken, passed away twenty years earlier. The business wasn’t doing too well, and when I heard it was for sale, I saw a great opportunity. Ken’s Coins has been serving the greater St. Louis area since 1969, and I decided to take it on.
People often ask how I got started with coins. It all began at an auction where I went to buy a futon for college. I noticed some silver dollars (Morgans) and bought one out of curiosity for $14—this was before silver prices soared. I loved it, and that’s how my passion for coins started.
I initially tried to collect Morgan dollars but realized it wasn’t feasible on a college budget. A local dealer suggested collecting dimes, but I didn’t like them. Then he showed me some Franklin Halves, and I loved them. The first set I completed was a Dansco Franklin set, which I later traded for some Seated Liberty Half Dollars. Eventually, I traded my collection for gold coins just before their value shot up, which allowed me to buy Ken’s Coins debt-free.
Owning a coin shop is a thrilling experience. I learned more in my first year than during all my college years. Running Ken’s Coins is like getting a Ph.D. in negotiation, pricing, valuation, and patience. Every day brings new challenges and opportunities.
I started my shop when gold and silver prices were at an all-time high and quickly learned the importance of having cash on hand. I’ll never forget a customer who wanted to sell over $30,000 in gold for 97% of its value. I declined because I preferred to keep cash available, and sure enough, the next day, a customer with a valuable silver collection walked in. That deal was much more profitable.
Many people think owning a coin shop is all about community and attending shows, but it really comes down to one main question: Is it profitable? Despite what one might think, the internet hasn’t eliminated profit margins. Good collectors value quality over low prices.
Different seasons bring different types of business. Spring means buying valuable items from people raising money for taxes, while summer involves dealing with tourists and collectors, a time when TV shows like “American Pickers” have made bargaining tricky. Winter and fall bring their own unique business dynamics.
The key to success is keeping cash on hand. I keep some in the shop and have access to more at the bank. Having enough to purchase entire collections sets me apart from other dealers in the area.
Over the years, I’ve encountered all sorts of fascinating and sometimes crazy situations, from a woman trying to sell ‘poisoner rings’ with a capuchin monkey on her shoulder to a man unknowingly carrying a fortune in gold coins. Each encounter is a learning opportunity, and I’ve handled everything from rare first editions to haunted pennies.
Running Ken’s Coins can be unpredictably exciting or quiet, but one thing remains constant: I wouldn’t trade this experience for anything else. I love the world of coins, the buying and selling, and the continuous learning it offers.
If you have any questions for me, feel free to drop them in the comments below!
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Photo by David M. Jensen
