Hey guys! I’ve got an awesome guest post today from my new friend Jesse Gernigin, who happens to be a coin dealer. We’ve been chatting via email, and when I asked if he’d share his experience of owning a coin shop—a dream many of us have had—he kindly agreed. I hope you enjoy reading this as much as I did!
Hi Coin Thrill readers, I’m Jesse Gernigin, the owner of Ken’s Coins, a coin, gold, and estate shop in East Alton, Illinois. I took over the shop four years ago, buying it from the previous owner’s assistant, who hadn’t done a great job managing it after Ken’s passing nearly two decades earlier. Recognizing its long-standing service to the St. Louis area since 1969, I saw a great opportunity and decided to buy it.
People often ask how I got into coins. My journey began at a college auction where I was actually looking for a futon. I spotted some silver dollars (Morgans) and out of curiosity, I bought one. I paid $14, long before the silver price surge. That purchase sparked my passion.
I started by trying to build a Morgan dollar collection but soon realized my college budget wasn’t compatible with that ambition. A local dealer suggested I start with dimes, but I wasn’t a fan of those. Instead, he showed me some Franklin Halves, and I was hooked. My first completed set was a Dansco Franklin set, which I recommend for those looking to collect something a bit more challenging than a basic wheat penny book.
Eventually, I traded my Franklin set for a few very fine NGC Seated Liberty Half Dollars, and over a year, collected more of them. Then, I had an opportunity to swap my NGC collection for some gold coins, just before gold prices skyrocketed. This allowed me to make enough to buy Ken’s Coins without any debt.
Owning a coin shop has been an amazing adventure. I’ve learned more in my first year there than I did during my entire college education. Running Ken’s Coins is like getting a PhD in negotiating, pricing, valuation, and most importantly, patience. Each day brings new challenges and opportunities.
I opened my shop when gold and silver prices were at their peak. One important lesson I learned was the necessity of having cash on hand. For example, a customer once tried to sell me over $30,000 in gold, asking for 97% of its value. I declined as I didn’t want to risk running out of cash. The next day, another customer came in with a valuable silver coin collection, which I bought. This transaction was much more profitable, proving the importance of liquidity.
Many coin enthusiasts dream of owning a shop. They imagine it’s all about community, coins, and attending shows. Instead, it boils down to three main questions: Are you making money? Coin shops are traditional businesses, and while the internet and eBay might seem like threats, true collectors value more than just low prices.
Seasonal changes impact the business, each bringing its own trends. Spring is tax season, so many sell valuables to pay off taxes. Summer attracts tourists and collectors from afar, often influenced by antiquing shows and eager to haggle over already well-priced items. Winter sees more jewelry, while fall brings a bit of everything.
Having cash available is crucial. I keep a small amount in the shop but also have quick access to larger funds, enabling me to cater to large sales and collections.
I’ve encountered just about everything—from being called all sorts of names to dealing with scams and even robberies. Two memorable stories come to mind. Once, a woman called wanting to sell “poisoner rings” and showed up with a monkey on her shoulder—a capuchin. She was an addict, and though I didn’t buy the rings, I did purchase some gold from her.
Another time, a man came in carrying eight tubes of $20 gold Liberty Heads—worth a quarter million dollars—without realizing their true value. I helped him by brokering the collection for a fee and converting his gold to silver to minimize taxes.
I’ve also bought everything from slave badges to rare first editions. Owning a shop can be a mix of thrilling and mundane. Today, while writing this article, I made a big purchase, but yesterday wasn’t as eventful.
To answer a recurring question: Yes, I would do it all over again. I love coins and the incredible experience of buying, selling, and learning through Ken’s Coins. I wouldn’t trade it for anything.
Feel free to leave any questions for me in the comments below!
— Jesse Gernigin
Monkey photo by David M. Jensen
