Coin Shops and the Tax Laws on Coins in Pa. (Honesdale: sales, rentals)

[MrTudo]

Seeing all the historic buildings in Pa makes me dream of having a coin shop up there. Crime and taxes in most places around the country have changed this business and as such it's mostly done at shows, over the phone and on the internet. But I long for the days of having a shop again and thought I'd ask.

Here's a post I made tonight albeit edited to some degree and I hope you all will allow me some latitude to ask these questions here.

Here's where it started: From that trouble maker Paul's pictures. I'm open to other towns that are similar IF it's even possible in Penn at all.
Waverly looks cute as a button! I'd love to open a coin shop in one of those older storefronts. Is there a coin shop located in the area now??

Seriously speaking, I'm a coin dealer and have been for almost a quarter of a century. Had shops in NJ back in the late 70's/early 80's. But it become so over regulated many of us started calling NJ, New Germany ( I could tell you stories ). Moved to Fla and the governor then got taxes on coins and metals passed and over 75% of the coin businesses either left the state or went out of business.

The next governor repealed the tax and Fla has become probably the biggest state for coin conventions etc bringing millions and millions of $$ into the state. First week in January for example is the "FUN" show, ( Florida United Numismatists) and more than 20,000 wild and crazy ( kidding about the wild and crazy ) coin collectors and dealers will decend on the state and bring lots of business with them.

But to have an old fashioned coin shop here , is asking for trouble.

I don't know what the law is in Penn on coin and precious metals sales but it it was non taxable, then I could spend some time looking into the possibilities of one of those older buildings/storefronts and seriously look into business there.

Thank you in advance for your ideas, facts and feedback.

[mathjak107]

a coin shop, i think that should bring change to an area

[newjerseybt]

Originally Posted by MrTudo

Seeing all the historic buildings in Pa makes me dream of having a coin shop up there. Crime and taxes in most places around the country have changed this business and as such it's mostly done at shows, over the phone and on the internet. But I long for the days of having a shop again and thought I'd ask.

Here's where it started: From that trouble maker Paul's pictures. I'm open to other towns that are similar IF it's even possible in Penn at all.
Waverly looks cute as a button! I'd love to open a coin shop in one of those older storefronts. Is there a coin shop located in the area now??

Seriously speaking, I'm a coin dealer and have been for almost a quarter of a century. Had shops in NJ back in the late 70's/early 80's. But it become so over regulated many of us started calling NJ, New Germany ( I could tell you stories ). Moved to Fla and the governor then got taxes on coins and metals passed and over 75% of the coin businesses either left the state or went out of business.

The next governor repealed the tax and Fla has become probably the biggest state for coin conventions etc bringing millions and millions of $$ into the state. First week in January for example is the "FUN" show, ( Florida United Numismatists) and more than 20,000 wild and crazy ( kidding about the wild and crazy ) coin collectors and dealers will decend on the state and bring lots of business with them.

But to have an old fashioned coin shop here , is asking for trouble.

I don't know what the law is in Penn on coin and precious metals sales but it it was non taxable, then I could spend some time looking into the possibilities of one of those older buildings/storefronts and seriously look into business there.

Thank you in advance for your ideas, facts and feedback.

There are no coin shops in my quaint little city of Honesdale. I am also not sure if there are PA coin laws, but what I am sure of is that there is a lack of disposable income in North East PA.

Many rentals on our main street range from $275 to about $1600 a month obviously depending on square footage and if it's a prime location. I don't think you would need many square feet for display cases and a back room for acounting and a large safe. IMO.

As you pointed out in Florida, adding a tax on ANYTHING will change behavior.
I agree that all the tax accomplished was to move business to other States, the Internet and build the underground economy. I am waiting for the government to figure out how to tax the internet. They tried to put a luxury tax on boats a few years back and almost destroyed an entire industry.

I have been collecting coins for over 40 years and now have even more interest as the price of gold is skyrocketing. I used to do business with a rare coin shop located on Main Ave. in Clifton, NJ but unfortunately the 100 mile distance makes the hobby less attractive. That coin shop does a brisk business but is located fairly close to NYC and that Wall Street money.

Next year I may make a trip to Florida and have 12 of my raw MS63 Saints rated and slabbed. (NGC, PCGS) As you know, it is harder to sell coins that are not rated by these agencies. I bought these coins when gold was in the high 200s and they should be worth more by now.

If you decide to start a coin business in PA , PM me. I'll be one of your first customers.

[MrTudo]

Why thank you newjerseybt, that's a kind offer


It got down into the 50's last night. Brrr it was nice! 82 daytime today. Even nicer!

Not sure what the future holds but one never knows