Thursday Merchant: Small coin shop helps people with their big dreams

Downtown Coin is a quaint little shop, tucked into a small storefront on Telegraph Street that opened its doors last month.

But the size doesn't bother Dan and Trish Wilson, since it was a business that started in a spare bedroom.

A number of years ago, the Wilsons inherited a large coin collection from a great uncle.

"Instead of running off like a lot of people do and selling it for pennies on the dollar, we decided to study," Dan Wilson said.

That study led them to discover the coins' true value. But it also lit a fire in them to help others.

"I made it my mission to make sure I didn't hear as many stories about people getting burned because they didn't know what was going on," Wilson said.

So the couple started dealing in coins, first at coin shows, then online. Eventually, the business outgrew the spare bedroom, so they found a small office in the building on Telegraph. Then a couple of months ago, the storefront opened in the same building.

"Downtown Coin was just an idea about two months ago," Wilson said. "We decided when this little spot opened up, we would try to do a little retail."

Despite its size, Dan said business has "exceeded our wildest expectations." So much so, he said they needed to contact the tax board to adjust their status.

People who live in or visit Carson City have a special interest in coins, Wilson said.

"This is a destination for the mint, the museum and Virginia City," Wilson said. "And all three of those are linked with coins. A lot of the coins minted here were circulated locally, and we find them that way. And they are affordable."

Wilson said that coin collecting fell out of favor until the introduction of the state quarters program in 1999, when interest exploded. It was an inexpensive way for people to get into coin collecting.

"Now people are remembering the jar of coins grandma had in the attic, or the box of coins their uncle had in a drawer somewhere," Wilson said. "They started bringing them out, and it created this huge boom."

Another factor is the economy, Wilson said. With the decline of stocks, people are looking to put precious metals like gold and silver into their portfolios.

"When we fell off the cliff and everyone started seeing their 401(k)'s losing value, people started coming and saying they wanted to buy bullion, American Eagles," he said.

Wilson said he loves coins, but doesn't actually collect himself.

"I think I do that so I can be neutral," he said. "If something comes in and I saw it and I really wanted it for myself, then there is someone else out there I can't provide that to."

That helps build a relationship with customers that Wilson said helps him figure out what they want, and not waste money on inventory he can't sell.

"Instead of spending $10,000 or $20,000 on stuff that might sell, I can get $10,000 or $20,000 worth of items, and sell them for what the person wants, plus a small premium, and collect the taxes," he said. "So that helps everybody. Everyone gets what they want, I make a small profit, and Nevada gets the sales tax."