You can bring something and know pretty much within a percent point or two of what we’re going to pay. So we’re not buying it on speculation and we’re not going to buy it at half its value because we don’t have a customer. Kenny: Well the difference in what we do, we actually buy it to inventory it. Russ: Okay, but to a degree it’s still subjective right? And we’re pretty much an open book on how we do that. Showing them how we’re finding it, where in the market does their coin sit how we find that price, how we derive that from the market. When they bring something in we show them versus not giving them any education at all. That goes back to the education part that he was saying in that we try to educate the customer. Kenny: So you’ve got to first break everything down in order, we’ve got a pretty good process on how we break stuff down, and sort through dates. You can have one coin that’s the same date that looks to you that it might be in the same condition or it could be one point higher and be a difference of $20,000.00.
Russ: So for those that have never even been in an exchange before essentially what happens is that people come in here, you look at their coins, you give them a value, you buy it from them and you immediately put them for sale too, right? We’re not just salesmen, we’re actually more friends with our customers and we try to relate to them on coins and any questions they have. It’s definitely more of a relationship strategy. Russ: It sounds like a relationship strategy, is that right? Matt: That’s one thing that people have said but we see it as more of a family establishment that we want to better it every day and we want to learn to not just make money and trade coins but also give our customer as much information as we can to help them become better coin collectors and enthusiast. Russ: Now I heard in preparing for this thing that this might be one of the largest privately owned coin exchanges in the United States, is that close? Is that right? Russ: So it’s probably right to call this a family-owned business right? Kenny: Right, our father established it in 1985. Russ: Take us back to the beginning Kenny, tell us about the company. Sometimes it is a pretty easy come in and we pay them their money and sometimes we have to see it all the way through to makes sure the customer gets taken care of. Matt: Yes but more to a detail where they come in and these are treasures their families have had for 80 to 100 years and they’re trying to figure out what exactly they do have.
Russ: So this is the kind of place somebody could walk in with a cigar box full of coins and you would give them money and they would walk out, is that right? We do that by trading coins on an open market between dealers and we’re able to trade them in the store here with our own customers we’ve had in-house for around 30 years. Coin and Jewelry is a family owned establishment that trades precious metals, also currency but more specializes in rare coins. Coin and Jewelry and I’m very pleased to have as my guests Matt Duncan and Kenny Duncan Jr. Russ: Hi I’m Russ Capper and this is The BusinessMakers Show coming to you today from U.S.