Business Spotlight: Charles E. Hayes turns coin hobby into business

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The woman had come to have her coin appraised. To the untrained eye, the old coin looked valuable. |ret||ret||tab|

To the trained eye, however, it was obvious that the coin worthless. |ret||ret||tab|

Charles Hayes passed the coin back across the counter to the woman, who was anxiously waiting to hear his opinion. |ret||ret||tab|

"Somebody took the front of one coin and the back of another and put them together to make one coin," he said. "That's why your coin looks so unusual, but it isn't really worth anything."|ret||ret||tab|

Determining a coin's value is all part of a day's work at Charles E. Hayes Rare Coins. Hayes, who has been a coin collector as long as he can remember, first started his business as a sideline back in 1968 when he was working as a part-time federal employee. |ret||ret||tab|

When the weekend came, however, he would pack up his coin collection and travel to shows around the United States, buying and selling rare coins with other traders and collectors. |ret||ret||tab|

In 1988, he left his government job and opened Charles E. Hayes Rare Coins, which is located at 1907-B S. Glenstone the Plaza Tower Shopping Center. Like most avid hobbyists, Hayes knew turning his passion into a successful business wouldn't be easy. He also knew the bulk of his business would come from collectors and dealers who lived outside of southwest Missouri. |ret||ret||tab|

So, Hayes began marketing himself whenever and wherever he could. He continued to sell rare coins at collectors' shows and promoted his shop to the other coin traders who attended. He established relationships with several local collectors and area banks and began grading and appraising coins for them. He also ran ads in everything from Coin World, a trade publication, to the local newspaper. |ret||ret||tab|

"At first, I advertised a lot," Hayes said. "Then I realized I was throwing my money away. Either people are interested in rare coins or they're not."|ret||ret||tab|

Over the years, Hayes has seen the value and demand for rare coins fluctuate. In 1981, the collectible coin market crashed, only to rebound and reach an all-time high in 1989. The hype surrounding the year 2000 computer glitch also drove up the price of gold and silver bouillon in the late 1990s. |ret||ret||tab|

"Sometimes I'll come across a rare coin, but nobody is collecting the series so the coin isn't worth that much," he said. "It's all about supply and demand."|ret||ret||tab|

For example, Hayes said the popular U.S.A. Statehood Quarter Series probably won't be worth much in the future because of the number of quarters being minted and the number of people who are collecting them. Because of this, he doesn't plan on carrying the series.|ret||ret||tab|

Although customers can find "a little bit of everything" at Hayes' shop, he primarily buys and sells rare coins, many of which are extremely valuable. The Professional Coin Grading Service or the Numismatic Guarantee Corp., the top two independent coin grading services in the world, certify most of these coins. |ret||ret||tab|

Hayes also grades coins, assigning them a number from "About Good 3" to "Mint State 70" using the Sheldon Numeri-cal Scale, which is the industry standard. Since a coin's value is dependent on its grade, Hayes' assessment must be accurate. |ret||ret||tab|

"It took me a while to establish a reputation as an honest and knowledgeable coin dealer both locally and nationally," he said. "I've made my mistakes, but time has a way of giving you the knowledge and experience you need."|ret||ret||tab|

These days, most of Hayes' business comes from regular customers who he has established relationships with over the years. Still, finding rare coins to buy that can be resold later at a profit remains a challenge. Hayes' love of rare coins, however, remains un-changed. [[In-content Ad]]