Bristol lad quit his job on a building site to sell coins on eBay – and now his business makes up to £70,000 a year
James Grear, 20, and his friend Henry set up an eBay store called The Coin Supplier and were able to tap into the coin craze just ahead of it hitting the mainstream
JAMES Grear started selling coins with his best mate Henry when they were just 18.
The pair were fed up with working as labourers on a building site in Bristol earning up to £9 per hour and decided to set up a business together... but there was one problem. They didn't have an idea.
Then one day, while buying his lunch, James noticed an odd looking 50p in his change.
He decided to check how much the coin was selling for on eBay.
After the coin - a 2011 WWF 50p, one of the rarest in circulation - sold for eight times its value they realised they might be on to something.
The friends, who lived in Bristol, then set up an eBay store called and were able to tap into the coin craze just ahead of it hitting the mainstream.
In just two years they have turned this idea into a business that has annual turnover of between £50,000 and £70,000.
But it hasn't been easy.
At first the pair struggled to get enough coins to sift through to find the rare ones.
They were limited to withdrawing £100 worth of change per day from banks and didn't have the cash to back up the business.
The lads worked hard to set up contracts with suppliers, and after two months they decided to quit their jobs and sell coins full time.
James, 20, now runs the eBay shop by himself from a bedroom in the flat he shares with friends in Bristol, while co-founder Henry left the UK in August to travel the world.
He told The Sun Online: "I will literally sit and sort through all the coins. Since we started, I've learnt which coins are good and got much quicker at it".
"It wasn't easy to find a supplier. We had to go out and find people that would support our business.
The coins to watch out for in your spare change
ENTREPRENEUR James can processes up to 600 orders for coins every year. Here are the ones that he tips as big money makers.
- The 50p Kew Garden coin is probably the rarest and usually sells for about £120.
- The 2012 Commonwealth Games 50p coins depicting Northern Ireland, Wales, Scotland and England are also popular. The NI coin sells for between £20 and £40 usually.
- Coins with printing errors, like the 20p with no date which can sell for £50.
- Commemorative coins which aren't meant to be in circulation but sometimes manage to end up in spare change, such as the Coronation Jubilee 50p which can sell for £20.
"Banks only let you withdraw £100 max in coins so we needed to work with businesses to set up contacts so that we can get a regular supply.
James will also sell on any valuable coins that he finds in his spare change.
But instead of letting buyers on eBay bid on coins he always lists them with a "Buy it Now" price.
He added: "It helps us dictate our prices.
"If you're using auction prices then you're not strengthening the market.
"It could mean that a coin goes for less than it should because you put it up at the wrong time or date."
James says that he probably works more hours than he did when he was a labourer but he's committed to making the business a success.
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He said: "It's a 24/7 business. I have to be available to answer questions at all hours of the day.
"It's not a quick process [to set up an eBay business]. You have to be willing to put the hours in."
MORE ON RARE COINS AND NOTES
Last year, The Coin Supplier was one of two winners to scoop a top £5,000 prize in eBay's business awards.
In 2018, James hopes to move the business from his bedroom to an office space and then work on building it up.
But unlike many thousands of people around the country, James doesn't collect coins himself.
He said: "I'm not really into it. I just do it to give myself a living".
JAMES has grown his eBay store from 50p to a whopping £70,000 annual turnover. Here are his top tips:
James' top tips for setting up an eBay business
- If you want to do well then you have to be prepared to put the hours in, as success doesn't come overnight
- If you want to sell then you need to do background research of your market
- Always set a "Buy it Now" price, rather than an auction, as you don't want to make a loss
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