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Chards Coin & Bullion Review is a coin and bullion dealer in Salt Lake City, UT. They have been in business since 1997, and they offer a full range of coins, gold and silver bullion, pre-1933 U.S. gold coins, commemorative coins from around the world, etc., so you can pick anything from the vast Chards Coin & Bullion selection to help build your investment portfolio or to add some flair to your home décor.
The founder of Chards Coin & Bullion was originally a coin collector, which inspired him to start his own business. He had a passion for collecting coins and did it for many years. At the same time, he became very interested in the coin market and its financial implications. In 1997, he opened his first store called Chards Coin & Bullion, located in Salt Lake City, UT. The first location was just large enough to fit his inventory of coins that he had accumulated over the years by buying them from individuals who wanted to unload them because they were not doing well financially at that time.
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Pros & Cons of Chards Coin & Bullion
PROS
Consistent Sales Growth
Since the company was founded, it has seen consistent sales growth. In 1997, the company had $32,000, and in 2007 sales went up to $4,700,000. It is a growth of 2,500% in ten years which is amazing, especially considering that the economy was relatively stable during this period.
The company has seen a compound annual growth rate of 12% over the past ten years, which is incredible. The stock market barely had any gains during this decade, so it's even more impressive that Chards Coin & Bullion saw such strong growth.
Excellent Track Record With Customers
The owner is very passionate about customer service, and he and his staff take satisfaction in helping their customers to the best of their ability. Often, people don't know what they have in their possession and want to sell it for quick cash. They don't truly understand the commodity they are holding, and it brings them much less profit than what it could have been worth if they were presented with all the facts about it.
Chards Coin & Bullion gives a full explanation to anyone who comes into their store regarding any gold or silver bullion, coins, or collectibles so that everyone gets a fair deal on whatever they buy. They have a no-pressure-to-buy policy which is excellent because it doesn't just force customers into buying things.
Well-Organized Store
People often think that coin shops have tons of clutter and chaos, but Chards Coin & Bullion is very organized, which helps keep their customers better informed and comfortable when they are there. The store is reserved and calm, making it a nice place to shop for their products.
The prices are relatively higher than other stores, but they are justified because the product is of good quality, which can be hard to find in other locations.
Customer Service
The customer service sets Chards Coin & Bullion apart from many other coin and bullion dealers. To get their customers the best deal they can get, they take every step possible to find out what the customer wants and make sure that they get it before paying for it.
This way, everyone ends up being happy with the finished product, which helps keep them coming back for more. Their customer service has helped them grow so much over the years, and this is one reason why the company has remained so successful instead of struggling to stay afloat.
Well-Respected Brand
The company has been around for many years, and almost everyone in Salt Lake City knows what Chards Coin & Bullion is and how they can be helpful to their customers. The company has a well-respected brand which is extremely important to continue growing. It's hard to compete with new companies when some are already established in the same industry as you because of not only name recognition but also reputation and word of mouth.
CONS
Expensive Inventory
Chards Coin & Bullion's products, such as coins, gold, and silver, are costly compared to other outlets such as jewelry stores or pawn shops. However, this is how the company makes its money. When you buy something for a high price, it will translate into a higher profit margin.
To sell all of their different items, they have to charge more than what some other stores may charge, and they have to absorb the cost of all of their expensive products so that everyone can be pretty paid relatively.
Increasing Interest Rates
To keep the business going, Chards Coin & Bullion has to keep their prices in line with what their customers can afford or want to pay. One of the main factors that they have to look at is increasing interest rates.
As interest rates increase, it makes it more difficult for people to pay for such expensive products upfront, so it lowers the demand for specific items, which can hurt sales, and that could mean having to lay off some people, which would be another negative impact of increasing interest rates. It's a vicious cycle that they have to be aware of to succeed.
Limited Available Inventory To Buy
The limited available inventory they can offer is because they can't keep an inventory over $500,000 at one time, which is their maximum insurance policy limit. In addition, the firm has been in business for a long time, and its brand name is so well respected that many people know about them and prefer to sell their valuable assets there instead of going elsewhere.
Chards Coin & Bullion has an A+ rating with the Better Business Bureau and has been accredited by the Better Business Bureau since 2007.
Not A Good Fit For Small Business
It isn't necessarily a con about the company, but it is one of the reasons you may end up unable to get into and through that store. It's not very intimate where you can interact with them in person like some other coin shops that are slightly smaller and more local.
These types of places aren't going to have as many inventories because they are operating on a smaller scale than larger companies with larger built-in markets for their products. They are also relatively informal and relaxed, which is going to make it more difficult for people who are looking just to run their business more professionally. In contrast, they look to make their money on the side.
Price
The prices for products sold in their shop are a little bit higher than some of the other competitors in the market because they have to pay for all of their expensive products and absorb the cost of selling them at a higher price than most other locations.
They have a smaller profit margin to work with because they are buying products with a higher overhead cost, which means they can't just sell their products for small amounts and stay in business. They have to be around for people to get the best prices on what they need, so the prices have to reflect the amount of money going into them.
Poor Location
The store's location is not a very good place for people from all over the city to drive. A traffic jam every day makes it harder for people to make it into the store without being late or missing their appointment completely. The traffic isn't excellent during rush hours either, so most people avoid going near the city if they can at all.
The few that do come into this area of town are those who live nearby, those who have no other option, or those who want to go here specifically for the products that they offer because they know what to expect and are willing to deal with some of the downsides that come with visiting this location.
Final Verdict
Chards Coin & Bullion is a beautiful place to go and shop for the money's worth of products they have in stock. You can get many different things you need or want, but you have to pay a fair amount of money for them, which means that it's not the best place to go if you don't want to spend a lot of money.
It's an excellent place to go if you can afford to buy your items and want something reputable, organized, professional, and well-respected. The prices for the items they sell are fair, but the products are much more expensive, so you have to make sure that you don't buy everything that they sell even though it may be something you need because of how much it costs.
It's also not the best place to go if you're just getting started in business because of all the factors that go into being a successful business today due to increases in interest rates, limited available inventory, price, and location. However, if you know what you want and where you want to go, it is one of the better places to shop for your needs.
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