As an online entrepreneur and blogger, I never thought that selling military challenge coins can be a really profitable business. In fact, it is a $5 million empire. That’s the story of Jeffery Morin – the 27-year old founder of memorabilia business called Coins for Anything.
Here’s the gist. Morin started selling coins at eBay while working at U.S. Marine Corps. When he realized that so many people are obsessed and in fact bidding at more than $15 per coin (he’s getting it at $5 per piece!), he knew this could be a really big business.
During lunch breaks, Morin would run to his barracks, package the coins into bubble-padded envelopes, address them by hand and walk them to the base post office for mailing; the envelope and postage for each coin cost him $1.05, which came off his profit. He was 22 then.
In the past five years, Morin has expanded his coin business beyond the Marines to include other service branches, weddings, sports teams, and corporations such as Starbucks, Delta Air Lines and United Parcel Service. He hired a Web designer to jazz up the online site. He changed his company name from Marine Corps Coins to Coins for Anything and has expanded into trophies, pins and lanyards (the neck straps to which security badges or credentials are attached).
I raise my glass to this guy for he’s found the right formula – an unexplored niche, access to cost-effective products, and a starving credit-card wielding buyers.