Inside Business: Bismarck Gold and Silver Exchange - KFYRTV.COM - Bismarck, ND - News, Weather, Sports

Inside Business: Bismarck Gold and Silver Exchange

Posted: Updated:

Through good times and bad, people like to put their money in an investment they can see and touch, and some might like to touch precious metals.

Larry Schneider began collecting coins nearly 50 years ago at the encouragement of his father, who was also a collector. The hobby soon grew into a full time business that became Bismarck Gold and Silver Exchange.

"I've been a collector since 1965," says Schneider. "Coins have always fascinated me. In 1979 we opened up the store here in Bismarck." 

Schneider says recent budget decisions by Congress, and the western North Dakota oil boom, have impacted the gold and silver business.

"I think the biggest thing that's affected our market in the last two weeks was when Congress, they passed the unlimited debt ceiling. That seemed to create quite a stir with the public. And the oil activity has been a game changer for our business, no question about it, the oil has made a tremendous difference for us." says Schneider.

One of the fun aspects of the coin business is having customers bring in something they may have discovered in the attic.

"Hardly a day goes by that we're not surprised by something new that we see in our business," says Schneider. "Its a lot of fun because people bring in things that have probably been stored in homes for probably 50 to a 100 years. It's pretty impressive what you run into."

Schneider's been collecting coins now for more than 50 years, and his collection includes some pretty interesting pieces, such as this 1901 Lewis and Clark commemorative $10 bill. Another prized part of Schneider's collection is this sheet of consecutively numbered $10 bill that were printed by Dakota National Bank and Trust of Bismarck back in 1929, when banks could still issue their own currency.

The minting process may have changed since then, but people still like to be able to see and touch their investments.

"I think people want a little more security," says Schneider. "They want to have 10 to 15 percent of their assets in gold or silver, and that's kind of accelerated in the last few years because they kind of sense that the American dollar may decline some more in value," he says.

And Schneider says, the Internet has expanded their market and helped educate buyers.

"It made people more conscious of value. So, we have a lot of people who will come in with an IPad and check the prices we have versus another firm in another state.  The more people are informed, usually the better buyers they become."

The coin collecting legacy will continue, as Schneider's son and grandson both work with him in the store. 

Bismarck Gold and Silver Exchange is located on 4th Street in downtown Bismarck. You can learn more about them on Facebook.

  • Latest NewsMore>>

  • Bullock Announces Oil Aid

    Bullock Announces Oil Aid

    Thursday, April 17 2014 8:09 PM EDT2014-04-18 00:09:58 GMT
    Today, Montana Governor, Steve Bullock, stopped by Culbertson to announce a $45 million aid package for Eastern Montana communities impacted by oil development in the Bakken area. Governor Bullock says
    Montana Governor, Steve Bullock, stopped by Culbertson to announce a $45 million aid package for Eastern Montana communities impacted by oil development in the Bakken area.
  • Dickinson Students Complete Penny War Competition

    Dickinson Students Complete Penny War Competition

    Thursday, April 17 2014 7:59 PM EDT2014-04-17 23:59:23 GMT
    And Roosevelt students weren't just fundraising for GABR today. They also finished up their Penny Wars competition, which is helping the Dickinson BackPack program.At the halfway point, students had raised
    Roosevelt students weren't just fundraising for GABR today, but they also their Penny Wars competition for the BackPack program.
  • Students Help Team Fundraise For Bike Race

    Students Help Team Fundraise For Bike Race

    Thursday, April 17 2014 7:57 PM EDT2014-04-17 23:57:26 GMT
    Sanford's Great American Bike Race (GABR) may take place in Bismarck, but teams from Dickinson are also gearing up for the event next weekend. And one is trying to keep its title as the top fundraiser
    Roosevelt Elementary held a hat and sunglasses day to raise money for Mitch's Mighty Dickinson Riders.

Most Popular

Stories
Videos
loading...
  • TOOLBOX

  • Special Feature HomeSpecial FeaturesMore>>

  • Ask An Attorney

    Ask An Attorney

    CLICK HERE TO GO TO THE ASK AN ATTORNEY PAGE!
    CLICK HERE TO GO TO THE ASK AN ATTORNEY PAGE!
  • Mobile Apps

    Mobile Apps

    We have the best Mobile Apps.  Learn how you can download yours today.
  • Me-TV North Dakota

    Me-TV North Dakota

    NBC North Dakota News has launched a new channel -- Me-TV North Dakota!  If you love the classics, Me-TV North Dakota has them.
    NBC North Dakota News has launched a new channel -- Me-TV North Dakota!  If you love the classics, Me-TV North Dakota has them.  Me-TV North Dakota will also play a replay on the Evening and Night Report at 11:30pm Monday-Friday.  As well as, local news and weather updates throughout the day.
Powered by WorldNow
    Powered by WorldNow
    All content © Copyright 2000 - 2014 Worldnow and KFYR. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.