Financing Geocoins

[+surteb]

I have been looking into making a geocoin for some time, but I have a pretty basic and important question: How can one afford to do this? I certainly don't need to know about people's personal finances, but I understand the whole operation can be a several hundred dollar investment. So many folks make their own coins that maybe it isn't as bad or as complicated as I think it is. So, could some of you who have been down this road please give me some insight? I have read through the pinned topics and have looked at some of the suggested geocoin company sites, but am still confused. I am wondering, for example:

 

What are all the fees really for?

 

How do you determine the cost of your own coin?

 

Do you make your money back by selling the coin?

 

What are some of the better/cheaper companies/ways to make a coin?

 

If no one wants to answer here in the forums due to personal information or something, that's fine. Please PM me or e-mail me through my profile. I just feel overwhelmed with the whole financial aspect of it.

 

Thanks so much!

[+Woodland Clan]

financing = tax return Edited January 12, 2008 by Woodland Clan

[+Droo]

There is quite a bit to minting a geocoin. Die fees.... without the initial handcrafted die you can't press any coins. Most coins require and front and back die. Tracking fee..... if you don't want your coins to be trackable you can save $1.50/coin. Custom icon.... $0.85/coin. These last 2 fees go to Geocaching.com who will be making bandwidth available for your coins on their website and provide you with tracking#s. Everything else is related to the design of your coin, the sampleing, painting, shipping, etc.

On some coinmaker's sites I've seen a template where you can see much it would cost to mint your coin given the choices you select. Not for the faint of bank account.

[+Damenace]

financing = tax return

 

BINGO

[R/GBOTS]

If you want to make a coin, just do it.

Some people travel the world, some make and buy geocoins.

It's all about priorities.

[+tsunrisebey]

I have been looking into making a geocoin for some time, but I have a pretty basic and important question: How can one afford to do this? I certainly don't need to know about people's personal finances, but I understand the whole operation can be a several hundred dollar investment it's a wee bit more than that, lol. So many folks make their own coins that maybe it isn't as bad or as complicated as I think it is. So, could some of you who have been down this road please give me some insight? I have read through the pinned topics and have looked at some of the suggested geocoin company sites, but am still confused. I am wondering, for example:

 

What are all the fees really for? The fees are for what the vendor says they are for, nothing dishonest going on there.

 

How do you determine the cost of your own coin?size, metals (if you split them up), colors (glows, glitters, etc. and how many used), 3D/2D, cut outs, how many, icon, tracking, the more you want the more the price.

 

Do you make your money back by selling the coin? Depends on the coin design and how desirable it is to people/how much you charge per coin unless you can find a vendor to take your coin design in return for some coins for you (then no worries in this case).

 

What are some of the better/cheaper companies/ways to make a coin? Can't advertise the companies, that's a no-no here but a cheaper coin would be no tracking numbers/no icon

 

If no one wants to answer here in the forums due to personal information or something, that's fine. Please PM me or e-mail me through my profile. I just feel overwhelmed with the whole financial aspect of it. No need to feel overwhelmed, just take it one step at a time. There is no rush and you should really think about this because you will be making a substantial monetary investment (from most people's perspective).

 

Thanks so much!

Edited January 13, 2008 by tsunrisebey

[+moscow32]

 

How do you determine the cost of your own coin?

 

I don't think this one has be adequately answered yet. The best way to determine the cost of your coin is to ask for a quote from one or several of the vendors in the list. You should have a good idea of what you want for your coin, but you don't have to have everything worked out and set in stone.

 

When I minted my personal coins, I quoted out 4 vendors at 2 levels of production (e.g. 250 coins and 500 coins). I then compared the prices, and picked the vendor that worked best for me. This initial communication also helped me pick my vendor, because it gave me an idea of what working with the company would be like. If they were quick to respond to my questions, etc.

 

Quoting it out will also give you an idea of what all the fees are for. Several (but not all) of the vendors I quoted out broke out the various fees and options so I could see what doing this or that to my coin would do to the price.

 

Good luck!

[LoriDarlin]

First of all...what is it you want?? Do you want a personal trade only coin?? Do you want to sell your coin?? Do you want it trackable?? Do you want to do it all yourself?? Do you want someone else to fund it and just give them the idea and get a few free coins for your design?? There are pros and cons to every style.

 

Let's just say you want to do it yourself.....

 

If you KNOW you are going to mint a coin and its just a matter of time....just start saving your money now by cutting back on things, less trips to the store, less times out to dinner, save where you can, keep your change, sell coins and other stuff on ebay and put those sales towards your COIN FUND, ask for money for your birthday, Christmas, anniversary....quit smoking, quit drinking, no lattes, no energy drinks, no snacks, look under the cushions of your couch, etc. etc. every little bit helps....just put it in a special place where no one will bother it....and by the time you figure out WHAT you want on your coin, obtain quotes, pick your mint, they redo the artwork, you make corrections on it probably several times (hehehe) be quiet Mama Cache....then pay the die fee upfront, then the samples are made and you wait for them to be sent to you (and I strongly urge you do this because pictures are NEVER the same as actual samples), and then approve it (this is when you will need most your money by)....by the time you do all this....if you followed by earliest advice...you will have the money by then to afford it. You just have to start saving for it TODAY.

 

Here is also what motivates me....after I come up with what I want for the design (and it takes me FOREVER so this is why my theory works) but after I get it...I print it out to scale....and keep a picture with me always....so when I am tempted to buy things I don't need....I get it out and look at it...and think COIN FUND....MUST SAVE FOR COIN FUND....and just looking at that little 1.5" piece of paper really does do the trick for me.

 

Lessee....I just started again....I have saved $22.50 (not counting all my change from the past year)....time to start working on my next design....lessee.....which one of my many ideas to do next??....DECISIONS DECISIONS....when I finally make up my mind WHICH idea...I'll at least have saved another $200

 

Let's say you want your own coin BUT don't want to deal with it yourself and want someone else to fund it, sell it, ship it....

 

Start working on a GOOD design, send it to some mints to see if there is any interest and if there is you might be able to have them take it on and get some free coins for yourself.

 

It all just depends on what you are wanting to do...do you want to trade it? Sell it to make some money on it? or just get one done without having to do all the work (have a mint take it on and you get a few free coins).....like I said....DECISIONS DECISIONS....

 

Have you saved any money yet?? LOL

[+mousekakat]

...no energy drinks, ....

 

Yeah, right, Lori, who ya trying to fool, lololol!!!

 

Naomi...who happens to know that Lori is absolutely addicted to a certain power/energy drink out there :D

[+joranda]

You can do like I did. I used my money from my savings to have them made then figured how many I had to sell to put it back in my savings and sold that amount of coins. If you want more made later, the price goes down because you have the die already made.

[+Cav Scout]

I use money I saved. My own money.

[+Nochipra]

We just sent our idea to a company and they contacted us and said they were interested in making the coin. When the design came out it was not exactly what we had sent in but the basic concept was still there. We got some coins in return for the coin idea to do with as we wanted.

[+501_Gang]

I use money I saved. My own money.

 

Same here, never sold any of my coins. I just figured out want I wanted, saved the money up and then had them minted.

[+surteb]

Thank you so much to everyone for answering my questions. I wasn't actually sure I would get any responses, so they are all very much appreciated. This whole coin business sure is complicated, but it's also a whole lot of fun!