Our Story: Upstate Coins & Gold
The Roots
Our foundation was laid by Dave's father, who established a respected coin shop in Syracuse, New York. This early venture, known as Upstate Coins and Collectibles, built a strong reputation in the New York market and beyond through participation in national coin shows. The "Upstate" name became synonymous with trust and expertise in the collectibles world.
A Family Affair
From a young age, Dave was immersed in the family business. He spent time at coin shows, learning the intricacies of sorting and handling coins, packing orders, and gaining firsthand exposure to the dedication required in the industry.
Venturing Out
Despite his upbringing, Dave initially pursued a different path after graduating college in 2007. He entered the sales field in New York City in 2008, a challenging time due to the financial crisis.
Returning Home
The economic downturn and the high cost of living in Manhattan led Dave to reconsider. He returned home and began working with his father, observing the strength of the gold market during that period.
Branching Out
After a brief period working together, Dave's father encouraged him to forge his own path. He challenged Dave to establish his own retail shop.
Early Success
Dave opened a retail store near his hometown and quickly found success. The market was favorable, allowing him to build his business, generate revenue, and deepen his understanding of the industry and the needs of fellow dealers.
Shifting Focus
Recognizing the cyclical nature of markets, Dave began to explore opportunities for expansion. He decided to transition towards the wholesale side of the precious metals business. A key differentiator in Upstate Coin & Gold's early growth was the launch of a daily dealer sheet. Transparent pricing was emailed to a wide network of dealers- a practice less common at the time. This built trust and broadened the company's reach.
Building the Wholesale Business
Starting with limited capital, Upstate Coin & Gold began its wholesale operations with a focused selection of products. By mastering these initial offerings and cultivating customer relationships, the company gradually expanded its product range. Dave learned the nuances of wholesale margins and the importance of efficient capital movement.
Leveraging Technology
Drawing on his education and a vision for the future, Dave focused on integrating technology into the business. Around 2015, he initiated the development of an online trading platform to modernize bullion trading.
PlatformGold
After iterations and refinements, Upstate Coin & Gold launched the second version of its trading platform, "Platform Gold," in 2020. This marked a significant milestone, providing enhanced transactional capabilities and reinforcing the company's commitment to transparent pricing.
National Expansion
Recognizing the need for increased capacity, Upstate Coin & Gold made the strategic decision to open a second office, which became the company's new headquarters in Colorado. The building was acquired in 2019, and the move was completed during the challenging times of the COVID-19 pandemic in 2020.
Navigating Growth
After iterations and refinements, Upstate Coin & Gold launched the second version of its trading platform, "PlatformGold," in 2020. This marked a significant milestone, providing enhanced transactional capabilities and reinforcing the company's commitment to transparent pricing.
Investing in the Future
Upstate Coin & Gold continues to invest in technology and its team to prepare for future growth and innovation in the precious metals market.