Some businesses, like coins, don’t go out of date but keep attracting more value as they go along.

Golden oldies

The 1930 penny is one of the rarest Australian coins, due to a very small number being minted. It is highly sought after by coin collectors, and a 1930 penny in very fine condition can be worth a small fortune. Other ‘hard to get’ years include 1925, 1946 and 1965.

In the Illawarra we have business that are more than 20, 50 or 100 years old and still thriving too.

The timing

“The proof 1930 penny was struck purely as a showpiece by the Melbourne mint at the height of the Great Depression.”

It’s no use waiting for the right conditions to start a business, as some very old and successful companies took the plunge when times were unfavourable.

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How to start

“The easiest way to start a coin collection is to save the coins you receive in your change. Before too long, there will be a wide range of years in your album.”

The same goes for business. You have to start somewhere and if you are diligent, before long the business will be up and running.

Where to look

“When it’s time to start looking for highlights for your collection, or for serious investment pieces, look for proof coins, which are often made of precious metals such as gold or silver. Unique coins with special shapes, sizes or features will also give them some added value.”

With business it’s about adding value too by making sure your organisation offers products and services that competitors may not be offering, ranging from warranties and service to unique products.

Making it

“If you are lucky enough to visit the Mint, you can strike an uncirculated coin in the visitor press. Every year, this machine makes a new coin design that you can’t get anywhere else.”

Business too should not rest on their laurels but keep improving and innovating.

Social media

“Keep an eye on our social media pages for news about when the Royal Australian Mint press may be heading your way.”

Of course informing your new and potential customers by social media is essential. Keeping up with technology or getting a professional to do it for you, will keep the momentum of your business going.

Connecting

“Coin clubs and associations give you the chance to make friends with people who share your passion, and to share ideas and knowledge you’ve gained through your collecting.”

Hosting and attending conferences and expanding further than the local area can reap dividends too.

Right here in the Illawarra

“A newly found 1797 ‘cartwheel penny’ is believed to be among the oldest discovered pieces of Wollongong’s colonial history. Works in Burelli Street, Wollongong have uncovered locally significant archaeological remains associated with the early 19th century to mid-20th century including a couple of other coins that date back to the 1850s and 1860s.”

The Illawarra is an ideal place to grow a business. Access to a harbour, coal, steel, excellent rail and road networks and labour is what made the Illawarra thrive.

But it is the people, university and tourism that have also helped build up the region and its businesses, bringing it into the modern era.

Source: ramint.gov.au