Today we’d like to introduce you to Kevin Timmons.
Kevin started coin collecting at age 8 when his grandfather gave him an Indian head penny. He was immediately taken with the hobby and the history behind each coin. Every week for his paper route, his grandfather paid him 55 cents consisting of a walking liberty half dollar and a buffalo nickel which he added to his collection. He was well known in the banks of Bellevue, OH for coming in for rolls of coins that he would search to fill up his books. He continued collecting throughout his life and in 2003, when he was 48, he opened the first harbor coin in Winthrop Harbor, IL with his son, Brian. The business flourished and in 2011, wanting to expand and bring more family into the business, he moved the business to a prime location in Gurnee, IL. Harbor Coin is truly family run with all 3 of Kevin’s children and his wife, Sheila, running the store with him.
Great, so let’s dig a little deeper into the story – has it been an easy path overall and if not, what were the challenges you’ve had to overcome?
As a family owned business, the legal challenges of owning a business and managing every aspect of the business with minimal experience. The patriot act put into effect after 9/11 placed challenges on the coin and bullion industry because of its anti-money laundering restrictions. Although we believe in the purpose of the patriot act it gave us challenges that we didn’t have prior.
In 2013 our business suffered 2 late night burglaries and lost approx. 250k in merchandise/damages. These events also provided a deep emotional struggle and fear of further bad acts upon our families’ livelihood. Our security became a huge focus so we were forced to learn about multi-level security systems and apply them to our business.
In a business of our type, you have to constantly have enough cash to buy whatever walks through the door. This can be challenging with bank restrictions and legal ramifications regarding cash. There has been a major learning curve trying to keep the business (family) afloat.
The family run aspect of the business can also be a challenge, especially considering that each person was brought on 1 at a time so everyone was learning at different times.
Harbor Coin Company – what should we know? What do you guys do best? What sets you apart from the competition?
Our business specializes in rare United States coins and currency. We buy and sell all coins but do have extensive knowledge in united states silver dollars, early U.S. gold and type coins. We are known to have one of the largest certified coin inventories in the Chicago-land area. We are PCGS, NGC and CAC authorized dealers.
We stock gold, silver and platinum bullion. We also purchase scrap gold silver and platinum jewelry as well as sterling silverware and dishware.
We buy and sell world coins & currency.
We are most proud that we are completely family owned and run. We pride ourselves in being fair, honest and friendly to our customers. We are here to educate & inform just as much as we are here to buy and sell. The continuation of the coin collecting hobby is very important to us.
What moment in your career do you look back most fondly on?
Bringing in all of my children and being able to employ my entire immediate family has provided me with the most feeling of accomplishment.
Contact Info:
- Address: 5250 Grand Ave. #6
Gurnee, IL 60031 - Website: www.harborcoin.com
- Phone: 847-596-2476
- Email: kjtimmons@aol.com
- Facebook: https://www.facebook.com/harborcoin/
- Twitter: @harborcoin
- Yelp: https://www.yelp.com/biz/harbor-coin-co-gurnee
Getting in touch: VoyageChicago is built on recommendations from the community; it’s how we uncover hidden gems, so if you know someone who deserves recognition please let us know here.
