Gold and coin shop opens in Gig Harbor

Entrepreneur thinks he’s found a niche with his business

Susan Schell

of the Gateway

When Matt Thompson opened Gig Harbor Gold and Coin on June 30 he sold out of his gold stock in 2 1/2 days. “Everyone’s been asking for it,” he said. “We didn’t have enough inventory to keep up. I can’t believe how fast it went.”

At that moment, a man in a Fox Island T-shirt came in to take a look, and he and Thompson struck up a conversation about how gold is all the rage.

“We don’t have any gold places in town,” Russ Olson said. “It’s nice to not have to drive over the (Narrows) bridge.”

Thompson said he has more inventory on order, but it’s slow in coming. More Americans are buying gold and silver as the banking system falls into disarray.

“It’s really hard to get precious metals and coins — the demand is so high,” he said. “The U.S. mint is pulling silver coins out of circulation, melting them down and storing them in a vault somewhere in case paper money goes out the door.

“Gold is something you hold in your hand, and there’s a lot of nervousness about the banks.”

Thompson runs his shop with help from his father-in-law, Dale Nelson.

“I can’t fire him,” Thompson joked. “Actually, I don’t know where I’d be without him.”

Thompson’s own father got him interested in collecting coins when he was a child. He ended up selling most of his collection just to survive when tragedy struck in 2005. The former concrete pourer was seriously injured on the job, and his wife was expecting their first child.

Thompson went on disability at the time, but the family was financially strained while they waited for the funds to kick in.

“I was always a big coin collector, and I had to sell my own personal collection,” he said. “That’s something I never foresaw happening. I was borrowing money. We were dirt poor.”

The gold and coin shop is Thompson’s first business. He opened the store as a means to combat the boredom of being on disability.

“I’ve always been an active person,” he said. “I can’t just sit around, so I started thinking about opening a new business and just looked around for what Gig Harbor needed.” We hope we can fill a niche — find a gap with something that is needed and interesting,” Nelson said.

Thompson said finding rare coins is always interesting, and he revels in tracking down specific requests.

“It’s the thrill of the hunt,” he said. “One guy came in wanting a three-legged buffalo nickel, professional grade, uncirculated. I found one — but it cost $4,800.”

He hopes the busy first week isn’t just beginners’ luck, but he thinks Gig Harbor can support his business despite the sketchy economy.

“I’ve always been able to turn a profit on the weirdest thing,” he said.

Gig Harbor Gold & Coin

Owner Matt Thompson will help customers track down rare coins through his business, located at 5775 Soundview Drive, Suite 204A. For more information, call 253-851-4653.

Reach reporter Susan Schell at 253-853-9240 or by e-mail at susan.schell@gateline.com.