85% of Ridgewood Coin’s Business Comes from Repeat Customers — Here’s Why

Trading cash for gold since the 1980s — Craig Sklar has been making a reputable name for himself in his community for more than four decades.

A firefighter for 25 years and the longtime local business owner of the family-run Ridgewood Coin, Sklar has been a dependable name in his neighborhood for quite some time now. He has two children, Carrington, 28, and Isabella, 30, both of whom have also helped to run the business over the years, keeping it firmly rooted in the family. His son in-law, George Lear, who grew up in Warwick, also helps run the store alongside him.

This is probably why about 85% of his business is repeat, with customers consistently coming back for more, many traveling longer distances, from places like West Milford, N.J. and Pennsylvania, for his services.

Building trust

“It’s all reputation; it’s how you treat people,” Sklar said.

Sklar’s father was a coin collector in the 70s, and often growing up, Sklar would attend auctions with him, purchasing coins for inexpensive costs. As time went on, his father sold his collection, and Sklar used the money he had made from the coins he bought to open and grow the store, building the positive reputation he has now.

“Forty-five years in the same spot,” Sklar, who now lives in Upper Saddle River, said. “All of the police departments in the area use us. Because they know it is what it is.”

His son, Carrington, also works a lot with the guitars, as Ridgewood Coin additionally does guitar buying. The family musician, he was even chosen for the popular TV show, “The Voice,” but ultimately decided not to stay.

Sklar said that with today’s online review systems, he hopes that people see their consistent high ratings and recognize their tremendous distinction in the area.

To build ongoing trust with customers, he said they supply printouts detailing the prices paid daily for gold and silver, so people know they work from the pages and are not guessing dollars. He added that they are one of the top rare coin dealers in the country, certifying coins and helping customers liquidate them to obtain their full worth.

Golden oppotunities

Aside from their numerous buying services, Ridgewood Coin also sells bespoke engagement rings. Sklar said many individuals purchase lab grown diamonds that come certified through Gemological Institute of America (GIA) papers but cost less. While there is no resale value on lab grown diamonds, patrons cannot tell the difference without a machine.

“We make sure people get the right stuff, if they are buying from us,” Sklar said. “But mainly we buy.”

He added that gold is $3,400 an ounce, highlighting the growing value of jewelry. Charm bracelets, he said, can be around $5,000, so people are coming into the business left and right to take advantage of the market.

Shop or sell

Sklar is not just a friendly face on the other side of the counter, but a reliable member of your own community, walking the same streets, eating at the same restaurants and serving his neighborhood.

With their unbeatble reputation (and deals), Ridgewood Coin is the place to go for locals interested in selling gold, or just checking out what the store has on its shelves.

Located at 17 Chestnut St. in Ridgewood, NJ, the store is open daily from 11 a.m. to 3 p.m.