Patrick Heller has held million dollar collectible coins in his hands, but holding the 2010 Retail Entrepreneur of the Year Award on stage at the Radisson Hotel during  the recognition dinner in March had an even greater value to the owner of Liberty Coin Service.

“To be honored by your entrepreneurial peers is a wonderful thing,” Heller says.

Liberty Coin Service, founded in 1971 by R.W. Bradford, has grown to be Michigan’s largest rare coin and precious metals dealer. Heller, who became part owner of the business in 1981 and sole proprietor in 1995, has made a series of timely moves over the years to take advantage of emerging markets.

The business has grown to two locations in Frandor, one at its original location in the basement of the Bank of America Building, and more recently a storefront in the Clippert Building used exclusively for purchasing merchandise from the public. Heller hopes to someday consolidate into one larger building to allow his staff to work more efficiently.

Liberty Coin Service buys and sells rare coins and precious metals like gold and silver. It’s the precious metals part of the business that has seen significant growth despite the rough economy.

“In a way the poor economy has helped all aspects of our business. We have a number of customers who need money to pay bills and selling gold jewelry is one way to do that,” Heller explained. “We are buying more gold and silver than ever before.”

Liberty Coin Service has a competitive advantage when it comes to buying and selling precious metals because of the relatively thin profit margins in the industry. Jewelry stores also often buy gold but are used to higher profit margins, Heller explained.

“That means we can be very competitive on price. We can pay top dollar and sell for less,” Heller added.

Heller believes in approaching business with each customer with a long-term perspective and that by taking care of customers right from the beginning will earn the store a repeat customer.

Liberty Coin Service, with 17 employees at its two locations, attracts business from all over the Midwest because of its nationally competitive price structure.

“We pay higher prices for gold than Grand Rapids, Flint or Detroit. We have put literally millions of dollars in extra benefits back into the pockets of people living in the Lansing area,” he said.

Both novice and serious coin collectors can find strictly graded quality coins and paper money, stamps, historical documents, hobby supplies and other interesting bits of history at Liberty Coin Service.

Heller, perhaps in the true spirit of entrepreneurship, said the most satisfying part of his career has been the positive impact his business has had on the lives of student employees through the years.

“Several of my younger employees have eventually left to begin their own entrepreneurial careers. I believe in employee longevity and I do have many longtime employees. However, to see someone go out on their own and be successful is rewarding, too,” Heller said.

This isn’t Heller’s first trip to the dais at the Entrepreneurial Awards. In 2004 Heller won the Socially Responsible Entrepreneurial Award for his support of area schools through the use of the U.S. state quarter series and other coins to spark student interest in history and geography.

Heller, a former certified public accountant, also served on the Michigan Quarter Commission that worked on selecting a design for the Michigan quarter.

“I was especially proud to serve and help Gov. Granholm select the design (of the 2004 Michigan quarter),” Heller said.

Heller, who is a frequent speaker at schools, fraternal organizations and senior citizen centers and has been very supportive of Cub Scouts, says he plans to retire by the end of 2014. Before then he would like to further expand his business through several acquisitions.

Whether you have a rare 1804 U.S. silver dollar, which is worth a cool million; an old Austrian ducat, French franc, German mark; or just want to sell a gold bracelet you no longer wear, Heller and his staff would be happy to put some money into your pocket.