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Strange Pawn Shop Experiance

 
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Author Previous TopicReplies: 8 / Views: 1,129Next Topic  
Pillar of the Community
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 Posted 06/21/2015  10:34 am Show Profile   Bookmark this topic Add Tim Stroud to your friends list Get a Link to this Message
There is this one shop in town that I do coin business with. I stop by every other Friday. I usually have to pay melt plus 5%-10% which I am okay with because I have gotten some good deals on semi keys there. A couple of weeks ago I went in and bought a bag full of mostly Mercs, 2 rolls of Gem BU Roosevelt's, and a bunch of 80% Canadian dimes. I was short on time so I asked for a price and it seemed reasonable so we shook on it, I paid and was in and out in less than 5 minutes. When I got them home and counted them up and ran the numbers I realized that I had paid $4.53 over melt on nearly $6 face of 80% & 90% silver.

But here is where it gets weird I stopped in this past Friday and bought all they had, 7 Morgan/Peace, a Merc and SLQ, both of which had been polished. I asked for a price and was quoted $70! Since I had already checked Kitco before leaving work I knew what the melt was for each coin and ran the numbers in my head and realized that it was far below melt, over $21 below melt actually. I was not about to try and haggle the price down so I paid and left.

I have weighed them out, checked diameter, and looked for all the tell tell signs of counterfeits, and they all look legit. I have known these guys to buy counterfeits before and when they realize that they are fakes they call up the people who bought them and ask them to bring them back to get a refund then they send them off to be melted. I just wonder if dude just cut me a deal because I am a loyal buyer or what. They have told me on numerous occasions that I am their favorite coin guy.
Edited by Tim Stroud
06/21/2015 10:55 am
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 Posted 06/21/2015  10:51 am  Show Profile   Bookmark this reply Add SilverStackerKid to your friends list Get a Link to this Reply
Now that is a deal! Wouldn't complain a bit. Maybe they just like you? I guess. A shop probably wouldn't make a mistake like that.
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 Posted 06/21/2015  11:03 am  Show Profile   Bookmark this reply Add CLS12 to your friends list Get a Link to this Reply
Keep buying what they have quick and hopefully they keep hooking you up. They are likely buying very low and still making nice margins realizing they can flip it to you quick without tying up their capital for more than a few days. They are a pawn shop and not a dealer, the person selling to them is the one getting the raw deal
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 Posted 06/21/2015  11:33 am  Show Profile   Bookmark this reply Add Tim Stroud to your friends list Get a Link to this Reply
I have been dealing with these guys for about ten years now. They pay 50% of melt, and is higher than the other shops in town pay. They have to hold them for 7 days but are looking to flip them as fast as they can after that, this much I know. The other shops are paying 30%-40% of melt and then try to sell at Red Book prices. One shop has had the same ASE's for over a year, still asking $60 a piece for them.
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 Posted 06/21/2015  12:13 pm  Show Profile   Bookmark this reply Add Elimist to your friends list Get a Link to this Reply
They PAY %40 of melt price!?!?

Wow, just solidifies again that if your going to sell your coins than a pawn shop might be the worst possible place to do it.
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 Posted 06/21/2015  12:28 pm  Show Profile   Bookmark this reply Add Russ789 to your friends list Get a Link to this Reply
Tim if they pay 50% of melt...which is horrendous they might have paid cash to the seller. Then you pay cash and the transaction never hits the books. I know the game...
Edited by Russ789
06/21/2015 12:28 pm
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 Posted 06/21/2015  12:56 pm  Show Profile   Check edweather's eBay Listings Bookmark this reply Add edweather to your friends list Get a Link to this Reply
Soulds like you have a goose that lays golden silver eggs.
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 Posted 06/21/2015  1:44 pm  Show Profile   Bookmark this reply Add Tim Stroud to your friends list Get a Link to this Reply

Quote:
Tim if they pay 50% of melt...which is horrendous they might have paid cash to the seller. Then you pay cash and the transaction never hits the books. I know the game...


That is exactly how it works. But what I find puzzling is that the last 2 trips I have paid less than I normally do.
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 Posted 06/21/2015  1:47 pm  Show Profile   Bookmark this reply Add Russ789 to your friends list Get a Link to this Reply

Quote:
That is exactly how it works. But what I find puzzling is that the last 2 trips I have paid less than I normally do.


As long as the coins checkout then enjoy the discount!
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