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Pawn Coin Collection for collateral to buy back?  
 

 
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United States
13 Posts
 Posted 08/12/2017  12:57 pm Show Profile   Bookmark this topic Add asherkobin to your friends list Get a Link to this Message
- Any search on this site for "pawn" returns pawn shop finds
- I have only used a pawn shop to get a $200 loan and use my laptop for collateral that I bought back with interest + fee.

I need to borrow about $500 for a month and I was thinking of pawing (for a loan, NOT selling) my US Type collection that is worth about $1500. I feel that pawn shops are clueless on rare coins. Do any coin shops do this? The one I asked does not. Are there pawn shops that may have a coin specialist that does this? I live in Seattle. Thanks.
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United States
271 Posts
 Posted 08/12/2017  1:08 pm  Show Profile   Bookmark this reply Add otto to your friends list Get a Link to this Reply
Would it help to have an itemized list of your coins with you? This might make it easier to get someone to look at what you have.
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United States
9992 Posts
 Posted 08/12/2017  1:15 pm  Show Profile   Bookmark this reply Add moxking to your friends list Get a Link to this Reply
If you have certified coins it is easier, although still not simple to get a loan. Without a coin specialist at the location you might as well be offering moon rocks. Most pawn stores simply aren't knowledgeable enough to make an offer.

You could offer such a buy back plan to a coin shop and probably have better luck.

All of that depends on the quality and grades of your coins.
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United States
3285 Posts
 Posted 08/12/2017  1:19 pm  Show Profile   Bookmark this reply Add westernsky to your friends list Get a Link to this Reply
I knew of a coin and loan shop in California that did these type of pawn loans. So, if they did it I would imagine other shops do it too!

I asked the owner about it one time and he told me that if a customer is 100% sure they will pay the pawn loan to get their coins back then by all means the loan is the way to go. If they have any doubt about paying the loan back the best bet is to sell the coins outright. Reason? The shop would pay more to buy the coins than what they would allow on a loan.

I would suggest calling around to various pawn shops and asking about their policy on rare coin pawn loans before wasting your time driving around.

If a pawn shop sells coins you can pretty much count on them buying (or loaning) on coins, too!

Good luck!
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United States
9538 Posts
 Posted 08/12/2017  7:32 pm  Show Profile   Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply
I would just sell $500 worth and not risk the whole thing for a loan that you will not only have to pay interest on but will get a valuation of pennies on the dollar as well
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United States
47724 Posts
 Posted 08/13/2017  12:33 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
I would just sell $500 worth and not risk the whole thing for a loan that you will not only have to pay interest on but will get a valuation of pennies on the dollar as well
I agree with this idea.
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United States
13 Posts
 Posted 08/27/2017  1:10 pm  Show Profile   Bookmark this reply Add asherkobin to your friends list Get a Link to this Reply
Thanks for your opinions. I cannot part with any of this set (i.e. sell). I will call around to a few pawn shops. The coins are in a 7070 album and are EF or better but no slabs (they're all common for the particular type). I may just hold tight for now.
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United States
9538 Posts
 Posted 08/27/2017  3:11 pm  Show Profile   Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply

Quote:
The coins are in a 7070 album and are EF or better but no slabs (they're all common for the particular type).


For raw coins expect them to value them as just their metal content.
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United States
7290 Posts
 Posted 08/27/2017  5:05 pm  Show Profile   Bookmark this reply Add Cascade to your friends list Get a Link to this Reply
The only way a coin shop would do it is if you are freinds with the owner. General coin or gold shops don't have proper lincensing to make loans and hold collateral.
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Norway
1357 Posts
 Posted 08/27/2017  11:28 pm  Show Profile   Bookmark this reply Add UltraRant to your friends list Get a Link to this Reply
Any chance to get a loan in a different kind of way than via a pawn shop? They're usually very expensive plus you'll probably have to put more in coins than the loan is worth, as pawn shops either just use the metal value or will get you a horrible value for your coins. So don't be surprised if they say your collection isn't worth $250 while you estimate it at $1500.

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United States
1188 Posts
 Posted 08/28/2017  8:07 pm  Show Profile   Check Andrew99's eBay Listings Bookmark this reply Add Andrew99 to your friends list Get a Link to this Reply
Edelman's Loan Office advertises in the Greysheet. They are numismatic specialists and will loan on US coins with no fees.

301 York Rd
Jenkintown, PA 19046
215-572-6480
edelmanscoins.com
The collection is in your mind. Dispose of your albums and free your mind from the tyranny of holes.
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