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Pawn Coin Collection for collateral to buy back?  
 

 
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New Member

United States
7 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.
Valued Member
United States
224 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.
Pillar of the Community
United States
7924 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
3188 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
9212 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
45006 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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