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 Replies: 19 / Views: 2,865 |
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Valued Member
United States
459 Posts |
After a recent trip out of town to see family members, I have learned that many pawnshops that also deal in coins can have two completely different policies on their items. The first: It's worth more because it's mine and it's silver. On this trip I went to a pawnshop/hardware store/coin store that was very overpriced. ($40 for a 1964 proof set, $100 for OGP silver eagles, etc.) I found it hard to locate items to purchase in my price range; I am a low budget collector. I ended up only spending about $5 on 9 wheat pennies that I cherry picked from a tray. I feel I got an okay deal, a few early date pennies for about 70 cents a piece. The second: We don't want to look things up; so we will price the coins to a common, worn coin of the series. This was also a coin store/pawnshop, and I feel that I got a very very good deal here. (List to follow) Also, on my next visit to town I will definitely visit this store again and look at nearly everything. I would like to know if any of you have gone to stores like this and had similar experiences. I wonder if the stores with the first philosophy realize that they are not getting very much business in the coin section, or they just think that coin collecting is now a dead hobby...  List of coins purchased at store with second philosophy: 1882 IHC VF ($1) 1883 V nickel No cents VG ($1) 1883 V nickel no cents F+ ($1) 1883 V nickel with cents VF ($1) 1907 Nickel F ($1) 1909 Nickel VF ($1) 1912-D Nickel F ($1) 1913 Type 1 No date ($.25) 1923 Nickel G ($.25) 1925-S Nickel G ($.25) 1909-O Barber dime VF details ($5) 1916 Merc Ag ($2) 1919 Merc in one of the Oak-Ridge Lab Capsules ($4) 1921 Merc FA ($3) 1931 Merc VF ($3) 1920 SLQ G ($7) Total: $30.75 TOTALLY WORTH IT!! Edited by 1916 D Merc
06/02/2013 8:06 pm
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Pillar of the Community
United States
2311 Posts |
Can I have the buffalo's? Oops I forgot! We are talking about your coin you bought. I say it was a good deal!  Edited by solotime
06/02/2013 8:13 pm
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Valued Member
 United States
459 Posts |
I would also like to know of your experiences with either of these types of store, and which type you have/have not been to, or are located near.
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Pillar of the Community
United States
2311 Posts |
I have only tried a few. When I tried them, I got ripped off. I paid 30 for an ASE when silver was 18 an ounce. I never seen one before, I didn't know he was a rip-off. He sold all kinds of different things in his pawnshop. He's 20 miles away. |
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Valued Member
United States
459 Posts |
At least your guy wasn't at 5-6x Melt for ASEs  |
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Pillar of the Community
United States
5206 Posts |
Looks like a nice haul from the list.
The 1883 with cents is worth more than the 1883 without cents.
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Bedrock of the Community
13014 Posts |
The pawn shops I've been to have been the grossly over priced type. Not sure if theyre expecting people to talk them down, but I dont feel like haggling with a pawn store over common things I could just come home and get for the normal price on ebay with no effort. I would love to find one where they just treat everything silver as silver, generally I see things in basement slabbed priced like theyre pcgs coins though |
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Valued Member
Canada
497 Posts |
I've quit visiting pawn shops in my city and others when I travel, all my expiriences are similar to senario 1, it's silver or it's collectable coins therefore it must be worth lots, ie common bullion bars @ 1 1/2 times spot or higher, G -VG half dollars @ 4 - 5 times book value.
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Moderator
 United States
23522 Posts |
I'm guessing, then, that the one takeaway here is pretty obvious: It's not about the knowledge of the seller whose store you walk into - we can't change that - it's about the knowledge of the buyer who walks into the store.
Walk into any store you want. Just walk in smart. You never know.
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Pillar of the Community
United States
1374 Posts |
I've had all sorts of experiences, most of them good actually. The worst was this pawn shop in Washington. Guy had about 8 worn Roosevelt silver dimes sitting in a small pile behind his glass case. I asked how much, and he gave me a price about 75 cents over spot EACH. So, I tried working him down by offering him that day's spot price.
Oh man, did he bust a vein. He exploded, cursed me out, told me I was trying to take advantage of him, etc. It was one of the most surreal experiences I ever had. I couldn't believe his reaction. He concluded that his prices were at spot, which was just a flat out lie. I called him out on it, pointed at his computer, and told him to go look it up because he was wrong. It ended with me telling him I didn't want his trash coins, but profanity laced. Dude really hit my buttons treating me like that.
I walked 2 blocks down the street, and found several rolls of unsearched wheats at another pawn shop. They were marked 2 cents a coin, but the owner volunteered to sell them to me at face value. HAHA couldn't believe it.
Edited by Drsandman2
06/03/2013 12:13 am
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Bedrock of the Community
United States
20753 Posts |
Around me there are pawn shops all over the place. And every one is different. Some have made the newsmedia for selling and/or accepting stolen merchandise. Somoe say they do not deal in coins at all. One, with a large sign in front saying we buy Gold, told me they don't deal with metals of any kind. Many have a barred set up so all you see is things behind those bars. All have a bell to push so they will let you in. If they do have coins for sale, I'm usually told to name a price and they'll tell me if it's OK. So far I've never seen coins in their window, on a counter, in a display case. Easier to buy a gun than a coin.
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Valued Member
United States
395 Posts |
I agree with SsuperDdave, if you are a smart shopper you will likely find the good deals. One of my favorite pawn shops in the area is owned by someone you can tell had a love for coins at some point. I think he was all coin in the past and then branched out towards a more traditional pawn shop due to necessity. I thinks it's worn him down a bit. He has about a third of his coins in counter displays tagged at retail book. He knows me as a familiar face from buying supplies as his prices on flips etc are dirt cheap. If he ever has something that catches my eye he immediately offers 50-75% off the price without being haggled. He also takes in collections and has bins of Unsorted/unsearched coins to which he will usually offer a dirt cheap price if I take the whole bin. So to sum it up, I think it's a combo of presenting yourself as a smart shopper, and of course finding the right place to give your money to. My repeat shopping for cheap supplies and conversation has developed a great place for me to pick up some coins. The repeat business I think played a large part, even if it was only minor purchases at first. I imagine these owners deal with people everyday that they will never see again, and probably some they hope to never see again. He was never unfriendly (I would have never gone back), but he definitely warmed up a lot more after a few visits. Just my thoughts and rambles ;)
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Valued Member
United States
68 Posts |
This is a neat topic. I will have to look into some shops in my area. However, most places I have called and asked are just buy only.
The way you all describe it sounds cooI
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Pillar of the Community
United States
500 Posts |
Haven't checked out all of them, but all I have in my area are type 1s. Really no reason to even try looking as it is all way overpriced junk. The few real coin shops are the only places with anything worth looking at and they are mostly gouging as well.
I found a decent merc dime at one local pawnshop and the guy said he had a really nice "partial" album of prime ones he'd bring in. Then he wanted like $400 for a $200 coin and wouldn't budge a cent - making it a worthless gesture. Most of these places are bullion dealers only now and want huge profit margins on anything else - including all coins.
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Pillar of the Community
United States
1770 Posts |
the pawn shops I have been too tend to be very reasonably priced for dimes and quarters, but once you get to the halves and dollars forget it they think silver is still 33-35 an oz so I basically just pick out the dimes and quarters for 50 cents above melt
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Pillar of the Community
United States
1795 Posts |
Now you got me curious..I think I will make it a point to check out some pawn shops but I don't see em often and really don't want to go into the city if I don't have too but who knows. Hope I find some type 2.
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Replies: 19 / Views: 2,865 |
Posted 06/02/2013 8:40 pm
