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 Replies: 13 / Views: 1,866 |
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Valued Member
United States
88 Posts |
Good morning! One of my most successful tactics in buying coins locally is to use the pawn shops - but not in the most traditional sense! First off, I regularly visit a circuit of 5 local pawn shops, popping in at least once or twice per month. I have become acquainted (and even more personally "friendly") with 3 of the pawn shop employees/staff. Consequently, they give me a "head's up" when something comes in the store. As I understand it (please keep me honest if I am wrong), pawn shops have to wait a minimum of 30 days before placing unredeemed pawns AND outright purchases on the sales floor. BUT, those 3 stores let me know what is "about to hit the floor". Now, here is where the REAL kicker comes in - LAYAWAY. There is no minimum, and on many occasions I bought something as small as 1 or 2 Morgans, and laid down 10% (just FIVE or SIX DOLLARS!), to reserve those coins for myself. Finally, these guys for the most part (not always, but often) are absolutely NOT coin experts - they are FAIRLY knowledgable in ALL areas, but typically not experts in any one area. Because of this, I have walked with several items UNDER SPOT! I hope this helps, and if it does it would be nice to hear of any potential awesome deals you got from this system! Case in point, this 1987 Constitution $5 (1/4 ounce for this item) Gold and 1 ounce Silver coin set - the price was originally $375.00, but each pawn shop has a system to move inventory, where after 30 days, the price reduces by 10%, 60 days it goes down 20%, etc... All shops are different... I got my set for $294.99, which is under spot! Best, EndTheFed 
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Moderator
 United States
187702 Posts |
Nice deal!  |
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Valued Member
United States
374 Posts |
Nice... fortunate to have so many shops around, I have to go 35 minutes or so just to get to a pawn shop or almost an hour to get to the nearest (decent) coin shop.
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Pillar of the Community
Canada
5417 Posts |
Great deal! I have some really nic coin shops close by with one of the best in Canada about 20 mins away so I've never really seen the need to peruse pawn shops. I did get a really good deal on Older World Silver Coins (Which I later sold for a lot more) at a Pawn Shop in Vancouver but that's about it. I have 2 or 3 pawn shops close to where I work so maybe I'll drop by them someday.
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Pillar of the Community
United States
9792 Posts |
Quote:
As I understand it (please keep me honest if I am wrong), pawn shops have to wait a minimum of 30 days before placing unredeemed pawns AND outright purchases on the sales floor. In Colorado when I worked at soon shops, they did have to hold Jewlery, but not coins. That may have changed since I have not lived there since the mid 1990's. Every state may have their own laws and regulations, they can also vary from county to county. "Buy the Book Before You Buy the Coin" - Aaron R. Feldman - "And read it" - Me 2013! ANA Life Member #3288 in good standing since 1981, ANS, Early American Coppers Member (EAC), Colonial Coin Collectors Club member (C4), Conder Token Collector Club member (CTCC), Civil War Token Society (CWTS) member, Liberty Seated Collectors Club (LSCC) & Numismatic Bibliomania Society member (NBS), USMex, Member in good standing, 2¢ variety collector. See my want page: http://goccf.com/t/140440 |
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Bedrock of the Community
United States
20753 Posts |
Wouldn't work around where I live. All the pawn shops usually have people that know their products well. Some don't even take coins at all. Some have barred windows and doors and you have to ring a bell to get in. Those too usually have workers that look like from the 1920's. And with coins. I've found almost all the ones by me are excessively overpriced if they have coins at all.
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Pillar of the Community
Canada
1747 Posts |
I am some what surprised, with the invention of the interweb, most shops know values, and either maintain then, or sell on ebay. I was at one pawn shop trying to sell 1oz silver coins for $45 when silver was down at $15. I asked about it, and they said they had to sell at that price, no negotiations. One pawn shop I went to, and asked about gold/silver coins they said they take them, but never sell, and that pawn shops were not a good place to try and buy them at. Since these experiences I have not ventured back. I guess each store is different. |
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Valued Member
 United States
88 Posts |
I agree with everything here, as there are naturally no "universal truths" in any business. The one important thing about the invention of the "interweb", as stated above....even by searching current and closed auctions and other internet data, this information is not by itself always telling the whole story, so occasional deals often slide in, for one reason or another. But, as many of you said, this also works the opposite way, where you will see a roll of Presidential dollars selling for 5x the face value! This was just a thought for those who might be able to seek out an additional source for buying coins. Good luck! EndTheFed |
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Pillar of the Community
United States
4333 Posts |
None of the pawn shops in my area will deal with coins, they tell me it's because of the volatile price nature.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Bedrock of the Community
United States
20753 Posts |
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None of the pawn shops in my area will deal with coins, they tell me it's because of the volatile price nature. By me it's mostly due to all the counterfeits popping up. One seller at a local flea market usually has several fake coins a week. Pawn shops are watched by all kinds of policing organizations so much around here that few want anything to do with coins. |
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Valued Member
United States
291 Posts |
Back in 2008-2010, I was told by the clerks at two local pawn shops (same owner owns several across the area) that the owner has instructed them that all gold comes directly to him. I can just imagine the Scrooge McDuck swimming pool of gold that guy must have.
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Pillar of the Community
Canada
3692 Posts |
My experience is that bullion at pawn shops are double spot. Crazy. They are there for suckers. BUT have your try at paper money because it's more obscure and there's no tangible value except the face value. And know your stuff because if you check a price guide in front of a pawn broker they will just sell at the highest price without regard for condition.
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Valued Member
United States
88 Posts |
That totally stinks that most of you do not have semi-competent pawnbrokers in your area....for those of you who do have them, I strongly encourage it, as I just picked up a 1907 $10 Eagle for $800, and it appears to be in low MS grade. I do not have it yet, as I laid down $200 in early July, then paid another $200 on Wednesday. The price does not seem like a "deal" on the surface, or at least, it seems like "normal price"; I agree. But, I can make installment payments, and it is reserved for me.
Very fortunate to have several shops who sell coins!
EndTheFed
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Pillar of the Community
United States
836 Posts |
My local pawn shop will deal with coins, but they don't know values in sense of being realistic. They price by date normally and anything from say 1800-1850 is say $100 each and then from 1851-1900 is $75 each and so on. They normally always have a Morgan or two, but well circulated. I did pick up a couple ASE a couple years ago for $20 each because they though they were "New" and not worth as much, one was an 97 and the other and 89 or something like that. They have been seating in the safe ever since with other silver. |
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Replies: 13 / Views: 1,866 |
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Posted 07/25/2014 12:05 pm
