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Replies: 27 / Views: 3,647 |
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Valued Member
United States
157 Posts |
-Very new here, I used to post on a message board for gold and silverchat (hint), but was ran off like a lot of new members were there a few years ago. -Anyways I walked in to a local pawn shop here because they have a mini exhibit of some original Abe Lincoln documents on display, as well as John Adams and such. So I go in and they have some coins, I actually purchased an early release W 2007 ASE ms69 NGC for $29, and an 1885 O Morgan dollar for $25. EVERY Morgan he had out was the same price, 21's and he had a few other dates out there as well. But what hit me is he had a 2012 Panda out, so I asked out of curiousity, I realize I'm in a pawn shop so he believes it's made out of gold, and saying I'm amazed at his price would be an understatement... $90, I literally said "What!?!?!" outloud, not meaning to, it's what I was thinking is all and it popped out of my mouth. He says he told me he sold one online for $75 so he figured he'd put it out. So I went on their ebay site and checked his feedback going back a year... nada. Again, I'll state, yes I know I'm in a pawn shop... lol. So anyways I believe he had around 6 scuffed up random ASE's sitting out, all $29. He had some half ounce something's for $15, which was almost spot price for an ounce. LoL. So I asked him after he told me the price of the Panda, since it's a fairly common coin that gets copied if he knew how to tell if it's more likely to be a fake or not? He didn't. So that was it, He asked if there was anything else, I said no thanks, I went to my coin shop guy and got my 2015 ASE's for $21 and no tax when spot was around $17.30 (I didn't include all that in my answer, I said no thanks) Here's my point, if you have a pawn shop, ya might want to check it out, there's a chance you might find something, these guys aren't coin guys, they're either going to over price their coins, or under price them. I live 5 minutes away, and got a nice picture of the Abe Lincoln document on display. So it was worth the trip! 
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Rest in Peace
United States
7075 Posts |
Nice. I like Lincoln stuff too!
I've only been in a pawn shop once and it was creepy. The coins were over-priced. Maybe some day I will try again. You never know....
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Moderator
 United States
23522 Posts |
Pawn shops are like ebay - not for the inexperienced but capable of real reward for the one who knows what he sees. 
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Pillar of the Community
Canada
2519 Posts |
I've never been to a pawn shop before. I went to New York on a tour with my high school friends, and we had some free time to walk around. I asked the tour guide if checking out a pawn shop was okay (there was one in the area) and he said no, because it's shady and I wasn't an adult yet.
I'll try my luck one day, though. I've walked past a couple of pawn shops here.
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Bedrock of the Community
Australia
21786 Posts |
I window shop in pawn shops occasionally. I have never seen any coins that have interested me, ever.
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Pillar of the Community
United States
7375 Posts |
Pawn shops have sprung up like weeds around here in the past few years. I've been to a couple of them, but really need to find the time to check out a couple more. As a matter of fact there's one right near here that's supposed to have coins. Too busy shoveling my roof and driveway these days to do much else 
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Moderator
 United States
23522 Posts |
Quote: Too busy shoveling my roof and driveway these days to do much else Yeah, your nick has never been more accurate.  The good/bad thing about pawn shops is you can assume they won't know what they have. They may think they know, which is bad, but you might just find a real bargain.
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Pillar of the Community
United States
7618 Posts |
I went to a pawn shop in Ft Smith, Arkansas once. Keep trying to buy stuff that was on display but the owner wouldn't price anything.
I told him he should change his sign from "Pawn Shop" to "Museum".
He asked me to leave!
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Pillar of the Community
United States
6370 Posts |
My lcs is a Pawn shop. The employees there are quite knowledgable in coins, and they have fair prices. A lot of my type set is from them.
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Pillar of the Community
United States
2850 Posts |
I've had good luck with pawn shops here. I buy silver from them right at spot. That includes Mercury dimes, Walking Liberty halves, franklins, and just about any 90% silver coin. One of the shops even has my number just in case something good comes in.
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Valued Member
 United States
157 Posts |
I have around 6 coin shops that I live within 15 minutes of... 2 of which are the only ones I go to. I have one that I make sales to, the other one I go to to make purchase's because he doesn't charge me sales tax and he charges me really good prices on things. One of the others is VERY well known to have an old couple working there who own it, and act like they hate you for walking through their doors, like everyone in this the city I live in knows the name of the shop, and the owners names, they go in once and never come back, the guy is so old, and so set, he doesn't even need to sell. Another shop that just changed hands recently, hit me kind of weird, they were selling one of the 8oz american eagle coin things, and so I asked about it and what it weight, since it says something like 1/2 lb so I asked if it was troy or a pound? So the guy said he wasn't sure, he took it out of the capsule and through it on his scale, it weighed 8.8 ounces. That right there struck me as weird, and there were the owner in there who was sitting there, while his older buddy was the one helping me (I'm 33, these guys are in their mid 50's) and another 2 guys a tad older than me, he said the price, hmmm I guess it'd be 8.8 ounces times whatever it was they were quoting me. These things are not made by the mint and are generics from my knowledge, needless to say I definitely passed. So I went to 1 of the 2 coin shops I trust and told them about this coin, he said did it look like this? He broke out one from behind the counter and I said yup, it had a serial number on it and everything, it was a fake. he had cut in to it after doing an acid test on it and discovered it was something like brass or bronze or something. So I went back to the other shop and told them about the other coin and asked them, that with such a weird wweight, have they tested it, they basically changed the subject, I said ok and just eventually left. Anyways, ALWAYS do your research before you make a buy at a LCS that you may think is questionable, build relationships with these guys... I give the guy that doesn't charge me sales tax wheat pennies that I ask from clerks (of course I check them first to make sure they're normal ones) but I'll have a few and when I walk in toss them his way, I've given him a couple Buffalo nickels and stuff too... it's something I might make a buck if I sold it, but my relationship of knowing the guy for going on now 3 years is way more valueable than a buck. I walked in today to buy some generics, he included 2 maple leaf's and a Moose along with 7 other various generics like st. guadians and OPM and some other stuff... So build your relationships with these guys, they have a ton of experience and like to help people if you're nice and treat them with respect. These guys have a stressful job, I wouldn't wanna deal with it.
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Valued Member
United States
337 Posts |
I often check the local pawn shop by my house because it's the closet and for the most part prices are pretty fair. I've picked up a few ASEs and Morgan's in the $20-25 range and sometimes by junk silver at $1 over spot when I can convince the owner to sell. There isn't usually a whole lot of variety, mostly Morgan's, peace, and ASE's but occasionally he has a few other things. The nearest coin store and other pawn shops are 15-20 miles away while this pawn shop is only a few miles away.
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Pillar of the Community
United States
4333 Posts |
None of the several pawn shops here sell coins, period.
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 Kingdom
17923 Posts |
In the UK it's just the same. I often buy coins from an LCS in Newcastle on Tyne that is also a pawn shop. I've also seen some very fairly priced coins in a shop in Brighton. My only experience of a pawn shop in the USA was in Key West - there were lots of Morgan and Peace dollars, but not in great condition and I thought they were rather expensive.
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Pillar of the Community
United States
9792 Posts |
Pawn Shops are like a "Box of chocolate" to para-phrase Forrest Gump, You never know what you're gonna get!
"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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Valued Member
 United States
157 Posts |
LoL... that's a nice way to put it Westcoin. When I was stationed in Nevada, I went in to a pawn shop and they would have coins sometimes, and they'd be spot, when spot was around $30. I have a local "antique section" of shops near where I live here as well... it's a bunch of consignment people who sell things for astronomical prices, yet I did just find an old sterling plated officers fork, and old gas lenk torch for $10.... but what I'm getting to is this other dealer has a coin in there, and I'm about to drive on over, because I need to go to home depot and some other places, but a dealer has one of those painted ASE's, and I took mine out of my SAFE deposit box the other day so I could see if it's the same thing, but this person is asking $90 for it... lol. So it's in my pocket, and I'm about ready to take off and go see.... those things are so dumb (in my opinion anyways it makes them generics) So ya. And maybe go see some of his other cool antiques, one shop has a cool port hole, SOLID brass and heavy! $125, I would buy that if I had a house and somewhere to stick it (Yes I've heard the joke of where I can stick things, I was a Navy Machinist). Thanks for everyone's response's, hopefully I'd like to hear more if people go in to their shops, or if people haven't even thought of going in to one before? Thanks!
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Replies: 27 / Views: 3,647 |