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 Replies: 10 / Views: 2,115 |
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New Member
United States
19 Posts |
- 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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Pillar of the Community
United States
1326 Posts |
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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Rest in Peace
United States
17900 Posts |
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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Pillar of the Community
United States
7618 Posts |
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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Bedrock of the Community
13014 Posts |
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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Moderator
 United States
188187 Posts |
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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New Member
 United States
19 Posts |
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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Bedrock of the Community
13014 Posts |
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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Pillar of the Community
United States
7390 Posts |
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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Pillar of the Community
Norway
1358 Posts |
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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CCF Advertiser
United States
1533 Posts |
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 |
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Replies: 10 / Views: 2,115 |
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Posted 08/12/2017 1:15 pm
