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Advice About Selling Coins On Craigslist And Dealing With Pawn Shops

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one_fine_dime's Avatar
United States
591 Posts
 Posted 01/29/2018  1:24 pm Show Profile   Bookmark this topic Add one_fine_dime to your friends list Get a Link to this Message Number of Subscribers
I'm considering a Craigslist post to sell around 40-50 Good grade Mercury dimes dated pre-1934. I'm going to include my price for the whole lot, asking for pretty much just what I paid, and I'm going to include close-up photos of all coins, and insist we only meet in public. Any thoughts about effectively unloading these mercs on Craigslist?

For those that are interested, here's the sordid backstory as to how I came to own these coins:
Three years ago, when I was just getting back into coin collecting, I made the "mistake" of buying in bulk from a local pawn shop. I had made a very good buy from this particular pawn shop when the owner and I identified a 1916-S (G4) and a 1921-D (G6) Walking Liberty half dollar among his unsorted box of coins, upon our first meeting. It took a lot of convincing that PCGS price guide values should not guide our negotiations, that we should consult sold ebay listings instead, etc. In the end, I feel he was very generous in our final sale price of $290, which also included a 1917-S (obverse mm, in G4).

He also had Mercury dimes, which I was gravitating towards as a collecting goal. I asked specifically about pre-1934 dates, and after a few months we regrouped to look at the ones he pre-sorted for me based on that criteria. Our conversation via email was that I would buy G grade or better in bulk at a reasonable price per coin. He came back and wanted $217 for 68 pre-1934 dimes, which (at that time) I felt was a reasonable price. When I came into the store he showed me the coins, which were now all in 2 x 2 flips with price stickers on each (typically priced $4-$6). Also, I rejected some 40% of these (26 out of 68) as they were AG grade. He then tried charging me by the price stickers rather than by the price per coin we originally discussed. So clearly I felt I was being manipulated. I pushed back of course and insisted we stick to the $3.20ish per coin rate, he relented and I bought 42 dimes for $135.

I had messaged the owner a few times over the years just asking about any new vintage coin arrivals and what he's selling for. Some of his responses were:
"I have coins in stock but they are also high in demand. I have customer willing to pay a lot more than you. No offense but they are providing a steady flow of demand."

and
"There are individuals that are paying beyond fair prices. You are willing to pay industry standard or actually below. I'll let you know if I have an abundance of coins that I can't get rid of."

Then he tells me he's selling for 14 times face, then some months later for 15 times face (on 90% silver). I remind him that I paid over twice that on the mercs!

Finally, I walk into his store the other day just for the heck of it (hadn't been there since buying the mercs). Turns out he's got a box of unsorted coins on the counter, and while he's helping another customer, a guy is taking a look at these coins. After I peruse his 2x2 flips in the cabinet, I start looking through this same box. A few minutes later he freaks out, tells me I can't be just be "pawing through his coins". I say, woah, what about this other guy here, and what about spending some $400 bucks in his store a few years back. He tells me he doesn't like me and never liked me (like who cares, right?). I say, well did you like the $400 I spent here?!

Anyway, that's a lot of me just venting...hope I didn't lose you yet, but it just gives me pause as to how to go about looking for coins in the future. After all, these guys are paying people a percent under spot prices for these vintage silver coins, and then they turnaround and try to sell at above market.

Below is a photo of some of his inventory in the cabinet. From a few I checked out pricing for, they all seem overpriced.

So there are several lessons learned here. Dealing with pawn shops is very tricky business. Maybe the guy is mad that he was less than informed when he negotiated for the Walking Liberty halves, and then expected to make up for it on the mercs. In any event, I've come to realize that I need to focus on quality over quantity (at least for non-key date coins) and so I'm looking to sell the few dozen mercs that I bought. There were a couple of VF/XF coins in that mix (that I'm keeping), but the vast majority were just Good grade common dates. Thanks for reading...maybe others can learn from this experience.

Advice-About-Selling-Coins-On-Craigslist-And-Dealing-With-Pawn-Shops

Edited by one_fine_dime
01/29/2018 1:26 pm
Rest in Peace
moxking's Avatar
United States
17900 Posts
 Posted 01/29/2018  1:42 pm  Show Profile   Bookmark this reply Add moxking to your friends list Get a Link to this Reply
A few more posts and you can sell here with a lot less hassle than Craig's List.
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one_fine_dime's Avatar
United States
591 Posts
 Posted 01/29/2018  2:12 pm  Show Profile   Bookmark this reply Add one_fine_dime to your friends list Get a Link to this Reply
Thanks moxking! I didn't even realize I was nearly up to that threshold. I read over the selling rules, but it doesn't explicitly detail how payments are arranged. So if members are interested in a sale, then they email me, I give them my email address and they can make a payment to me via paypal, then they give me their address and I mail the coin(s) and that's all there is to it? Thanks again for suggesting this. Seems worth a try.
Bedrock of the Community
United States
20753 Posts
 Posted 01/29/2018  3:59 pm  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply
Selling to other members is a lot safer than ebay, Craigslist, a pawn shop, etc. and with Craigslist, you never know who is going to appear.
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ron6788's Avatar
United States
655 Posts
 Posted 01/29/2018  4:04 pm  Show Profile   Bookmark this reply Add ron6788 to your friends list Get a Link to this Reply
Hi one_fine_dime. I'd stay away from that guy and the pawn shop. You'll just get irritated and so will he. Next time, try a regular local coin shop. He may give you, and your purchases or sales, more respect.

Your idea about Craigslist is exactly right. Show the coins in pics, list a fair price, and offer to meet locally. That's all you can do. It may work or may not. I sold some coins this way but also had to deal with a whole bunch of lowballing emails and phone messages.
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one_fine_dime's Avatar
United States
591 Posts
 Posted 01/30/2018  5:02 pm  Show Profile   Bookmark this reply Add one_fine_dime to your friends list Get a Link to this Reply
Thanks for the additional insights just carl and ron6788! I'll see what happens.
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MikeF's Avatar
United States
3479 Posts
 Posted 01/30/2018  6:10 pm  Show Profile   Bookmark this reply Add MikeF to your friends list Get a Link to this Reply
That's the kind of pawn shop you want to avoid. A store owner with just enough numismatic knowledge to be dangerous and willing to sit on coins for months. Look for the pawn shops that are interested in moving product. I have 2 sources that sell me 90% half dollars for $5 when they come in. Also sell their morgans and peace silver dollars for $20 regardless of condition. They just call me when they get them in.

Edit: I'm not bullish on the craigslist thing. But if you want to go that way, make sure you arrive heavy.
Edited by MikeF
01/30/2018 6:15 pm
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Joe2007's Avatar
United States
3843 Posts
 Posted 01/30/2018  6:22 pm  Show Profile   Bookmark this reply Add Joe2007 to your friends list Get a Link to this Reply
Sounds like the pawn shop owner has enough low information collectors buying his items that he doesn't have to negotiate with people who actually know what the going rate is. I see this all the time at pawn shops, antique stores, and estate auctions, there are enough uninformed people to sell to for the dealer to turn his inventory. There isn't any winning in these situations with the exception of really rare coins (or foreign coins) where the owner is outside his area of expertise. A few years ago I was in a cash for gold store where the proprietor wanted more for his 90% silver Franklin halves then a Capped Bust half dollar.
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one_fine_dime's Avatar
United States
591 Posts
 Posted 02/04/2018  3:32 pm  Show Profile   Bookmark this reply Add one_fine_dime to your friends list Get a Link to this Reply
Thanks Mike and Joe. I agree, the pawn shop prospects seem very hit or miss. Maybe the best lesson learned is be very cautious or avoid altogether.
Edited by one_fine_dime
02/04/2018 3:32 pm
Valued Member
United States
439 Posts
 Posted 02/04/2018  4:24 pm  Show Profile   Bookmark this reply Add TSOTL to your friends list Get a Link to this Reply
Yeah, I wouldn't rely on pawn shops too much, once in a while you can find something good but mostly they seem overpriced when it comes to coins. Find a good B&M coin shop and look for coin shows in your area and you'll probably do better, maybe work a trade for those dimes. As far as Craigslist goes be sure you don't put your contact info on the add or you'll get calls and/or texts from all kinds of nutjobs. I'm pretty sure scammers troll Craigslist looking for numbers and such, been there and done that. Make them go through the Craigslist system to get hold of you. You might do better selling those mercs on ebay, just get some good pics and list them, in a week or so you'll be done with them. Who knows how long it would take with Craigslist or, like Carl said, who you might run into. Every once in a while you run into a story about someone getting robbed on a Craigslist meet and I'd imagine people selling coins would be a high priority for someone looking to take your stuff.
Edited by TSOTL
02/04/2018 4:25 pm
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