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 Replies: 12 / Views: 9,886 |
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New Member
United States
9 Posts |
Hi all, I am going to a pawn shop for the first time today to look at some coins. I have the U.S. Coins Blue and Red Book. Should I bring one of them with me to compare prices? Any tips on dealing with pawn shops would be appreciated. Thanks. |
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Pillar of the Community
United States
1346 Posts |
"Welcome to my parlour said the spider to the fly."
Edited by 999fine
07/14/2018 08:47 am
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Moderator
 United States
56855 Posts |
Red Book (retail) prices are way to high. Blue book prices are not much better. Look at ebay sold values and http://www.numismedia.com/rarecoinprices/fmv.shtml I also recommend you put that link into your favorites list. Pawn shops are not the best place for coins,generally speaking. Go in with knowledge and you will have a better chance at a deal. Good luck and let us know how it goes. John1 
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Valued Member
United States
330 Posts |
I've found that pawn and antique shops tend to sell common coins for far more than the average LCS. It's probably a supply/demand thing. Try and have an idea of what you want and what you'd pay before visiting. You may need to visit your LCS to get an idea. For example, all the shops in my region sell low grade Barber halves for a maximum of $12, but you wouldn't know that from looking at Red Book prices (they claim $18 and up). |
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Bedrock of the Community
United States
20753 Posts |
Your really taking a chance there. Most pawn shops have people that have no idea what coins are worth. This doesn't mean you'll get a great deal on prices but usually just the opposite. They normally will quote you a price that is way off the correct price hoping you'll go for that. And my experience is they will not be chewed down in prices. Very unlike what you may see on that TV show which is all staged and not real. Pawn shops do not get a lot of business so they must make as much profit on any and every sale. Coin shops are not much better but at least they have more customers as a general statement. However, each one is different so give it a try. But be careful, they normally do not know if coins are real.
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Pillar of the Community
United States
1475 Posts |
Quote:
"Welcome to my parlour said the spider to the fly." Yap  No Red Book to a pawn shop. I might go there to buy bullion or junk silver. But beware, I have seen many counterfeit silver coins, especially Morgans. Edited by Coconutjoe
07/14/2018 11:58 am
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Rest in Peace
10197 Posts |
Pawn shops are generally a glorified consignment shop. I've found prices to be all over the scale from very inflated to ignorance of product at low price. The latter is a rarity! $20 for an ED 1865 2 cent copper in EF(should be $5-10), or an AG/F 1921D Merc for $.25(even less than melt?). It all depends how knowledgabe the shop personnel are! But the key really is, HOW KNOWLEDGABLE ARE YOU? If you know enough to go in without a book, you may be ready to bicker, yes deal with them. NEVER take their listed price. Guns, jewelry and coins are usually 15% padded mark up as straight profit from the gullible. You bring those books, they'll smell ya coming and play ya for a fool, be careful! I'll play the "dummy" sometimes just to catch a smuck... It's fun! Boy Joe, we think alike!  Edited by Crazyb0
07/14/2018 12:09 pm
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Pillar of the Community
United States
8715 Posts |
I have had bad experiences at pawn shops with coins. At the local pawn shop, common date cleaned/damaged/worn Morgans are for sale at $35. Heavily circulated common date IHCs at $8 or $10 each, and Liberty Walking half dollars for $20 each. The same is true at estate sales or garage sales. ONLY purchase coins from these places if you get a good deal and know what you are doing when it comes to fakes, cleaned coins, etc. I would visit pawn shops for coin purchases only if you know what you are doing. Don't use the red or blue book. Follow John1's advice for coin values. |
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Pillar of the Community
United States
3843 Posts |
You need to know your stuff to shop in pawn shops to not get the short end of the stick. I've seen many very overpriced common coins in pawn shops over the years and have only found a handful of bargains. First off make sure you know the exact silver content of commonly found U.S. coins and the going rate for junk silver. Also know how to spot commonly seen fakes, I've seen some fake Morgan dollars and American Silver Eagles at pawn shops. Also most items at pawn shops are negotiable, so if you see something you like you should make an offer. Unlike coin shops/shows where I usually just ask for a best price and get a reasonable discount, I have found that you have to negotiate harder a pawn shops. Many pawn shops build in the ability to cut 30% to 50% off the initial price. Edited by Joe2007
07/14/2018 3:51 pm
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Pillar of the Community
United States
4333 Posts |
Not one of the pawn shops in my area deal with coins. We have a local jeweler that gets all of that business, he's a good guy.
Back around 2012 I walked into a pawn shop and asked if they had any junk silver. The guy at the counter says, "be right back!" I heard the unmistakeable 'tink' of silver coins in the back room. Guy comes back and says, "we have some Walkers, but their not for sale'"
Okaaaaaayyyyy.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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New Member
United States
1 Posts |
Don't deal with pawn shops unless you know the owner or the coins you buy
I have gotten counterfeit gold coins
Not all pawn shops know coins
I knew what I was buying
Otherwise I would not have gotten those coins
I also knew the dealers and pointed out the problems
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Valued Member
United States
86 Posts |
There are only a handful of pawn shops located within, say, five miles of my home. I have visited each just to get a feel for the shops and it seemed none of the folk I chatted with had much in depth knowledge of coin collecting. One owner admitted that he has to buy gold and silver below spot and sells any coins to a refiner for melt.
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Pillar of the Community
United States
4333 Posts |
@Hoxie454 - Doesn't make much business sense. Why sell for melt, when premiums are typically charged, and received, at other businesses dealing with PMs.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Replies: 12 / Views: 9,886 |
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Posted 07/14/2018 08:54 am
