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 Replies: 33 / Views: 7,987 |
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Pillar of the Community
527 Posts |
Okay today I was at a pawn shop to look at some junk silver coins. There was a 1943 Washington quarter inside of a small plastic bag without a price on it. The coin was pretty worn. So after waiting nearly 10 minutes for the next available employee, I asked how much the quarter was and he told me it was $50! I asked him how can it be priced that much and if I could see it. He took out the bag and when I turned the bag over, it said "$49.99" on there. He said something about how they weigh silver by grams and how they don't make much money off of it. He said they paid probably around $10 for it. I can't remember off the top of my head the exact story he said because it was the most ridiculous thing I'd ever heard in my life. This was the ONLY junk silver coin they had for sale. I wonder why? *rolls eyes* Oh yeah and this shop is not the same one where I bought the counterfeit 1804 Liberty Dollar coin. But speaking of that, that guy who sold the fake coin looks good in comparison to this place. This shop above makes the other shop I went to today like a thrift store. This different guy had a few high prices, but his were slighty more reasonable. He had two Standing Liberty quarters (no dates) for $8 each, some Walking Liberty half dollars for $20, and some silver dollar coins for $40. Man I feel bad for the poor sap who buys that 1943 Washington quarter for $50. What the heck is wrong with people these days? Racist comments will Not be tolerated on this forum  |
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Pillar of the Community
 527 Posts |
I need opinions on this. Is this a ripoff or what?
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Pillar of the Community
United States
619 Posts |
The first shop sounds like a huge joke. The second one sounds decent.
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Pillar of the Community
Netherlands
626 Posts |
these days..? unfortunately this happens since the dawn of mankind, and it happens everywhere! And not because they are mexicans..! It's because some people just like to prey upon ignorance! "He who would be deceived let him be deceived" It's a Roman Cult maxim of law which basically means that if you are ignorant enough to not know who you are [a flesh and blood spirit filled being - NOT a corporation], then you deserve to be tricked [by your/every government which is ruled by the Vatican].  |
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Pillar of the Community
527 Posts |
I have to agree with you, Kingz. I should've laughed in this guy's face and told him that I am not so easily fooled.
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Pillar of the Community
Canada
677 Posts |
You think that is bad, try the same story but instead of a quarter it was a nickel. LOL
I was polite and said no sale today.
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Moderator
 United States
16677 Posts |
I don't go to pawn shops....ever. I went to that one in Vegas, Pawn Stars, and laughed my way out of their store. 1964 Kennedy halves for $25 each! This when silver was @ $12.00. swcoin.ecrater.com
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Bedrock of the Community
United States
10045 Posts |
Quote:
"He who would be deceived let him be deceived" This is really the most ruthless kind of philosophy, and the downside of practicing it...you will never understand the meaning (and satisfaction) of aspiring to the best of human nature. I'm glad that my friends here don't live this way.  |
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Pillar of the Community
Canada
1610 Posts |
Quote:Man I feel bad for the poor sap who buys that 1943 Washington quarter for $50. Who said Sap is going to buy it!  |
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Pillar of the Community
Australia
2830 Posts |
the only person who'd pay that price is a buyer who has no idea of what he is buying: which brings to mind another old saying:
"Fools and their money are soon parted" - and I offer that as an observation, not as a business-model.
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Valued Member
United States
467 Posts |
You didn't ask if he is still paying 40x face for 90%? I would bring him everything I had. Rebuy from my lcs, rinse and repeat.
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Pillar of the Community
United States
548 Posts |
I think this just shows the typical pawn shop business model: buy low, sell at a higher price. While this model works for various stuff (tools, guns, etc), for coins the model fails.
Pawn shops aren't used to dealing with folks who know what their alternatives are.
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Pillar of the Community
527 Posts |
Oober, I didn't think about asking that. It never occured to me to ask. And even if I did ask, I still would NOT have sold to scumbags who work at a place like that. If "LCS" stands for "Lincoln Copper Cents", I only have around $65 to $70 in face value of copper pennies; there's no way I'd be able to get that much silver with that, and then sell to that guy and repeat the cycle.
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Pillar of the Community
United States
6326 Posts |
I would add that buying coins at a "Pawn Shop" is generally not a good idea probably.
A lot of these places (antique shops too) definitely have A LOT of coins to look at....but I think they're going to usually be way OVER-priced and they were attained by gouging the person bringing in the coins to sell in the first place.
When I buy coins nowadays.....it's strictly from the coin shop, the U.S. Mint, or the occasional Estate Auction or Coin auction. And I can still over-pay....or worse, but I think it's a bit safer.
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Bedrock of the Community
United States
20753 Posts |
Your kind of missing the point of his prices. If no one buys it for that price, so what. Eventually he will lower it to $40. Then maybe to $30 or $20. Regardless, he has nothing to loose by asking $50 and if someone buys if for that, so be it. Even many stores have merchandise that is excessively over priced. They too work on a if not sold, lower the price someday. Ever see those old Blue Light specials at Kmart? That was their it didn't sell for what we tried for so lets have a big sale. Your pawn shop people probably used to work at Kmart. |
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Pillar of the Community
1028 Posts |
I doubt anybody would buy his coin for $50. A worn 1943 was never worth as high $10 even at silver's peak. Maybe you should take advantage of them and sell your junk silver. They might be offering stupid high prices because they think they can sell them for $50.
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Replies: 33 / Views: 7,987 |
Posted 09/24/2011 7:35 pm
