No coins sold at pawn shops lately?
Mindy9773
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Every pawn shop I go into says they are not selling gold or silver coins but rather keeping them for themselves, anyone have a similar experience?
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They (pawn dealers) are like farmers. Everything is for sale at the right price.. Gold and silver are similar to land. We haven't figured out how to make more.
Not that I've experienced, I frequent about five near me that have good selection and turnover so always something different every month I come through
Ounce by ounce the stack grows .
The pawn shop near my current residence is closing his business and selling everything including guns but not the gold and silver which he says is keeping for himself.
https://www.pcgs.com/setregistry/u-s-coins/quarters/PCGS-2020-quarter-quest/album/247091
Bullion dealers I know are still saying “end of the world” but still trying to sell all the bullion..and not keeping it for themselves. What does it all mean
Pawn shops are the worst place to buy coins. You never know what you're going to get.
We have a couple of those shops around here... flashing signs in the window "We buy Gold".... I stopped in both several years back... and laughed my way out. Cheers, RickO
Visited a pawn shop yesterday and all they had were some over priced junk. They were asking 2-3x the actual value!
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I have only gotten lucky once at a pawn shop. Bought an NGC holdered MS63 Morgan. Had a price sticker of $9.99. Was the only coin in the shop. Not sure if it was mis-marked but the young guy working sold it to me at that price. Other than that, every pawn shop I've been in have been waaaaay over priced.
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The coins that they do have on display are low end junk they try to rip an average person off for.
I stopped by a pawn shop a long time ago and they tried to sell me one of those novelty gold coins with the Saint Gaudens double eagle design that was paper thin and smaller than a dime. They priced it as if it were a real Saint. LOL. What a bunch of crooks. Never went back. I went to another coin shop to see if they had any coins for sale. They said that all the coins they buy get wholesaled out to a coin dealer they work with. I've given up on pawn shops.
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Even worse, is selling to most shops 🤠
🎶 shout shout, let it all out 🎶
One of the local ones said they would buy tens of thousands in gold if people walked in with it.
Most of them have huge buy/sell spreads using terms of art that confuse the public. For those who believe in precious metals as like an insurance policy or store of wealth, they are usually not a credit to that.
The worst ones are the ones who pretend to be stupid and call NGC, NCS or PCGS, PCI just to confuse people and show they're above their customer.
Anyone who thinks that gold and silver are hard to come by aren't offering nearly enough. At a price, anyone can get all you want.
I was at a coin shop that does big volume in the state. An older guy walks in with his wife with a number of PCGS certified MS66 or 67 Saints; so the guy calls "his guy" who was on his way to Alaska who said they were worth $3K each, to give it a sort of "Pawn Stars" expert aspect. Of course they unloaded all the certified $20 Saints.....I just don't understand why customers would sell without doing some research on their own.
When ever someone is in a pinch they do drastic things. When they should sit back and think of a plan and maybe they did that and was willing to take a loss because the money can get them in a deal that will make them millions. 🙂
Hoard the keys.
It's no different than the commercials you see on television where the guy says that he'll buy your house today, cash.
Sure, I'll buy your house too for half price which is what they'll offer.
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The people offering to buy homes for cash must be doing ok because i get flyers in mail most days. I have actually sold one to a flipper for approx 75% of rehabbed price. I figured by time i rehabbed it myself and then paid closing cost it would be a draw for me so i took his offer.I also see it working where someone inherited a home and just want to convert for cash. Kind of like amscott charging 10% to cash a check but it works for people without a bank account. A small niche of the market but big enough to make money.
Generally, pawn shops, payday loan places, check cashing places, all seem to take advantage of those who can least afford it. I think they stink.
When a pawn shop goes out of business, do they pawn their remaining inventory?😁
I've bought from a pawn shop 5 years ago. it was a couple of Morgans, no problem. It is not my 1st choice though. Just have to be careful, even with coin shops.
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Consider the alternative.
I saw 3 v75 AGEs go through one I deal with locally. I saw them in hand and personally. I just didn't have the cash or the desire to pay much over the issue price.
I don’t think I ever bought a coin at a pawn shop. If I’m looking for coins I go where they are just like fishing can’t catch them if they are not there. Find the picks at coin shop’s some are better then others.
Hoard the keys.
My then fourteen year old youngest kid was very lucky to find a one and a half ounce Canadian wildlife coin, couple of Chinese Pandas along with a few ASE for spot, some pre-1964 silver Washington Quarters in decent condition for 2 and 3 bucks a piece (cherry picked them from collection albums that someone had sold them), a VG circulated 1883 no cent V nickel along with a few Buffalos nickels and lincolns (he got the 1909 VDB for 2$) when I took him around to a few pawn shops in June/july of last year.
One of them gave him a few dateless Buffalos to practice with nic-a-date, another gave a free book on numismatics and also returned change in 1$ silver certificates to encourage him with the hobby.
https://www.pcgs.com/setregistry/u-s-coins/quarters/PCGS-2020-quarter-quest/album/247091
Everyone is knocking on them but my local pawn is fantastic for coins. I’ve spent well over 40k in the last 20 years there.
Some alternatives:
Better education, minimum living wage, tighter laws against predatory lending, Maybe guaranteed basic income...
Ruh-roh, it's getting political in here...
They need cash...now.
That is why pawn shops exist.
EZ Pawn in Vegas, Henderson is our local shop(s). They do not sell gold or silver as the owner is a collector and has instructed all coins bought get shipped to his store. Haven't tried our famous Pawn Stars folks and probably won't. Met the old man and some helpers at a PCGS show locally some years before he passed. They were running the walk through process.
bob
No. Sorry. None of your suggestions is any kind of alternative. If you're in a position where you've exhausted all your good sources of credit, that is credit cards, your brother-in-law, etc., and you find yourself, for whatever reason, in need of $100 that just won't wait a week, what are your options? At that point it is too late to get educated to never get into a position where needing $100 would ruin you, and I think almost everyone knows that already. It's not likely that you'll be able to run and put in four hours at your $25/hour job. Even if you did, its not likely your boss would pay you that day. He may be willing to advance your salary for those hours, but see above. Not sure how tightening the laws would be an alternative as it would simply eliminate my "good" options. Guaranteed basic income, like all other forms of income, can be spent.
So now we have the question of whether you have collateral. If so, you can go to a pawn shop and borrow against it. I don't know what the interest rate is and do know that the loan value is a small fraction of the collateral. Also, I suppose you can sell (the would-be collateral) to the pawn shop outright. Bad solution, low percentage of value, but instant cash. Payday loans. Obscene interest rates, but instant solution to the problem. These places have to charge high interest rates because their customers are horrible credit risks. If they had anywhere else to go, they wouldn't be there. Furthermore, in these legal businesses, bankruptcy is an option. Granted a terrible option, but if you've managed your finances so horribly that you owe two years salary at 200%, it is possible to get out of it. I'm not entirely sure why someone would use a check cashing place because I'm not sure why someone would have to remain unbanked. It doesn't matter. People wouldn't go if they had acceptable alternatives. I'm sure the rate of fraud makes those places much less profitable than you think.
Are these favorable options? Would I recommend them to any but the most desperate? No, of course not, but there are an awful lot of people who think they are better than the alternative. The alternative is likely a loan shark. I doubt a loan shark is restricted to 200% interest, and of course no one is going to tell their friendly neighborhood loan shark "Sorry, I've declared bankruptcy. You just can't get your money back." The reason is left as an exercise for the reader. This last option is what "tighter laws against predatory lending" would force.
Owner is a collector or coin dealer? I cant imagine everything that walks into even the finest pawn shop having a place in my collection. "No, don't leave! Let me show you the next hundred of my 1977 proof sets!"
@daltex Don't know the real reason. Just what I was told by employees. Perhaps he wholesales it all out.
bob
Don't set up a straw man to knock down. My position is that pawn shops, payday loan places etc. take advantage of those who can least afford it. Obviously an alternative to using these businesses is to minimize the chances of needing to use them.
If your argument is, if you desperately need $100 and have no other recourse but pawn shop, loan sharp, or stealing it, then obviously pawn shop isn't the worst possible alternative. Fine. Obvious. Now, how about moving society in a direction where fewer people are "the most desperate". And to make this coin related, it would probably help if parents give children small allowance (in coins) and teach them how to save and budget.
I would very much like a society where these places are not needed but it will never happen. Sometimes its things like a illness or job lost that puts people behind the eight ball. Most of the time its because people live beyond their means and dont even think about saving. A lot of this world lives paycheck to paycheck. I am convinced the majority like it because its living on the edge. I have seen countless people get big tax refunds or a settlement check blow through the money like water. My own adult children are like this and no matter how many time i tell them to save for a rainy day it never happens. They have seen their mom and i live a very conservative lifestyle and putting some money aside for the rainy day. Made no difference. They live and spend for today. They are adults and its their money.
Sometimes never knowing what you're going to get is fun! (unless the coins are overpriced junk)
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He didn't set up a strawman. He explained why those places have high fees.
X seem to be predatory.
Consider the alternatives
Alternatives a b c to reduce dependence on X
Those aren't alternatives if you desperately need money right now
...
That's what I considered the strawman.
Or maybe we are just talking about two different parts of the elephant...
Are the alternatives (a b c) you proposed available to someone who needs money right now?
Did I ever say they were?
Long-term vs. Immediate alternatives.
When daltex said "Consider the alternative", it was in the context of immediate need. Proposing long-term solutions in that situation is kind of like bringing strawmen into the discussion.
Just sayin'.
I agree with you but I would add it’s not like others are lining up to lend give money to poor people.
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But he was replying to my post. My context was the place of these institutions in society. As were my alternatives.
Yes. You said: "Generally, pawn shops, payday loan places, check cashing places, all seem to take advantage of those who can least afford it. I think they stink."
daltex replied: "Consider the alternative."
Note that he didn't say "Consider possible, but not yet available alternatives".
You offered your alternatives after that.
I wish somebody would walk in with a couple v75 golds needing cash quick?
One of the local pawn shops here bought 5 1oz gold maples the other day at 1k each
You are really reaching... Ok, whatever. Ta!
Are you sure it wasn't a coin shop?
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Do you really think there will ever be a society with NO credit risks?
A mortgage loan is 2.7% credit cards can be 10% or more. It's not predatory. It's unsecured debt.
There will always be a need for high risk loans. Someone will fill that need.
"Reaching"? He quoted the exact text in the sequence it occurs. Your mind is just made up.
You should also include the post office on the list of "predators". They charge $1.70 per money order and people line up at the first of the month to buy 5 or 6 in order to pay their bills because they don't have a bank account. That ends up being $100 to $200 per year in unnecessary fees.. except they are necessary because people don't have checking accounts. Is that a needed service or a predatory practice?
We should also stop cable companies from selling cable TV to poor people. $150 per month to watch TV.
Rent to own. Also need to be ended. We can force appliance stores to extend low cost credit to high risk customers or the people can just do without a fridge.
These problems are endemic and often the result of the behaviors of the people you are painting as victims.
I just loaned $1000 to a friend. His wife wanted to go to Vegas to celebrate her 40th birthday. So, they spent over $2000 on the trip. At the same time, they are a month behind on their mortgage even after 6 months in Covid deferrals. I have very little sympathy for them.
Oh, and she just leased a new truck for $410 per month because she refuses to drive a used car. They are their own predators living in a prison of their own creation.
They are not unique.
Flea markets are the best for that type of stuff.
Really? How so? To recap...
You said: "Generally, pawn shops, payday loan places, check cashing places, all seem to take advantage of those who can least afford it. I think they stink."
daltex replied: "Consider the alternative."
You offered as alternatives options that are not currently available.
And I'm reaching?