Opinion on buying from pawnshops?

lard_lord

So, the last coin dealer within a 2 hour driving distance of me just permanently closed. There are many pawn shops, one is just 4 miles away. My question to the great people of this forum is do you recommend buying coins from pawn shops? Are they overpriced? My only other option is buying online, and thats what I’ve been doing so far, but a couple of times I’ve received coins that were a little bit misrepresented it seems.

alaura22

It all depends on the coin and the price. I would only buy something that is slabbed for sure
JMO

291fifth

Check out their pricing. Many are overpriced but there is always the chance that a specific pawn shop may actually have reasonably priced coins. If the pawn shop misrepresents the coins make your first visit your last visit.

PerryHall

I've never had much luck buying from pawn shops. From my experience, many pawn shops wholesale their better coins to a coin dealer that they work with. Unless you are an expert grader and authenticator, stick to buying slabbed coins.

BillJones

Like @PerryHall, I have never had any luck with pawn shops. The few times I tried, they got out the crosses and pitchforks to run me away. Some of them act like the classic “junkyard dog.” I guess my money isn’t good enough for them.

Having said that, I did know an advanced collector in Massachusetts who did have some luck dealing with them. Perhaps he started off going into the pawn ship with a nice thick T-bone.

ricko

Pawn shops or antique stores tend to overprice their coins - significantly!! Some will negotiate, most will not. I make one reasonable attempt if I am interested in an item... If stonewalled, I just walk away. No sense in haggling with those who are either uninformed, scammers or some combination. Cheers, RickO

bsshog40

I'm with RickO. Most every pawn shop and/or antique shop with a decent amount of coins are usually way overpriced. It never hurts to look though. I went into a pawn shop about 3 yrs ago. They only had one coin and it was priced at $19.99. I bought it!! Quickly!!! Lol

Edited:
Actually I just found the baggie from my original thread when I bought this. It was $14.99. Lol

ShaunBC5

I look everywhere I can. I don’t go into pawn shops for coins, though. If they’ve got them I check them out, for certain.
Are you filling holes in albums or going for specific items?
I’ve been mostly saving my money and then hitting the shops if I have a reason to be close to the towns that are 2-3hrs away from me. I feel your pain. It’s probably been a full year, but I’ve been quite happy with everything I’ve won from GreatCollections.

Mizzou

South Florida pawnshops -

Will pay you 5% - 10% value of the item that you brought in. Not what you paid for it new, the current value -

They sometimes offer less on big items such as lawn mowers, table saws...because it takes up too much floor space -

Pawning an item will get you more cash than selling it. They assume that you'll pay the interest and be back to pick it up. Don't make a habit of this, they will remember you -

The longer something has been sitting on the shelf, the better deal you'll get. New inventory gets new customers -

If you ask to see a pistol and they hand it to you, don't turn your back to them. For all they know, you're loading a magazine from your pocket -

On my last trip to a pawn shop over in Pompano Beach I walked in and noticed a beautiful black Cannondale mountain bike with a $350 price tag on it.
The girl behind the counter said "If you like the bike I can give you a better price".
I told her that it was a nice bike but I didn't need it.
Then she said "How 'bout $250"?
Keep in mind this is a $1000 mountain bike and I'm sure that she would have negotiated even more because she dropped the price so drastic, so fast. I was very tempted but walked away.

Stingray63

I have had no luck with pawn shops. If they had slabbed coins all were overpriced. Same with the consignment/thrift shops where the store owner handles the sale in the absence of the seller who just leases a small space there. Look into www.coinshows-usa.com to see if there are any local shows close by on a monthly basis. I have 4 near each month that take place in firehouses, Masonic lodges, civic centers, and hotels. The majority of the vendors at the shows I go to are fellow collectors and not dealers and I have come across some nice deals...and able to see the coin in hand verses a lousy photo online. If no luck with that hope to get lucky at a garage sale or flea market.

skier07

There’s a pawn shop/gold and silver buyer in Newport Beach who I’m familiar with. He’ll make the ten minute drive to GC and consign the better stuff with them. GC grades and sells the coin for him. He has nothing very special for sale in his shop.

Namvet69

Lots of sage advice already posted. Pawns sell off the better coins and what's left is overpriced and poor quality. I don't think you want to build a collection buying at pawns. IMO. Study types and varieties of what you want to collect and get thyself to a coin show. Good luck. Peace Roy

ctf_error_coins

I would spend your time and energy on eBay instead.

tincup

I think pawn shops are used to dealing with some individuals who perhaps have less knowledge of things like coins, gold and silver. So they can tend to ask higher prices and likely get them. I've never had any luck in pawn shops; very rarely even stop in unless I have lots of time to kill and nothing better to do. (which is not very often)

[Deleted User]

If it were me I'd go in and have a look, I've seen some good deals in pawn shops, and also some overpriced garbage. If you know what you're doing you can spot the good deals.

Mr_Spud

Sometimes it’s fun to try and cherry pick varieties from the ones that overcharge

olympicsos

@ricko said:
Pawn shops or antique stores tend to overprice their coins - significantly!! Some will negotiate, most will not. I make one reasonable attempt if I am interested in an item... If stonewalled, I just walk away. No sense in haggling with those who are either uninformed, scammers or some combination. Cheers, RickO

Of course because they don't know what they have and there's fools that will buy off of them thinking one day in the future the overpriced hunk of metal they buy from them will be valuable. Until they call @Dreamcrusher.

Che_Grapes

Mostly bullion or proof bullion coins - it’s not common they will have rare coins. However antique shops can be good - there is one in Boone NC where I found a 1985 CC GSA for 150 dollars - but for most pawn shops - bullion coins only.

Klif50

Seems like there was someone (who probably doesn't post here anymore) who hit all the pawn shops going through their 1964 proof sets and finding lots of accented hair Kennedy halves. If you establish a good relationship with the pawn shop people they are more apt to be flexible in what you get to see.

There is one here local to me that is an FFL and all the guns I buy through the mail go through there. I always show them what I get and in turn they show me the new stuff that came in. Last visit the owner picked up a big magnet and picked up 9 or 10 silver dollars (Trade, Seated and Morgan). They all were attracted to the magnet and were all counterfeit. He said he bought them as fake for about $2 each just for education. I bought ammo and took my new gun home with me.

jdimmick

Most of the Pawn shops around here, and there are a lot (military town) dont buy coins, but some do. Most of what they have is common stuff and priced very high. But there have been some instances where folks I know or who come in my shop have cherried a winner. about a year ago, one guy was in a pawn shop when a lady came in with a stack full of morgans, low and behold 93-s in Fine in the group. He bought the group. One of my customers bought a suitcase full of coins from a pawn shop in lumberton for 150 bucks, there was at least 1k worth of coins in it. he did well. About two weeks ago, one of the new members in our coin club, bought some peace dollars from a shop for 40 bucks a piece, one was a 21-p , he just had it graded a 61.

about 4 months ago, a customer called me up to tell me he had some silver dollars he inherited from his dad he wanted to sell. I told him to come on up to shop. well, its about an 1 hour + drive, so he stopped at a pawn shop closer about 30 miles south of me, and sold them a beautiful 1880-cc , as well as a 78-cc XF, 2 to 3 common date uncs, and 12 silver eagles for 200. later that day, one of my good customers who frequents that place becuase he lives down there, called to tell me about the deal, as he was in there when this transpired, I got him to let the owner bring the coin to me to see about purchasing it, I bought the 80-cc and a the two other UNC for 600. I just sold the 80-cc on ebay for 800+ , came back a 64. The same guy who sold happen to come up later in the week with some other coins, but nothing good, and i told him he took one

lard_lord

@ShaunBC5 said:
I look everywhere I can. I don’t go into pawn shops for coins, though. If they’ve got them I check them out, for certain.
Are you filling holes in albums or going for specific items?
I’ve been mostly saving my money and then hitting the shops if I have a reason to be close to the towns that are 2-3hrs away from me. I feel your pain. It’s probably been a full year, but I’ve been quite happy with everything I’ve won from GreatCollections.

I do a little bit of both, I like to buy individual coins that interest me, like mercury dimes, v nickels, buffalo nickels and different types of cents mainly, but when im bored i go to the bank to get rolls so I can fill my albums.

lard_lord

Thanks everyone for the advice! sorry for not responding until now but work makes johnny a dull boy

vulcanize

When I got my son started on the hobby, visted a few pawn shops and one of them was very kind enough to give him back return change in silver certificates, a freebie book on how to start coin collecting etc.

He also had fun going through their coins - Whitman albums of silver Washington quarters plus they lay the trays of Lincoln wheaties, buffalo nickels etc. in front of him and let him cherry pick, which normally would not have been the case in a coin store.
Picked up quite a few coins that included Indian Head Pennies in good condition for about seventy five cents each, a no cents "V nickel" very cheap and a 1909 v.d.b for two bucks. Made his day.

lard_lord

@vulcanize said:
When I got my son started on the hobby, visted a few pawn shops and one of them was very kind enough to give him back return change in silver certificates, a freebie book on how to start coin collecting etc.

He also had fun going through their coins - Whitman albums of silver Washington quarters plus they lay the trays of Lincoln wheaties, buffalo nickels etc. in front of him and let him cherry pick, which normally would not have been the case in a coin store.
Picked up quite a few coins that included Indian Head Pennies in good condition for about seventy five cents each, a no cents "V nickel" very cheap and a 1909 v.d.b for two bucks. Made his day.

Thats awesome! I think I’m going to check out the pawn shop by me but I am a little nervous.

rec78

I have never gone to a pawn shop to find coins. I would say that if the owner is a coin collector you most likely won't find any bargains. If he/she is not a coin collector, you could possibly get a bargain on errors and varieties. You are the one that has the knowledge in this instance. Knowledge is King in purchasing coins.

Maywood

Pawn Shops are like any other business you might choose to visit, Knowledge is Power so if you decide to visit a shop(s) do so armed with your knowledge and use it to your advantage. Avoid the stuff that's clearly overpriced(no need to tell the owner) and buy what you like that's priced right. Chances are that if you're polite, visit regularly to become familiar and make a few purchases the prices will get better.

Come to think of it, isn't that how we interact with Coin Dealers??

Catbert

If you're an inexperienced collector, why go into the lion's den? Most of us would have done things differently in retrospect to avoid wasting money on overpriced or poor quality coins. You should be nervous.

Walkerfan

That's one avenue that I've never pursued.

From what I know about them; they tend to be OVERPRICED.