How knowledgeable are pawn shop owners about coin collecting and coins?

SanctionII

I suspect that most probably have only a limited knowledge of the hobby and seek information from knowledgeable contacts when a customer comes in to hock a coin collection. If a pawn shop owner had a vast knowledge of the hobby I wonder how often such knowledge would be helpful in conducting his/her pawnshop business.

sumnom

I suspect you'd have to answer this question on a case by case basis. In my limited experience (two pawn shops), they are not but this doesn't mean you're going to find bargains. I came across a common date circulated nickel three-cent piece and the guy wanted $100 for it. Oh well.

kranky

I don't they are very knowledgable as a rule, but they don't have to be. Offer melt for everything, 5 cents for IHCs, 8 cents for Buffalo nickels, and if you get a rare date, that's a bonus.

intocoins

Most just carry cleaned and common junk. I would say most just deal in bullion from what I have encountered and don't think you'll get a far price for collector coins.

Flatwoods

Flatwoods

Lets try that again.

I agree with the case by case basis. One in my area is very familiar with the hobby.
I would have to say generally not though.

PerryHall

Virtually all pawn shops have a Red Book at a minimum. In almost every case, they know more about coins than the person who brings them in to pawn them.

coinandcurrency242

I would say they know jack crap!!

ElKevvo

they know more about coins than the person who brings them in to pawn them

I would agree with that....and also that they have an inflated view of what they are worth...at least the ones around me do. 23.50 for a common date circ Morgan or Peace as an example.

K

PerryHall

<< <i>....and also that they have an inflated view of what they are worth... >>



Not when they are buying them---only when they are selling them.

doh

About as knowledgeable as the people at the world's largest truck stop on I-80 in Iowa. I was there this weekend and inside their gift shop saw some coins. Common date unc Morgans: $189 - $299. Well worn large cent from the 1830s (I think): $80. I decided to pass on the many bargains...

IrishMike

There are two in this area and neither outfit buys them nor sells them other than gold. So my guess they have no knowledge and they don't because they have little demand for them ergo would have to carry them in inventory too long.

AUandAG

My area Pawn shops are all tied together with one owner (licensee). When coins come into the shop
they are automatically sent to the "main store". In conversation with the main store I find that they
deal with the local B & M and do not want to talk with anyone else.
Yes, they know what they are doing but I'm afraid that they are not getting what they could. However,
there is very little time involved in having a longtime client buy their coins.

bob in VEGAS (come visit we need your dollars)