Pawn Shops

dustified1234567

I was watching the show on the history channel called pawn stars and someone pawned some morgans. This got me wondering. is it even worth checking out a pawn shop or are the coins most likely going to be the same as a coin shop? Thanks. By the way I can't remember who told me but i am picking up $500 in half dollars tomorrow afternoon from the bank which has me pretty excited. i am crossing my fingers for something good.

SilverEagles92

More than likely, the coins will be grossly overpriced.

There are definitely exceptions, but for most of the pawn shops I've been to, that's what I've seen.

pakasmom

I've never had any luck in a pawn shop. either. But I suppose it's possible. And half of the fun is in the "hunt."
Good luck with your halves!

LanLord

I have found a few decent bust half dollars at a pawn shop about 6 years ago. I keep trying it when ever I get the chance, but nothing but junk anymore.

If you see one and have the time, it may be worth it just for curiosity sake, but don't be bummed if you find nothing or over priced junk.

Hows that for a completely non-answer answer.

Type2

Let us know what you find.

morganbarber

Pawn shops are generally overpriced, but I have seen some good deals. I once bought a 1$ modern commem for melt. Someone on this board saw a pawn shop owner pay like $7 a piece for Morgans and offered to buy them immediately for $8. There was a'93-S.

Cameonut

I haven't been to a pawn shop in several years, but proof sets were always priced at Trends ask. Way above market.
Now I don't mind paying ask if there is a rare variety or decent cameo in the set, but normally I would pay Grey sheet bid at most.

FilthyBroke

I've seen coins in a pawn shop or two. All were overpriced, and most were cleaned (at least). On the bright side, there is always the slight chance of a cherrypick.

savoyspecial

probably a waste of time; most pawn shops have an alliance with a local coin dealer and the coins dont hit the shelf (of the pawn shop that is)

coinsarefun

I have been at a large number of Pawnshops in Southern California, Phoenix, Az. and Vegas areas
over the last few years. I am finding that the majority of them have a deal going on with the local coin shops.
Still others have some dealers bid against each other and the a few in Az. will hold several times a year
blind bid auctions for the coins they choose to give to them.

They will keep some that they want or think they can sell for even more and keep some regular lowball
stuff for the locals to come in and purchase which is usually 2-3 times what a coin shop will charge.



Now, I'm not saying all of them do this but it has been my experience after getting to know the pawshop owners
and..................seeing the pawnshop owners in the local B&M's selling the coins

SUMORADA

I do some Pawn Shops, Antiques Shops around here on a pretty regular basis, for the most part right now it pays to do them, a lot of that I think is the economy, folks are selling at a pretty high rate...(rate meaning fast pace not big $)........so the shops I visit just want to dump.....I'm the dump.....

dustified1234567

I guess I'll give it a shot then. i always feel weird going into pawn shops.

mikeyg

Watch that episode if it comes on again of pawn stars.At one point they are talking about common morgans they mention the dates one was a 1921 I believe and the old guy says they are worth 500.00.

SUMORADA

guess I'll give it a shot then. i always feel weird going into pawn shops.

Just grab an old turntable or VCR and walk right in, you'll be on them before they ever knew what hit um....and bring cash....



edited for spelling .........I Know now that I must need help.....I misspelled an abbreviation..

jdimmick

probably a waste of time; most pawn shops have an alliance with a local coin dealer and the coins dont hit the shelf (of the pawn shop that is)

True,

several pawn shop owners bring the coins they get in to my shop to sell. Just the other day, one of them bought two 1 oz AGE over he paid 750. each for for a quick 450 profit each

InternetJunky

<< <i>Watch that episode if it comes on again of pawn stars.At one point they are talking about common morgans they mention the dates one was a 1921 I believe and the old guy says they are worth 500.00. >>



I recall this episode myself. The other night they had this show on for about 4 hours. I chuckled when I heard it...perfect example of how pawn shops overprice coins like many have already stated. Can't say I know personally since I've never been but have recently thought about it even before this thread.

Moldnut

I recall this episode myself. The other night they had this show on for about 4 hours.

You watched that show for 4 hours

InternetJunky

<< <i>I recall this episode myself. The other night they had this show on for about 4 hours.

You watched that show for 4 hours >>



Yeah, going from working days (12 to 8pm usually) to then working just two overnight shifts (10pm-6am) then going back to days kind of screwed my sleep pattern for a few days. I found if I didn't force myself to try and sleep before 10pm the days after those overnights I'd end up staying awake until at least 2am. So when this show popped up at around 10pm I was like sweeeet no infomercials

Mainly I'm just waiting for some interesting coins to pop up on that show which never do. The only mention of coins that I've seen so far is the one mikeyg and I discussed in the previous post

rbf

Presumably, your only hope for cherry-picking a good deal is if the pawn shop owner isn't particularly knowledgeable about coins. Same goes for flea markets. Also, pawn shops tend to be most prevalent in "rough" neighborhoods, so you'd definitely want to be discreet when dealing in large amounts of coins/cash in that kind of environment.

PerryHall

<< <i>More than likely, the coins will be grossly overpriced.

There are definitely exceptions, but for most of the pawn shops I've been to, that's what I've seen. >>



I've had the same experiences.

terribleredmonster

The same old guy on the show also claimed that silver dollars were once minted in Charlotte, NC.

BillJones

I've asked pawn shop owners if I could buy coins from them when I was a dealer. They told in so many words to got to hell.

They want to sell coins to stupid people who will over pay. At the same time they get coins from stupid or desperate people who don't know what their holding are worth.

You can keep the pawn shops so far as I'm concerned.

Geoman

My guess it would be a waste of time. I used to regularly check the few pawn shops and antique stores in town, but never once found something even close worth buying. When I asked at the pawn shop, they told me that all the coins they buy are immediately sent down to a bigger city for wholesale and they don't keep them for resale at their shop. The antique shops are so over priced it isn't worth a trip.

MadMarty

<< <i>Pawn shops are generally overpriced, but I have seen some good deals. I once bought a 1$ modern commem for melt. Someone on this board saw a pawn shop owner pay like $7 a piece for Morgans and offered to buy them immediately for $8. There was a'93-S. >>



That was me

coinkid855

<< <i>

<< <i>Pawn shops are generally overpriced, but I have seen some good deals. I once bought a 1$ modern commem for melt. Someone on this board saw a pawn shop owner pay like $7 a piece for Morgans and offered to buy them immediately for $8. There was a'93-S. >>



That was me >>




Yes, and you still suck. For that and the 39' proof set!




-Paul

stevek

Well, ya hear some stories once in awhile about a buyer finding something good in an antique store or pawn shop, but I agree with the other comments...always a bunch of overpriced coins. Probably better off spending the time metal detecting looking for something good - chances are better. LOL

Longacre

Some high-priced Suit came to my office a few years ago, trying to hawk insurance and other investment products. I am not sure how he got through the gauntlet of security leading to my office, but somehow he got in and met with me personally. After probing his background and asking about his experience with handling large sums of money, investment experience, insurance products, etc., he admitted that until recently, he was a pawn broker and owned a few pawn shops.

Now no one loves pawn brokers more than Longacre, but I quickly asked this dude in the fancy suit to leave.

sparky64

I got this from a pawn shop. Although I'm not sure how much pawning he does. Mostly junky/antiquey things.
He had $75 on it, I offered $35 and paid $40.
Maybe a bit dipped but I liked it.

slipgate

<< <i>

<< <i>Watch that episode if it comes on again of pawn stars.At one point they are talking about common morgans they mention the dates one was a 1921 I believe and the old guy says they are worth 500.00. >>



I recall this episode myself. The other night they had this show on for about 4 hours. I chuckled when I heard it...perfect example of how pawn shops overprice coins like many have already stated. Can't say I know personally since I've never been but have recently thought about it even before this thread. >>



On that episode the the old man missed the cc mint mark on the back. The son told him it was a $50 coin unless it had a cc and then it was a $500 coin. The never showed the date but the brief look made me think it was a 1878cc (I slow mo'd from the DVR several times). Of course worth $500 in some grades, but most likely if it has been handled by them it is not worth $500 any more.

topstuf

Depends on the pawn shop. I ...started.... with coins. I got many coins FROM other pawn shops.
Our pawn assn. had an ANA grading seminar at one of our yearly meetings and only TWO shylocks showed up.
That's DUMB!
Coins and pawn go together GREAT!
I pawned a collection several times that I begged the owner to SELL to me. NICE stuff. Mint state seated and Barber and ....N I C E !!!

I had an advantage in that I could lend higher on coins than those who know nothing about them.

There's another pawnshop here in N. Calif who started in coins and has been very successful in both parts of his bizz. Coins AND pawn.

I didn't have to screw over the coins because I wasn't ignorant of them. It's two completely different businesses and both can be run profitably and well with any effort at all.

I would also add for Longacre that there aren't many more experienced people who know money and people and lending than a pawnbroker. SOME are just ginks. Not all.

I can guarantee that three weeks in a pawn shop with ME doing the instructing would make just about anyone equivalent to a pretty advanced MBA.

snizzle

fri i was at pawn shop found ase for 12 $ told them i would take it also a 21 morgan 25 on it got both for 25$. another shop same day found 2 photo certified coin institute morgans ms 63 nice coins 79-s 85-o plish coins also found 1837 10 $ note pigeon roost mining co. dahlonega ga. sweet find. I like pawn shops good deals if you look hard

bestday

<< <i>I've never had any luck in a pawn shop. either. But I suppose it's possible. And half of the fun is in the "hunt."
Good luck with your halves! >>



Tried acouple of years ago even in cities like Honolulu..most were over priced, junk

aficoinado

I LOVE the Pawn Stars tv show! It is well produced piece of entertainment. My tail is wagging whenever the girlfriend doesn't change the channel to something about houses...