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People stilll sell/loan to pawn shops?
bestday
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While checking out coins at the counter in local pawn shop , a man came into the pawn shop.. he was looking to sell a 1927 Saint PCGS 65 .. he was offered a $900 loan or a buy at $1050.00 ... .Almost wanted to say to seller go to a coin dealer 3 miles away .. but wasn't my business
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RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
CJ: 'No one!' [Ain't no angels in the coin biz]
While checking out coins at the counter in local pawn shop , a man came into the pawn shop.. he was looking to sell a 1927 Saint PCGS 65 .. he was offered a $900 loan or a buy at $1050.00 ... .Almost wanted to say to seller go to a coin dealer 3 miles away .. but wasn't my business
Correctly, you bit your tongue but I shall say no more for fear of being accused of spam.
The vig was high but I came back and got them out of hock otherwise I would have taken a 50% loss.
I pawned some coins about 15 years ago. I don't remember what they were, but he offered me about 50% of value for a $1000 loan and not much more to buy them.
The vig was high but I came back and got them out of hock otherwise I would have taken a 50% loss.
Pawn shops want to do a pawn that will be redeemed. The money is made on the interest they charge on the loan.
It takes a lot to bite your tongue..
Most recent eBay sale was $1684. What should be considered a fair buying price by a B&M?
What might be fair based on eBay sales might be considered a lowball rip by PCGS guide price of around $1950.
They will low ball the offer but then try to sell for 50% over retail. I have never had any luck at pawn stores talking them down even to retail.
It takes a lot to bite your tongue..
Pawn shops are not coin dealers for the most part. I don't who buys their stuff in the end, but my experience has been that it is impossible to get even a fair deal from them. Some of the ones I visited when I was dealer were like junk yard dogs.
In their defense that is a local one here that gave my father-in-law some good advice on a silver tea set he had. That shop was recommended to me by a very honest local coin dealer. Their statements were backed up by some advice I got from Heritage.
As for the use of pawn shops, many people have no credit or bad credit and don't have much of a choice. I'm guessing most of us here are okay financially. Unfortunately the same can't be said for most of America these days, especially the younger people.
Most recent eBay sale was $1684. What should be considered a fair buying price by a B&M?
What might be fair based on eBay sales might be considered a lowball rip by PCGS guide price of around $1950.
Maybe, but there have been 7 sales on eBay below $1700 in the past three months. All but one were true auctions, the remaining one was a Best Offer.
Given these data points, what would be a fair offer from a B&M or pawn shop, enough to cover overhead plus make a reasonable profit? I would consider $1050 a bit low but not an extreme rip.
An authorized PCGS dealer, and a contributor to the Red Book.
Most recent eBay sale was $1684. What should be considered a fair buying price by a B&M?
Last time I checked, th majority of the generic gold coin dealers work on a 3-5% margin for most slabbed common gold. Sometimes it's as low as 2.5% and other times up to 7.5%. Considering that any coin shop can pick up the phone and sell a slabbed MS65 Saint to Heritage or Rarcoa on their typical 5% spread suggests a fair buy offer from the B&M would be 5% under the big boys. That would enable the shop to get 10% on a retail sale. They are very liquid coins most of the time. And that's why their spreads tend to be the tightest in the rare coin market (ie close to bullion spreads). But, I have no doubt that most B&M's would like to work on 15-30% when it comes to generic gold.
The big boyz current high wholesale price on MS65 Saints is approx $1600. A fair buy would be $1500-$1525. Less than $1400 from a B&M would be a rip.
Most recent eBay sale was $1684. What should be considered a fair buying price by a B&M?
Last time I checked, th majority of the generic gold coin dealers work on a 3-5% margin for most slabbed common gold. Sometimes it's as low as 2.5% and other times up to 7.5%. Considering that any coin shop can pick up the phone and sell a slabbed MS65 Saint to Heritage or Rarcoa on their typical 5% spread suggests a fair buy offer from the B&M would be 5% under the big boys. That would enable the shop to get 10% on a retail sale. They are very liquid coins most of the time. And that's why their spreads tend to be the tightest in the rare coin market (ie close to bullion spreads). But, I have no doubt that most B&M's would like to work on 15-30% when it comes to generic gold.
The big boyz current high wholesale price on MS65 Saints is approx $1600. A fair buy would be $1500-$1525. Less than $1400 from a B&M would be a rip.
I would have said that $1400 would be fair from a B & M tho I would not be a seller for that.
Well, pawn shops still exist, so someone must be selling/loaning them stuff. Otherwise they would be out of business.
They interest pawn loan take under a $ 1000, is 20 % a month in Illinois ... the seller took the loan rather than sell
If I were a B&M owner I would be reluctant to offer as high as $1400.
saying). At least in this area.... would not buy any coins at pawn shops ... way too much of
a rip. Cheers, RickO
current GreySheet is $1,950, so we would do a loan at $975 or a purchase at $1,520 as long as the coin looked OK to us.
Pawn shops are doing a brisk business in this economy (despite what the media may be
saying). At least in this area.... would not buy any coins at pawn shops ... way too much of
a rip. Cheers, RickO
Perhaps you might think about putting an ad on CraigsList and offer a $1200 loan on a coin like in the OP and give them 30 days to redeem it for $1300.
we are a Coin Shop and a Pawn Shop. we assess value and offer a flat 50% on a Pawn and will typically buy at 80%. those are Industry standards as far as I know, but every business has its own way of doing things.
current GreySheet is $1,950, so we would do a loan at $975 or a purchase at $1,520 as long as the coin looked OK to us.
That is about 20% back of bid ...a going rate at B&Ms...Some take 25 % off Bid.... what is your loan rate below $1,000..
5%.
the problem at Pawn Shops isn't the Pawn Shop, it's the fact that most people don't have an understanding of what goes on. in the clearest explanation, a Pawn is a SHORT TERM collateralized loan, meant for a couple weeks or a few months, not to be extended for years.
we have many "books" in our business, customer loans that are so thick that's what they look like. the worst is a guy who pawned his Harley --- his loan payments already exceed the value of the bike yet he keeps making them and still needs to repay the entire loan!!!
ignorance can be cured, stupidity can be fatal.
This advice goes well beyond pawn shops, and must include various types of dealers and auction houses, Ebay, the BST, etc.
RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
CJ: 'No one!' [Ain't no angels in the coin biz]