Tips on haggling a pawn shop.

There is a NGC proof 65 franklin halve at my local pawn shop.

He wants $30 for it.

I like to buy locally.

What would be the best way to approach him and find a way to pay less?

I'm pretty sure it's a 1957, which is $25 for proof in the redbook.

Although I can get the same coin (in the slab) on feebay for $23 shipped, like I said, I like to deal locally.

They way he priced the coin was by going on eBay and seeing that they were asking $35 for it.

Just because you ask a price doesn't mean you will get it, and looking at bin's on eBay isn't a good way to price a coin.

 

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Find the flaws and say it ain't perfect. Point the flaws out, and then make your offer lower than you wanna pay and tell him you can go get one for cheaper. See if he gives in.

 

Maybe it is just me, but I prefer the honest direct method. I can get it on ebay shipped for $23 (show link if needed), but I prefer to see coins in hand and buy locally. How about $25?

 

That trick might work on a low grade coin, but you don't see many, if any, flaws on a proof.

 

But it is a 65 after all... There has to be flaws because it ain't a 70

 

I have a feeling if I show him a page with the coin for $23 shipped he is going to snap back with "Well buy it there then".

 

Asking prices on eBay mean nothing. Show him completed sales. If he says no, be prepared to buy on eBay. One thing to do, try to decipher his markings, some pawn shops cryptically put their buy price on the pricetag so the employee will know what they paid at a glance. Then offer your price. That method WORKS.

 

How did you get this knowledge on how it was priced? Did this come from the pawn shop owner or worker themselves? Was it just a guess?

Most pawn shops I know buy an item, then mark up the price to make profit, just like any dealer would. If he bought the coin himself for $20, the price they have listed isn't a bad deal. Remember, pawn shops take risks with the stuff they buy, it can either sell fast or sit for a very long time.

Unless that coin has been sitting there for a long time and he just now wants to get rid of it, you likely won't get much haggling out of him likely. You can tell him you'll buy from eBay all day long, he'll probably tell you it's fine with him, his price stands. I'd say pawn shops likely only take the time to discuss prices on higher ticket items, fetching higher dollar amounts, not $30 dollar coins.

That's my 2 cents at least.

 

He probably paid less than $10 for it. Offer him $15. If he says no, he will likely come down to $25. If so, then offer him $20. If he says no, ask him to meet you in the middle at $22.50. TC

 

Make the offer for $23, leave him your card, if they want to move it, they will move. I am sure they won't come off their price, if you argue with them about it. But if you make your point and don't get snippy..well then...I am sure if they do alot of business with you, they will bend. What do you plan on doing? and did it work? I go by Pawn shops and look, only at two in the area, the good ones..and most of the time they don't have anything, but they see me alot and know I'm a buyer, but it is a mix of personal relationship vs. they have to sell the stuff...so..good luck.

 

I like topcats recommendation. Make him a fair offer, let him counter and go from there.

 

Well I have the 2012 Redbook. Would it work if I showed him the redbook price and told him that would be my best offer?

 

No on the Redbook or anything like that. The guy is only concerned with what he wants to get from the coin. A show of the book is similar to walking on a car lot with the NADA book. They don't care about the book. I agree with those who say "make an offer and let him counter"
That, in my opinion will go further than almost any other tatic.

 

Maybe this would work at a pawnshop? I wouldn't want my name to be associated with lowballing a 30 dollar coin. But that's just me. 300 dollars? Now were talking (Go ahead and bring the greysheet, come with your homework. Be prepared to offer and get a counter. Put on your poker face). Trying to shave 7 dollars on a NGC 65 Franklin? I would equate that to childs play.

 

No. RedBook is too high. According to coinflation.com, a silver Franklin half is worth about $10. Start walking out the door, and see if he comes down. TC

 

It is a pawn shop not Sotheby's. :smile. TC

 

I wasn't trying to insult anyone, but from an economic standpoint you have to look at the positive networking externalities compared to the opportunity cost. If you came in there and said "Beautiful Franklin you have on display there Sir." Let him know what kind of coins your into, maybe go back make a few purchases at his asking price. Remember the guy is going to come in contact with a lot of coins. After a few times to the shop. Keep asking for better and better coins. When he gets to the point where he cannot supply you, change gears. "Sir I tell you what, if you run into so and so U.S. coins I would greatly appreciate a phone call. Now I usually go below par on grey sheet but if there is some wiggle room for you, I'd gladly take them off your hands. This guy could turn out to be a major asset is all I'm saying. Instead of walking in with the expectation that you are going to save 7 dollars on a haggle job, because "it is a pawnshop and not southerbees." JMHO

 

If you went to a coin show and started nitpicking the dealers' coins to get a lower price, most of them would tell you to take a hike.

Chris

 

Ya but most set their price slightly high to have a buffer for hagglers. I sold before at flea markets and learned that the hard way, if you mark your prices at bottom dollar, people will STILL haggle. So it's best to mark prices high and let them haggle, it gives them the satisfaction of getting a deal.

 

I hear what you are saying but it is commonplace to negotiate in these settings (even for the small amount). If you keep overpaying on coin purchase after coin purchase regardless of amount, you will find yourdeep in the hole and regretting it before too long. $30 is way too high for that coin. I think my suggestion to the OP might work. If not, he can just buy it elsewhere. Trust me, that pawn shop owner likely did not pay anywhere close to $30 for that coin.