Hello, Lately I've been cruising the pawn shops looking for good deals on silver coins, I've only found one pawn shop that sells any type of coins in my area. I went into the pawn shop pen in hand, with a cheat sheet of current market values and a calculator. Today I picked up 5 quarters for $9.95; 1937, 1957, 1956, 1962, and a 1964. I looked at coinflation ($14.59 melt value) before buying them, so I figured why not. Although it appears I made $4.64 (-.95 cents tax) profit at current market rates, I wanted to know if this is good practice? Thanks, Chas.
Ooop's, forgot to say I brought my pocket digital scale with me too. They weighed fine. Anyway other way of testing without marking them?
Brilliant, thanks. And Sunflower, no probs on sharing methods; I'm sure not everyone is in my part of S. Cali.
I say you did better than fine. You did fantastic. As was mentioned, make sure they are real. I use a tap method, where I place the coin on the tip of my finger and tap it with a regular quarter from today. It should make a nice ring sound. I suggest going back to the pawn shop and buying more before they realize that they are selling too cheaply.
Oh I would, but after walking in there with my calculator and doing them math, the other silver coins they have (halves & Quarters) are way above melt value. For example; they had 16 Franklins going for $140, when in melting value they were only worth $93.35. I'll be keeping checking out other stores they have nearer the city district
There may be a reason why they're $140 - check the dates. If they're selling coins, I really don't think they're doing it blindly. I'm guessing someone screwed up on pricing the quarters. But maybe you stumbled on a group of idiots. I wonder how long they'll be open? Are they selling Wide-Screen TVs for $20?
Pretty good. One of my favorites was buying junk silver mrogans from one store selling it to another store. lol God used to make a killing doing that back in hs. Those were the days.
Not a bad deal but you made no profit at all, yet. Not a bad deal but you made no profit at all, yet. Until you sell them that is. I would have been a little closer to $12.00 on the group.
Some coins in antique shops are being sold by collectors trying to unload their duplicates for more than coin shops will give them. But others really don't know much about them. Many times they will price them at Redbook times 2. But sometimes they just mark them up over their cost and are happy to make the sale. It's a mixed bag.
