I just read a post (http://www.cointalk.com/t161217/) about a pawn shop find. I haven't seen anything else posted. I've never been to a pawn shop, and I wonder about the experiences of those that have. Care to share? Thanks.
They're more for high profits of what they sell. I checked one out for the heck of it recently. They had some junk silver coins, but their price was 3xs going rate from any B&M. They had some proof sets, no boxes or COAs, and they had a price 4xs normal price. Example is a 93 and 98 proof sets, going rate anywhere else is around $10 in OGP, they were asking $40 each and wouldn't budge on price at all.
I have established a good relationship with a local pawn shop. They call me when coins are coming out of pawn or when they purchase a large amount. The prices have all been good for mw, maybe becuase of the amount. I can always get silver for below melt. I also scoop up all of their mint sets and other item in original mint packaging. if you are going into a pawn shop and have some cash, they will usually negotiate. Keeping in mind that they probably paid a lot below melt for the stuff they have. Maybe I'm just lucky about the location and there aren't many people coming in for coins. Silver buyers will just buy silver necklaces and things like that.
The pawn shops that I have been to offer common coins (modern coinage, commemoratives and mint sets), or junk (painted statehood quarters, painted ASE, etc) at largely inflated prices. I have only been in about 5, but have never found anything worth buying. -LTB
Never had any luck at pawn shops (yet). I have gotten two of my best finds at garage sales though A buddy of mine found a 1928 Peace dollar at a pawn shop being sold as junk silver though. Pretty sweet.
A few months ago while in Virginia, I went to a small shop that was part pawn shop, part general store, and part owner's residence. I saw they had a few 1988 Olympic commems. I bought one of them (in OGP) for a good price. And it is actually genuine. LOL. My father, on the other hand, looked at a civil war sword and passed. Later he told me it was a very obvious counterfeit. So, these places can be a little more shady than coin shops, but in either case, make sure to know what you're getting into before making the purchase.
I would like to chime in, as I manage a pawn shop and have for the past 3 years. Not all pawn shops are the ripoff, stolen merchandise shops that people seem to think. I have very strict rules on what we take in and we work very closely with the local police dept to watch for possible theft pawns. We do not carry much as far as coins go, but we do sell a few from time to time. Silver and gold bullion is usually marked up around 5% over spot for the simple fact that we don't hange the price daily as spot changes. I will reevaluate the prices once a week. We keep our store clean, well lit, and well staffed. I want more of a retail feel when going into a pawn shop. Unfortunately, however, there are still shady shops out there. But please, do not assume all pawn shops are bad. Stop in and check them out for yourself.
I'm not attempting to put you or your pawn shop down or anything; however, your quoted statement above is really kind of moot since most if not all states require pawn shops to provide a list of merchandise they buy outright or take on pawn, to local law enforcment.
the whole idea of pawn shops seems to reek of despair. most of the people selling stuff could easily get more money from ebay or craigslist for their stuff
I don't know if it's despair so much as laziness or the lure of instant cash. Even shows such as "Pawn Stars" (totally rehearsed and NOT your average pawn shop) tell prospective sellers what their item will sell for... usually double what they offer. Then they lure them into selling with instant cash.
I did not say that we simply follow the minimum laws; I said we work very closely with the police dept. If an expensive item has been stolen in the area, a detective will call or come by and speak to me and give me descriptions of what to look for. I have stalled and kept customers in the store in order for the police arrive and catch them in the act. We have 13 stores in Texas, and we do our best to show the positive side of the pawn business. Our company has a different mentality than a lot of smaller shops. Our primary income is based off of loan finance charges. We sell items because we have to do something with the merchandise that people don't come back to pick up. We generally offer people 70-80% of what we will sell an item for, in order to keep their business at our store.
True but it takes time to get your money that way. I would think that most people pawning something need the money NOW! Also if it is something you really don't want to part with, once you sell it on eBay or Craigslist, it's gone. With the pawnshop you have a chance to get your property back
Pawn shops are more for people who need fast cash for whatever reason. Some are desperate and will accept anything. eBay and craigslist don't have that.
I think you're missing the point. No one has said anything to the contrary of whether pawn shops follow local laws or are willing to work with law enforcement agencies, so placing your shop on the pedestal is moot to the thread.
My experience with pawn shops has varied widely from place to place. Some places are way high on price and won't budge, while others are reasonably priced and more than willing to negotiate. I'd make an effort to visit a good number of shops in your area and find one you're comfortable with.
I'm sure there are honest people running pawn shops as an earlier poster is apparently in that category. A fair profit margin is based on accepted business practice among seasoned professionals who do not rip off buyers or sellers, or accept merchandise that is likely stolen for cash without proper record keeping. A few of my recent interactions with pawn shops: I bought a 1oz. gold U.S. eagle and a proof eagle for $1350 each from a shop in Virginia. The guy said he had recently bought many (40-50) proof eagles at his shop after asking the seller what he wanted--$500 each. Think the pieces were "hot" at that price??? You betcha!!! I stopped at another pawn shop where the guy always asked what I was willing to pay for his gold coins and always asked what I wanted for what I was selling, he had no prices posted on his gold coins--this is unscrupulous and unethical business practice. He insisted on cash for one better date coin. I drove a couple hours to the bank and back to get him the required cash and when I got back he said he had not checked the date of the coin in the price guide--that he assumed it was priced at around common date. He said he would not sell though I had the cash with me. I said that those who do not honor their word in this business do not survive very long. I have lost a lot of money by honoring my word even when it was not convenient to do so! I reported him to his state's AG and Consumer Affairs department and will be following up with other agencies that may be interested. The state of North Carolina is getting tough with pawn shops--I saw cable news coverage of government hearings on new rules. To me the issue of government intervention in corrupt business practice is not about them getting more money but getting businesses to play by the rules. I have no sympathy whatsoever for unethical business practice.
