Buying coins from a pawn shop

[tinytinkerbell]

This weekend I went to a local pawn shop to see if they had any coins available. I was quickly shown a Statehood collection of the worse (practically) circulated quarters I've ever seen.. He proceeded to tell me they're in uncirculated mint state condition, very valuable and I would be lucky to get them at such a low price.. I gave him the most peculiar look and said "Really?" hmmm.. then I broke out my loupe, showed him the loupe and asked "Do you mind?" he said "No, go right ahead".. so I quickly looked at the 1999 Delaware and 2004 Wisconsin and thanked him for his time. He followed me out the door and asked me if I would be returning for the coins because they won't be onsale much longer. I simply stated.. "No, I was looking for circulated ones".. lol.. Either he was straight up trying to take full advantage of me or he is completely unaware of the difference between circulated and uncirculated coins.. My impression was he fully knew.

Have you ever bought coins from a pawn shop and had a good experience? I plan to go to other one's but not sure pawn shops are even worth my time..

[jallengomez]

That's funny. Wish I could have seen the look on his face when you pulled out the loupe! My experience has been that they have no clue what they have, which can sometimes result in a great find, but often their coins are just overpriced and overgraded.

[tinytinkerbell]

I was really quite tiffed..but I'm not one to loose my cool.. He was asking 59 bucks for it! on sale!.. clearly not a deal..

I always carry my loupe.. lol.. you never know when you're going to need it!! I may still check out the other shops.

[adam1]

There is a pawn shop here that sells coins at junk silver prices and have found a couple good deals.

[eaxtellcoin]

Tink, I know most of the coin dealer's from STL to Columbia. Travel a little south to Columbia and see what the local boys have for sale. $50+ is a joke for a circ set, may take you a little time to look but they are out there in nice Dansco albums for almost what he's charging. Try the show this summer in St.Charles, you can put a set together there and pick the folder you want.
Eric

[tinytinkerbell]

Tink, I know most of the coin dealer's from STL to Columbia. Travel a little south to Columbia and see what the local boys have for sale. $50+ is a joke for a circ set, may take you a little time to look but they are out there in nice Dansco albums for almost what he's charging. Try the show this summer in St.Charles, you can put a set together there and pick the folder you want.
Eric

Thanks Eric.. I'm really new to this area but I've been wanting to drive to Columbia. .. Columbia is much bigger town then this one..now I have a reason lol.. I have every Dansco/Whitman book ever made x's 4 lol..seriously!! but having one them all uncirculated would be ideal. I may look into the St. Charles one..

[eaxtellcoin]

I havn't seen the letter yet that they send out for the show. It's the Silver Dollar Show, " they have everything else also." I'll try to remember to CC you the show dates when I know them. They have a show in KC also but I never make that one, to far away.... it's ALOT closer for you, I'll see if I can dig something up on date/Times but don't hold me to it!

[tinytinkerbell]

I havn't seen the letter yet that they send out for the show. It's the Silver Dollar Show, " they have everything else also." I'll try to remember to CC you the show dates when I know them. They have a show in KC also but I never make that one, to far away.... it's ALOT closer for you, I'll see if I can dig something up on date/Times but don't hold me to it!

Thank you!! I appreciate it..

[WaterSport]

Pawn shops area funny business, while tales of finding rare coins do exist, the truth is most of the shops have connections with buyers for the silver and gold bullion and coins with dealers. Many pawnshops are coin savvy because the owners have a collecting interest. You can guess what they will do with the good pieces. As a general rule, they are not worth the time, effort, pricing and hassle as you recently discovered. Those who have been successful tend to have struck up a relationship so that the owner is just simply helping out one of his “buyers”. Given the sad situation of many B&M coin shops, I think I would rather help some in the business than someone trying to give me the business.

WS

[tinytinkerbell]

Pawn shops area funny business, while tales of finding rare coins do exist, the truth is most of the shops have connections with buyers for the silver and gold bullion and coins with dealers. Many pawnshops are coin savvy because the owners have a collecting interest. You can guess what they will do with the good pieces. As a general rule, they are not worth the time, effort, pricing and hassle as you recently discovered. Those who have been successful tend to have struck up a relationship so that the owner is just simply helping out one of his “buyers”. Given the sad situation of many B&M coin shops, I think I would rather help some in the business than someone trying to give me the business.

WS

Very interesting reply. Thank you WS..

[trails]

This also applies to antique shops, malls, etc. While every once in a blue moon a bargain can be had, most coins found in these places are well over priced and in questionable condition (cleaned, doctored, etc.). Carrying a loupe with you is a great idea and also tends to let the sellers of such things be aware that you have an inkling of what is going on.

BJ Neff

[tinytinkerbell]

This also applies to antique shops, malls, etc. While every once in a blue moon a bargain can be had, most coins found in these places are well over priced and in questionable condition (cleaned, doctored, etc.). Carrying a loop with you is a great idea and also tends to let the sellers of such things be aware that you have an inkling of what is going on.

BJ Neff

I would actually be so bold to say... the look on his face was priceless.. hehe

[lineop3]

MY GIRL! I like your style. I too had pretty much the same experience at a coin dealer's shop.
The loupe does tend to throw them off a tad, and like BJ said, "It give the dealer an inkling you know what you're doing".
Now I'm approached in a different light now.
That story is PRICELESS!!!

Aisha

[celartu]

Sometimes you get lucky, good coin, I wish you good luck next visit to the pawnshop. other

[hasfam]

I haven't been in a pawn shop looking for coins for several years. However, I used to be able to pick up under priced Mint and Proof sets on occassion. After a while it seemed that many pawn shops just stopped carrying coins so I stopped going in.
I used to look at the coins in Antique malls etc, but that was always such a joke, I stopped doing that too. I have run ads on Craigslist to buy Lincoln Cent collections and have gone to people's homes to look at their dansco sets. Unbelieveable, because they had valued their collection based on the prices they paid at the coin shop. But the coins were garbage. It really would irritate me to think of the local coin dealer doing that. Having said all that, I still keep my eyes and ears open for undiscovered treasures waiting patiently for me to find them, which could be anywhere at any time.