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Roberto
New Member
USA
9 Posts |
 Posted - 03/31/2010 : 21:01:52
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Hey All:
Any one ever hear of anything like this?
On a lark, I went into a pawnshop and inquired about "free 1st loan". They said they would loan 25% of value for up to 30 days for no fee. OK, sounds interesting, would they loan on silver bullion coins?
ANSWER: NO, "silver isn't worth much" and "no pawn shop makes loans on silver coins". I thought this woman's ignorance was only exceeded by her rudeness. So I went to another store and was told the same thing.
I protested that my coins are 90% silver, and you can look up their value on a million different websites. To no avail, I protested that they won't loan $1000 on $5000 of bullion coins. NOPE, not even interested.
Maybe they knew I wasn't serious about getting a loan, but it was interesting to find out.
If I were a pawnshop owner, I would make 25-50% loans on "junk" silver coins all day and all night.
Roberto
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 03/31/2010 : 21:10:53
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| That is interesting. I can't wait to hear what others think the reason is. |
You don't have to be the BEST you just have to be.......SLICK
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 03/31/2010 : 21:14:08
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| At the currant rate. they would be loaning at 3.15X face. |
You don't have to be the BEST you just have to be.......SLICK
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Country
1000+ Penny Miser Member
USA
3121 Posts |
Posted - 03/31/2010 : 21:37:59
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WELCOME to RealCent!! 
It could be the pawn shop owners thought the SILVER was stolen and didn't want to get involved. Maybe the word is out to stay away from SILVER coins. |
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The things that will destroy America are prosperity-at-any-price, peace-at-any-price, safety-first instead of duty-first, the love of soft living, and the get-rich-quick theory of life.
– Theodore Roosevelt
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Be Nice to BankTellers
Penny Sorter Member
USA
77 Posts |
Posted - 03/31/2010 : 22:07:27
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Offer them a cut for the referral to pay people in cash.
Give me a cut for mentioning it. |
Grandpa always told me, "Back in 1964..." I listened.
Selling copper cents @ $2.50/lb. + shipping. |
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 03/31/2010 : 22:25:44
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quote:
Originally posted by Be Nice to BankTellers
Offer them a cut for the referral to pay people in cash.
Give me a cut for mentioning it.
Same thought I had!!
Tell them you will pay them 4x face for 90% so they should be 2-3x.
Of course they wont do this....but its worth a shot. |
Copper Penny Investing
www.portlandmint.com |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 04/01/2010 : 05:59:22
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My buddy runs a pawn shop. I'll ask him today if he takes junk silver if I remember to call him, hehe.
Deal |
Live free or die.
Plain and simple.
"If you love wealth more than liberty, the tranquility of servitude better than the animating contest of freedom, depart from us in peace. We ask not your council or your arms. Crouch down and lick the hand that feeds you. May your chains rest lightly upon you and may posterity forget that you were our countrymen."
- Samuel Adams |
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DanRiverMan
New Member
USA
4 Posts |
Posted - 04/01/2010 : 07:12:21
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They are greedy, they have Gold to far up there butts..Not enough profit in Silver..
A local jewery store here where I live, small town about 50k, runs weekly ads for buying Us silver coins at 10x face for 90% and $3.50 per $1 face of 40% and even buy war nickels lol.. |
" No Guts , No Glory "
"A vision without an action is a dream, an action without a vision is a nightmare" |
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fb101
Administrator
USA
2856 Posts |
Posted - 04/01/2010 : 19:46:26
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| $3.50 per $1 face of 40% is a good price compared to what they give where I am. They're offering less than $30 a roll. I think melt is around $54. |
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Edited by - fb101 on 04/01/2010 19:48:58 |
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wagsthadog
Penny Hoarding Member
USA
565 Posts |
Posted - 04/01/2010 : 20:38:39
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Hi there-
Why mess around with a pawn shop when there are 4,000,000,000,000,000,000 ads on the tv, internet, and newspaper that will ALL give you top dollar for your unwanted gold and silver? : P
JMO, but I'm kind of spooked about pawning my coins or jewelry. I worry about something happening to it or it having a big SCRATCH or something on it that wasn't there before. If I buy, I buy to keep. If I need the money, I sell. Don't look back.
wags |
Only when they CAN'T have it, ......THEN they'll want it.
I love Cents. If you get an UNC box, you win. If you get a regular circ. box, you win. If you get a zinc box, you don't lose....so you still win. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 04/01/2010 : 22:36:41
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Maybe you should BUY silver coins there.. since they aren't worth much.
Wags.. only pawn your prescratched silver.  |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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Roberto
New Member
USA
9 Posts |
Posted - 04/01/2010 : 23:19:52
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Hey all:
I am surprised that this thread has gotten this much interest and attention...
I din't get the impression that the pawn shop operators thought that the coins were stolen or "hot" or "fishy". I am usually in a fairly presentable state and hope that I would not be confused for a criminal.
The first pawn shop that I went to I was talking with a young kid behind the counter, maybe 19 or 20. He was "respectful" but stated that he could not work with silver. A moment later a foul, female manager shuffled up to the counter and asked why I was fooling around with silver. I replied that I thought it was a better value than gold. She then stated that "silver ain't worth nuttin"...I asked her to clarify what she said. She replied that silver had gone down in price and was not worth the time & hassle. I stated that I thought it was about $17/oz. I have the AMPEX app on my Iphone and showed her that "spot" silver was trading at $17.32/oz. on NYMEX.
She responded that she didn't believe that...I didn't know what to say. She then said she had a bunch of silver coins that "ain't hardly worth nuttin". I then started to smile and said that I must be quite gullible as I had purchased quite a few. I then said that I would be happy to give her some money for her coins, and she can get out of a bad situation.
I think the young clerk then realized what was going on he started laughing. The female clerk then stated that "your kind shouldn't be coming in here". What is my kind? White male in his 30's? She said no, "silver smart asses". I replied "don't worry, I won't be back!".
I guess that pawnshops prey on gullible/ignorant people.
I was just interested in their "1st loan free", as I might have needed to raise a LARGE amount of capital for about 10 days. I figured that pawning silver might be a way to go, as I did not want to sell my silver, and I would be turning over the money in about a week. (I was bidding on a large estate of gold & silver bullion coins with some small amount of numismatic coins).
It turns out that I did not win the bid on the estate.
Roberto |
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Mmotodad
New Member
USA
7 Posts |
Posted - 04/02/2010 : 21:27:16
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New member here....been meaning to register for sometime, this thread got me around to doing it. I am a frequent visitor to the local pawn shop. Most of the ones around here will pretty much take anything of value including junk silver coins. I have purchased many coins from them over the years. Never pawned or sold anything there but from what they have told me they basically pay about $8 for Morgan/Peace silver dollars and mark them $24.99. They will usually take any offer over $18 on them. I usually pass on those but I have picked up quite a few silver eagles. They mark the "loose" ones $24.99 but usually sell them for $20 and they mark the ones in fancy boxes $29.99 and take $25. Needless to say I don't buy the ones in boxes. Junk silver coins usually go for spot. Picked up some Franklin halves for $6 each a few weeks ago.
I have found that just like any business they have times where they are willing to make good deals (need to pay the bills) and times where they seem like they could care less to sell anything. Guess it depends on how much they are making on loans and how many folks actually pick their items up. I have been buying there for years and they know my face but not my name. People come in while I am there to pawn not buy and not only do they know their names, they know what item(s) are going to be pawned before they put it on the counter.
Jason
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silvercreek
New Member
2 Posts |
Posted - 04/16/2010 : 20:41:13
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I guess that pawnshops prey on gullible/ignorant people.
bingo!!! |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 04/16/2010 : 23:34:54
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quote:
Originally posted by silvercreek
I guess that pawnshops prey on gullible/ignorant people.
bingo!!!
Why should banks have a monopoly on that? |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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kentucky7887
Penny Sorter Member
USA
30 Posts |
Posted - 04/18/2010 : 20:09:29
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| I work a a pawn shop and the reason is because of the low oz value. When someone brings in a gold chain and you offer them 50% or less of the scrap value they get mad at you. Lets say a 10g 14k gold chain would scrap for around 200. Alot of the pawnshops sell their used gold very near scrap. That same chain from the mall would cost almost 400. I hear people all the time say. " I paid 400 for this chain and u want to give me 50?" They don't under stand scrap value and free markets at all. So take a big silver chain (or coins for instance) that they paid 100, for and the scrap value is 20, when you tell them you can loan or buy it for 5 dollars they get really mad! Though most places will take it if you have a lot maybe 50oz or more. OR think of a small crappy ring that maybe weighs 1g, it scraps for what .50c a gram and you offer them .25c they will cuss at you all day long. |
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kentucky7887
Penny Sorter Member
USA
30 Posts |
Posted - 04/18/2010 : 20:11:44
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may people who relay on pawning as part of their financial needs are not the brightest pennies in the jar |
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kentucky7887
Penny Sorter Member
USA
30 Posts |
Posted - 04/18/2010 : 20:16:23
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quote:
Originally posted by wagsthadog
Hi there-
Why mess around with a pawn shop when there are 4,000,000,000,000,000,000 ads on the tv, internet, and newspaper that will ALL give you top dollar for your unwanted gold and silver? : P
JMO, but I'm kind of spooked about pawning my coins or jewelry. I worry about something happening to it or it having a big SCRATCH or something on it that wasn't there before. If I buy, I buy to keep. If I need the money, I sell. Don't look back.
wags
Its actually very safe just make sure you go to a larger store. The chain stores are reliable. You have to think of it this way they are large publicly traded companies your .25ct diamond or gold coin is not worth a law suit.
I've been doing it for almost 6yrs and 1 time a repaired rope chain got misplaced. The store gave the customer a bigger one in return so they were happy.
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 04/18/2010 : 20:21:24
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| Pawing can be much more respectable than some of the other payday check cashing loan scams out there. Many pawn shops want to be able to resell defaulted pawned goods at their own shop. Let's face it, more people will come in looking for gold chains to buy than 90% silver coins. That's not to say there aren't good pawn shops who would welcome 90% though. |
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Think positive. |
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L1011
Penny Collector Member
310 Posts |
Posted - 04/18/2010 : 20:34:42
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Sounds very ignorant to me, did she have all her teeth?  |
Edited by - L1011 on 04/18/2010 20:35:54 |
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An odd thing at pawn shop
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