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Howdy all! I have read some posts about good finds at pawn shops. I decided to stop by my local pawn shop and check it out myself. I spent about an hour or two getting to know one of the owners and once I felt comfortable with the way the conversation was going, I asked about how they calculate the sales price for their silver bullion bars and coins and their gold bullion coins. They have a really cool 100 ounce silver brick there. I might have to go back and get it. Then the conversation turned to the silver and gold coins in the display case. I couldn't believe my ears! The pawn shop sells their silver and gold coins for a few dollars over spot or a few percent over spot depending on the coin. You might be thinking what is the big deal about that...well, I'll tell ya, they never consider the date of the coin when they price it. In fact, they told me they don't even look at the date or condition. They would sell a 1889CC Morgan in MS65 condition for the same price as any common date Morgan. They would sell a gold 1929 Indian Head half eagle for a tad above spot. I'm sure all you long time RC'ers know to check out the local pawn shops, but I just want to remind the new RC'ers that the deals are out there. Now is the time to start stackin', especially if you can get some rare coins for melt value. I will keep everyone updated on any good finds I get at my local pawn shop.

Last year I inquired at a couple local joints. Same reply..."we only buy, we don't sell".

Now that prices are declining maybe that's changed.

Morsecode wrote:Last year I inquired at a couple local joints. Same reply..."we only buy, we don't sell".

Now that prices are declining maybe that's changed.

I have seen many local places pull/hoard their inventory when prices decline. There are many factors... cost basis, inventory amounts, current spot price, if PMs are in a bull or bear market, how desperate for cash they are, etc...

I've inquired at pawn shops displaying "we buy gold" banners and got the same "we don't sell" response. I just figure they send everything off to a refiner because they don't want to mess with it.