So one of those questions that I will sometimes get asked by people looking to get the most money possible out of their items is how to pawn coins.
The bottom line with coins is that in most cases, when it comes to pawn shops, you will want to make sure that the coin is made out of a precious metal and that it is in good condition.
Even if the coin isn’t in really good condition, but it is still made out of primarily silver or gold, a pawn shop will likely still have interest in it.
The more collectible the coin, the more likely you are to get more money out of it than if it were something not collectible but just made out of silver or gold.
That having been said, if it is something really collectible, then you will want to make sure that you have the coin graded and have any documentation you have for that with you at the time that you go to make the loan or sell it to the pawn shop.
Don’t misunderstand me though, even if you don’t have it graded but the pawnbroker is somewhat familiar with coins, if they can determine that it is a coin that really brings a premium above and beyond just the metal value, then you may luck out but condition will mean everything.
The Most Common Coins That Pawn Shops See
When it comes to what pawn shops see come in and out of their doors on a regular basis, silver coins, or primarily silver coins are the majority of their business.
That is dimes, quarters, half dollars and dollar coins from 1964 and earlier. Some pawn shops may also deal with coins from a few years after that, but not nearly as many to be honest.
The reason is that the years following 1964 were made with substantially less silver than the coins from 1964 and earlier.
In addition, virtually no pawn shop that I know of will really be interested in pennies or nickels as they are made with a significant amount of precious metal, nor are they normally very collectible.
Getting The Most For Your Coins At A Pawn Shop
There’s really not much to this one. As long as the coin is in respectable condition and made out of a precious metal, the pawn shop will almost always have a set rate for those coins.
That having been said, don’t make the mistake of trying to ‘clean’ or polish the coin before you take it into the pawn shop. That can adversely affect the value of the coin as coin collectibles prefer coins that are in ‘original’ condition.
If your coins are graded, make sure that they are ‘slabbed’ or have the grading paperwork with them so that the pawn shop can verify them and potentially give you more than the scrap metal value for those coins.
WordPress junkie, music lover, and consumer of all things pizza-oriented. I’ve run pawn shops and check cashing operations for years. I developed the most successful digital marketing marketing strategy for pawn shops known to date, and flip items on eBay for fun.