If you have some rare coins that you want to sell or pawn, you might be wondering if a pawn shop is the right place to go. In this article, we will explain why pawn shops are often interested in rare coins and how to get the best deal for them.
Pawn Shops and Rare Coins
Pawn shops are businesses that buy, sell and lend money on items of value, such as jewelry, electronics, tools and more. One of the items that pawn shops often deal with is rare coins.
Rare coins are coins that have a high value due to their scarcity, age, condition or historical significance. Some examples of rare coins are old silver dollars, gold coins, error coins and commemorative coins.
Pawn shops are usually familiar with the value of rare coins, as they deal with precious metals on a daily basis. They can quickly appraise your coin based on its metal content, condition and market demand. They also have access to price guides and experts to help them determine the value of your coin.
Advantages of Selling or Pawning Rare Coins at a Pawn Shop
There are several benefits of selling or pawning your rare coins at a pawn shop, such as:
- You can get cash on the spot. Pawn shops will pay you immediately for your coin, unlike other options such as online auctions or dealers that may take longer or charge fees.
- You can negotiate the price. Pawn shops are often willing to haggle with you and offer you a fair price for your coin, especially if you have done some research beforehand and know what your coin is worth.
- You can get your coin back. If you don’t want to sell your coin permanently, you can opt for a pawn loan instead. A pawn loan is where you use your coin as collateral for a loan and get it back once you repay the loan plus interest and fees. This way, you can keep your coin for the long term while getting some cash for your short-term needs.
Tips for Selling or Pawning Rare Coins at a Pawn Shop
Before you head to the pawn shop with your rare coin, here are some tips to help you get the best deal possible:
- Call ahead and check if they deal with rare coins. Not all pawn shops specialize in rare coins or have the expertise to appraise them properly. You should call your local pawn shop and ask them if they buy or loan on rare coins and what they require from you.
- Clean your coin gently. You want your coin to look its best when you present it to the pawnbroker, but don’t overdo it. Cleaning your coin too harshly or using abrasive chemicals can damage its surface and lower its value. Use a soft cloth and mild soap to wipe off any dirt or dust from your coin.
- Consider having your coin graded. Grading is a process where a professional evaluates the condition of your coin and assigns it a numerical score from 1 to 70. The higher the score, the better the condition and the higher the value. Having your coin graded by a reputable company can help you prove its authenticity and quality to the pawnbroker and get a better offer for it. However, grading can also be costly and time-consuming, so weigh the pros and cons before you decide to do it.