Do Pawn Shops Pay for Coins?

If you are someone who knows the value of coins you probably spend a lot of time examining them before investing in coins. If you’ve never invested in gold bullion coins there is a good chance you’ve had some valuable coins in your possession at some point of your life. But can these coins help you when you need cash. How liquid are gold coins? Can you just walk into a pawn shop and get a loan for your coins?

How do pawn shops pay for gold coins?

Pawning your coins can be a great way to get a cash loan when you need money quickly, but you still want the option of getting your coins back. Pawn shops like most gold dealers want high grade coins. If you have low-grade coins that may be rare, but not that valuable, a pawn broker might pass on them. That is not the case though but it is worth a try. The first thing you need to do is to understand the value of the coins you have.

Researching the value of your coins

Take a look online and see if you can find information on your coins. Rare coins, especially gold bullion coins are well documented so you shouldn’t have trouble finding some information and get a rough estimate of your own coins.

If you found out that your coins aren’t worth that much you may try a pawn shop and find out if they can consider taking your coins. Rarer coins might sell better at a coin collector’s. However, some pawn brokers have clients who collect coins and if they think your coins could be worth the game then they may make you a good offer. If you have certification of authenticity you have a better chance of getting the cash you need.

So, what do pawn shops buy?

Pawnshops buy things they know they can sell. Jewellery is a big part of pawn shops. People can pawn valuable things for outright cash or a temporary loan. Gold is always more valuable than silver and much easy to liquidate. Besides jewellery’s pawn shops will take anything that is valuable and useful. Things like electronic appliances and power tools are popular. Most pawn shops are interested in valuables, especially if they have some proof of authenticity. Some pawn shops will accept video game consoles and cell phones, but some pawn brokers will not accept certain items without any proof of purchase or certificate of authenticity. This is to ensure that they aren’t stolen and are what you say they are. Sometimes they use an independent evaluator to ascertain the true value of what is being brought to stores and this happens quite a lot with gold coins and any items made from precious metals and jewels.

Why Pawn Your gold coins?

The biggest appeal about pawning anything is that you get your money immediately. There is no waiting. You don’t have to advertise, you don’t have to have a good credit record because credit checks aren’t done. You walk in and walk out with cash.

High End Pawn Shops.

Some high end pawn shops such as Melbourne Gold Company, deal with all sorts of gold items and offer much more competitive interest rates than your typical high st pawn shop. The reason Melbourne Gold company are able to offer higher pay outs with lower interest is they specialise in gold refining and gold bullion. So for your gold coin lending needs why not visit somewhere such as Melbourne Gold Company.

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About the Author: Clare Louise