Pawnbrokers soveriegn ... i was shocked

[coppernut]

Hello all,

So today i walked past a pawnbrokers where i live, and i thought that

i will go in to see if they had any sovereigns for sale?

 

To my surprise i had a choice full or half

When i said full

the girl went into the back room and returned

with four bags containing 1 sovereign in each.

 

i asked what dates they were and the only

one i can remember are 1899

and possible a 1992?

 

she did say there was a George, 2 Victoria (she said an early and a late)

and an Elizabeth

This shocked me because of the area i live in is rundown IMO.

 

What shocked me even more was the price for any one of them?

£335

 

So my idea of getting a sneaky bargain didnt materialize.

 

Is that the sort of price these types of shops are asking

anyone know?

[HighlandTiger]

I've posted several times in the past about the high prices the pawnbrokers and jewellers are asking for sovs. That's an average price that you've got there. I've seen them being offered for more than that in the last 6 months.

 

Like you say, they are taking the p!55, but people are buying them at that price, so it's really down to market forces. 

[Kman]

Like you say, they are taking the p!55, but people are buying them at that price, so it's really down to market forces. 

 

I wonder if they do, or if they just keep them a while and then pass them on to HGM or some equivalent 

[Kman]

What shocked me even more was the price for any one of them?

£335

 

I wonder if you took a sovereign in what price they would give you 

[coppernut]

 

Like you say, they are taking the p!55, but people are buying them at that price, so it's really down to market forces. 

That's an average price that you've got there. I've seen them being offered for more than that in the last 6 months.

I was very shocked at that price, to be fair

And also shocked that they had four full and some half's, because of the state of my area

its rundown i didn't expect them to have any.

[coppernut]

I wonder if you took a sovereign in what price they would give you 

I was thinking that Kman?

i bet we would all be shocked at that price

[Dune69]

I wonder if you took a sovereign in what price they would give you 

 

I did ask in my local PB and the answer was ..They buy full sov for £130 and sell for £260

 

Stick with HGM and on the forum for good deals

[Paul]

Yes, the price they say is very expensive they quote to you as joe soap walking in off the street 

 

In comparison with many years of collective research & experience we have on here drilling down dealer by dealer to find the single lowest cost for what we are after

We now have a choice of a few dealer who are just a few quid apart for a single gold sovereign

 

How and why they think they can charge this is up to them, but if it had had been me in shop, i would have been

 

" woah !........ that is over a £100+ more than i paid direct from the Royal Mint just last week for a brand new one (currently £225 for x1)

Go check on your interweb thingy in your office if you think im telling porky pies

Hey look Mr Pawn Broker Man, i'm in the market for buying gold today & have the cash but im not going to get my pants pulled down over the price

 

Can we work a proper price out, its still the same 7.315g of gold to me whether i get it from you or i get it from the Royal Mint

 

The ball is then back in his court and you'll know there and then he knows you are serious and know your onions about precious metals"

 

Provided your polite, smiling, not be aggressive but still be firm and assured you have a chance of making a deal

 

No deal, fair enough his loss.  Then leave the shop go online and get it from HGM and youll save even more than the Royal Mint

 

But they certainly wouldn't be getting of my fiat beer vouchers any time soon as its too cold outside to go down the high street today

[Pipers]

Well said Paul

 

There is nothing stopping you offering a price.  Don't be scared they know the London fix that day .I went in with a sovereign and asked what price a few months ago. £160 I was offered, so I offered them 3% above spot for there gold Britannia It was rejected so what, as I said to the Pawnbroker you could take the profit now or wait for someone to come or sell it to HGM for 99% and I can buy it from HGM for 3% above spot.

 

Remember  There is no hard feeling here its just business So don't be scared of being rejected.    

[Paul]

Pawnbrokers still have bills to pay, wages bills to pay, heating, leccy and business rates etc 

 

This will be the main reason by and large most pay poor prices for bullion & the prices are artificially inflated to the highs they try to charge for bog standard bullion

 

You're not a charity, there to pay the premium for their privilege to pawn.

 

As Pipers says, they refuse your offer. Boo feckin hoo no skin off your nose, just go get it where you know where it is cheapest

[coppernut]

How and why they think they can charge this is up to them, but if it had had been me in shop, i would have been

 

" woah !........ that is over a £100+ more than i paid direct from the Royal Mint just last week for a brand new one (currently £225 for x1)

Go check on your interweb thingy in your office if you think im telling porky pies

Hey look Mr Pawn Broker Man, i'm in the market for buying gold today & have the cash but im not going to get my pants pulled down over the price

 

Can we work a proper price out, its still the same 7.315g of gold to me whether i get it from you or i get it from the Royal Mint

 

The ball is then back in his court and you'll know there and then he knows you are serious and know your onions about precious metals"

 

Paul, i like the way you explained that

 

To be fair i had just popped in there on the off chance to see what priced they were offering.

Being prepared with correct figures is a must when negotiating a better price as you know,

and i was not prepared,

cheers

[morezone]

I was in town today so popped into my local pawnbrokers to see what they had.  Although gold is up £100 from last year, the sovereigns they had for sale remain unchanged in price.  Half sovs are £120 and full are £235.  They did have an old shield sovereign and I was tempted to buy it.  With HGM now at 15% premium for one, it was competitively priced.  I'll have a ponder and may still buy it yet.

[K_theepan]

I was in town today so popped into my local pawnbrokers to see what they had.  Although gold is up £100 from last year, the sovereigns they had for sale remain unchanged in price.  Half sovs are £120 and full are £235.  They did have an old shield sovereign and I was tempted to buy it.  With HGM now at 15% premium for one, it was competitively priced.  I'll have a ponder and may still buy it yet.

Thats quite good price morezone . I went yesterday to Manchester and popped in few shop to look what they had ridiculous price. sovs was about £280 and i asked for proof Sov it was 350.

[Murph]

The internet has been a godsend for buyers.  Before the net if I bought locally i always had to pay stupid prices, even after a lot of haggling.  My best bet was the antique fairs when there would be a number of dealers, from all over, all trying to sell at once so haggling was usually a little easier.