Selling to pawn shop's

[KevjustKev]

Well, I push biking through town, noticed a new pawn shop, well I haven't seen it before anyway.

Just popped in to ask how much they were buying Sov's for, knew it might be a little lower than someone like Atkinsons or HGM, £10 maybe £15 less. No, no, no where near.

£260! Nope not a mistype £260 for a bullion Sov!!!!!!

What's that £75 less than a dealer.

Plus a Trustpilot score of 5 stars.

Bloody hell.

[SilverDrum]

Did you happen find out how much they would sell you one for? 😅

[KevjustKev]

1 minute ago, SilverDrum said:

Did you happen find out how much they would sell you one for? 😅

Not as yet, away from that part of town, might go in on Tuesday, or Monday if the cricket finishes early. Just thought, if their prices are so far out...

Get your money ready chaps

[BobnotTed]

3 minutes ago, SilverDrum said:

Did you happen find out how much they would sell you one for? 😅

Perhaps £450 - they gotta eke out a living.

[silenceissilver]

I have seen one Victoria Veiled Head Sovereign for next to 400 Pounds in a pawn shop, a few days ago. When I looked at pawn shop prices in the past, the difference to dealers was considerably bigger. Reasonable condition but nothing special, from what I could see. I have only bought a Sovereign in a pawn shop once, in March, when the price rose fast. Still a bit expensive but nothing out of the order, back then. They were a bit behind with changing the price. So that's the only sitution to buy in a pawn shop. Or you might look out for a numismatic one, they might well not recognise it as such and sell it at their normal Sovereign prices. Would be pretty time consuing though, you'd probably have to visit pawn shops a few dozens of times before you found one.

I have also asked for their buy prices in the past. About 60% -70% of gold spot, from what I can remember.

I'm wondering who is selling to them? It must be completely clueless heirs. Lesson: If you plan to pass on gold to your children, make sure they won't sell to pawn shops - before you die.

[trp]

The local store near me is the same (Well known high street broker) @tallthinkev, they are currently buying for £260 and selling for £399.

[Paul]

rent, rates, wages, heating, leccy, lighting, security, shop fittings, NI, taxes, got to turn over a lot of sovereigns just to break even and cover expenses if they were buying 98% and selling at +2% over spot 

[Pohaku]

Sounds like an opportunity for a cheeky sticker on the door, or some flyers left lying around: "Will pay £275 for sovereigns, call 07123456789"

[Darr3nG]

15 minutes ago, Pohaku said:

Will pay £275 for sovereigns, call 07123456789

I just rang and the cheeky bugger only offered £250!!!

[KevjustKev]

@silenceissilver The month or the place? If the latter, don't go to farther. Either you'll end up in Norfolk or fall off the edge. 

[silenceissilver]

2 minutes ago, tallthinkev said:

@silenceissilver The month or the place? If the latter, don't go to farther. Either you'll end up in Norfolk or fall off the end 

The month. I didn't even know there is such a place.

[KevjustKev]

Just now, silenceissilver said:

The month. I didn't even know there is such a place.

It be a wild place, where few white man have ventured and returned alive. Those that did, were quite mad, telling tales of endless marshalling yards, flat lands and women so ugly that a mans urge would be gone forever.

Or in the words, about 30 miles from where I type!

[dicker]

No bargains in pawn shops as far as I have ever seen. 

[Airhead]

I did manage to pick up two Sovereigns for a very good price from a Porn shop which closed down a couple of weeks later. They were in the window and the price did not change even though spot was starting to climb. So I thought well if no one wants them... Cost £280 each and being a bit of a noob thought gosh aren't they shinny they must be proof but I realised that I was just being silly when I joined the Silver Forum. 

Checking with jewelers can sometimes turn up the odd item of interest. there is one near me who keeps a few sovs in the safe and sells them close to spot as they are used and not new, not that I mind that 🐵

[HerefordBullyun]

6 minutes ago, Airhead said:

I did manage to pick up two Sovereigns for a very good price from a Porn shop which closed down a couple of weeks later.

🐵

Did you get any extras? too many jazz mags - sorry I couldnt resist! 😜👍

[Blockhead]

 

[Airhead]

I realised the typo but left it in for a grin, not ex military are you by any chance?

[Tommmmy555]

In November last year, I was browsing in a local pawn shop and out of interest asked how much they pay for sovereigns.

£80.

'Oh, not for a half, for a full'

Yes, £80 for a full.

I was... a bit taken aback. Spot at the time was around £280.

(note, I've run businesses and am fully aware of the cost involved in rent, insurance, wages etc, but that's a ridiculous price to offer).

 

[DarkChameleon]

1 hour ago, Tommmmy555 said:

In November last year, I was browsing in a local pawn shop and out of interest asked how much they pay for sovereigns.

£80.

'Oh, not for a half, for a full'

Yes, £80 for a full.

I was... a bit taken aback. Spot at the time was around £280.

(note, I've run businesses and am fully aware of the cost involved in rent, insurance, wages etc, but that's a ridiculous price to offer).

 

They can offer whatthey want, the price for desperation can cause some to sell for pennies to the pound...remember some can be stolen and not tracable, gold has no memory  unless its in the form of jewelry or slabbed then onky a fool wouldnt melt it or break it out.

[Martlet]

11 hours ago, dicker said:

No bargains in pawn shops as far as I have ever seen. 

When the price ran up last summer i saw a shop selling at about spot.  I think they got left behind and didnt update prices regularly. 

[dicker]

Thanks @Martlet I will keep looking! 

[MickB]

I was wondering how they got their prices then realised they are only offering scrap price.

https://www.bullionbypost.co.uk/scrap-gold-prices/

[BrumChris]

Just checked my local one. They have a BU 5 sov for £1750 which is pretty good. Sadly I can't stretch to that much at the moment.

[DarkChameleon]

6 hours ago, Martlet said:

When the price ran up last summer i saw a shop selling at about spot.  I think they got left behind and didnt update prices regularly. 

I used to buy console games in a pawn brokers, got great deals...would sometimes buy 10 at once...but a set metal is hard to buy, i saw shabby coinsgoing for more then BU's

[Midasfrog]

Jewelers buy any gold at very low prices this includes sovereigns . The general public are unaware of the true value of gold and are only to happy to sell the family house clearance items or their own items for a quick £ in the pocket.

I went into the local Jewelers the day before lockdown . There were quite a few people in there handing over gold rings ect for low cash price deals . He said he gets loads of sovereigns in all the time. I will email him to find out what he sells them for , I bet its higher than any forum prices though .

Always worth checking out local Jewelers though and getting to know them remember they dont need to have a Pawn License to buy & sell .