Selling to pawn shop's

[KevjustKev]

I'll be going past the shop tomorrow. I will check again that the price was right. Plus asking how much they are selling for

[Prophecy]

pawn shops price themselves around desperation and naiveté, like religion and motivation gurus. Their market demographics are not the same as dealers and they have no need to be competitive in the well informed specialist spaces.

[Melon]

1 hour ago, Prophecy said:

pawn shops price themselves around desperation and naiveté, like religion and motivation gurus. Their market demographics are not the same as dealers and they have no need to be competitive in the well informed specialist spaces.

Rick is not impressed with you giving away trade secrets 😄

[Prophecy]

3 hours ago, Melon said:

Rick is not impressed with you giving away trade secrets 😄

Haha. And to think, some buyers on this forum haggle desperately hard with the sellers in the trade listings. The sellers aren't pawning their coin ffs!

[DarkChameleon]

14 hours ago, Midasfrog said:

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 .

My jeweler pays 80% melt and is i think the highest in the area...some pay as little as 50% melt.

[KevjustKev]

Didn't manage to get into that part of town yesterday hope to tomorrow

[Prophecy]

LBC and other radio stations now have ads to buy and sell your gold to random predatory companies. Almost peak gold. Soon your hairdresser will be telling you about their gold purchase... that's when to sell!

[OriginalS]

12 minutes ago, Prophecy said:

LBC and other radio stations now have ads to buy and sell your gold to random predatory companies. Almost peak gold. Soon your hairdresser will be telling you about their gold purchase... that's when to sell!

Damn it I cut my own hair, if someone's hair dresser tells them about buying gold, give us a shout-out please 😜

[Prophecy]

18 minutes ago, OriginalS said:

Damn it I cut my own hair, if someone's hair dresser tells them about buying gold, give us a shout-out please 😜

If I see 22k scissors snipping around my locks I'm selling the lot while they give me the hot towel

[KevjustKev]

I was WRONG! Not £260 as I had thought, but £160!!! Or, if I have things right, £679 an oz

 

 

[OriginalS]

I'd sit outside offering people £200 😂

[Prophecy]

33 minutes ago, tallthinkev said:

I was WRONG! Not £260 as I had thought, but £160!!! Or, if I have things right, £679 an oz

 

 

I guess they need the profit to run the time machine they are clearly using.

[Tommmmy555]

Ha, that is the same chain I was talking about earlier who offered £80 back late last year.

 

[DarkChameleon]

On 23/07/2020 at 08:11, silenceissilver said:

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.

When you leave it to your kids leave them the name of the best dealer, update it each year.

[DarkChameleon]

3 hours ago, Prophecy said:

I guess they need the profit to run the time machine they are clearly using.

But this is a loan not a sale?, if thats the case they earn the vig, not the sell profit unless you fail to pay.

[silenceissilver]

On 26/07/2020 at 09:28, Midasfrog said:

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 .

A jeweller in my area pays spot minus 15% and wants spot plus 15% for Sovereigns (or any other coins but mostly he has Sovereigns, sometimes Krugerrands). A few ones don't sell any coins. At first I thought maybe I could get some numismatic coins cheaply there but then one employee (presumably, maybe a partner) wanted more for Victorian Shield Back Sovereigns. You could still get good deals for numismatic Sovereigns there but only if it happend to be in a very good grade/a rare year etc and they would still sell it at their normal Shield Back prices because they don't know anything about numismatics, whatsoever. But you can't constantly ask to get to see some and pick one. He says he has 100s of Sovereigns but he only shows you a few to pick one from. Once you know what your Jeweller wants for a Sovereign, let us know. It would be interesting to compare Jewellers' premiums.

[KevjustKev]

1 hour ago, DarkChameleon said:

But this is a loan not a sale?, if thats the case they earn the vig, not the sell profit unless you fail to pay.

Buying price

[Prophecy]

You could 'loan' a sovereign to the general market for full price then buy another one when you have sorted your financial mess out.

[BrumChris]

13 hours ago, tallthinkev said:

I was WRONG! Not £260 as I had thought, but £160!!! Or, if I have things right, £679 an oz

 

 

Last week they were buying 375 gold for £10 a gram when spot was about £17.50. Full sovereigns were being sold at £380. 

[KevjustKev]

2 hours ago, BrumChris said:

Last week they were buying 375 gold for £10 a gram when spot was about £17.50. Full sovereigns were being sold at £380. 

Do you not mean silver? As for selling at £380 for a Sov, not too bad, and no postage. May even get a £370 if paying cash

[BrumChris]

9 minutes ago, tallthinkev said:

Do you not mean silver? As for selling at £380 for a Sov, not too bad, and no postage. May even get a £370 if paying cash

No 375 gold (9 carat). Yeah the sovereign isn't too bad as a buyer, its more the £220 mark up from buying price.