Pawn shop sovereigns

[Fishface220]

Had a quick look in a pawn shop window on Friday and they had a few full sovereigns for £320. (Didn’t venture in, was just passing)

Seems a good price at first glance... but want to ask the experts if this would be a good place to pick up the odd sovereign or two to add to a stack? Not looking at a quick turn around but long term “put away” for the kids when they are older. 

Any pit falls / advice most welcome.... (had a bit of a search in the forum archives but couldn’t find much)

 

thanks in advance

 

[dicker]

I think that is “too cheap” HGM buy at 335.  Are you definite that they were not half Sovereigns?

 

Best

Dicker

[Fishface220]

2 minutes ago, dicker said:

I think that is “too cheap” HGM buy at 335.  Are you definite that they were not half Sovereigns?

 

Best

Dicker

Truthly... no. Was only a quick glance. Never bought from a pawn shop before (unless you count cash converters but that wasn’t precious metals) so don’t know how much the buy / and mark up would be. I’m passing again in the week so I’ll take a better look. Just wandering if they are places to buy from or avoid? 

[dicker]

There was a thread on this recently.  In my experience, I have not seen “bargains” but others said they had.  

I really would be very surprised to find any gold for sale at less than spot plus 5 pct.  

Anyone else got experiences or a view?
 

 Best

Dicker

[Fishface220]

Just now, dicker said:

There was a thread on this recently.  In my experience, I have not seen “bargains” but others said they had.  

I really would be very surprised to find any gold for sale at less than spot plus 5 pct.  

Anyone else got experiences or a view?
 

 Best

Dicker

I’ll have another search in the forum to see if I can find it. Thanks.

 

 

[sovereignsteve]

£320 for a full sovereign is more than 6% below spot. I would be surprised to see them so low in a high street pawn shop. Possible if spot had risen sharply recently and they had been slow upping their price. However, that is not the case as spot has fallen recently.
Pawn shops are usually exhorbitantly priced but even so, £320 would be ridiculous for a half so I can't see that either.

I say buy all they have at that price, easy to shift some on here if you don't want them all😁

[dicker]

Hi Steve

I have seen this sort of “Mark up” on the high street, so I wouldn’t be surprised.  
 

Take a look at some of the prices here for halves...

https://www.pawnbrokergold.co.uk/jewellery-doncaster-south-yorkshire-jewellers/coins.html

Best

Dicker

[sovereignsteve]

10 minutes ago, dicker said:

Hi Steve

I have seen this sort of “Mark up” on the high street, so I wouldn’t be surprised.  
 

Take a look at some of the prices here for halves...

https://www.pawnbrokergold.co.uk/jewellery-doncaster-south-yorkshire-jewellers/coins.html

Best

Dicker

blooming umma my gob is smacked!😱

[dicker]

I know!  Shocker isn’t it!

I am sure there are some good PB’s around in terms of gold prices but I have not seen any on the high street.  
 

Best

Dicker

[SilverMike]

Agreed on PB’s, they are too savvy and I cant see you’d get anything at or under spot, worth asking if they can provide test results. That said I have seen coins that have some numismatic value priced at a spot + a few % so worth looking.

Ive had decent experience at Antique shops though, where they have been happy just to make a margin on what they paid 🙂

[Silverscrooge]

When I started buying gold coins in 2005, I visited a pawn shop looking to pick up some bargains. I knew nothing about sovereigns, but decided to buy a 2002, 3 coin sovereign proof set for £680, and a number of sovereigns for 70-80 each. The proof set was a good buy, however of the soveriegns, 2 were ex jewellery and another was a 21 K arabian copy. Overall I paid a fair price for the gold but would never use a pawn shop again, I now only buy gold from reputable coin shops.

[BrumChris]

The only times that I've seen gold at spot have been for 5 sov coins. Normally halves and full are about 15-20% above spot. 

Far better bet to buy from here or a bullion dealer.

[Fishface220]

Managed to pass again yesterday (well, made a bit of a divert) and popped in. Yep, full sovereigns and that is the price! Nothing special date wise (from what google search came back with) but 4 out of the 5 were in a good nick.

Had to be done so picked up my 1st sovereign for my stack and reckon I’ll be moving so cash about to pick up some more!l (before they clock the price)

[Clockpuncher]

Literally £200+ of free cash sat right there for you!

[Happypanda88]

Damn! That is a good deal. I would have grabbed them all given a chance 😉

[Fishface220]

7 minutes ago, Happypanda88 said:

Damn! That is a good deal. I would have grabbed them all given a chance 😉

That’s the plan. I’ll be on first name terms before I know it. 

[Clockpuncher]

1 minute ago, Fishface220 said:

That’s the plan. I’ll be on first name terms before I know it. 

100% get chummy and tell him youre a coin collector and to ring you if he has any other free money stuff coming in 😅

Edited September 8, 2020 by Clockpuncher

[Booky586]

So there's 4 left........... Can you please tell me the postcode? 😃

[Booky586]

Seriously though, choose your next one wisely just in case they all sell or he puts the price up. Try to pick a fine one that hasn't been polished or jewelry mounted,

Good luck!

[Fishface220]

3 minutes ago, Booky586 said:

Seriously though, choose your next one wisely just in case they all sell or he puts the price up. Try to pick a fine one that hasn't been polished or jewelry mounted,

Good luck!

One of them is a bit rough around the edge so I’ll leave that one till last. 

[Midasfrog]

Have you checked the weight and diameter of the coin you purchased ? The display price tag just says sovereign 😨

[Fishface220]

2 hours ago, Midasfrog said:

Have you checked the weight and diameter of the coin you purchased ? The display price tag just says sovereign 😨

Yep, all good. Think someone has messed up with price. I’m not gonna point it out to them. 

[dicker]

Very nice spot!

Best

Dicker

[Fishface220]

Someone else thought they were a cracking price as well..... went back today to grab 3 more but only 2 left out of the 4!! 

Lett my number just incase anymore turn up!! 

[sovereignsteve]

5 hours ago, Fishface220 said:

Someone else thought they were a cracking price as well..... went back today to grab 3 more but only 2 left out of the 4!! 

Lett my number just incase anymore turn up!! 

could you not have bought them all by credit card the first time you went in?