New Coin Collector? Why Buy Coins at Pawn Shops

Do you want to get into coin collecting? This fascinating hobby opens up a collector to history and culture while also providing a collectible with intrinsic financial value. And one place a coin collector should include when they hunt for coins is a pawnshop. Why? Here are a few answers to your questions about buying coins at your local pawnshop.

Do Pawnshops Deal in Coins?

When many people think of pawnshops, they think about jewelry and firearms. But pawnshops actually deal in a wide variety of used items - including coins. Coins may not be as large a part of their inventory as such things as jewelry, but you can find good coin choices at most pawnshops.

Pawnshops buy coins for two reasons. The first is their content of precious metals, and the second is that they - like other commonly pawned items - are worth something on the open market.

Why Buy Coins at Pawnshops?

When you seek out coins for your collection from pawnshops, you may discover a variety of benefits.

First, you'll have access to a different pool of coin sellers. Many people who have only a few coins or who want to sell other items at the same time don't go to the additional effort of locating a dedicated coin dealer. They're more likely to simply take it all to the pawnshop. If you only work with dealers, you may lose out on this market.

In addition, coin dealers and pawnshops often look at coins differently. A pawnshop may be more interested in a coin's precious metals whereas a dealer is more concerned with its historicity, rarity, flaws, or errors. These focuses mean you can find different types of coins at each location. For example, you may find uncirculated specialty coins at a pawnshop without the burden of a huge inventory of standard coins.

Finally, pawnshops are more plentiful in most areas than are dedicated coin dealers. While their individual inventory may be more limited, the increased local and regional options can boost your chances of finding great coins to add to your collection.

What Should You Know About Pawnshops?

If you're not familiar with how pawnshops work, learn a little about the nuances of these stores before shopping for coins at them. When you buy from a pawnshop, you will find that it is a relatively uncomplicated process. You don't have to worry about the transaction as long as you choose a reputable and long-standing business. Consider visiting a local pawnshop and speaking with them to assuage any concerns.

One challenge for coin buyers at pawnshops is that there may not be much information about the coin's history. Casual coin sellers, heirs, and estate executors may not know anything about the provenance or origin of the coin, so you can't generally count on a long history to increase its value. If you are concerned about the ethics or source of a particular coin, you may want to buy it elsewhere.

The other primary concern when buying coins at pawnshops is that you will likely need to grade the coin for yourself. You will have access to view it in advance, so a savvy collector can determine its quality on their own. Learn the basics of grading coins, including the 70-point alphanumeric grading system and what specific elements impact it the most.

Where to Start

Want to know more about purchasing items for your coin collection at a pawnshop? Start by visiting 2 J's Pawn & Gun or viewing our inventory. Our ever-changing selection of coins has something to offer coin collections of any size, stage, or budget. Call or stop by today to learn more.