I Tried to Sell Silver to 4 PAWN SHOPS... Here's How Much I Lost!!!
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- Опубліковано 30 кві 2024
- I went to 4 different Pawn Shops to try and SELL My Silver... and I Sold some! I get some SERIOUSLY lowball offers, but to see HOW low, you'll need to watch!
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I Went to 4 PAWN SHOPS to Sell my Silver and Took a Big Loss!
• I Tried to Sell Silver...
#silvercoins #silvereagle #pawnshops - Навчання та стиль
The number of comments from people that don't have a clue why I made this video is astounding... here is a good explainer vid for you if you are confused.
ua-cam.com/video/ScpIZVOJxe4/v-deo.html
He was showing how pawnshops screw you..
Several years ago, a 'friend' who knew nothing about spot prices or coin shops inherited 3 - 1oz, 2013 gold eagles. She needed cash at the time and called a few local pawn shops to see what they'd pay. One honest pawn shop employee told her up front, to sell her eagles to a coin dealer as NO pawn shop would give her a fair price. Bless this man for being honest.
Good to hear Good news on here for a change!!
Never sell to pawn shops since they always rip you off!
I went to one out of curiosity to see what they pay for 1 gold Eagle and it was 300 under spot . I left. 😂
@@musicman7297 "You get the money, I take all the risk".
No I have a great one that matches money metals buy back
Not really ripping you off they just have to make money. It isnt charity
@@adventureswitheddie6444 There are a few good ones out there. I had a good one who would call me when he had US 90% silver coins come in and he even let me pick through
them for the ones I wanted to buy. He sold them to me at spot because he knew that I was a repeat customer and bought a lot from him. I'm sure that he paid 20-25% below spot
for these coins but buying was my business there, not selling. Sadly, he moved out of state a year after I found him and that ended the access to my good pawn shop. Another
pawn shop rented that same space, so I went to check on that. HIGH prices galore! Not at all sad to see them go out of business 6 months later.
Soooo…. Don’t sell to stupid pawn shops
Silver is meant for make real transactions in the economy and be used as real money. It’s always a error change ounces of silver for little papers
The pawn shop needs to make money too
@@chevy4x466 what is money?
DONT SELL TO ANY PAWN SHOP PERIOD!
@@thepapervigilante2208 lmao "what is money" i love it
So when he said it was too shiny did you tell him that silver is the most reflective metal?! I would have straight laughed in his face!!!
What’s shinier than silver?…
@@adventureswitheddie6444 as far as metals go nothing!
Same! How do you even respond to such a stupid statement?
I think because it looks polished.. I have buffalos that look similar to Eagles. Clearly they haven't seen too many buffalo rounds to realize they vary.
@@joshl5658 turns out pawn shop guys aren’t stackers
That's about right. Pawn shops are ruthless. Sell to a Coin shop instead.
Yeah, I had a disappointing experience at a local coin shop. I had a very nice coin I had them send in to PCGS to have graded. I went to pick it up several weeks later. The coin shop guy came out, pulled the coin out(but in an enclosed plastic PCGS holder), looked at it, almost threw it at me & said, "It graded a MS 64, I don't think it is, I would have graded it lower," & walked away. Man, the nerve of some of these prima donna's!
My coin shop tried to rip my off too
Right. They wont take a loss either and dont want to make a profit. They give you 110% what you paid the guy selling them on tv as he promised.
COIN SHOPS ARE CROOKS TOO.
Sadly, all my local coin shops are way overpriced when I'm buying and offer a pittance when I want to sell. On top of that they are all ugly to deal with.
That is the truth. You can stack, but when you go to sell....it is a totally different story.
I hope to sell some silver on the next bounce. With these videos, I'm learning not to expect spot, even though I paid spot plus $3.
The places that sell metals usually advertise that they will buy silver back a few dollars below spot. They call all those mark ups " premiums" it makes no sense. You know they talk about how silver is used in so many products and that should drive demand but industries are shutting down.
Forced us to reluctantly sell on eBay.
You should see what the people working at those places have to put up with. I'm sure they don't get paid much and they deal with the absolute worst people. The one I go to the manager was shot and killed when someone took a bike and he followed them.
So the first guy that claims to pay the most wasn't lying. LOL! Thanks for taking one for the team. Cheers!!!
Pawn shops are the worst. Our local pawn shop closed and moved on, but a few years back, I went in to see if they had any silver. The lady was like "yes I got silver, but spot is too low for me to sell any of it, I won't make any money." This was 2016, maybe 17.
WTF
I once took a kilo silver bar to my local pawn shop because I had a dental bill I needed to pay. At the time, Kitco spot had it valued right at $850. The first thing he asked was how much I wanted for it. I told him I wanted to get as close to spot price as possible. His reply was, "Whos' spot price? Mine, or yours?" That was the red flag. I pulled up Kitco's website and showed him, and he got on the phone. I highly doubt he was actually talking to anyone, but he read off the serial number from the bar to whoever he was supposedly talking to. He hung up and offered me $400. His reasoning was that he would have to sit on it for a while until he could find a buyer. I told him he was crazy, and walked out with my silver. I ended up selling it on Ebay for $930. After Ebay and Paypal took their cut, I still lost about $100, but that was way better than losing more than half had I sold to the pawn shop. I've not stepped foot in a pawn shop since.
Exactly, don't bother with coin stores or pawn shops, just sell online... that's what the shops are doing anyways. He was going to try and buy it off you for $400 than he was going to list on ebay and it would have sold within a week on auction, it was not going to sit on a shelf (he lied).
Sorry
Thank you for all you do for the community. Very informative.
Last year I sold some junk silver to a local pawn shop. They were offering quite a bit more than my LCS. It pays to shop around
Thanks for sharing SS. I learn something new (pros and cons) every time. Great content, thank you for what you do.
great information.
Loved your adventure, just getting ready too try that in my area, you just saved me time and money, want to see more videos 👍
Another very informative video. As a shop that does must verify many different types of items I find much value in your message.
That was a fun video and very informative :)
Pure education for anyone new to silver or numismatics. Thanks for the entertainment!!
Thanks Seeker! Very informative. Maybe you could take your bars to a couple of LCSs and pawn shops for a comparison. Might have some interesting results.
Never had a pawnshop offer me a fair deal...always below spot,
My LCS is pretty good to me, always a fair amount over spot.
Moral of the story, never sell to a pawnshop
Agree
Wow, great subject.
VERY eye-opening!! I couldn't have forced myself to sell to them!
Really enjoyed this video Seeker! I’m actually surprised how fair the prices were actually. Have generally had a bad impression of pawn shops but a $1.50 back of spot is fair if you really needed the fiat on the spot and the shop was nearby. I think a good relationship with a local coin shop is absolutely necessary to get the best deal but again surprising you got two fair deals at pawn shops
These videos always make me laugh. Thank you for hitting the streets and keeping us informed!!🤠
I kind of expect Pawn Shops to pay less. The shame is when you find LCS that are paying quite a bit less.
One by me is only paying 70% of spot 🥲
Thanks for today’s Lesson
Thanks for sharing! Very interesting there's no additional value offered for Eagles over rounds.
Been saying for years it all melts the same. Still never bought an eagle
Sure, pawn shops will do that but it's usually a different story at a LCS.
I only dealt with dealers who only buy and sell gold, silver, or platinum bullion. They are on top of the daily Comex daily rates.
I avoid pawn shops and jewelry stores like the plague. I have never been mistreated with the transactions. Pawn shops in certain locations will buy stolen coins and jewelry, which I despise.
Well, pawn shops DO have a rep for low-balling everything they buy and then high-balling everything they sell. Besides that,
they aren't too worried about repeat business because they know that the world is full of people who really need to sell.
The good news from this is that I've stacked silver since early in 2010, so have a LOT of silver that I bought for $14-$15 an
ounce, so even a couple of bucks back of the current spot would not worry me too much. Not that I am selling any silver
these days but I will revisit that when the next silver squeeze comes along and those $10+ ASE premiums per oz. return.
Awesome thank you! Sounds like my local LCS. The shop only offers to buy at melt. 😢
Thank you for sharing. At least something good came out of it. 👍
Great Video .How crazy what the pawn shop was willing to give you .
Yeah, pawn shops purchases and sales have to cover a wider range of goods than coin shops- They aim for a minimum 33% profit just to cover overhead, usually. Any purchase they take a bath on they have to make up for on other sales.
Also in a lot of states there are minimum hold times specifically for pawn shops. Usually between 48 or 72 hours which is a big problem with bullion. I don't know if any states require minimum hold time for coin shops but I don't they do.
@ThePiCritic Jewellry requires a hild in my state, at a coin shop or a pawn shop. Not sure about bullion, but given the nature of the items, it would make sense, and three days hold time doesn't affect the business much. Initial implementation makes a big impact, but it evens out after the first week.
I’m addicted to your videos keep up the good work
I appreciate you doing what I would literally never do unless they outlawed coin shops.
A lot of places are not investors they want to pay less than spot because of the price volatility which in precious metals isn’t bad compared to cryptos. They don’t want silver or gold to go down in case they bought a bunch. Most are in it for the premiums only. The pawn shops are way worse to the sellers than the coin shops are.
great video!
I was watching the video and noticing the bluffs in the background. Looks like Southwest Missouri. I have property in Macdonald County and the bluffs are part of why we fell in love with the area
Good video, thanks
That buffalo does look shiny. Out of curiosity which mint did that come from? I don't have many of them but those I do are from the Mason Mint and have a finish more like an ASE.
Great video. I have had no luck selling back to pawn shops OR coin shops after coins or precious metal prices values were higher. Unfortunately, there are too many who find this out when it's too late and take a bath. No thank you.
You didn’t sell the bars because you ran out of gas. Oh I mean electricity. 😂😂😂. Yeah pawn shops are a joke. I saw one pawn shop selling 40% kennedys for the same price as 90%. Lol
I've worked pawn shops for a long time now starting with the family business then a few others in college. There are a lot of dirtbag pawn shops out there, like Mr. $4 for a drekky dime. The honest pawn shops I've worked at generally would buy about 10% under wholesale, then build up enough to sell to one of the big wholesalers. My advice is if you're a stacker, only do business with a pawn shop if you need emergency cash and even then only do a loan. Also a good red flag to watch out for is if the offers on gold and silver are super super low-ball, at the the
Interesting video. I was wondering how bad a deal it would be at a pawn shop.
Many years ago I worked in a Dental Lab. We used Vitalium to make the frames. Even though the metal was dull silver it tested as Gold.
I'm surprised it wasn't less they were offering. Not a bad price for a "pawn". Certainly never sell to a pawn shop over a coin shop that specializes. But I see what you did here ;)
I've actually given it a bit of thought, pawning in the future for a quick loan. But I'd have to be in bad shape, I think. (i'd also be concerned of them switching out my stuff for fakes).
I'm curious. What mint made the Buffalo Round that you were told is too shiny?!
I got some Standing Liberty Quarter design rounds. They all have a shiny surface. Appears to have a Rhodium finish on it. I don't like the look of that finish either. Doesn't have a silver finish. Purchased through JM Bullion.
I went into a pawn shop a few days ago and asked, hypothetically, what he is paying for silver eagles. He said spot on the nose. I made sure to get his business card, but didn't sell him any.
In the past, when I've HAD to deal with a pawn shop I always take a hot shower afterwards.
I have been to pawn shops that only pay 25% of value and sell with $10 and up premium. They claim that it's the way they do business. I also never have been back since.
"They claim that it's the way they do business."
Tell them that Captain Kidd ran his business the same way. ARRR, matey... lol
U can’t make money buying peoples coins for spot.
We don’t have many pawn shops by us but the one we do made me feel very uncomfortable like they were good fellas if ya know what I mean . Never been back
Isn’t that crazy that they don’t pay extra for premium coins like ASE? Round or ase same price ???
this should be interesting lol love the videos man
I have found ZERO NYC pawn shops paying anywhere near spot and most arent buying silver only gold.
I've found that if you want to easily and quickly unload stuff that you really don't need anymore, pawn shops are great, and they're waaaaaaaaaay less of a hassle than eBay. Unless you're facing a dire emergency, though, it's a bad idea selling your precious metals to a pawn shop. With regard to those Silver Buffalos--holy crap! I have a half-dozen coin shops and several "We Buy Silver and Gold" places near me, and any of them would have snatched up those Buffalos in a heartbeat. Perhaps people who own or work at pawn shops just aren't smart? 🤷♂
Perhaps they do best with what they know and don't know PMs all that well? That or maybe they hope that the seller knows less than they do?
Can you give me the details on what type of machine you used at the end to test for true silver? Thanks
That was fun!
I want to see part 2 of this video showing someone buying back your coins. Curious to see if the pawn shops wise up to what they bought when it comes time to put them on display.
Howdy pal. I subscribed to your channel. 😁👍😊✌
You are the best. Thank you everything you do.
Moral of the Story. Only sell to Pawn Shops if you are absolutely in need quick cash. But overall, if your not in a rush, try going through reputable Silver and Gold dealers...At least you wont be offered approximately $2, or more under Spot...
Most shops I've seen buy for $2 under and sell for $2 over spot. Also, don't sell during a dip unless you're in dire need.
@@blazingfuryoffire1 Excellent advice on avoid selling during "Dips."
@@blazingfuryoffire1 That is why it is really good to have a cash emergency fund. I do the same for stock investing, even though the "pros" always recommend against it.
But I have found over the years that some extra cash always comes in handy, either for scooping up really good bargains or so I don't have to sell assets during a dip.
My suggestion to having to go to a Pawnshop is using your silver or gold as collateral only based on a short term loan. Just another tool for keeping your PMs when spot isn’t a issue.
A lot of shady porn shops out there.
Those are indeed shady too...
Lol 🤣 pawn not p***but you are right
Nice trade for the chess piece silver rounds.
I sold my Antique Gold coins to Goldline. They gave me the highest price for the coins and it was over 10 years after I had purchased from them. Never hear of Goldline anymore but everyone else in the same business were trying to underpay me.
Not sure if I should say this but I run a pawnshop I give spot for eagles and under for generics but only like 25 to 50 cents back if however I sold hundreds of rounds and coins per day I could be more in line with big coin shops.
That's fair my friend and good on you! I said somewhere around 3:30 or so in the vid that I know that pawn shops aren't coin shops are they don't sell as much as coin shops do so they may need to pay a bit less
Herbs coin shop in Port Charlotte Florida only pays for the price of silver/gold does not matter year or kind of coin.
Ouch!!! The Pawn Shops in your town are taking people to the Wood Shed
Earlier this week, went to 2 pawn shops in south Texas and got an offer of $12 and $10.87 for 2017 Silver Eagles....No way I let them have them, but it was unbelievable how can they make such offers.... The banks wont buy them either, so would have to go back and sell them to the Coin exchange. No appreciation locally for silver.
Those chess piece rounds are cool!
Silver Seeker I have a unusual request. Could you do an episode on what sort of apps/programs that are available to stackers that could used to track their inventories & values?
Freeware or otherwise? Do you use or recommend one? Thanks!
Always been my question. If silver was to hit $50, $60, or more…who would even buy it? How would you sell precious metals during a bull market and get prices near peak?
That's pretty sweet couple rounds
I’m not selling for less than spot! They make their money up charging over spot when they sell.
I wouldn't turn the Buffalo Silver Round away
pawn shops live in the spread between buying and selling.......maybe you should try standing in the parking lot in front of the store and trying to sell to people as they go by. i know some will cry about how unsafe this is but if you are wanting to see how selling may work out this is a legit experiment.
Or just sell online or to a legit coin shop lol
@@SilverSeeker yes, but what is the fun in that😁.
I have a pawn shop by me and I buy a lot of my coins from them. They have competitive prices and are fair when I sell coins to them.
Good comment...!!!
I figured this out over 10 years ago. Only reason to go to a pawn shop is if you just need a small loan. Never sell to them.
Pawn shops suck for silver. They wanted 15 over spot for some generic one Oz bars. Spot was about 17-18 at the time, so almost double.
Great show! I really like this format. Maybe the Miles Franklin Army will see this. Love Andy but 999 silver is silver! In my experience numismatic loses money. Anyone have different experiences over 500 oz?
honestly, I'm surprised they offered as much as they did.
"I take all the risk"
What is the value of a 1oz prospector now?
If things go really bad I wonder if anybody will offer cash of any kind for silver that you can't buy anything with. Especially when thousands of people might be trying to sell at the same time.
I wouldn't expect a pawn shop to pay spot. But when I see people advertising to sell silver privately, somehow it's always quite a bit over spot.
Only way I ever felt like I got a decent deal with pawn shops was doing a trade. I unloaded some silver back when it was $35-36. I’m a mechanic so I got Snap-on tools.
I sold 90 oz..friday ..5 days ago..2415...eagles Canadians Kruger and 10 oz bars..26.80an oz ish.for average.
Wait outside the coin shop door, tell the people coming in that you'll sell to them for less than what the coin shop would want. Only x amount over spot.
Nice Video
Wasn’t there a TV show stating that pawn shops go for the 50% offer first?
Nice Tesla! 👍🏻
Great video! Never sell to pawn shops.
How much did you pay for them originally?
Never sell your silver at a pawn shop
So moral of the story, pawn shops are last ditch emergency. LCS only. Are there any other options because my LCS is open weird hours and off days
eBay ! you can look up your coins under sold listing and see exactly what they’re actually selling for . eBay charges 13% but also charge that on shipping and the tax so if you sell an ase for $35 plus $5 shipping and $3 tax you’re paying 13% on $43 not the $35 you sold it for.
Why did you sale the eagle?😮
This is why my bullion, 90% silver and certified slab silver dollar collection is all sovereign and can be easily sold locally and my PCGS certified coins so much easier to sell online.
I was driving by my local gold and silver store and was going to ask what they would pay for a 10 ounce silver bar. I have the opportunity to buy one at $2 under spot shipped but I don't care for the design.
So I passed.
I do pawn loans and buy and sell bullion at competitive coin shop prices.
Hey man, I'm local. South county area. If you ever want to sell I'll pay spot. Probably more worth it for you to make the video tho
They try to sell the idea that silver and gold is a type of currency. It’s not you get ripped off when you buy it and ripped off when you sell it.
They will always try to short below spot.