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Pawnshop prices


Silverhunter

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While visiting town today I thought I would pop in to a local pawn shop as they had a few items I would of been interested in a 1\ 2 sov a 2017 bullion Brit marked and a 250g umicore silver bar. So went in this is at 9.30 to ask the prices  it was obvious to the woman that I had bought pms before and I started with the silver she almost imeadiatly said her com wasn't showing the live prices on the silver items a little strange so I moved on to the price of a bullion 1/2 sov "oh I can get that on here it's £149" I scrunched my face up even more that it is naturally then she said "oh that Can not be right can it" I said they are a lot cheaper new delivered to me so I suggested I ring back in around 1 hour "to give the computer time to warm up". So 1hr 30 later I phoned her back she answers the phone tells me the umicore 250 g bar is £140 and she Can not remember the price of the bullion Brit as she is not at her desk so I say well just texte the price of the items by text when you go back to your desk she says ok.the 1 hour later I receive a txt 

umicore 250g bar £150 

2017 bullion Brit £25 (no vat)

and the 1/2 sov at £149

My txt back was 250 bar not far out but others are miles of current market I got a txt back saying ok thanks.so question is how are they staying in business as anyone with any knowledge would struggle to justify buying from them or is this standard practice for pawn shops?

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They either hired someone incompetent or they genuinely have a computer problem.

Most pawn shops stay in business from predatory lending and uninformed customers buying tat.

You can get some awesome deals in them occasionally but I wouldn't rely on them for anything.

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4 minutes ago, knighthawk said:

They either hired someone incompetent or they genuinely have a computer problem.

Most pawn shops stay in business from predatory lending and uninformed customers buying tat.

You can get some awesome deals in them occasionally but I wouldn't rely on them for anything.

I think they are probably just over pricing items other brits in the window in coin sleeves stated at £35 but didn't really looks at them 

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1 minute ago, Silverhunter said:

I think they are probably just over pricing items other brits in the window in coin sleeves stated at £35 but didn't really looks at them 

It's common for them to be overpriced in pawnshops, it gives them more leverage to drop from if you try to haggle the price.

Never seen them that overpriced though. That's way too high.

If you see something you are really interested in though I would just keep checking back with them, let them see that you are interested but not at it's current price.

They might make you an offer.

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6 minutes ago, knighthawk said:

It's common for them to be overpriced in pawnshops, it gives them more leverage to drop from if you try to haggle the price.

Never seen them that overpriced though. That's way too high.

If you see something you are really interested in though I would just keep checking back with them, let them see that you are interested but not at it's current price.

They might make you an offer.

I don't think I could be bothered putting the time in 25 quid for something that should be 15 quidish at current market is boarderline taking the p I can understand they will have bought a short time ago when market was a little higher but still.

 


Added 0 minutes later...
2 minutes ago, Xander said:

What year was it?

Multiple all modern and all bullion

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1 minute ago, Silverhunter said:

I don't think I could be bothered putting the time in 25 quid for something that should be 15 quidish at current market is boarderline taking the p I can understand they will have bought a short time ago when market was a little higher but still.

 


Added 0 minutes later...

Multiple all modern and all bullion

 

4 minutes ago, Silverhunter said:

I don't think I could be bothered putting the time in 25 quid for something that should be 15 quidish at current market is boarderline taking the p I can understand they will have bought a short time ago when market was a little higher but still.

 


Added 0 minutes later...

Multiple all modern and all bullion

£149 for an ordinary 1/2 sov is too expensive.

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9 minutes ago, Goldhooked said:

There are plenty of people overpaying for PMs on eBay all the time.  I just had a quick look at sold listings and someone paid £27 (£23.50 plus £3.50 postage) for a 2017 Britannia!

I guess it’s just the uninformed masses.

It's nuts, I had a quick look myself the other day  and I noticed a German dealer with a good reputation, made fantastic deals

The Marlin (beautiful coin) which you can buy on sale on silver-to-go for less than €17, gets sold for €27 

He did it with kooks, with everything, 2 year old coins to new ones, all for €5 to €10 over spot + prem and selling.

My guess is these are old people who pay for the reputation of a dealer/company, or they aren't so sharp

Now, if you excuse me, I have to google 'how to get a good reputation on ebay'

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3 minutes ago, vanderPoot said:

It's nuts, I had a quick look myself the other day  and I noticed a German dealer with a good reputation, made fantastic deals

The Marlin (beautiful coin) which you can buy on sale on silver-to-go for less than €17, gets sold for €27 

He did it with kooks, with everything, 2 year old coins to new ones, all for €5 to €10 over spot + prem and selling.

My guess is these are old people who pay for the reputation of a dealer/company, or they aren't so sharp

Now, if you excuse me, I have to google 'how to get a good reputation on ebay'

I kind of get why dealer prices are higher because they have to cover eBay/PayPal fees and probably VAT as well.

I sell on eBay (not precious metals) as part of my business and am VAT registered and price our products higher on eBay than our website.

Ive got an eBay account with nearly 40000 feedback score and Top Seller rating - maybe I should get in to PMs and charge £30/toz for bullion silver :D 

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I suspect the reality is that some people will buy at those prices. There are plenty of people who buy first and do research later. I frequent local pawn shops for old games and the prices are always hit or miss. It reminds me of eBay in many ways. You can find a bargain if you search but a lot is over priced.

I also very much agree with @Goldhooked  above. I too run an eBay shop (also non PM) and everything I sell is marked up 10% to cover fees and the postage price is baked in - free postage doesn't exist and I'll never understand why eBay makes it pretty much mandatory for business sellers.

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A lot of gold and silver jewellery is over priced too, a lot of the time aimed at the casual customer thinking they will get a better deal. I've brought a good number of guitars from pawn shops and have always got a better deal when paying cash, like £170 down to £120. Cash is king in those places.

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I have looked at a few PM items in pawn shops and there are never any bargains, and sometimes it looks like items are priced NOT to sell - I think as mentioned above to ensure the price can be negotiated without the shop incurring a loss. 

 

Not my circus, not my monkeys

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Depends on the pawn shop too ... in a tourist area forget about it, but in a distressed area there are often deals to be had.

 


Added 0 minutes later...
Just now, Lowlow said:

Depends on the pawn shop too ... in a tourist area forget about it, but in a distressed area there are often deals to be had.

Tourists don't care, for them it's the "experience" of paying 500$us for some rat bad acoustic guitar.

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