How to Pawn or Sell Your Rare Coins

February 09, 2020 - Jewelry & Luxury Items

So you’ve either spent years creating a coin collection or maybe just inherited a few coins from grandpa, grandma, or Uncle John.

Whatever the case maybe, you are interested in pawning or selling your rare coins because you want cash fast. What I can tell you is that pawn shops are terrific places to sell rare coins. Pawnbrokers know that the market for rare coins is extremely large because collectors are always trying to upgrade their collections. To get the highest possible offer for your coin collection, here are 3  things you should do before visiting a pawn shop.

Thanks to Brian the Pawn Nerd for his insights into pawning rare coins, which you can read about here: Is It a Good Idea to Sell Rare Coins to a Pawn Shop?

  1) Call the pawn shop first

        It is important that you call your local pawn shop to find out if they buy or give short term loans for coins. Not every pawn shop is prepared to invest in a coin for much more than its raw metal value.

   2) Know your coins value

   Most pawn brokers aren’t experts at knowing the value of coins. Make sure to do some research and reach out to the experts so that when you walk into a pawn shop, you have an idea about how much you should be walking out with.

   3) Do not try to clean your coins

    Yes, it is often the case that a cleaned and newly restored 1957 Chevy may get a higher price than a junked version of the same car, but the idea doesn’t translate to coin collecting. Coin collectors prefer coins that display normal natural color. So if it has a bit of dirt and a lack of luster, leave it how it is.

Additional Information

  • Think about having your coins graded. It can really help the pawnbroker identify the value of your coin so that you can get the best offer for them.
David Stiebel
David Stiebel

David Stiebel is one of the cofounders of PawnGuru. David was educated at MIT, where he studied Math. He subsequently worked at Bain as a data scientist before starting PawnGuru in 2015. He started PawnGuru to build a better tool for pawn shops and consumers to connect.

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Comments

Avatar for Cathy

Cathy

June 27, 2017, 11:17 PM

That’s really thkining out of the box. Thanks!

Avatar for Vanessa Windless

Vanessa Windless

July 11, 2017, 5:28 AM

I have a buffalo nickel and it’s pretty sty

Avatar for Hannah Neilson

Hannah Neilson

February 6, 2018, 12:04 AM

I appreciate your advice about how you should not clean a coin before trying to sell them. It would be good to consider this because you may end up hurting the coin in the process. My husband has a coin collection from his grandpa that he wants to sell, so he’ll have to remember to not clean it first.

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