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.
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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.
- 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.