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Buying Silver Bullion at Pawn Shops

Investors and coin collectors looking to add to their silver coin portfolio have many options for shopping locally. Pawn shops are one place to find silver coins. This can be a great option for those looking to get the best prices on silver coins. However, the selection tends to be limited, and purchasing coins from a pawn shop requires some research before you buy.

Limited Selection

Pawn shops will nearly always have a selection of silver coins on hand. However, this selection is limited when compared with the array available at a coin shop or through an online coin dealer. They are more likely to have popular silver coins such as the American Silver Eagle and Canadian Silver Maple Leaf, as well as the most common types of silver bullion bars, than more obscure issues. If you are looking for a rare coin or a specific form of silver bar, a pawn shop may not have it. Their limited selection means that a pawn shop will probably not serve as your steady source for silver coins, but rather a way to add to your collection from time to time.

Stolen Coins?

Many collectors shy away from shopping at pawn shops because of the concern about buying stolen coins. As many collectors are well aware, coins are frequently stolen during home burglaries because their value is obvious. After a thief pawns the goods, these silver coins may end up behind the counter of your local pawn shop. Many people avoid such purchase because they don't want to buy coins stolen from fellow collectors. Of course, there are plenty of other ways a coin ends up in a pawn shop; it is not necessarily a sign that the coin has been stolen. Still, this is certainly something to consider before stopping at a pawn shop to add to your coin collection.

Immediate Gratification

You can use this anonymity to your advantage. Many investors prefer pawn shops because they can visit with cash and walk out with silver coins. Unlike when buying online, there is no need to send a paper check or wait for your silver to arrive in the mail. You'll have the silver in your hands by the time you leave the store; this is one reason why many collectors prefer to visit in-person sellers such as pawn shops when buying silver coins. In addition, pawn shops collect little information on their buyers, a benefit to those who prefer to remain anonymous when adding to their precious metal portfolio.

Limited Knowledge

One downside of shopping at a pawn shop is that such dealers do not specialize in coins. Rather, they have a wide selection of merchandise, of which coins are only a small part. They likely will not be able to tell you a great deal about the coins you see here. If you are new to the world of coin collecting and have many questions, do not expect lengthy answers to them here. Before purchasing from a coin shop, know the current market rate on the coins you wish to buy. Some pawn shops may not have a good idea of the current value of a particular coin, and price it significantly higher or lower than the going rate. Also, remember that you'll be paying sales tax if your state charges taxes on precious metal purchases.