Do Pawn Shops Buy Coin Collections

While there are pawn shops in Westminster that’ll buy your coin collection, you should first know why and how. In order for someone to buy something from you, there must be a demand for it. Is there anyone out there who will be interested in your coin collection? If so, how much can you get out of it and how is the price determined? Read on to find out.

Why Do People Collect Coins?

In order to determine the value of a coin, we must first learn what encourages people to start gathering coins in the first place. In other words, we’re going back to the basics of coin collecting for a better understanding of the process and the different ways and reasons for acquiring these round, flat, and shiny pieces.

For Investment Purposes

A surface-level view of collecting coins is strictly for investment purposes. Because coins are typically made of precious metals such as gold, silver, and even platinum, they are worth a great deal of money. And since they’re a convenient size and shape, it’s easy for these investors to carry them around or store them for later use. Bullion coins are produced on a regular basis just for this purpose. They are created for people to buy and store as an investment rather than being a circulating piece for regular commerce.

Just For Fun

For those who care less about a coin’s worth as an investment, there are those who seek out coins in a given collection as a hobby. There are many different approaches to collecting as there are many themes to explore. A dedicated collector may try to find all of the state coins distributed throughout America, or look for foreign coins from other countries. Some collectors may even specialize in “error” coins that came out defective during the printing process which gives them a certain rarity.

What Makes a Coin?

To an ordinary person, a coin is just a coin. But those who know the intricacies of a coin’s design understand that there are so many components that people tend to overlook. There’s actually so much that goes on with each and every coin that there’s an entire glossary of terms used to describe all of these different features. Pawnbrokers are expected to be knowledgeable in the different parts of a coin so that they can properly and accurately determine the true value of your coin collection.

The Anatomy of a Coin

We’ll begin with the faces of a coin. While the average person will call out the faces as either heads or tails, the proper terms are obverse and reverse, respectively. On top of that, you have other coin features such as the:

• Legend
• Field
• Edge
• Relief
• Rim
• Mint mark

Each of these characteristics can be broken down into further detail. For instance, the mint mark can tell you where the coin originated from and is displayed as a simple letter on the obverse. When it comes to the United States, “P” can stand for Philadelphia, “S” can stand for San Francisco, and so on. Another example involves the rim and how it can be crafted to be smooth, lettered, patterned, or reeded. As you can imagine, a single coin can have so many different combinations of various traits in order to create something entirely unique and distinct from other coins.

Types of Coin Finishes

If that wasn’t enough, coins can also come in different finishes. The most common are circulating coins which are created to be used as regular currency for everyday transactions. Uncirculated coins are the more unique-looking coins with the intention of being collected. Even less common are proof coins that typically display a mirrored face paired with frosted elements.

Selling Your Coin Collection to a Pawn Shop

Aside from being able to identify the various characteristics of a coin, a pawnbroker must also know how to judge its condition. For this, we have the Sheldon Scale which offers a very extensive and detailed ranking system specifically for coins of all makes. To put it simply, it utilizes a numbering scale of 1 to 70 with 70 being considered flawless. In fact, the entire range from 60-70 is designated as a Mint State coin which is worth much more than anything else below it. On the flip side, 1-3 on the scale is practically unreadable to the point of being worth absolutely nothing. It’s also possible for a coin to be in such poor condition that it can’t be graded at all.

below it. On the flip side, 1-3 on the scale is practically unreadable to the point of being worth absolutely nothing. It’s also possible for a coin to be in such poor condition that it can’t be graded at all.

When you take your coin collection to a pawn shop, they have their work cut out for them. They’ll need to use the coin’s anatomy in order to identify details like where it originated and what collection it belongs to. They’ll also need to know the objective value of the coins as a precious metal by determining the exact material (or materials), weighing it, and cross-referencing the data with current market prices. And of course, they will need to decide on a proper rank for the condition of the coins.

Sell Your Coin Collection At Westminster Mega Pawn!

Need a qualified coin dealer in Westminster to sell your coin collection? Westminster Mega Pawn is staffed by the best in the business! Their experts can give you the most accurate price for your coins and will gladly take it off your hands so you can enjoy your hard-earned cash! Learn more about Westminster Mega Pawn’s expertise in coin trading or call the shop at 714-893-0555. Many seasoned coin collectors trust Westminster Mega Pawn as their one-stop shop for all of their coin dealings, so you can expect guaranteed satisfaction.