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Frequently Asked QuestionsHow do you determine the value of the items I want to pawn?
pawnbroker, evaluating an item as collateral for a loan, must answer two questions:
1) How many dollars will the item bring if it has to be sold wholesale?
2) How long will it take to sell the item?
What interest rate will I be charged?
Interest rates on pawn loans for up to $2499.99 in California are set by the state. For loans of $2500 and up, terms are defined by mutual agreement. London Coin Galleries operates in comp
For how long can I borrow the money?
The pawn loan is initially made for a term of four (4) months, plus a 10-day grace period during which interest will continue to accrue.
Can I extend the term of my loan?
Pawn loans can be renewed for another 4-month term at the borrower's option. Interest and applicable fees must be paid for the prior term to qualify for a renewal of the loan.
If I pay off my loan early will I pay any penalties?
No. In some cases you may even get a discount.
Should I pawn my items or just sell them to you?
You will receive more money in a sale than a loan. If, on the other hand, your need for funds is short term, and you have a solid plan for paying off the loan, you can allow your item to generate some needed cash flow without giving up its ownership.
What does "spot price" mean?
Spot price is for gold is the price per ounce of the nearest month gold commodity contract. The silver spot price is calculated the same way against the nearest month silver contract.
What are my coins worth?
It depends on what you have: Collector coins are pieces that are scarce, in good condition, and of a type popular with coin collectors. Bullion coins, that is, coins valued only for their weight in silver or gold, are priced in accord with the spot price for the metal from which they are made, plus a small premium to cover the costs of production, marketing, and distribution. Common, modern base metal coinage (not silver or gold) is often valued at a flat price per pound by US dealers, reflecting the thinner domestic market for these coins.
Should I clean my coins?
As a rule, you should not clean your coins. Coin collectors prefer coins that have not been cleaned. Cleaning a coin actually removes a tiny amount of metal from the surface... a tiny amount that unmistakably alters the appearance of the coin (especially to a discriminating collector.) Coin collectors prefer their coins to have "original surfaces".
How can I tell if a coin has been cleaned?
There are several ways to determine if a coin has been cleaned. Look for hairline scratches that extend across the coin's surface. Also notice the color of the coin: cleaned coins will have an unnatural light color, not unlike an overexposed photograph; a worn coin that is also bright in color is almost always a cleaned coin.
How can I tell if a coin is silver?
Coins that appear to be silver may in fact be made of copper-nickel alloy. Copper-nickel alloy is a grayer color with less reflectivity than silver. Copper-nickel US coins also have a copper core that is visible on the edge of the coin as a copper colored stripe. Furthermore, when dropped on a table, a sliver coin produces a bell-like ringing sound, quite different from the dull sound of a non-silver coin.