What to Know about Selling and Pawning

If you’re in need of cash and you need it right away, then you may want to consider going into your jewelry box and cleaning it out. You can take your jewelry and sell or pawn it at the local pawn shop – in fact, jewelry is a hot item at most pawn shops, especially those that focus on jewelry.  Before you head over to a pawn shop, there are some things you need to know.

Items that are in Demand

pawnFirst of all, you should know the items that are in demand. Pawn shops are known for selling and pawning a lot of different items from gold necklaces to guitars. Gold in any form, like rings, coins, necklaces, and even dental gold can go for a pretty good price. How about that old, unused sterling silver set you have in your cabinets? That would bring in some nice cash as well.

Loose diamonds and platinum are also good, depending on the condition and weight of it. Other items that you could consider selling at your local pawn shop include watches, estate jewelry, gemstones, heirloom jewelry, and antiques. As usual, the estimate price you will be given will depend on the market value and the condition of the item you’re trying to sell or pawn.

Know How a Pawn Loan Works

If you don’t really like the idea of selling the item, because you can’t give it back, then you could always pawn the item. However, it is important that you know exactly how a pawn works. Let’s say you have a piece of jewelry that you would like to pawn. Take it into the pawn shop and they will look it over and appraise it. The appraiser will then tell you the price they are willing to offer for the item – you will also have the interest rate tacked onto this loan.

If you’re trying to pawn jewelry and coins, then the value will be based on traditional industry factors, such as the rarity, condition, and karat weight. From there, the pawnbroker will offer a fixed-rate loan that is based on the amount the two of you agreed on. The period of time that you have to pay the money back will be anywhere from 30 to 60 days, depending on the pawn shop.

If you agree on the price as well as the terms of the loan, then the cash will be handed over to you before you walk out of those doors. The item will be placed as collateral against the money you borrowed. You will get a pawn ticket that has a description of the item you pawned, your name, address and the loan amount, along with the maturity date. The local police station will also receive a copy of that receipt. Once you have paid the money back in full, you will receive your item back.

Conclusion

When you’re looking for a pawn shop to sell or pawn your items, you need to find a good pawn shop. The pawn shop should be clean, and professional and it’s also a good sign if they’re a member of the National Pawnbrokers Association. Take a look at Cash4jewelrynow.com for examples of what a pawn shop that specializes in jewelry would be selling.