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Cashing In At The Pawn Shop

16 January

Many people find themselves in circumstances where they are in need of quick cash. If this is you, think about cleaning out your jewelry box and pawning or selling some diamond, gold or silver jewelry. Additionally, pawn shops are interested in a lot more than just jewelry.

Cashing In At The Pawn ShopPawn shops in DC are known for pawning and selling a variety of items from gold necklaces to guitars. Because of the strong market on most precious metals, most forms of gold such as necklaces, rings, coins, bracelets and even dental gold demand higher price estimates. That unused, old set of sterling silver flatware is probably going to give you a nice handful of cash. Diamonds and platinum are priced fairly high depending on how much they weigh and their condition. Other items you can think about pawning are gemstones, antiques, watches and estate or heirloom jewelry. All prices will depend on the market value of those items and their condition.

If you consider pawning an item versus selling it, you need to know how pawn loans work. When you take something to pawn, the pawn shop will have your item appraised. The appraiser will tell you the price of your item, the terms, conditions and interest rate of your loan.

With jewelry and coins, the appraiser bases the value on standard industry factors such as rarity, karat weight and condition. The pawnbroker offers you a loan with a fixed-rate on the value you agree upon for a specific amount of time. Usually, the timeline is 30 days.

If you agree on a price and loan terms, the pawn broker gives you the cash. Now, your item is collateral on your loan. You get a pawn ticket with your information on it, your loan amount, the ending date of the loan and a description of the item pawned. The pawn shop also gives a copy of the receipt to the local police department. When the loan is paid in full, you get your item back.

Like all businesses, pawn shops DC differ from one shop to another. Some specialize in high dollar items, and others might offer better deals on loans. Always do your research before you choose one to do business with. Professionalism and integrity are important – the highest loan price isn’t always the best deal.

Once you know the item you want to sell or pawn, make sure it looks as perfect as possible. If its jewelry, before you clean it, know what different types of gemstones and precious metals require specific cleaning techniques. If you have an extremely expensive or valuable item, have a professional clean it so that you avoid any damages.

If you find yourself in need of quick cash, consider doing some cleaning up around the house. You might find that you have a lot of old items stored away that are worth a good bit of money.

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