The Modern Pawn Broker
Pawning is a process dating back to Saint Nicholas, who was known as the Patron Saint of Pawnbrokers. Nobody really knows how old it truly is, but the concept is simple: you bring an item into the pawn shop in exchange for a cash loan.
For example, you might pawn a gold ring as collateral for a $150 loan. If you repay the loan by a predetermined date, you can retrieve your gold ring. The loan repayment amount will include interest and fees that are typically regulated by the state. You also have the option to extend the repayment time frame, although this will incur continuing interest. If you fail to repay the money on time, the pawn shop takes ownership of the ring and can offer it for resale. A large percentage of pawned items are reclaimed by their owners, but some are forfeited and thus furnish inventory for the pawn shop to sell. Pawn shops also purchase items outright to resell, which is another way to avail clients with the cash they need and to acquire inventory for the store.
Do You Want to Pawn or Sell
The first step in this process is to determine if you wish to pawn or sell your item. We offer both options, but you must consider several things, among them whether you want your item back, your ability to repay the loan, and the amount you expect or hope to receive. Remember that as a business, the pawn shop needs to make a profit if it ends up selling a given item, as well as potentially offer that item for an attractive price to its customers. So although your gold ring may be worth $300, a pawnbroker would not be able to stay in business by offering $300 in pawn or purchase for that ring.
Another point to keep in mind, especially when considering pawning or selling something that has either collectible or sentimental value is that pawn shops are resellers, not collectors. Your vintage 1960s G.I. Joe figure might be highly desirable to a purveyor of old toys, and you might even get top dollar should you find an interested party, but a pawn shop may not be able to accommodate the mere possibility that a collector will happen to stroll in and buy that G.I. Joe figure for what it’s actually worth.
The more information you have to offer, the greater the chances that negotiations regarding a mutually acceptable dollar amount will be successful:
Know Your Product
To ensure the most efficient transaction possible, knowing as much as you can about your product is helpful. It provides a great place to begin the conversation, whether you need a loan or wish to sell the item.
Know its Value
The most important piece of information for you to know is the true value of your item. This sets the benchmark from which a loan amount can be determined, an offer can be made if you wish to sell, or a price can be established for people who shop with us.
Get it Appraised
As in the case of coins, jewelry and collectible items, determining legitimate value may require consultation with a professional. While we are able to accurately assess the value of many items, having a certified appraisal removes any guesswork or potential incertitude from the equation, especially if unique or higher-dollar merchandise is involved.
Define Expectations
When you wish to sell to a pawn shop, set a minimum price in your mind that you would deem acceptable before you go in. This way, there is a solid starting point for any continued discussion. If you know that you won’t part with your ring for anything less than $250, you will know whether the offer that is made justifies further action or dialogue.
Pawn Shops Near Me
Metro Pawn & Gun purchases or offers loans on many different types of merchandise, including firearms, jewelry, coins, precious metals, electronics, tools, and many other things. We handle everything from the commonplace to the extraordinary, and are ethical, scrupulous business people who obey the law. Bonded, insured, and highly regulated by a myriad of laws to prevent fraud or illegal transactions, today's Pawn Shop has evolved into an important part of modern commerce. We obviously do not accept stolen merchandise, and if we have any reason to question the legitimacy of what is brought in, we will contact law enforcement immediately.
To some extent, the market determines the level of an item’s desirability. Prior to the beginning of a school year, we might be more inclined to be looking for musical instruments, or watching out for archery equipment as bow season draws near. Other products including jewelry, tools and electronics are appealing throughout the year. So contact us or stop in to see how we can help you with your needs!