Stamp expert & buyer with over 40 years of experience.
Pawnbrokers offer people loans in exchange for items of personal property, which is used as collateral. You can get the item back within a certain amount of time, as long as you pay a preset amount of interest. Below are some terms to be familiar with before you start searching for a local pawn shop online.
Pawn - The act of depositing an object to a pawnbroker as security for money lent. Pawn shops usually accept a variety of goods, such as diamond rings, watches, instruments, cameras, and even cars.
Sell - Instead of getting a loan, you can simply sell your item to a pawn shop. Of course, the shop will not hold the item for you but will instead sell it for cash.
Trade - You can also trade your item for something of equal value that the pawn shop is selling. For instance, you could trade gold jewelry for used baseball cards or exchange an antique for a new electric guitar.
Haggling - You should always bargain with the pawnbroker whenever you are trying to buy or sell something second hand. This process is called haggling. Pawn dealers will initially offer you a low price for your item and a high price for an item you want to buy, so you have to be strong and try to hold out for the price you want. It is also helpful to look online to see how much items are worth so you don't lose any cash.
Pawn Ticket - When you pawn something like a piece of silver jewelry or a set of electronic drums, you will get a ticket used as a form of receipt. You will usually need the ticket to get your item back, so make sure you keep it in a safe place.
If you're looking to buy or sell jewelry, collectibles, electronics, or tools, a pawn store may be your best option. Pawnbrokers will give cash for second hand items including musical instruments, electronics, baseball cards, and diamonds after a valuation has been made of the product. Pawnbrokers will also give loans on items. Old diamonds and watches can easily be pawned, and bargain hunters will enjoy finding antiques and fine diamonds. While there may be many different pawnbrokers in your area, calling beforehand will ensure you arrive for a product you're looking for. Not one pawn store will be the same. Dental equipment may be more prominent in one area rather than another. Pawn shops may also offer dental gold and silver scraps. An online pawn dealer hocks used cars throughout the year for prices you wouldn't find elsewhere. Fine silver and rings are great ways to make money fast by pawning. Start up bands can have an easy time finding affordable guitars and drums at a pawn store, while others can find used cameras and CD services. Consumers are finding that you can find great deals on used jewelry at pawn shops at better deals than online retailers. When selling used items, visit different pawn shops and see if you get a different valuation each time. This will ensure you come away making the most money. Pawn shop owners will tell you if your old baseball cards are worth anything, or if your old electronics are worth selling. Second hand items at pawn shops are usually in better condition than you would find at garage sales.