A pawnbroker or a pawn shop is a business that loans money to people who bring valuable items to sell-off. There are many items you can trade or pawn including jewellery, gold, watches, cameras, musical instruments, televisions and even gadgets.
In a nutshell, pawning or selling your valuables is an easy way to come up with cash - without the hassle of going through rigorous processes and procedures at the bank.
Pawning allows sellers to give up their items that have sentimental value temporarily. So when it comes to money and valuable items, we all want secure, honest and reliable transactions. But without a manual, it can be challenging to navigate the world of pawning.
Here are the basics of what to pawn and what not to pawn when in need of money.
Are you looking for a reliable pawn shop? Visit Gem Pawnbrokers Brooklyn today.
Best items to pawn
Here are some of the best items you can pawn that turns a high profit that most pawn shops will accept:
- Jewellery is always in demand at pawn shops, especially if your items are made of precious metals like gems. This is because precious gems are easy to price and sell.
- Power tools are a highly pawnable item. They’re constantly in demand and hold their value well. You’re generally able to get an excellent return on cash when pawning a good set of power tools.
- Apple and Samsung devices such as phones are some of the most popular pawn shop items people seek because of the high profit they produce. If you have an older smartphone that you’re looking to trade in for cash, you can bring it to the nearest Gem Pawnbrokers branch.
- Cars are a great item to pawn off quickly and they usually fetch a higher amount than a regular buy and sell car shop would. But make sure the vehicle assessment process is fair and you know the approximate value of your vehicle before pawning it off.
- Guns and weapons are one of those items that you can pawn for a fortune. Guns that are high in value include pistols, hunting rifles, and other speciality guns such as a Golden Desert Eagle. The best part? Guns retain their value so there will be almost no depreciation in price when pawning them off!
- Art pieces often have sentimental value and carry precious memories. But regardless of their value, art pieces by well-known and smaller artists in the field would still get you a pretty good price.
- Rare coins are usually pawned off for great value. If you have a jar of old coins sitting around, it may be a good idea to go to a pawn shop to check their value. The rarer the coin, the better in value they would be.
- Instruments that are well taken care of or were made decades ago fetch a good price. Usually, classical instruments such as violins, bass, and harps would fare better. Before coming into the pawnshop, take note of the serial number of your instrument. The older and more maintained, the higher the price.
- Designer items are expensive and quite rare, so it's no surprise that they are high in value. If you need the extra cash, pawn off your vintage items for maximum value.
Quick cash items
Pawning an item off can get you the quick cash you need. Check out the best items below that you can sell to a pawn shop for quick cash:
- High-End Electronics
- Video Games and Consoles
- Gaming systems
- Books, especially first editions
- Sporting goods
- Board games
- Workout equipment
- Children’s items
- Homie decorations
- Camping gear
- Hunting equipment
Do you have one of those items on the lists? To get your pawning adventure started, come and visit Gem Pawnbrokers near you.
What will pawn shops not or hesitate to buy?
The reasons why pawnshops turn down for items might vary. This could be due to the poor quality and condition of a specific item, its low value, or a lack of consistency with how fast the shop resells and many more reasons.
Take a look at this list of items below that pawnshops most frequently turn down:
- Cheap items in general
- Rare animals and fish
- Motorcycle helmet
- 22-inch rims
- Crutches and other medical items
- Disney VHS tapes
- Fake items
Feel free to visit Gem Pawnbrokers Hempstead and have a free item check to see if we take your item.
Is it better to pawn or to sell?
When the unexpected need to shell out cash arises, pawning and selling are two options to consider - pawnshops offer both. There are several things to take note of when deciding to either sell or pawn an item.
Both terms refer to giving up an item for financial gain - however, it depends on what you’re trying to accomplish. If you need money but don't want to let go of your item altogether, you can opt to pawn the item so you can get it back in the future. But if your need for cash is more urgent and you're ready to let go of the item, selling would fetch a higher price.
As a pro tip, it would be apt to know the value of the item you’re about to pawn off first so you don’t get duped at the store!
Find a reliable pawn shop near me with Gem Pawnbrokers
Do you have an item you want to pawn or sell?
Gem Pawnbrokers know the meaning of real customer service. We have been with our customers since 1947, making Gem Pawnbrokers the largest and most respected pawnbroker in New York.
We offer private appraisals, so you can book an appointment with us without having to deal with a line. This is especially important for pricier items such as art pieces or gemstones.
Get in touch with Gem Pawnbrokers today!