Selling Items at a Pawn Shop
What You Should Know Before You Pawn Your Valuables
Need cash? Want to sell jewelry, coins or other valuables at a pawn shop? What you need to know before you sell, and how to get the best price.
You want to get rid of an engagement ring after a broken heart, or you'd simply rather have the cash than the expensive antique. Whatever the reason you’re visiting a pawn shop, do some research before you walk in the door.
How to Get the Best Price at a Pawn Shop
- Visit several pawn shops before you decide on one. When you walk in the door, don’t talk to someone immediately. Look around at the items for sale. Zero in on your competition. If you want to sell a two carat diamond ring, go to the jewelry section and price out the diamonds. When you see what other gems are selling for, you’ll get a better indication of the market. When you finally talk to the manager and ask for a price, act non-committal. Even if that’s the best dollar amount you’ve heard all day, don’t act like it. Thank him/her and walk out the door. Follow the same procedure at three pawn stores and then make a decision.
- Get an appraisal first. Before you commit to any pawn shop get an appraisal from a qualified expert. If it’s a diamond, visit a couple of jewelry stores. And while you’re there, find out how much the store will offer you for the stone. If you’re selling an antique or piece of artwork, do some research and find a qualified dealer in your area.
- Get references. You don’t want to hand your valuables to just anyone. A good place to start would be the National Pawn Brokers Association web site. They have a list of member stores in each state. Also check with your local Better Business Bureau and Attorney General’s office.
- Check E-bay and Amazon Marketplace. Find out what similar items are selling for. Even if you still decide that a pawn shop is the best place to sell your merchandise, at least you’ll get a feel for the market at an auction site.
- Negotiate! Try to leverage one pawn shop against the other. If you have an item that is in demand, the tactic might work. But if neither budges go with the store that give you the best price and you’re convinced is reputable.
Bottom line: Be absolutely sure you want to sell the item. Once you make the decision to sell Grandma’s antique vase, there’s no turning back. Unless you want to buy it back at retail price.
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The copyright of the article Selling Items at a Pawn Shop in Consumer Education is owned by L. Marie Dubuque. Permission to republish Selling Items at a Pawn Shop must be granted by the author in writing.
