Do you have a piece of old gold or jewellery sitting in a desk somewhere that you haven’t bothered to throw away yet? It might be something sentimental that you’re not going to wear every day, or it may just be a possession that has come into your possession and you’re trying to work out what to do with it.
Regardless of why you’ve got it, old gold and jewellery can be a potential wealth of profit. Some of the older pieces of gold and jewels can fetch a massive price nowadays, so thinking about selling your old gold is definitely a good idea. But, before you dive into the world of gold selling, let’s take a look at some of the things you should be thinking about.
Pick a Reliable Buyer
If you are going to take a look at selling gold for yourself, you really need to stop and think about how you’re going to sell it.
You absolutely need a reliable provider who is going to give you an accurate and fair price for your gold, and these are quite difficult to find. There are a lot of pop-up businesses that want to make a quick amount of money, so they will underprice your gold and then sell it on for more.
We buy gold, and we are also honest and have experts on hand who can appraise you to make sure that you get an accurate assessment of what it’s worth, so finding a reliable buyer is pretty important.
We Only Want the Gold!
Most businesses who buy gold online or any individual that can buy gold is only interested in the metal itself. So a bit of jewellery that I have jewels and stones and gems set into them may be worth more if you remove the gems and sell them independently.
So, in addition to knowing where to sell gold, you also need to make sure that you have worked out the true value of your item, you might be able to make some extra money on the side by selling the stones to a different place altogether. Quite a few companies just discard the jams and stones, which is understandably not very helpful for making money.
Unfortunately, the value of gold fluctuates according to the specific situation. Gold will be worth more at some points then it will be worth it others, so you need to make sure that you’re selling at the correct time. Check the market value for gold before you start hunting around for a buyer.
In conclusion, selling old gold is definitely a good idea. There are numerous benefits that can come from doing so, but you have to make sure you’re doing it properly. Learning to sell gold at
the right time is vital, and is an exercise that you will get better as time goes on. But, if you do have some gold lying around, it’s not a bad idea to sell it, you can often make yourself quite a bit of money, as gold can be worth quite a lot depending on the circumstances.
Gold is a valuable commodity which has a high price when it is sold in the correct way.
However, knowing how to sell gold for the right price is often a challenge.
You see, there are quite a few different circumstances which contribute to how much you can
sell gold for. It’s important to find the best place to sell gold, knowing when to sell gold, and how
to sell gold, so let’s take a look at what you need to think about.
The Value of Gold
If you’re going to sell gold for the best price, you need to make sure that you have checked the
market value of gold. Ultimately, gold is a commodity, and is only worth as much as the demand
for it is there.
The problem with being a commodity is that the value of gold tends to fluctuate according to the
market, so they’ll be one week where your goal is worth less, and one week where it is worth
more. You need to check to see the market value of gold, and whether it’s predicted to rise or
fall over the coming weeks before you make a sale.
Part of knowing how to get the best value for your gold is the location you sell it.
Sometimes, the best place to sell gold is not the immediate place. You might think that you
could take it to the pawnshop and make quite a bit of money, or you could sell it on eBay, but
this isn’t always the best option. Sometimes, you need to look at gold buyers, because they
offer a better rate and sometimes a faster sale.
Haggle For Price
If you want to get the best value for gold, you have to be prepared to do a little bit of haggling.
Haggling is a common tactic used to try and get the price up just a bet. You’re not aiming to
double your offered price or anything like that, just make it a little bit higher.
Haggling is very much an art form, so you have to make sure you do it right. We buy gold and
we are prepared to have a little bit, so it’s often worth checking out, because you might walk
away with a bit of extra money, and ultimately, it’s worth just seeing what you can get.
In conclusion, knowing how to sell gold is tricky. There’s quite a few different things to think
about, so it’s important to consider all of the options when you’re trying to get the best outcome
for your needs. Obviously, you are going to want to haggle to sell the gold. It’s pretty important
to get gold at the best value, no one is disputing that, so it’s essential that you take a look at
some of the different options you have available to find what works for you. Remember to take
a look at all of the different options for selling go before committing to a decision.
Looking to start up a pawn shop but aren’t sure where to start? Here are a few of the best locations to start up your new business.
An Old Pawn Shop
You might have noticed that most pawn shops have been in business for over 20 years. This is because these businesses tend to be run by families who pass down their shops to their next-of-kin when they retire.
However, you can easily snag an older pawn shop of your very own without those familial connections. You might be able to purchase an older pawn shop when first breaking into the industry, if you’re lucky. The previous store owner might even be generous enough to teach you the ropes to running their old business properly.
Pawn brokers also have plenty of coaching programs and qualified consultants to help your new business thrive in even its earliest days!
High-Traffic Retail Areas
Almost every store owner vies for a good location that guarantees high traffic. More people mean more eyes on your store, and more publicity means picking up more potential business.
Just keep in mind that stores in these areas are highly sought-after by businesses of all kinds, and therefore, their leases are priced much higher than other places. Pawn shops already take quite a bit of capital to start up. A pricey lease might be more of a detriment to your business than a benefit if you fail to turn enough profit.
In fact, most pawn shops tend to settle for a building in an area that does not receive as much traffic but will still remain pretty visible to the public. Be sure you carefully weight the pros and cons of starting up a pawn shop in busy retail areas. Ensuring that you have a good enough financial cushion to withstand a few blows every now and then will also help.
Of course, with more and more consumers switching to online shopping, creating a website for your pawn shop may be your best bet. A good example of a successful online pawn shop is Pawn America.
They are basically a network of pawn shops that have expert teams of appraisers and jewelers on-hand that are ready to help you buy or sell used goods. The site owners take clear and accurate pictures of the merchandise they offer, so you know what you’re getting before you buy. You can also pawn off almost anything you own for a temporary loan you can work out with Pawn America.
Pawn America is just one example of a pawn shop’s site thriving. Of course, you will still need a location to at least properly store and maintain your stock, so creating a website should be treated more as an add-on to your pre-existing physical store than a store of its own. You can even entice customers to visit your site by offering exclusive collectibles or other hard-to-find goods only on your store’s website!
With the rise of hit reality shows that solely center on pawn shops, you can expect that the shops featured in such shows will inevitably become famous. There are also pawn shops that garner the highest-end clientele imaginable, which no doubt have also garnered the attention of the public at large.
Let’s take a look at the top 3 most famous pawn shops in America!
World Famous Gold & Silver Pawn Shop
This pawn shop located in Las Vegas boasts a bold claim to fame within its name alone. If the name of this pawn shop rings a bell, then you’ve probably caught an episode of the hit reality show Pawn Stars on the History Channel. Or maybe you’re a dedicated fan who has watched every single episode and no doubt were expecting this shop to show up on this list.
Either way, the World Famous Gold & Silver Pawn Shop has easily become one of the most famous pawn shops in the world! With up to 17 seasons and counting, shop runners Rick, Richard, and Corey Harrison, Austin Russell, and their crew of experts have fascinated millions with their appraisal of antiques and other merchandise customers have tried to sell or pawn off to them.
Not only can you visit the famous pawn shop for a chance to be on the show, but you can also take a tour of the place. You might even get a chance to meet the stars of the show during one of these tours! They even offer VIP experiences where you can have a private meet-and-greet with one of the stars and view some of the store’s rarest items.
American Jewelry and Loan
American Jewelry and Loan is another pawn shop made famous through the reality TV show Hardcore Pawn. While not as big a show as Pawn Stars, it still garnered millions of viewers per episode and ran for 5 years on TruTV.
This Detroit shop is run by Les Gold, a fitting name for a pawn broker who often works with precious metals. He and his family have been in pawning since 1978, with both Les and son Seth becoming one of the top brokers in the business. They are often invited to various other TV shows to give others financial advice as well as demystifying the pawning business to the general public.
The Dina Collection
Finally, we have The Dina Collection in Beverly Hills, California. From high-end jewelry to designer items, owner Yossi Dina deals with all kinds of clientele—even those you wouldn’t ever expect to visit a pawn shop!
Celebrities, millionaires, and yes, even the occasional billionaires flock to this classy pawn shop to snag a good deal on all kinds of items. Turns out even the wealthiest of the wealthy love a good bargain! Unfortunately, these bigger deals are done in the back of the store, so don’t expect to run into the likes of Tom Cruise or Elon Musk anytime soon.
The pandemic has hit a lot of store owners hard, changing the way they conduct their usual business with their customers. Here’s a few measures your pawn shop can take to ensure you still retain good business during the COVID era.
Offer Hand Sanitizer
Pawn shops often deal with secondhand or previously used items, so it’s wise to offer your customers complimentary drops of hand sanitizer right when they enter and right before they leave the store again. Not only does this minimize possible bacteria from entering your store, but also ensuring your customers remain safe and healthy after perusing through your stock.
Keep Antibacterial Wipes On-Hand
The CDC advises that small businesses should regularly “clean and disinfect all frequently touched surfaces, such as workstations, countertops, handrails, and doorknobs” and to discourage sharing tools and equipment you touch with other employees. This typically means using antibacterial wipes or pure alcohol spray to wipe down your doors, glass cases, and applicable stock that customers have touched throughout the day.
It might be a good idea to keep a notebook nearby to list what items customers touch during their visit so you can wipe them down again after they leave. You should also consider wearing disposable gloves when cleaning so your hands are not constantly smelling of strong cleaners when helping out customers.
Set Up Designated Social Distancing Spots
Unless a small group of customers came together, you should urge your customers to stand the government-sanctioned 6 feet apart. To aid with this, you should redesign your store in a way that allows for enough space for multiple customers to roam around without coming into close contact with one another.
Of course, your shop may not allow for this space. Some other pawn shops have only let in 1 customer into the store at a time, making others line up outside in 6-foot intervals. Of course, if your shop is large enough and has a good ventilation system, then you can allow in a few more customers provided they keep their distance.
Encourage Customers to Pay Digitally
Cash exchanging hands runs the risk of passing on bacteria or other pathogens to and from your customers. You should encourage all your customers to pay with either a credit card, debit card, or set up some other system where you can transfer their money to their bank accounts directly.
If you have a website for your pawn shop, then you should let your customers know about it so they can still shop or ask for pawn loans from your store all from the comfort of their own home!
Check in With Your Employees
Make sure to check in with your employees and their health when they come into work. If they admit to feeling the least bit ill, it is best to send them home for the day until they recover.
You should also encourage them to wash their hands frequently, wear masks, and keep 6 feet apart from customers they help.
You might be surprised to know that the pawning business is one steeped in ancient history that spans thousands of years old. Many countries all across the world implemented different pawning practices that would serve as the foundation for current pawning businesses.
But just where is the world’s oldest pawn shop located?
History of Pawning
Pawning is a business practice that has existed since ancient times. The first pawn shops emerged in ancient China around the 5th century, and were typically run by Buddhist monasteries. This practice later became widespread throughout the country with the help of wealthy lay people partnering up with Buddhist monks.
Pawning was also popular in ancient Greece and Rome, though there were certain restrictions as to what the Romans could pawn or sell to these shops. At the time, pawn shops were mainly used as a means to help smaller business owners start off with good capital.
Pawning has quite the complicated history in Europe, with some countries embracing the practice and others shunning it for various reasons. Throughout much of its history in ancient Europe, pawning rules and regulations vastly differed from country to country—and even shop to shop.
It was not until The Pawnbrokers Act of 1872 where pawning regulations and broker protections became centralized and enforced. Pawning would not be where it is at today without such an important act.
Where is the World’s Oldest Pawn Shop?
When nearly every pawn shop that boasts 80 or more years in business tries to claim this title, it is a bit difficult to know exactly which of these pawn shops is truly the oldest pawn shop in the world. Not to mention the fact that there are countless pawn shops owned by elderly pawn brokers that simply do not have the tools to advertise themselves digitally.
Due to pawn shops’ extensive history, this is a tricky question to answer. Some claim that the oldest pawn shop is the il Banco Rosso (or “the red bank”) in Italy, which is at least over 200 years old. The Banco Rosso has been restored by the city, so you can still visit it today!
However, since it is no longer a running pawn shop, but rather a historic tourist destination, people might not credit the shop as the oldest pawn shop to exist, especially since the first pawn shops did not even originate in the country.
Instead, it might be best to try and find the oldest pawn shop in your country that is currently still in business. The oldest pawn shops around the world typically date back to the late 1800s, with America, Great Britain, and Hong Kong boasting many of them.
Of these, the oldest pawn shop that is still currently in business is T.N. Donnelly & Company in Chicago, recently rebranded as the Chicago Loan Company after being bought by The Loan Companies. The pawn shop first opened in 1881 and still continues to operate to this day.
Looking for some neat things to spruce up your home on a budget? Try perusing your local pawn shop.
You can easily find a wide variety of household items in great condition—all at a fraction of the retail price. Pawn shops also have a lot of merchandise to choose from, most of it you might not find anywhere else. You can also customize items you find to make your home really shine.
There are tons of reasons you should shop at a pawn shop for household items, but here are just a few below.
One of the biggest appeals of shopping at a pawn shop is the reduced price of all items. The retail prices of some household items might be just out of your budget, but you might find some great decorations, furniture, and other commodities at a pawn shop at a much more affordable price.
One of the most popular items people buy at a pawn shop, for example, is electronics. Your local pawn shop might not have the latest model, but they will have plenty of slightly older electronics still in excellent condition. The pawn broker might even be generous enough to let you test it out so you know you are getting your money’s worth instead of a hunk of junk.
Pawn shops will even let you haggle down prices, so you might convince them to sell an item to you for far cheaper than it initially cost.
You might walk into a pawn shop and be surprised by just how much variety there is. A pawn shop’s showroom will have hundreds of household décor, furniture, and more for you to choose from.
Cool Vintage Items
Pawn shops are renowned for buying as well as selling all sorts of vintage items. This might include vintage clothing or furniture from many seasons ago, rare collectibles that are no longer being produced, or just by-gone memorabilia that just so happens to match your home’s vintage aesthetic. Pawn shops that specialize in antiques are also quite popular.
The piece you buy might have a cool history attached to it, too. Most items sold off to pawn shops do. Be sure to ask the pawn broker about anything that retains your interest the next time you visit.
Another great aspect about pawn shops is the easy customization of pieces. Say you find a gold ring you really like but do not like the gemstone attached to it. You can simply ask the in-house jeweler to remove it for you and replace it with one you do like to make a truly unique piece.
While customization is more applicable for jewelry pieces, you can easily apply this logic to other items as well. For example, you might come across a gently-used throw blanket and a sofa you really like. You can then drape that blanket over the sofa to give it a unique, comfy look.
Most people who want to work in sales tend to gravitate towards business, finance, or real estate. Though these are all viable jobs, breaking into said industries may take some getting used to. Working at a pawn shop can give you plenty of important sales experience that you can then apply to jobs later on in life.
Working with Credit
Pawn brokers do more than just buy and sell items. They must also know how to appraise items and work with differing amounts of customer credit.
Many customers go to a pawn shop looking for a quick loan. They may pledge any item (or even numerous items) to the pawn shop as collateral in exchange for an agreed-upon sum of money. This takes some quick appraisal skills on the broker’s part, which can be a very valuable skill in the marketing world.
Basically, the broker will hold onto the item in question for a certain amount of time until the customer pays the loan back. If the customer does not pay the loan back in time, then the pawn shop will consider their item forfeited and then resell it in the shop. The customer does not owe the shop any money at that point, making their pledged item the only thing lost.
The broker may have several on-going contracts going on at once, so you must be able to keep track of all the credit you choose to lend out. Honing good organization and bookkeeping skills at a pawn shop can definitely help you in other sales jobs later on as well.
Better Understanding of Consumer Products
Because the stock that pawn shops work with is so varied, you will get a better sense of which types of products are popular with customers, how to identify authentic items versus fakes or even stolen merchandise a customer might try to sell to you, and how the current values of items fluctuate in the market.
Depending on the type of pawn shop you choose to work at, you might even become a specialist in a certain area (i.e. jewelry, antiques, vintage furniture or clothing, etc.) that will make you desirable in specific industries. Being knowledgeable about various products and their markets can give you serious edge in the business job market. A potential employer might even value your quick eye and appraisal skills when making a business deal.
Build Interpersonal Skills
Working at a pawn shop means you will get all types of customers with different needs. Some might need a small loan to pay off a debt while others may simply want some jewelry at a more affordable price. A pawn broker has to learn how to adapt quickly between these transactions.
Learning how to read people can be especially helpful in dealing with difficult customers or clients. You will also get the chance to deal with a diverse clientele, preparing you for all sorts of business ventures in the future.
In these trying times, the last thing you might want to do is visit a pawn shop. After all, if going to the grocery store is already hazardous enough, how much more could a store full of previously-owned items be? Is a pawn shop even an essential business?
As it turns out, pawn shops are not only essential, but they are thriving amidst the pandemic. Pawn shops are helping out plenty of consumers with flexible loans and buying old items from you for quick cash. You might even be able to snag some essential items like laptops for a reduced price.
Here are a few tips that will keep you safe when visiting a pawn shop despite COVID.
Practice Social Distancing
Remember to keep 6 feet away from others when out in public. Whenever a person sneezes, coughs, or even talks, droplets from their mouth and nose can spread in the air and transfer to other people’s mouths and noses around you. If that person has COVID, they might unknowingly transfer the virus to you and others.
Keeping a good distance away from strangers alongside other health practices will keep you safe during a visit to a pawn shop. Luckily, some pawn shops will have markers all around their store to help you keep a safe distance away from any other patrons shopping there.
Wear a Mask
Though the pawn broker will be mostly protected by a thick glass partition while you complete your transaction, it is still a good idea to wear a mask when visiting a pawn shop. This is more to help protect your fellow shoppers’ safety.
Because COVID is an airborne virus, wearing a mask can significantly reduce the spread even if you believe you are not infected. Even if you are not infected, it can help prevent you from contracting the virus from someone near you that might have it.
Ask the Pawn Broker If They Can Sanitize Items
If you plan to buy items from your local pawn shop, it might be a good idea to ask if the pawn broker can sanitize it before handing it off to you. Pawn shops keep plenty of hand sanitizer and antibacterial wipes on hand, so it should not be much of a problem for them to accommodate your request.
Use Their Website
If the idea of visiting a pawn shop in-person still intimidates you, you can always look up your local pawn shop’s website to see if they are conducting business there, too. Pawn shops will ship items to you and let you ship over collateral to them for a quick loan in turn if you would rather keep self-quarantining.
You can even contact the pawn broker via phone call or e-mail to try and haggle down a price on any item you like all from the comfort of your home. In fact, most pawn shops are conducting the majority of their business this way to keep afloat.
If you need some fast cash, getting a pawn loan is the best way to go. The pawn broker will not ask about your credit score nor care about any past debts. All you need is an item to put up for collateral and to agree on a set period of time to pay the loan off with the pawn broker.
But what simple, fast, and effective items can you pawn off in a hurry? Here is a small list of items you can find in your home that you can pawn off to get a quick and easy loan.
How Pawn Loans Work
Pawn loans are pretty simple. As stated above, you must offer something to the pawn broker as collateral. The broker will appraise your piece and give an estimate for how much money they are willing to loan to you.
You can haggle with the broker about the loan amount until you both agree on a price and period of time to pay the loan back that suits your needs.
Even if you find you can’t pay the loan in time, don’t worry! The pawn shop will just keep the item you put up for collateral. The broker will not even charge you interest for the money you did take out.
Of course, pawn brokers will appraise the object you turn in before deciding on a loan amount. If they suspect your item to be fake or stolen, they will not take it.
Old jewelry is one of the most common items people will use to make a quick pawn loan. They cost a lot, so of course the payout rate would be pretty high, too.
Due to the fluctuating jewelry market, however, some pieces might be worth more than others during certain times of the year. It’s a good idea to look into what is currently popular to see which of your own pieces might produce a higher loan amount.
Pawning off your used electronics can land you a sizable loan. You can pawn off any electronic from game consoles to gently-used smartphones to old TVs. It doesn’t matter if you have the newest model or an older one. So long as the device is in relatively good condition, you can expect a pretty sizable loan.
Pawn shops will gladly take your old power tools off your hands, too! You’ll earn a bigger loan if you put up power tools in relatively good working condition. More so if they are brand-new. Brand tends to play a pretty big part in the loan amount you will get, so choose to pawn off big-name brands for more money.
The funny thing about nostalgia is that people will absurd amounts just to experience something again. If you have decades-old antiques lying around, you can easily pawn them off to make fast cash.
This is especially true if the pawn shop you go to specializes in buying and selling antiques.