Looking at the past year, we continue to see appreciation of precious metals across the board. Within the past 12 months, gold went from a low of $1270 per ounce to $1574 per ounce currently. Silver experienced its lowest price of the past year at $14.34 per ounce to its highest of $19.57 per ounce. Platinum soared from around $785 per ounce in January of 2019 to around $1015 per ounce in January of 2020.
We all know that pawn shops, ours included, deal in many common commodities. There are firearms, coins, jewelry, tools, home electronics, car audio and many other products you would expect to find at a pawn shop. But one of the most interesting things is that our inventory is always in motion, and by the very nature of a business like this, we sometimes come across unique items that do not fit into our general product categorization.
Consumer buying knowledge today is at an all-time high. With our capacity to instantly research any given topic or search for the best deal using the Internet, we are able to make informed purchasing decisions without so much as leaving the counter in a place of business. Virtually infinite information is available at the touch of a button or voice prompt on our smartphones and tablets.
Most people are at least somewhat familiar with the process of financial bankruptcy. Whether it involves an individual, a business or even a country, when debts rise above one’s capacity to pay those debts, financial insolvency ensues. When people and companies are involved in bankruptcy, lawyers file papers, wave a magic wand, and the debts are resolved while adverse effects take hold on said party’s credit rating. So what happens when a country goes bankrupt?
Coin collecting is both a fun hobby and one that can be quite lucrative if you know what you’re doing. Some people may be avid collectors while others may have just inherited a coin collection from a relative. Perhaps you are getting your kids interested in coin collecting, or maybe you have just such a collection from when you were a kid. Whatever the case, these coins may be worth some money. If you are interested in pawning or selling your coins, or if you are looking for rare coins to add to your portfolio, Metro Pawn & Gun is a terrific place to visit.
“Pawning” is a process in which 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 provide inventory for the pawn shop to sell. Pawn shops also purchase items outright to resell, which is another way to provide clients with the cash they need and to acquire inventory for the store.
Pawn shops can provide loans for your items, or purchase them outright. It all depends on whether you wish to retrieve your item at a later date, or just want to get rid of it altogether
Pawn Shops are treasure troves for gold, silver, coins and collectibles. If you’re searching the Minneapolis, Twin Cities or St. Paul area for awesome items, you might be in luck. While pawn shops are often home to scrap, guns and lesser-valued items, they’re awesome locations for rarities, oddities, and wonders. These items have either high monetary or novelty value.
Perhaps you once collected coins, but no longer have the time or interest in continuing to do so. Maybe you’ve inherited a collection from a relative, but it’s not something that you’re into. Or possibly the focus of your collecting has changed, such as from U.S. coins to world coins. Whatever the case, you can turn what has fallen by the wayside into cash today.
We here at Metro Pawn & Gun are big fans of collectible coins, coins made of precious metals, and other rare coins and currencies. Coins from around the world and throughout the ages are not only valuable, but each one carries along its own little cross-section of history! Can you imagine where a WWII Nickel may have been?