The Modern Pawn Broker
Pawning is a process dating back to Saint Nicholas, who was known as the
Patron Saint of Pawnbrokers. Nobody really knows how old it truly is, but
the concept is simple: 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 furnish inventory for the pawn
shop to sell. Pawn shops also purchase items outright to resell, which is
another way to avail clients with the cash they need and to acquire
inventory for the store.
Do You Want to Pawn or Sell
The first step in this process is to determine if you wish to pawn or sell
your item. We offer both options, but you must consider several things,
among them whether you want your item back, your ability to repay the loan,
and the amount you expect or hope to receive. Remember that as a business,
the pawn shop needs to make a profit if it ends up selling a given item, as
well as potentially offer that item for an attractive price to its
customers. So although your gold ring may be worth $300, a pawnbroker would
not be able to stay in business by offering $300 in pawn or purchase for
Another point to keep in mind, especially when considering pawning or
selling something that has either collectible or sentimental value is that
pawn shops are resellers, not collectors. Your vintage 1960s G.I. Joe figure
might be highly desirable to a purveyor of old toys, and you might even get
top dollar should you find an interested party, but a pawn shop may not be
able to accommodate the mere possibility that a collector will happen to
stroll in and buy that G.I. Joe figure for what it’s actually worth.
The more information you have to offer, the greater the chances that
negotiations regarding a mutually acceptable dollar amount will be
Know Your Product
To ensure the most efficient transaction possible, knowing as
much as you can about your product is helpful. It provides a
great place to begin the conversation, whether you need a loan
or wish to sell the item.
Know its Value
The most important piece of information for you to know is the
true value of your item. This sets the benchmark from which a
loan amount can be determined, an offer can be made if you wish
to sell, or a price can be established for people who shop with
Get it Appraised
As in the case of coins, jewelry and collectible items,
determining legitimate value may require consultation with a
professional. While we are able to accurately assess the value
of many items, having a certified appraisal removes any
guesswork or potential incertitude from the equation, especially
if unique or higher-dollar merchandise is involved.
When you wish to sell to a pawn shop, set a minimum price in
your mind that you would deem acceptable before you go in. This
way, there is a solid starting point for any continued
discussion. If you know that you won’t part with your ring for
anything less than $250, you will know whether the offer that is
made justifies further action or dialogue.
Pawn Shops Near Me
Metro Pawn & Gun purchases or offers loans on
many different types of merchandise, including
coins, precious metals,
electronics, tools, and many
other things. We handle everything from the commonplace to the
extraordinary, and are ethical, scrupulous business people who obey the law.
Bonded, insured, and highly regulated by a myriad of laws to prevent fraud
or illegal transactions, today's Pawn Shop has evolved into an important
part of modern commerce. We obviously do not accept stolen merchandise, and
if we have any reason to question the legitimacy of what is brought in, we
will contact law enforcement immediately.
To some extent, the market determines the level of an item’s desirability.
Prior to the beginning of a school year, we might be more inclined to be
looking for musical instruments, or watching out for archery equipment as
bow season draws near. Other products including jewelry, tools and
electronics are appealing throughout the year. So contact us or stop in to
see how we can help you with your needs!