2 Tips to Help You Make the Most of Pawning Gold

May 12, 2020

By admin

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If you’ve been out of work or money is a little tight, you may be considering selling jewelry that you have around the house to make some extra cash. You’re not alone as 0.7% of Americans pawn their precious stones or metal when funds are tight. If you want to get the most money you can from pawn shops, there are a few things you’ll need to know. Here are two tips to help you make the most of pawning gold.

Understand Gold Pricing Factors

The pawnbroker will consider a few factors when it comes to assessing and pricing your gold. Depending on these factors, it may or may not be worth it for you to sell gold to a pawn shop at the current time. One factor that will be considered is the current market demand. If it’s high, you’ll likely get a good price. If you’re pawning gold jewelry, the pawnbroker may want to sell the item as is, and the market demand for the piece itself will dictate how much you’ll be able to get.

Jewelry that has a history or story behind it often has greater value. If it was worn by a famous person in the past, the value of the piece will definitely increase. However, you’ll need to be able to prove this information. The pawnbroker won’t just take your word for it. The purity and weight of the gold will also be considered.

How To Get The Best Value

There are a few things you can do to help boost the value you get when pawning. One thing you’ll want to do is thoroughly clean your pieces before you bring them in. This will reduce the cleaning fees that may be deducted from your appraised value. If you get an appraisal that you truly like, take it immediately. The appraisal for your piece may change if you wait, depending on the gold pricing factors that were mentioned earlier.

If the appraisal isn’t what you desired, it may be a good idea to wait for a better time or shop around to see if you can get a better deal. Keep in mind that the pawn loan you receive is only a percentage of your gold’s total value. Look for a pawn shop that specializes in gold and you may be able to get a better price.

If you want to learn more about pawning gold and turning your unwanted jewelry into cash, our professional staff at St. Augustine Pawn Shops can help you get the best value possible. We’ll make sure you’re completely satisfied with every step of your experience with us. Contact or visit us today!

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