You may be here because you want to understand how pawnshops work. Although a pawnshop can sell almost anything, some items are more valuable than others. If you need money soon, knowing what to expect will be beneficial.

According to the National Pawnbrokers Association, there are 10,000 pawnshops in the United States, with the majority of them being family-owned. The pawnshop will lend you money based on the item's value. You will receive the item again if you refund the loan. If you fail to repay your loan, the pawnshop may sell your item. 

As you can see, you can make money by selling your things. Read on to discover how to make money from pawnshops.

The Popular Items Found in a Pawn Shop

Some items fetch higher pawn shop pricing. If you do not collect your belongings, the pawn shop will sell them for a profit. If they have a huge stock of your product, they may refuse to buy it or make a poor offer.

Pawn shops are aware of which products have a high resale value and frequently purchase them. These items can be jewelry, watches, electronics, musical instruments, bicycles, antiques, gaming equipment, and technological gadgets.

The loan amounts offered by different pawn shops differ depending on the broker, the item's popularity, and its condition. Visit many pawn shops to find the greatest deal. Moreover, if you believe the price is too low, bargain. 

Pawning in Values: $50, $100, $500

$50

Designer sunglasses, belts, lawnmowers, KitchenAid mixers, leaf blowers, second-hand laptops, and Beats by Dr. Dre headphones can all be pawned for $50 or more. Items in excellent condition sell the fastest.

$100

A hoverboard, a flat-screen television, a tablet, Bose speakers, a YETI cooler, an Apple watch, a functional refrigerator, a GoPro, power tools, jewelry, an air conditioning unit, golf clubs, and video game consoles are all eligible for pawning. Products that are new or unopened and in high demand may be worth more than $100.

$500

To give you a bit of perspective, you must pawn an item worth between $835 and $2,000 in order to obtain $500 from a pawn shop. Here are some items you can get $500 for:

Classic Gadgets

A pawn shop will pay $500 for a 128K Macintosh, an original, unopened iPhone, and a Pioneer SX-1980 radio receiver, among others.

Collectibles

Some collectibles are worth more than others. Before going to a pawn shop, utilize WorthPoint or eBay to establish the value of your treasures, which may be worth more than $500. Beanie Babies, outdated band t-shirts, and royal artifacts are not particularly valued.

Jewelry and Metals

Superior materials include platinum, gold, and diamonds. Pawn shops stock a wide range of jewelry and frequently hire gold and gem experts. Cut, carat weight, and melt value are well-known terms. If you don't know the current value of the jewelry, take it to a store that sells pre-owned and estate jewelry for an estimate and possibly a better offer.

Because precious metals have grown in value, they are easier to pawn. This qualifies them for a pawn shop.

New Entertainment Sets

A new television with HD or 4K resolution must be pawned.

Rare Coins

Coin values fluctuate, just like collectibles. For example, a 1964 Kennedy half-dollar is worth about $10, while a 1913 Liberty Head V nickel is worth almost $3 million.

Conclusion

If you need money quickly and have a valuable item, a pawn shop may be a viable place for you to have more control of your money and belongings. Understanding how a pawn shop works is vital for this, and your newfound knowledge may even help you make more money as you go.

Are you looking for a pawn shop in Murray, KY? River City Pawn is here to help you get your money’s worth, make some cash, and get quality service all at the same time. Visit us today!