It's common knowledge that when people are in a pinch for money, they tend to pawn off some of their jewelry. But does scrap gold and old jewelry really give you that much money? If you're interested to find out, we'll be weighing the pros and cons of selling pre-loved jewelry in this article.

Pros of Selling Scrap Gold and Jewelry 

One of the biggest advantages of selling scrap gold at a pawn shop is that it's convenient. There are plenty of pawn shops here in the U.S., and they're generally open during business hours, so getting your precious items into the hands of responsible people is never that difficult.

Another reason to consider pawning off your jewelry is that it's discrete and confidential. You don't have to put this information on an internet auction, or worse, on Craigslist. There's no need for anyone to know you're selling your jewelry, especially if the pieces are valuable or sentimental in nature. You can keep your personal business and financial transactions private.

Depending on where you are in the country, there is some value to be had on the spot by pawning your jewelry. For example, if you live in a city such as New York, a pawn shop may be able to give you cash in hand for that platinum engagement ring or any other jewelry you're selling. This is not the case outside of large metropolitan areas.

Cons of Selling Scrap Gold and Jewelry

Selling scrap gold and jewelry to a pawn shop is not without its drawbacks. While there are some instances where you can buy back your items, there are many instances where you're carrying too much debt and simply can't afford to pay your jewelry back.

Another big con is that pawnshops and jewelry shops often give you a fraction of what your jewelry is worth. The reason for this is that they need to cover the costs of their overhead. This might be a good solution if you need cash quickly and don't have much value to pawn. But if you have a collection of gold and silver to get rid of, you might be better off carrying it to a local gold buyer or other types of business.

Another con for selling scrap gold and jewelry is that if you don't have a receipt for the item, there are often problems with getting your jewelry back. This applies to valuable pieces. You can end up with a big disappointment if your jewelry store doesn't carry a receipt and you can't prove your jewelry ownership.

The Bottom Line

As you can see, selling scrap gold and jewelry to a pawn shop is not necessarily a bad thing or a good thing. It all comes down to your individual situation and what you're looking for. If you're in a financial pinch and you have something to pawn, then pawning it off to a pawn shop may be the right route for you. But if you have a collection of scrap gold and precious jewelry, you may need to find a more reputable buyer. Being a responsible and smart consumer means carefully weighing your options.

Sell gold at Owensboro, KY, at River City Pawn. We buy scrap jewelry and gold at all of our locations and guarantee that we will pay you the best price based on the daily market value. Get in touch with us today!