Pawnshops are great for getting cash from your valuables when you need quick cash. The pawnshop industry is a big industry and an important one. It helps people who need loans and cash to have access to it by leveraging or using the things of great value that they own. Pawnbrokers accept a number of things from household appliances to precious metals and jewels. Not all pawnshops are the same. Some pawnbrokers focus on items that are in high demand. Items that they can sell for profit when their owners don’t come to redeem them.
Should you sell gold bullion to a pawnbroker?
When it comes to gold and precious metals, jewellery is more popular and in demand. The reason why gold jewellery is popular is that it is easy to price and easy to sell. This is true for high purity gold jewellery like engagement rings. It is also easy to sell because people often go to pawnshops in the hopes of finding great jewellery at low prices.
Pawnshops that sell a lot of gold jewellery and products may also buy gold bullion. Gold bullion coins are more popular. Pawnbrokers who prefer gold do so because gold appreciates with time. Pawning bullion can fetch as much as 75% of it’s actual value and selling can get you 80 to a little over 90%. If you have gold coins that are sought after by collectors, then you could get more for it. Just make sure you have the proper papers for it. It would be helpful to clean your gold bullion up a bit before presenting it to a Pawnbrokers. If you do have to, don’t be too harsh as 99.9% pure gold is soft and scratches easily. If you have your gold bullion coins in their original packaging, that is ideal as this means they are still in mint condition.
When pawning any type of gold, make sure it is authenticated. This will get you the best price possible. Pawnbrokers may have staff on hand to test the gold to make sure of its purity. They will also weigh it and use the spot price as a basis for their price quote. You may not get a high quote as you would get from a gold dealer. It might be more convenient and faster for you to get cash from a pawnshop than selling it to an online gold buyer. You don’t have to send your gold anywhere.
Pawnbrokers can also be found online but these could be an alternative for someone who cannot find a good quote from local Pawnbrokers or they cannot take their gold physically to a someone based locally for some reason or other like current lockdown restrictions.
As mentioned before, you won’t get the highest return on your investment but pawnshops do pay out faster.
Pawnbrokers may not recognize what you have at first but they may have experts they can call on to authenticate your bullion. Pawnbrokers are open to negotiations. You should know what your gold is worth. It is up to you to do research, so that you know what you should be aiming for.