Ad Blocker Detected
Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by disabling your ad blocker.
Sometimes we all could use some extra cash. It might be the season or a big event is coming up. Perhaps your bills were larger than expected. Or there may have been an emergency like a car repair, or your kid unexpectedly broke a tooth. You already tried applying for a bank loan and were denied. There are a few quick ways to get the money you need by selling or pawning some of the things you have at home that are going unused. You might have a wide variety of options to choose from – hand-me-downs and gifts that have been long forgotten in your closet or basement. So, which items are good to sell or pawn?
A solid option is to turn your gold into cash becauseit is reliable and always in demand. Its value has gone up quite a bit in the past decade. You’ll usually see pawn shops requesting gold in their marketing because it’s a highly prized material and easily benefits both parties. A quality pawn shop will always make you an offer based on fair and current market prices. Gold could come in the form of jewellery, watches, or other decorative trinkets. If it’s real gold, it doesn’t matter the condition of the jewellery or watch.
Other types of precious metals like silver and platinum are also desirable, as are diamonds and gem stones like rubies, topaz, and sapphires. Gems are also in high demand because of their relative rarity. They can’t be made by a random factory, so their value steadily rises. These items tend to appreciate with time and they are highly monitored materials that draw great interest. Any items you have that are made from these materials should be at the top of your considerations list. People often have jewellery sitting in boxes, not even being worn day-to-day. For this reason, they are also good to pawn because, what are you missing?
Different pawn shops are interested in a variety of things, and some might be into some niche items that you haven’t considered. It’s worth paying a visit to a local, reputable shop and ask some questions. This will also give you the opportunity to speak with the staff and get a feel for their customer service.
Antiques are another option because they might have valuable materials and resources built into their craftmanship and design. If a particular pawn shop already has a lot of stock of the items you want to pawn, you can fetch a better price by bringing in a more desirable item for them.
Consider whether you’d like to sell or pawn. Selling means you are transferring the ownership of your item(s) for money permanently, while pawning means you are temporarily giving your item(s) up for a loan with an agreed upon amount with interest upon return. When you return the loan with the appropriate interest, you receive your item(s) back again. Be sure to think about the nature of your things and whether you’re okay with giving it up for good or not.
Ryan Yarbrough is a small business consultant, speaker, and the manager at Davis Financial Services, a small business consulting firm.