Turn Your Precious Metals Into Cold, Hard Cash At A Pawn Shop

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Many people have found themselves in a situation where a little extra cash could come in handy. Working with your local pawn shop can provide you with a safe and effective way to turn your unused precious metals into cash that you can apply toward an emergency, vacation, or unexpected auto repair expenses.

Although each pawn shop has their own rules and regulations when it comes to purchasing precious metals from their customers, there are some basic elements that apply to almost every precious metal purchase.

Market Value

The price of precious metals is not determined by an individual pawn shop. These prices are set by the global precious metal market. Spot prices (which are the daily prices being offered for gold, silver, copper, and other metals) can fluctuate from one day to the next based on supply and demand.

You can easily check spot prices before taking your metal to a pawn shop by conducting a quick Internet search. Armed with the current price being offered for precious metals, you can estimate how much your metal items will be worth to a local pawn shop.

Resale Value

Many of the precious metal items that people bring to pawn shops are jewelry items. Some jewelry pieces may hold value above and beyond the mere value of the metal contained within the piece.

Jewelry that is attractive and in good condition can usually be placed into a pawn shop's display cabinet and resold to the public. These metal items will fetch more money than obsolete jewelry items that the pawnbroker wants to purchase as scrap metal to be melted down into bullion.

Acceptable Items

It's important that you give your local pawn shop a call before taking your precious metal items in for an evaluation. Some pawn shops only accept gold and silver, while others will take platinum, copper, and other types of precious metals.

You can also ask the pawnbroker about the types of items that are acceptable. Pawn shops are usually willing to accept jewelry, silver flatware, coins, and collectibles that contain precious metals.

Selling your precious metals to a pawn shop can be an easy and effective way to turn these unused items into cash that you can apply toward something more beneficial. A pawnbroker will evaluate the weight and quality of your metal items to determine how much they are worth on the open market. Work with a local pawn shop, like Wimpey's Pawn Shop, to transform precious metals into cash in the future.