How Much Do Pawn Shops Pay?
Whether you are in a tight spot and need some extra cash or you simply cleaned out a closet and want to get rid of items you no longer use, La Familia is an excellent choice for pawns, loans, sales, and more. When you bring in your jewelry, electronics, tools, and other items, we give fair offers and put our customers first.
How Much Do Pawn Shops Pay for Gold?
Jewelry pieces made with precious metals are some of the most frequently pawned items. Because people spend large sums on fine jewelry, they expect large offers for these items in return. However, the retail price tag at the time of the initial purchase is deceiving. It is not likely that you will get an offer comparable to what you paid for because the factors going into the pawn are more simple and straightforward than the creation and sale of jewelry from retailers.
Rather than hoping to resell an item made of precious metals, a pawn shop will often look at the value of the metal itself once melted down. This is referred to as the melt price or melt value. When dealing with gold, melt value is calculated based on three factors: purity, weight, and the current market price of gold. While many people tend to think of measurements of gold in grams, the price of gold us more generally listed at the price per troy ounce, which is equivalent to 31.1 grams.
The purity of gold is reflected in the karat measurement. The higher the karat, the purer the gold in the item is. However, the weight is a very important factor as well. A 14 karat gold ring will be worth more than a 10 karat gold ring of the same weight, but a small 14 karat gold earring stud could be worth less than a 10 karat gold bracelet. The purest gold items are 24 karats.
Even once the purity and the weight have been determined and calculated with the current price of gold, you will not receive an offer for the full value of the item. A pawn shop would have a hard time selling the gold from the item for more than it is worth, so making a profit requires that they offer less than market value for the melt price. Usually, a shop will have a policy for a specific percentage of the melt value they will offer. These policies include a wide range of possibilities, but you will likely have difficulty getting more than 70% of the determined value. In addition, the price of gold is not static, meaning it can change from day to day. Therefore, there is a need for establishments to give themselves some protection in the case of a drop in the price between the time they obtain your item to when they can make money off of it.
The process is almost exactly the same for determining the value and ultimately the offers given for sterling silver as well. The market value will differ from that of gold, but the calculations are based on the same factors. While this may be a disappointment to those with expensive jewelry in good condition, it could be great news for someone with broken bracelets, tangled necklaces, rings that no longer fit, or pieces that aren’t fashionable anymore.
How Much Do Pawn Shops Pay for Diamond Rings?
Regardless of your reasons for wanting to pawn a diamond ring, its value will be measured similarly to the process by which the value of gold jewelry is calculated. For diamonds, the cut, clarity, and color will be considered in addition to the size and market prices. The setting of the ring will be considered as well, because diamond rings often use precious metals which add to the overall value. If you have the certificate from the original jeweler, not only will your ring be easier to evaluate, but you, as a client, will have more credibility. It also helps to indicate if any notable modifications have been made to the ring.
Diamond earrings will be appraised in the same way, but the value will be almost solely based on the diamond itself. Diamonds are the best gems to take to a pawn shop because of the universal standards and the more widely available expertise. Pearls, on the other hand, are much harder to pawn because they are harder to test and evaluate without a trained expert. In addition, pearls are not in demand the way diamonds are, so the value is automatically lower. Though they were once a staple for every woman’s jewelry box, they are no longer preferred by most jewelry wearers today.
What Can I Pawn for 100 Dollars?
While pawn shops do not make offers on items according to their original purchase price, there are many things that you can easily pawn for $100 or more. No blanket statement can be made, such as all electronics can be pawned for $100, but plenty of categories contain items of that value for a loan or sale.
For example, a large 4K television should have no trouble getting you an offer over $100, as long as you have all cords and remotes, and the device works correctly. If you have a lower quality television, you will need to make sure it is no more than three years old and preferably 46 inches or bigger. Similarly, a gaming console should get an offer of $100 or more if it is the newest model, it works well, and all of the necessary accessories are included. Simply put, if you want to guarantee a pawn offer of more than $100 for an electronic, the newest versions kept in good condition with all necessary chargers and accessories are your best bet.
Gold coins are also a good option if you want $100 from a pawn shop. Coins are usually heavier than a single piece of jewelry and having enough coins to weigh 10 to 20 grams will likely be enough for a $100 pawn, especially if the purity is relatively high. If you collect silver coins, it is possible to obtain a $100 loan, but you will need a lot more weight in silver to meet the same value you could get with gold coins. If you want to rely on a piece of jewelry, it is likely that a good quality diamond of more than half a carat should do the trick, regardless of the metal it is set in.
The La Familia Choice
At La Familia Pawn and Jewelry, our goal is to help each and every customer as much as we can. We will loan on any valuable item, even some that are not listed here. With locations all over Central and South Florida, we have plenty of opportunities to serve you and give you the best offer possible. Contact us to ask about any items you wish to pawn or sell today.