Precious metals can fetch hefty returns if you know how the market works. You want to get the best prices, but there are important factors to consider in selling. In this article, we share tips on how to get the best price for your gold or precious metals at a pawn shop.

Perhaps the most important thing is knowing that you will not receive the full market value for your goods. One reason for this is that the market for precious metals fluctuates daily, even several times a day. A purchase or pawn transaction must take that into consideration. The other reason is making enough profit to keep the business afloat and financially healthy. 

At Cash Express, we consider buying gold, white gold, rose gold, silver, and platinum, not just in bars, but also in watches, coins, and jewelry. The trick with jewelry is evaluating the amount of precious metal in the item. With coins, there’s rarity. 

There are four basic evaluation points that every pawnshop uses to determine an offer.

1. Weight: Measured with precise scales in grams or pennyweights.

2. The metal’s purity. If your item has markings like '24K', that’s a good starting point.

3. Metals with stones: The gem plays a role in value determination

4. Current market prices. 

TIP:

 If the economy becomes uncertain, investors often want to purchase rare metals, especially gold.

5. Condition: If the piece is going to be resold rather than used for scrap, condition matters a lot. Think of the person who might want to buy your item. Is it immediately attractive? With a watch, is it working?

6. Demand: Precious metals go in and out of fashion. Your evaluation includes a sound understanding of whether there’s a demand for what you’re selling. 

7. Uniqueness & Rarity. Antiques made with precious metals may be uncommon or highly distinctive.

Our professional appraisers can provide a price for broken pieces, which have scrap value.

The Best Price for Your Gold or Precious Metals by Season

One way to get the most money for your precious metals at a pawnshop is through strategic timing. At Cash Express, we’ve observed that there are price peaks throughout the year that you can use to your advantage. The whole market shifts into high gear. Bear in mind, wedding season varies from culture to culture. In India, it’s November and one of the traditional gifts is elaborate gold jewelry. 

The holidays can be a catch-22. You have people buying special items from Christmas to Boxing Day. Just prior to this, consider selling necklaces, bracelets, earrings and other items perfect for gift-giving. On the other hand, in preparation for tax season, more people sell their precious metal assets. Then they start buying again in the new year. Having gold in stock in January is a good marketing practice. 

Preparing to Sell Your Precious Metals at a Pawn Shop

There are steps you can take to get the best price for your goods. These include:

1. Checking various sources regarding the metal’s price on the day you go in. This gives you a solid foundation for negotiations.

2. Spruce it up. With items other than bars, make sure what you're selling looks its best. 

3. Bring any associated paperwork like receipts, certificates of authenticity, other appraisals, name of the designer if applicable, original packaging, etc.. Provenance is very important in pawning. These documents prove ownership and trace the history of the precious metal.

4. It’s okay to haggle. There is usually some wiggle room, but be reasonable. If you’re planning to buy something after your sale, store credit sometimes yields a higher return. If you’re not happy with the deal presented, just walk away. 

The Cash Express Experience

Our friendly professionals at Cash Express make your sale or pawn transaction simple. Every step of the way, if you have questions we’re happy to answer them. We are the number one pawnbroker in Philadelphia for Quick Cash! Besides coming to our show room for more information (located at 731 Chestnut St. Philadelphia, PA), you can:

Call our office: 215-922-1560

Email us: info@pawnphiladephia.com

Or, use our online contact form

If you’ve been thinking of taking some of your items to a pawnshop for the first time, you might be somewhat unconfident as to how to go about things. That’s natural. Many people we see at Cash Express are just starting their pawn adventures and have little knowledge of how the pawn industry works. Taking a few moments of research will make you feel more at ease. 

Top 5 Mistakes People Make & Misunderstandings When Selling To A Pawn Shop

There are several common mistakes people make when selling to a pawnshop. This article examines some of them so you can prepare in advance. 

1. Misunderstanding: Market Prices Aren’t Fixed:

There are numerous factors that influence market values. These include the time of year (is it giftable?), popularity, and rarity, which are three common ones. You may love your old video game, but if dozens of them are available, you have a lot of pricing competition, for example. By far, the most volatile selling market is that of precious metals, where values can fluctuate several times in just one day. No matter what you’re selling, look around at sites like eBay. It’s not always a perfect measure, but it helps. 

2. Misunderstanding: Not All Pawn Shops Buy All Things

Some pawn shops specialize, while others cater to a broad-based industry, and still others focus on key items they watch out for. So don’t feel insulted if a shopkeeper says, “No.” At Cash Express, we carry high-end watches, jewelry, antiques, precious metals, gemstones, and collectibles. Having said that, we’re often interested in tools, cameras, musical instruments, computers, and designer handbags. To save a little time, give us a call before you visit at (215) 922-1560 and ask about the items you have in mind. 

3. Mistake: Over-Negotiating

Nearly everything in a paw transaction is negotiable, so it’s worth haggling a bit. BUT, don’t press your luck. Pawnshops have a bottom line, just like any other business, so they know what they can (and cannot) offer. You can refuse, but also be prepared if the store can't offer you the amount you anticipated. At Cash Express, we offer fair pricing from the get-go. After all, we want you to come back and bring a friend!

4. BIG Mistake: 

Trying to sell stolen goods. If you suspect something may have been stolen at any time in the past, just don’t do it. Pawnshops are required to follow certain procedures and cooperate with law enforcement. There’s documentation with descriptions for every transaction. Should you really want to try to sell, be upfront about the history you know. The store may be able to unravel a mystery!

5. Misunderstanding: Selling “as-is:” 

Don’t just grab your goods and run to the store. You will generally receive more for your Item by taking a few moments to tidy it up. If you have the original box, put it in there. Bring any remaining provenance (evidence of where it came from, price, and when), too. One word of caution. Take care with polishing. Patina, in many cases, is valuable as-is. It’s also easy to scratch items without proper knowledge of polishing techniques.

Pawning or Selling at Cash Express

One of the top mistakes people make when selling items to a pawnshop is not dealing with the right store. They are not all created equal. When you come to Cash Express, friendly service personnel await you. They will be happy to answer any questions you may have. If you’re bringing jewelry, our on-site appraiser can provide you with greater insight into the value of your item on the spot. Once we agree on a price, you get quick cash immediately. 
Besides calling, you can also reach us using our online contact form or our email info@pawnphiladephia.com.