Dealing With Pawnshops

Maybe you've never been inside a pawnshop and have no idea how they work. Well, you're missing out on a great place to find affordable jewelry of every kind imaginable. Here are some tips to help you look like a pro in no time.

Background of Pawning

The general idea is that you bring something you own to a pawnbroker, and he loans you money against that item, which he keeps in his possession. You pay back the loan, with interest, and redeem your item, or the pawnbroker keeps the item when you fail to pay him back. He is then free to offer your item for sale to the general public. In fact, pawnbrokers also purchase items outright for this same purpose.

Bargains

Most of the items you can purchase at a pawnshop cost far less than retail. In fact, as far as jewelry goes, you can usually expect to pay around half (or less!) of the retail value of any piece.

You may be wondering whether the jewelry pieces you find at pawnshops are genuine. Most pawnbrokers have experienced jewelers on staff to verify the value of jewelry pieces before they loan money against them. But if you are still uncomfortable with the idea, you can always bring your own appraiser along to make sure you are getting the real thing.

What if it's Stolen?

Pawnshops tend to have a bad reputation as being sleazy, with pawnbrokers who are out to rip off the customer. According to law, however, pawnshops are required to obtain good identification from people who wish to pawn their belongings, and they are required to keep good records, in triplicate, with one set available for police review. And when the police ask pawnshops to be on the lookout for certain specialty items that may be stolen, the pawnbrokers can help police capture thieves and return stolen property. If there's any chance that a piece may be stolen, it is usually kept separate from the saleable merchandise until the pawnbroker receives the "all clear" from the police.

Estate Jewelry

Sometimes, the executor of an estate will sell everything outright to a pawnbroker in order to avoid a long, drawn-out ordeal. This can be a boon for you, as you may be able to find matched sets of vintage jewelry for a fraction of their retail price.

Shopping with pawnbrokers can be a very rewarding experience. So if you've never visited a pawnshop before, take a look. You might be pleasantly surprised by what you find.