Myths Associated With Pawning Precious Metals

With the rise of the internet also comes the rise in misinformation. No matter how you look at it, there’s a lot of things that may be wrong about subjects far and wide. That includes myths associated with pawn shops, and pawning items. To dispel these myths, you should look into a good resource for pawning your items, like MajorPawn.

Pawn

Amidst the most popular myths associated with lending and selling to pawn shops is in regards to precious metals. A lot of this is negative, and wrong, and if you aren’t careful, you may miss out on a big payday because of it. It’s for that simple reason why the following is so important. The following will show you some of the myths that you should not believe about pawning, especially to a reputable source. MajorPawn is one of the best options that are around for precious metals, and there’s many reasons why. Don’t believe these common myths.

You Cannot Get Fair Market Value

The first thing that you need to throw out is the idea that you will not get fair market value. Many people assume that you will not get the value of your metals if you go with a pawn solution. That’s not true at all. When you go to give your metals to a pawn shop, they are going to assess the items that you have based on several factors. It’s the same factors that any other gold or metal dealer will do. However, the mark up, overhead, and money options will be different. You’ll find that pawn solutions will tell you the weight, market value, and whether or not you have something of value. Jewelry stores and other options may not give you the same information, and many won’t buy anything that is not of a certain quality.

You Have To Sell Unbroken Jewelry

Here’s a common myth that people believe about precious metal pawning, and it’s in regards to jewelry, you need to only have unbroken pieces. That’s not true at all. In fact, you’re going to find that you can get the same money for broken jewelry that you would with unbroken pieces for several reasons. The main reason why this is true is because the value of precious metals is not found in the function. A ring that is 1 ounce will pay out the same price as a bracelet that is 1 ounce, and the same grade of gold or silver. The weight and quality of the metal is something that is factored in higher than whether or not it functions as a single piece.

Coins Have To Be Old

Once again, this is a wrong thing to believe. While there is some truth to the notion that older coins could garner you a great deal of money, they don’t have to be old to garner money. In fact, you’ll find that many pawn shops, including MajorPawn, will give you top dollar for coins that are minted, uncirculated, circulated, or new. Again, the main factor here is whether or not the items are plated in precious metals, or if they are pure.

cash-for-goldThey’ll be tested for quality, and weight. The price will be market value, and you could garner a great deal of money by pawning them out right. They don’t have to be old, they just have to be made of gold, silver, or platinum, and be pure. Older options can rise upwards above the face value, but there are other factors that should be considered in this regards.

As you can see, there are several myths that you should not believe when it comes to precious metals, and pawn shops. You may have a ton of money just collecting dust, so take a second look at this solution overall.

Comments (1)

  • Thanks to share this information, I have read your post and get idea how to sell my precious metals. This post is really very useful for us. I have also visited your website majorpawn.

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