Have you ever wondered what are the best and worst items to pawn, in terms of their value and how much cash they can yield? Here’s a handy guide.
It truly runs the world, and has been the subject of many songs, with lyrics from the Cabaret musical emphasising “a buck or a pound is all that makes the world go around, that clinking clanking sound, can make the world go ’round.”
The world of pawnbroking is one where the role of money is especially important. Some might even call it the lifeblood of the pawning industry. With that in mind, what are the best and worst items to pawn, in terms of their value and how much cash they can yield?
Best: Get a clinking clanking sound
All that glitters may not be gold, but could surely earn you some big bucks at a pawn store. Jewellery, especially if it is adorned with rare gemstones or made of precious metals, is an excellent item to pawn due to its inherent value. The higher the carat the better, both for pawning diamonds and gold.
High-end items such as Rolex watches or other designer goods are also valuable to pawn, largely because the pawnbroker can grant a low-risk loan on them – even if the customer fails to repay the amount, such goods are popular items for re-sale.
According to Robbie Whitten, owner of Money Mizer Pawn and Jewelry in America, tools are also valuable items to pawn. In an interview with Bankrate website, Mr Whitten emphasised that tools sell quickly and so he offers up to 75 per cent of market value for them. Finally, antique items rich in historical value or rare collectibles can also yield significant money.
Worst: Stop the world going around
Common items that someone could easily buy in retail, such as electronic household appliances or microwaves, aren’t as valuable. Cultural shifts can also reduce the value of a once-expensive item, such as a fur coat, as many people prefer faux fur these days. Obviously, pawning stolen goods is illegal and unlikely to yield money. Items in poor second-hand condition also won’t be valuable.