Appraisals – Fullerton Pawners

How Do Gold Purchases at Pawn Shops Work?

fulltnpwncmsadmin December 16, 2024 Uncategorized

If you’re struggling to afford the holiday gifts on your list – or have some unexpected bills to pay – you may be eyeing a gold belonging that could be pawned for cash. The idea can seem a bit strange to someone new to the world of pawning, but items containing gold are sold or used as collateral on loans every day. Your local pawn shop should be more than helpful in explaining the process to you and answering your questions, without any obligation to sell.

Whatever your plans, start by gathering information about how the process works before making any deals. Doing so will help to ascertain the value of the item, or at least get comfortable with the language you may hear when you bring it in for consideration.

What Does It Mean When Gold Is Rallying?

As you may have noticed, earlier this year there was a lot of chatter about gold “rallying” in the news. What was all the fuss about – and how might it affect your outcome as a seller?

Since the price of gold fluctuates along with most everything else, it is useful to know how the soft, malleable metal is currently valued when you head to a pawn shop. When its market price hit a high earlier in 2024, some folks were taking a second look at their antique jewelry drawer. During inflationary times, the price of gold tends to go up, and that was happening on a market level recently due to inflation.

Some of what we were hearing had more to do with the predictions of investors and concerns of people considering putting more of their investments into gold as a financial safety measure. However, the process for individuals with something to sell is the same no matter what times we’re in: investigate the current valuation of anything you are considering pawning, whether it contains gold, silver, gems, or none of the above.

Want to Pawn a Gold Belonging at a Pawn Shop?

Are you thinking of pawning something that is either partially or entirely made of gold? The pawning process couldn’t be more simple:

Step 1: Make sure your possession is truly made of gold.

One sign is the test of time, as gold doesn’t corrode or become tarnished like an imitation metal would. If you’re unaware of the history of an item or want to double check, ask an experienced local pawner who you can trust.

Step 2: Bring the item to a pawn shop during business hours.

Get the deets beforehand!

Step 3: Have a conversation during which you will receive a valuation.

This is one of the biggest differences between pawning and a routine shopping experience. Neither side knows what something will sell for when you walk through the doors.

Step 4: Expect more detailed information about your goods.

When it comes to gold, the business may want to figure out the karat, a measurement of its purity that will determine the value. If so, they may want to weigh it, as well.

Step 5: Let them know if you simply wish to sell.

This process is more straightforward than a loan. They will typically examine the item to verify its authenticity and then offer you a price.

Step 6: Say you are looking for a loan.

This will lead the pawner to explain their loan terms in a clear manner you can understand.

Step 7: Prepare for negotiation.

Some pawners are willing to negotiate a price with you. Others may want to stick with their original offer. Just know that you have more power on your end if you are in possession of something the store really wants, and may be able to convince them to give you a better deal.

Step 8: Walk out the door with more money and a good feeling about your transaction.

Either you will need to repay the loan within a given time frame, or you have said goodbye to your gold. If you took out a loan, make a note of the maturity date so you can pay it back in time without added interest.

Bring Your Gold Items to Fullerton Pawners on Chicago’s North Side

Interested in pawning gold or something else? Fullerton Pawners is interested in gold, silver, precious gems, and a whole range of valuables you may wish to sell. Contact Fullerton Pawners by calling 773-637-9999 and get answers to all of your pawning-related questions!

Smart Lessons from the TV Show Pawn Stars

fulltnpwncmsadmin May 15, 2024 Uncategorized

Think pawning isn’t popular? This age-old business practice is so universal that a TV show about it on the History Channel turned into an international hit – with a lot of lessons to learn for anyone tuning in.

The most valuable pearls of wisdom viewers got from the show could apply to any exceptional pawn service. To name a few:

1. Pawning Is Universally Popular

Since launching in 2009, the reality TV show Pawn Stars has kept millions of viewers around the globe enthralled with everything pawn-related. It’s taught us what to look for when exploring the different services our neighborhood pawn shop is offering. Also, about the kind of relationship you can build with an honest, expert pawner once you find them.

2. Pawn Shops Are Fascinating – You Never Know What You’ll Find

On TV, people who tune into the show are treated to more than haggling. Those scenes are part of the entertainment and may be partly scripted. But you also get to listen in on interesting conversations about the history of artifacts like a nineteenth century navy pistol or a poker cheating device. With an inventory in the thousands, the pawn shop in question chooses a few items to focus on in each episode, delving into the history behind each one.

3. How Much Is It Worth? Customers Want Accurate Appraisals of Goods

Other than some fun family dynamics, the main attraction of the show is often the recurring segments showcasing product appraisals. When folks bring in valuables from their attics, they want to know how much they are worth. This aspect of the show is a chance to display experts discussing what the market value of goods might be and why, which is why the show was often compared to Antiques Roadshow. Watch enough episodes and you’ll get a sense for how your own family heirlooms might be appraised.

4. Good Pawn Shop Brokers Tell It to You Straight

What stands out about Rick, the co-owner of the shop behind the show, is that he is a straight shooter who tells it like it is. If he doesn’t know the value of an item brought into his store, he takes his time to find out.

Granted, this kind of plot makes for good TV and doesn’t necessarily reflect how the average exchange goes in real life. One highlight of the show is that numerous experts are introduced to offer up insights into the objects that will indicate what their market value would be today. All of this gives these segments an air of authenticity – a quality you too should expect from any service you would consider.

5. Honest Pawners Gain a Trusting Clientele

Perhaps the central lesson in Pawn Stars is that shoppers need to trust the person they’re considering doing business with. Remember, there are multiple services that consumers could potentially take advantage of at a reputable pawn shop:

Selling antiquities
Taking out small loans
Using personal valuables as collateral
Assessing the value of merchandise
Shopping for unique items

Every good business must earn the confidence of its customers. At the end of the day, Rick and the other characters know their stuff. They know when not to take the advice of certain appraisers, as well as when to learn from them.

6. Some Pawn Shops Can Repair Valuable Items for You, Too

Some episodes involve the Pawn Stars offering to repair items to determine their potential worth (or because something needs fixing). Need a piece of electronics equipment checked out for a possible repair? At Fullerton Pawners on Chicago’s north side, we also restore merchandise for customers, depending on the item and its condition. Give us a call or stop by to discuss your request.

Fullerton Pawners in Chicago Has the Best Reputation Around

Need a loan on short notice, or just want to browse some pretty cool inventory? There won’t be any TV cameras. Just a highly experienced and knowledgeable staff that gives clients an honest assessment of their goods, as well as loans when they need them.

Contact Fullerton Pawners by calling us at 773-637-9999, or stop by today to have your own merchandise evaluated.

Top Qualities Pawners Look for in Merchandise Appraisals

fulltnpwncmsadmin March 20, 2024 Uncategorized

Giving proper appraisals for merchandise is one of the most important services a pawn shop can provide. But how do they come up with their appraisals – and how do you know you can trust them? It starts with an appreciation for the process itself. Some appraisals stem from a comparison against an identical or near-identical item. If the shop doesn’t have the exact item on hand, they must familiarize themselves with the goods that come in their door so they can do their best to provide an accurate dollar amount when buying and selling goods.

Shoppers are sometimes surprised when they get a different appraisal when shopping around. Before selling your grandfather’s watch or buying a beautiful antique brooch you saw in a window, take a closer look at the process so you can understand how appraisals are done. Just like pawn shops look for certain qualities in products, the customer is also seeking out qualities in the appraiser.

Details Pawn Shops Look for to Make Appraisals

If you’re thinking of selling something, it will help to find out for yourself as much about the item as possible. If it’s a family heirloom, have a conversation with someone in your family to discover more about the background and condition of the watch, artwork or piece of jewelry you’re having appraised. Talking to an older relative may provide you with unexpected details that can give a more accurate picture of the item.

Meanwhile, the pawner will also examine a range of details aimed at assessing every aspect of the item in question. Some things they may look for include:

Condition
Age
Size
Distinctive features
Where it originated
Market value of product or materials

Since there is not always going to be a highly similar item against which to compare your belonging, they will do their best to come up with an assessment based on the above factors to make a determination.

Specific Appraisal Expertise

The appraiser should have expertise in the area of your particular item. For example, to have your antique Tiffany lamp appraised you want to talk to an antiques appraiser with knowledge in that specific area to get an accurate assessment. It’s easier to appraise turn-of-the-century sterling silver pocket watches when they have done so multiple times in the past. Industry certifications, designations and licensing can be helpful in letting customers know that they’re dealing with someone reliable who is able to make informed and accurate appraisals.

Carat Levels of Gold and Silver Jewelry

Jewelry is one of the most common items to be brought into pawn shops. And the carat level can be measured to tell you the purity of the piece of jewelry being examined – for gold, silver, copper and even zinc. There is a different composition of gold at different carat levels, so the pawner may take a look at the percentage of gold to determine the value of the jewelry.

Understanding the purity of what you have, as well as something you may want to buy, is important because it helps you know whether you’re engaging in a good-faith transaction with the business.

Do You Have to Visit the Pawn Shop in Person?

Find out what the process is of the pawn shop in question. If you call or contact them online, some pawnbrokers may request photos to come up with an initial estimate or determine whether there is potential for the item to be sold at all.

Fullerton Pawners In Chicago Is Trusted to Make Reliable Appraisals

At Fullerton Pawners, our team of professionals is prepared to answer all of your questions about how we come up with appraisals at our shop. With 30-plus years of experience in the neighborhood, you know a few things about us already:

We are a trusted local business.
We have a history of merchandise appraising expertise.
We have a good reputation in our industry.
We take our time making accurate appraisals.

In addition to buying and selling goods, we can also exchange them for loans. Reach out to Fullerton Pawners online, or call us at 773-637-9999 today.