If you are looking to get rid of some items you no longer use and to make a little money simultaneously, consider visiting a pawn shop. Pawn shops purchase used items and resell them for profit to other consumers. Many pawn shops can also hold an item as collateral if you need a loan. You can give an item to the pawn shop and it will lend you money. When you pay back the loan, you will get your item back.
Pawn Shop Basics
Findlay Rankin/iStock/Getty Images
It is important to do research on pawn shops in your area if you have never dealt with one before. Some pawn shops specialize in a certain kind of item such as antiques, electronics or jewelry, so if you are looking to sell those types of items you may get a better payout by choosing the right shop. Offer items that are in usable condition. Remember that pawn shops are a business and they want to make money off of your items. You won't succeed trying to trade in junk that is no longer be useful to anyone.
The value of gold has gone up in recent years, reaching a record in 2011, and many pawn shops have started to buy gold as a result. If you have broken earrings, old bracelets or rings that no longer fit, you can trade in these gold items for cash. Most pawn shops weigh your gold to determine how much money you will be paid. Both online pawn shops and local town pawn shops are participating in the gold trend.
Video Games and Electronics
Jupiterimages, Brand X Pictures/Stockbyte/Getty Images
If you always want the latest video game systems and gadgets, you can trade in your old gaming systems and other electronics when you are ready to replace them. Don't let your system just collect dust and go to waste. Many consumers who visit pawn shops might have not been able to afford a system when it came out and they're willing to buy it used, giving pawn shops a ready market. Always take good care of your electronics so that you can receive top dollar.
Although musical instruments might not be the first items that come to mind when you think of a pawn shop, they are steady sellers. Certain instruments, such as drums and guitars, can be very expensive new. Many teenagers and college students can't afford new instruments to start a band, and they look to places such as pawn shops to pick up quality used ones. If your child went through a guitar phase and the item is now in the closet and never gets used anymore, you can sell the guitar to buy the family something new.
Valerie Tandoi began writing professionally in 2004. She has been published in various print and online media outlets including: "New Jersey Business Magazine," "South Jersey Mom Magazine," "ASA-Dix Newspaper," "Happy Woman Magazine" and others. She also creates print and Web content for businesses. Tandoi holds a Bachelor of Arts in communications from Caldwell College and currently lives in New Jersey.