How Do Pawn Shops Determine the Value of your Item?
If you’re visiting any one of the pawn shops in Kansas City, you might see a collection of pawn items including precious items, antique items, machinery tools, jewelry, watches, pianos and the list goes on. Each and every item on the shelf will have a different value. Thinking what determines the value of your item? Pawnbrokers need to consider many factors while determining the value of your item. The appraisal of your item mainly depends on the condition of the item and also the circumstances of the seller. Also, mostly pawnbrokers depend on the online resource called “Blue Book” which is a database for a general idea of current value for most items.
Determining the Loan amount
The main three factors that were often used by the pawnbrokers to determine the loan amount are:
- Current Market Value
- The Authenticity
- The Condition of the Item
Current Market Value
Every item has own market value. Whether you’re trying to pawn or to sell gold, diamond, television, laptops, cell phones or sporting goods, they all have their current market value or the average selling prices. Professional pawn shops in Kansas City accurately appraise the item and works with the aim to provide the most amount of money to their customers.
Pawnbrokers often follow certain procedures to validate jewelry, gems, and other precious metals such as gold, platinum, diamonds and silver. While validating the authenticity, they also measure the amount of Karats present in the jewelry. Next, they will do an acid test on your jewelry and this doesn’t harm or damage your jewelry; rather this is just a way of determining the karat and purity of your jewelry without dust.
The Condition of the Item
This is the final procedure! Pawn shops in Kansas City carefully analyze the jewelry to determine how much wear and tear it has and the overall condition of the item. The better the condition of the item, the better deal and the better cash!
Hope now, you got an idea about how pawn shops determine the loan amount of your item. Thinking you’re ready to pawn your item? Start searching online using the keyword “pawn shops near me” to find the best pawn shop or stop by Sol’s Jewelry and Pawn!