Q. What is a pawn shop?
A. A pawn shop is a store that offers money, usually a fraction of the value, for a variety of different items. Such stores have existed as far back as Ancient Greece, with differing rules for how they operate. Normally a person pawns an item at a pawn shop and then has a month or two to redeem the item by paying back the money owed. There is an additional charge or pawn shop fee that must be paid prior to getting the item back.
What the pawn shop in modern times cannot do is sell the item before the specified date when a customer can still redeem it.
Sometimes the pawn shop offers people an opportunity to merely sell their items, which gives the pawn shop, in most cases, the ability to sell something right away. People who sell instead of pawn their items usually get slightly more money for the sale.
Still, the pawn shop usually offers far below market rates for anything that is pawned. This is because it can—many people who must pawn something and can't wait to sell it at market value are in desperate need of the money. Further, every purchase is a venture. The pawn shop might end up with an item they can't sell or don't sell for the price they want. Therefore, the lower than market value price may offset money lost on items that never sell, and also help to support the pawn shop staying in business.
In the US, there are strict rules regarding the running of pawn shops, the length of time a pawn broker must wait to sell an item, and sometimes even the percentage of the market value at which an item can be pawned. These rules vary from state to state. Some of the rules are built to protect the potential pawn shop customer, and others are designed to make sure that any goods that are stolen, that might be knowingly purchased by a pawn shop, can be traced back to the seller, and possible thief.Q. What can you pawn?
A. Most things of value including jewelry, scrap/broken jewelry, silver, bullion, coins, electronics, televisions, power tools, small engine equipment, musical instruments, video games, etc. Q. Items we do not accept?
A. Firearms (we do not hold a firearms license) Items in poor or non-working condition, car audio equipment, Cd's, outdated equipment, housewares or appliances. There is no clear line on any certain item. If you are unsure, please call and we'll be happy to answer that question.