If you’re a fan of current reality shows like “Pawn Stars” or former ones like “Hardcore Pawn,” you’re already familiar with how pawnshops work. While you can sell almost anything at a pawnshop, certain items are more in demand than others — and more likely to fetch higher dollar amounts.
Check Out: 9 Antique Items You Could Sell for Thousands of Dollars
Trending Now: Do You Have a $2K Quarter? Look Closely Before You Spend This 2004 Coin
Knowing what to expect can be helpful if you’re in a pinch and need the best cash offer. Keep reading to learn more about pawnshops and find out the best things to pawn for extra cash.
Trending Now: Suze Orman’s Secret to a Wealthy Retirement–Have You Made This Money Move?
Quick Take: Pros and Cons of Pawnshops
There are about 10,000 pawnshops nationwide, according to the National Pawnbrokers Association, many of which are family-owned businesses.
Typically, you bring an item to a pawnshop, and the pawnbroker will offer you a short-term loan based on the item’s value. If you pay off your loan in time, you get your item back. If you don’t pay the loan in time, the pawnshop is free to sell your item.
A personal loan from a bank is a better alternative if you qualify. Otherwise, pawning might be a viable option. You can also sell your items outright.
Here is a look at some advantages and disadvantages of pawnshops and other key considerations:
Pro: Pawnshops don’t care about your credit, so you can get a loan even if you have poor credit.
Con: The exorbitant annual percentage rate you’ll pay on the loan may not help your financial situation. For example, the shops are regulated by states, so how much interest they charge varies widely. This can range anywhere from 12% to over 240% APR, according to Nolo. A 240% APR means you’d pay 20% interest per month until the loan is paid off.
Pro: If you fail to pay back your pawnshop loan, it won’t affect your credit score — you’ll simply forfeit your pawned item.
Con: Pawnshops only loan you about 25% to 60% of an item’s resale value. If you pawn a piece of jewelry worth $1,000, you might get a loan amount of between $250 and $600, but you won’t get the value of the item. And, of course, you’ll risk forfeiting a $1,000 piece.
Pro: You’ll be able to get cash on the same day, so if you need money in a hurry and have no other options, a pawnshop may work for you.
Con: A high percentage of people aren’t able to repay the money owed. The average loan from a pawnshop is $150 and lasts 30 days, according to the NPA. About 85% of people do pay back their loans and reclaim their items.
Discover More: 15 Things You Can Donate for Money
What Are the Best Things To Sell at a Pawnshop?
If you need some extra money one of the easiest ways to score some is to sell items that are in good condition from around your house. You don’t even necessarily have to give up anything as long as you pay back the loan on time.
You can try to negotiate the price they offer you if you think it’s too low. Different pawnshops could make different offers, and loan amounts can vary widely depending on the broker, the popularity of the item in a particular market and the item’s condition. If you have time, visit several pawnshops to get the best offer on everything from precious metals to firearms.
Since pawnshops typically offer somewhere between 25% and 60% of an item’s resale value, you’ll need to pawn an item worth between $835 and $2,000 to get $500. Here are the seven best things to pawn for quick cash.
Jewelry
Concentrate on items with gold, diamonds or platinum. Pawnshops sell a lot of jewelry, and they often have someone on hand with specific expertise in gold and precious stones. They’ll be familiar with things like cut, carat weight and melt value.
If you aren’t familiar with current prices on jewelry, it might be smart to bring the pieces to a jewelry store that sells pre-owned and estate jewelry to get a quote for comparison, and perhaps a better deal.
Other Precious Metals
Precious metals are easy to pawn because they tend to appreciate over time. This makes them a good risk for a pawnshop.
New High-End TVs
If you’re looking to pawn a nice, new TV, it needs to be high-definition or 4K to fetch a significant price. Gently used or new electronics are often the most sought-after items at a pawnshop and come with a good resale value.
Collectibles
Collectibles can be tricky, with some commanding far more money than others. Some collectors’ items are worth well over $500, so do your homework by researching values on WorthPoint or checking sold prices on eBay before you head out to a pawnshop.
Note that some collections aren’t worth much at all; your collection of Beanie Babies, vintage band T-shirts or royal memorabilia probably won’t get you much.
Coins
Much like collectibles, coins can vary widely in value. A 1964 Kennedy half dollar is worth about $10, whereas a 1913 Liberty Head V Nickel averages over $3 million, so be sure you know what your coins are worth before pawning them.
Firearms
High-end firearms that are registered to you and are in good working order can easily get you a $500 loan.
Vintage Technology
If you happen to have one of the following, you can probably get $500 for it at a pawnshop:
Macintosh 128K — Worth $1,500 to $3,000
Pioneer SX-1980 Stereo Receiver — Worth $10,000 to $15,000
An original, unopened iPhone — Worth $3,000 to $6,000
What Will a Pawnshop Not Buy?
You can sell almost anything at a pawnshop, but some items command higher prices. Keep in mind that if you never pick up your item, the pawnbroker needs to sell it to make a profit.
However, if the pawnshop has a lot of inventory of whatever you’re selling, they might not buy it at all, or you may get a very low offer.
Final Take To GO
The bottom line is that if you need cash in a hurry and you have an item you won’t miss a pawnshop could be a good option for you. Keep in mind that interest rates and finance charges can be quite high, so consider other sources of cash if you can afford to wait a bit.
Caitlyn Moorhead contributed to the reporting for this article.
More From GOBankingRates
5 Luxury Cars That Will Have Massive Price Drops in Spring 2025
4 Things You Should Do if You Want To Retire Early
7 Wealth-Building Shortcuts Proven To Add $1K to Your Wallet This Month
5 Things You Must Do When Your Savings Reach $50,000
This article originally appeared on GOBankingRates.com: 7 Best Things To Pawn for Extra Cash
