Pawn shops are on the rise, especially among the millennial generation. Whether due to the current financial times or just the popularity of programs like Pawn Stars, more and more Americans are headed to the shop to make some quick money.
You can pawn a huge variety of objects from your home at a pawn shop. Maybe you have a box of jewelry at home that you don’t often open. Wouldn’t it be nice to turn that into cash that you could actually use right away?
If you need a loan, a pawn shop can be an easy way to get liquid fast. But going to a pawn shop can be a confusing experience, especially for a first-timer. Read on, and we’ll walk you through how to pawn a bracelet at a pawn shop.
There are two methods for getting an estimate for how much a pawn shop will pay for a bracelet. One is to do some online research, and the second is to educate yourself on how pawn shops price bracelets and jewelry in general.
In this post, we’ll cover how much pawn shops pay for a bracelet by telling you how to price your bracelet online. We’ll also break down the pricing of gold and other precious metals, show you how to calculate the value of your bracelet, and tell you how pawn shops determine jewelry value.
How Does A Pawn Shop Work?
If you’re not familiar with pawn shops, you may be curious about how the process works when you enter the store.
You can bring your bracelet in and share it with the pawnbroker. They will asses the value of the bracelet at a glance. If the value of your piece isn’t immediately easy to parse, they’ll likely bring in an appraiser.
An appraiser is a professional estimator and can give the most educated response as to the value of a piece of jewelry. You can always bring your bracelet to an appraiser on your own if you want to know its value before walking into the store.
Once there is an appraisal, the broker will make an offer on the bracelet. The offer is usually somewhat below the bracelet’s actual value. Remember, pawn shops are a business and need to resell your bracelet for a higher price.
Loans Vs. Cash
The offer that a pawnbroker will make for your bracelet can either be in terms of cash or as a loan.
If you plan to pawn your item as a loan, the broker will draw up the proper paperwork. You fill out these pages, and then cash and bracelet are exchanged. You then return with cash and interest within the specified amount of time, and the item can be returned to you.
Failure to return with cash in the proper amount of time will mean that the pawn shop gets to keep your jewelry. That’s the law.
However, you may be fine selling away your bracelet for good. If this is the case, you’ll be offered a cash amount right off the bat and can leave the store with it right then and there.
Find out the Price of your Gold Bracelet Online
How do you find the price of your gold bracelet online? You list it on PawnGuru. If you haven’t heard of PawnGuru, we allow you to create a listing for free that alerts all pawn shops in your local area that you want to see what they would bid on your bracelet.
There’s no obligation for you to accept a bid. You would just take a couple minutes to list it and watch the offers begin to roll in almost immediately.
To be efficient with your time and get the most accurate estimate for how much pawn shops pay for a bracelet—and yours in particular—you’ll want to let PawnGuru work its magic while you read the rest of this post.
What is My Bracelet Worth?
The short answer is that it is based on the price the buyer able to resell it for, minus a fee. You will generally get around 60% of the market rate for your bracelet if you sell it, and around 45-50% of the market rate if you pawn it.
The more intricate answer is that the pawn shop has 2 main options for using your bracelet. Either they can resell it as is, in which the labor of creating the bracelet and the design matter, or the pawn broker can resell it for parts.
There’s generally 2 parts of a bracelet, the precious metals and the gem stones. The gem stones are worth what they would fetch on the market. Generally the more pure the color is, the less cloudy the gem is, the better the cut, the better the sparkle, and the better the color is, the more it is worth. The metal is a bit more complicated.
How to Determine the Karat (Purity) of your Gold Bracelet
Because one of the factors in how much pawn shops pay for a gold bracelet is the purity of the gold in your bracelet, you’ll need to know the karat of your gold. You determine this by checking inside the bracelet or on the clasp for a symbol.
Karat Symbols (Hallmarks) and what they Mean
The symbols on the inside of your gold bracelet will either read 10k, 14k, 18k, 417, 585 or 750. These are called hallmarks and they represent the purity of your gold. The higher the number, the purer your gold is. This means that there is less of other non-gold metals mixed in with it.
You may have never heard of the three-digit numbers before. They all are representative of karats. Use the following as a gold karat guide.
- 10k or 417 = 10 karat = 41.7% gold
- 14k or 585 = 14 karat = 58.5% gold
- 18k or 750 = 18 karat = 75% gold
Anything that is less than 24K gold is a mixture of gold and silver alloy.
The markings GF, GS, HGE, and fractions in front of a karat (e.g. 1/10 14K) indicate pieces that you likely won’t get much money for. If you see these on your bracelet, it’s likely costume jewelry.
How to Determine the Weight of your Gold Bracelet
The weight of your gold bracelet is easy to determine. You just need a scale that weighs to a tenth of a gram.
If you have any embellishments on the bracelet such as stones or non-gold charms, you need to estimate how much those weigh and subtract it from the weight of your bracelet. Once you have that number, you can move on to calculating how much your gold bracelet is worth.
After you determine the weight, multiply the weight by the purity and that is how much gold there is in your bracelet. For instance, if the bracelet is 14K and 4 grams, then it is 58.5% of 4 or 2.34 grams of gold.
How to Determine the Weight of Your Silver Bracelet
This is very similar to figuring out the weight of your gold bracelet. Look for the engraving on your silver, there should be 3 numbers. The numbers are the number of parts per thousand in the metal alloy. 925 is 92.5%, 999 is 99.9% silver.
Then weigh the bracelet and estimate how much the non silver parts are, and multiply the weight by the purity to get the true amount of silver in the bracelet.
For instance, if your bracelet had a 925 engraving and was 8 grams, then it would be 92.5% of 8, or 7.4 grams of silver.
How to Determine the Weight of Your Platinum Bracelet
Platinum is easy to mistake with silver or white gold, so it’s important to read up on how to tell the difference before you bring it into a pawn shop.
Look for the engraving. If it is a platinum bracelet is will be engraved with “PT”, “Platinum”, or “PLAT”. It will also be engraved with 3 numbers which detail its content, much like silver. The three numbers are usually 800, 850, 900, 950, or 999.
Platinum is worth far more than gold or silver, so if you have a platinum bracelet, you are lucky!
Read our post on How Much Pawn Shops Pay for Platinum.
When is the Best Time to Sell or Pawn Your Bracelet?
The price of gemstones and precious metals fluctuates over time. The market usually rises when the stock market crashes and falls when the stock market rises. People try to hedge their risk in the stock market in precious metals and gemstones.
If you have the ability to wait for a better price, the best time to sell is when investors are worried about the price of stocks being too high, or directly after stock market crash.
Pawn A Bracelet Today
Bracelets and other varieties of jewelry are some of the most popular and valuable pawn shop items. In pawning jewelry, it’s important to do your research and ensure you’re getting the proper value for your item.