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Ever Wondered How Pawnshops Determine the Value of Items? Here’s How

You are well versed in pawning off your preloved items and gadgets. You have done it on multiple occasions and are urging to do it again, just to gain a little extra in your savings. One question crosses your mind, how do pawnshops determine the value of the items I pawn off? Surely, it isn’t just the size and weight of the jewelry; of course it’s much more complicated than that. Before you even spend a minute or so researching online regarding this, allow us to enumerate a few important factors that would answer your question. Some of them may even surprise you:

1. Experience

Believe it or not, pawning is a type of profession that you can master by fully immersing yourself in the deal. Pawnbrokers must be knowledgeable about prices in order to be good at their job, and experience is a huge part of this process. They must know the current values of products that are regularly brought into the shop, such as jewelry, gadgets, and even musical instruments. Knowing all of this, they can determine how much they’ll be able to pay you in return for the item being surrendered.

2. Expert Opinions

Another interesting thing to know is that there is more than one type of pawnbroker. Yes, you’ve read that right. Those that can be found in the usual pawnshops specialize in determining the price of gadgets, jewelries, etc. On the other hand, there are those who can distinguish the price of other vintage items, like cars, paintings and firearms. Not all shops can specialize in these items, so sometimes pawnbrokers will reach out to those that do. Think of it as a network of pawnbrokers, sharing their thoughts and knowledge on various categories of items.


3. Online Resources

Technology really has its perks. When you’re not familiar with a certain term, you immediately search it on the internet, curious to find out its meaning. The same goes for pawnbrokers, who (at certain times) use online resources such as Craigslist, eBay and even Amazon to help find information on the market of the item. This is common with rare books, stamps, and prints. By doing an advanced search on one of these sites and looking at multiple pages of results, pawnshops can easily get the information they need to properly price an item. Think of it as their extra measure in ensuring that you get a fair price on the item that you’d pawn.

4. Sentimental Value

This isn’t limited to your typical story of – “My grandmother gave it to me, hence, it has a significant value.” This would refer to items which have a particular add-on that made them stand out from the ordinary. For example, an old novel would sell with a decent price as long as it’s still in mint condition, and definitely still readable. On the other hand, if it was signed by its famous author, the price would be higher than the usual, even surpassing its original store price, depending on its rareness and present condition.

With all of that being said, you may be looking for a pawn shop that would provide you with the most honest and highest appraisal possible. No worries, as Cebuana Lhuillier has got your back. With their Pawning Service you can never go short in any amount, as they accept an array of items, from jewelry to gadgets, as collaterals. They also lead the pawning industry by offering safety and the highest appraisal rate in the industry in its more than 2,200 branches nationwide. Visit your nearest Cebuana Lhuillier branch now – we assure a fast, easy and secure transaction.

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