A pawn shop may be an easy way to sell your used items for cash — or get an immediate loan to pay bills.
Pawning can feel embarrassing or intimidating.
Knowing what pawn shops are most likely to buy can make the process easier — and more profitable.
In this post, we explain how pawn shops work, how to navigate through a pawn shop deal, what sells best at pawn shops, and alternatives to pawning:
- Pawn vs. sell — what does it mean to pawn something?
- How long do pawn shops hold items?
- Can you haggle with pawn shops?
What do pawn shops take? 20+ things pawn shops like to buy
- Best things to pawn from around the house
- Iffy items pawn shops are picky about
- What will a pawn shop not buy?
- What can I pawn for $100?
- What can I pawn for $500?
- What can I pawn for $1,000?
- Do pawn shops ever buy phones?
Bottom line: There are things pawnshops always buy
Haven’t yet visited a pawnshop? Everything you need to know here to find a reputable pawn shop near you.
How does pawning work?
If you’re new to pawning, you’ll have a better experience if you understand how pawn shops work and how they make money. Note that despite its shady reputation, pawn shops are a regulated industry with a number of national pawnshop chains and trade associations focused on elevating the quality and reputation of the industry.
That said, a little knowledge about how pawnbrokers operate will help you sniff out a shady player:
Pawn vs sell — what does it mean to pawn something?
Pawning does not simply mean selling items to a pawn shop. The actual definition of pawning is to leave a possession with a pawnbroker, who lends you money and holds the item as collateral until you can pay it back, plus interest. The money you borrow is known as a pawn loan.
If you fail to pay back a pawn loan within the designated loan period, the pawnbroker can sell your item.
However, you can also sell directly to pawn shops, handing over possession of the item on the spot in exchange for cash, typically 25% to 75% of the item’s resale value. One of our writers was able to sell a 10K gold bracelet for nearly 80% of its spot gold value in a secret shopping experiment.
Several pawn shop managers on Reddit said the amount of a pawn loan is typically between 30% to 40% of the item’s value. Interest rates range between 15% to 25% per month, though they may be lower if you are borrowing significantly less than the value of the item you’re using as collateral.
How long do pawn shops hold items?
In most states, pawn shops are required to hold items for a minimum of 60 days, though some states, like New York, require a 90-day possession period before an item can be sold if the loan is not repaid.1
Note that the longer you take to repay a pawn loan, the more interest you’ll pay overall.
David Bakke, a former pawn shop manager from Norcross, Ga., who now writes for personal finance guide DollarSanity, says items sold to a pawn shop are also typically held for a brief period.
“This is so that local law enforcement can check for stolen items,” he says.
Can you haggle with pawn shops?
Bakke says whether or not you can haggle with a pawn shop depends on what you’re trying to pawn or sell and is usually determined on a case-by-case basis.
“If you have a power drill that's worth about 10 bucks to the pawn shop, there's not much negotiating,” he says. “If you have a diamond ring with a huge center stone, the negotiating process could be complex and ongoing.”
How to pawn something: 4 tips
Whether you are hoping to secure a pawn loan or sell something to a pawn shop, Bakke offers the following tips to get the highest payout and best interest rates:
1. Prep your item: Clean your item, make sure it works (for electronics, tools, etc.), and replace batteries if it has them.
2. Do your homework: Research the current resale value of your item online based on recent sales of the same or similar items in the same condition. Redditors recommend using ebay’s Advanced Search feature and checking the box for “Completed items.”
If you are selling metals or jewelry, we have these guides to help you understand your gold, silver flatware and diamonds.
3. Negotiate: As Bakke previously mentioned, you will likely have more leverage to negotiate with a pawnbroker if you have a high-value or in-demand item.
One Redditor offered this advice for negotiating the highest payout from a pawn shop:
What do pawn shops take? 20+ things pawn shops like to buy
When I searched through reviews from several local pawn shops in my area, the vast majority were about selling jewelry or electronics. However some noted that the pawn shops were only willing to pay them for top-of-the-line items (this may not be the case at every pawn shop).
In Bakke’s experience, these were some of the most in-demand items at the pawn shop where he worked:
- Designer sneakers
- Electronics
- Gold jewelry
- Tools
Best things to pawn from around the house
According to people on Reddit, pawn shops also regularly take the following items:
- Other types of jewelry, watches, Rolex, coins (including rare coins) and precious metals
- Coins and scrap metal*
- Computers / laptops
- Smartphones
- Sports equipment, including bikes
- Yard equipment
- Musical instruments
- Golf clubs
- Silver flatware and tableware
- Video games (especially retro games)
- Safes
- Guns (if the pawn shop has a license to sell firearms)
- Authentic artwork
- War memorabilia
- Historical documents
- Collector's items like old advertisements, old Coke bottles, etc.
- Stained glass items
Note that some pawn shops specialize in a specific category of items, like jewelry, collectibles, or electronics.
Iffy items pawn shops are picky about
- Kitchen appliances
- Prom dresses
- Wheelchairs and medical equipment
- Grills
- DVDs
- Trading cards (several Reddit users note that it is difficult to sell Pokemon and similar cards)
- Outdated or worn electronics
Are there pawn shops that will buy anything? For example, do pawn shops buy prom dresses, kitchen appliances, wheelchairs and grills?While you may be able to find pawn shops to buy these types of items, it may be worth calling ahead to ask the shop before you stop by.
When it comes to outdoor grills and kitchen appliances, the newer and better they are, the more likely they are to give you cash for your home appliances. However, there are better ways to get rid of old appliances.
When it comes to prom dresses and formal wear, we cover that in a post on selling wedding dresses. When it comes to wheelchairs and medical devices, you might do better selling to a local company that specializes in buying and selling used home medical equipment.
What will a pawn shop not buy?
Bakke says in general, pawn shops “don't take things that don't have any sort of demand from the buying public.”
Most pawn shops will not buy clothes or books, or items that will fetch less than $50 retail — though there may be exceptions for designer (not fake) apparel and handbags, as well as collectible books.
Also: NO STOLEN PROPERTY!
Most states require pawn shops to report their purchases to local authorities, and most pawn shops will require an ID to complete a transaction. Police also often notify pawn shops to watch out for certain items that have been reported stolen.
What can I pawn for $100?
Jewelry and gold things that pawnshops nearly always buy. Depending on what you own, you may get $100, $1,000 or more for your jewelry, silver coins, gemstones, pearls or raw or scrap gold or silver.
A gun, some power tools, a lawn mower or a quality stereo or laptop computer in working condition may bring $100 or more.
What can I pawn for $500?
Small vehicles like a motorbike, trailer or motorcycle might bring $500, as well as some jewelry. Some nicer antique furniture and firearms could bring $500 or more.
What can I pawn for $1,000?
What do pawn shops pay the most money for? Pawn shops may buy a vehicle, jewelry or even a piece of real estate.
Again, you can easily pawn gold and diamond jewelry. A used vehicle or boat, HD TV, or a riding lawn mower may bring $1,000 or more. There are any number of rare collectibles of any variety that can go for four-figures, or more.
Keep in mind that a pawnshop will typically offer you far less for your diamond and gold jewelry than an online buyer. CashforGoldUSA promises to pay a 10% bonus if you send in your item within 7 days, free overnight FedEx from your house, and payment within 24 hours.
Do pawn shops ever buy phones?
Yes, if your smart phone is in decent condition and working, many pawnshops will be happy to accept your phone as a pawn or sale — or offer to pay electronic scrap prices for it.
Bottom line: There are things pawnshops always buy
Just like babies, every pawn shop is special. However, you can expect to find a pawn shop is almost always eager to buy these high-demand pawn items:
- Gold
- Jewelry
- Fine watches
- Guns
- Power tools
Pawnshops are a good option if you can work with a reputable business and need very fast cash — or would really prefer to actually get a short-term loan. However, if you are seeking the highest price for your item, selling online is often a better option. In the case of gold, silver, jewelry, diamonds and watches, a sale with CashforGoldUSA is very fast, private, and can bring in a much higher fee than a pawnshop.
There are very few things that you cannot sell to a pawn shop, but items pawnbrokers typically buy include gold, jewelry, guns, power tools and sports equipment.
Jewelry and gold is always a go-to item that pawnshops nearly always buy. Depending on what you own, you may get $100, $1,000 or more for your jewelry, coins or scrap gold or silver. A gun, some power tools, a lawn mower or a quality stereo or laptop computer in working condition may bring $100 or more.
Pawn shops may buy a vehicle, jewelry or even a piece of real estate. However, higher ticket items, antiques and rare collectibles will likely fetch a higher price if you sell to a buyer who specializes in those items, and takes a lower fee.
As with other items sold to pawn shops, you will get 25% to 75% of the retail value of your item from the pawn broker. This may be tempting if you really, really need the money very quickly, but there are other ways to get a much higher return on your jewelry.
It’s interesting that the most in-demand items are watches, jewelry, power tools, electronics, and video games. Personally, I have always thought watches and jewelry have the most bang for your buck. My wife and I are wanting to go on a nice vacation this year and I want to pawn some stuff for extra cash. Thanks for the helpful information.