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East Village Buyers - How to Spot a Fake Gold Chain - Our Guide
Written by Gabriel S. on July 14th 2019
Gold jewelry has become a fashion statement. Chances are you buy gold chains to keep up with the trend. You may also want to keep them as a lucrative investment. But before you take the plunge, here’s the caveat: how can you possibly be sure that the gold chain you’re planning to buy is really made of gold? How can you tell if a particular gold chain is fake? There are many ways to spot fake gold chains. Below are some of them.

Fake Gold Chains in a Nutshell

To begin with, what exactly are fake gold chains? Simply put, fake gold chains are those that aren’t made of solid gold. This means that they were made using another metal or an alloy of non-gold metals. They are usually gold-plated, which means that they are covered with a thin layer of gold to make them appear as though they are real. There are also gold-filled chains which can pass as pieces of solid gold. 

They are made of non-gold metals too. But unlike gold-plated items, they are wrapped in a thin sheet of gold which is attached to the core metal under high temperature. Please be advised, however, that jewelry with less than ten karats pure cannot be considered and sold as gold. So you should be careful when buying gold chains, lest you end up with a fake.

How to Spot a Fake Gold Chain

Knowing how to identify fake gold chains can help you make a good decision when you’re buying pieces of jewelry. Below are three tips on how to spot a fake gold chain.

Gold markings: 

In most cases, pieces of jewelry have gold stamps or hallmarks showing the karat of the items. The simplest way to determine the purity of a piece of gold jewelry is through its gold marking. Karat is the measure of purity, and it indicates how much of the piece is made up of gold and how much was made of non-gold metal. The highest measurement is 24 karats, which means the item is made up of pure gold. The karat shown in the marking is usually expressed in numbers followed by the letters K, KT, or KP. For instance, a 14K stamp means that the gold item is 14 karats. This also implies that the item is made up of 58.33 percent gold, and the remaining are other types of metal.

Acid testing: 

If there’s no marking on the piece of jewelry, another way to check for the presence of gold is to use acid testing. Testing jewelry with nitric acid is said to be a reliable way to find out how much gold an item contains. All you have to do is to visit a jewelry shop for testing. The jeweler will simply apply nitric acid to the scratch mark and observe the chemical reaction in order to determine how much gold is in the item. You can also do acid testing at home. Buy a gold testing kit and follow the instructions that come with it.

Color and discoloration: 

Color and discoloration have a lot to say about the gold purity of a chain. They can tell you whether a chain is made of gold or not. Chains that are as yellow as pure gold are most likely gold-filled or gold-plated. They are merely covered with 24-karat gold. Meanwhile, discoloration is a strong indication that a gold chain may be fake. A fake gold chain becomes apparent when the gold plating starts to wear off, and the underlying metal becomes visible. You will see the metallic color of its non-gold core, whether the item is gold-filled or gold-plated.

If you’re looking for a pawn shop to sell your jewelry in Bronx, New York, East Village Buyers is where you need to go. Contact us today for more information.
East Village Buyers - All You Need to Know About Gold Stamps - Our Guide
Written by Gabriel S. on July 7th 2019
When you’re buying gold jewelry, you always want to make sure that it’s genuine and the quality of the gold is up to par. This information can usually be found on the stamp, which makes some people afraid to sell their gold jewelry if they’re not stamped. In this article, we’ll tell you all about the gold stamp and whether it’s really as important or not. That said, let’s get to it.

What are karats?
The karat number is the measure of the purity of gold. It indicates how much gold was used to make a piece of jewelry. The highest karat number you can find is 24K, which tells you that a certain piece is 99.99 percent gold. If you walk into a jewelry store and see a gold piece marked with 24K, you’ll know that the gold is high-quality.

Another measure of the quality of gold is the parts-per-thousand, a number that indicates the proportion of gold to other substances. For example, if you see a gold piece marked with the number 800, that means the piece is 80% gold.

Under U.S. law, vendors are obligated to stamp their gold pieces to indicate their quality and purity. The number of karats or the PPT number must be printed on the gold pieces. The law also clarifies how vendors must round off the karat number to make sure that consumers are getting what they pay for. The karat number must not deviate by more than 0.5 from what’s indicated on the stamp. For example, a gold piece that is actually 13.6 to 13.9 karats can be rounded off and classified as 14k gold. However, 13.5 piece is not and to say it’s 14K gold is illegal.

What do GP and GF mean?
There are other types of letter marks. GP means gold-plated and GF, means gold-filled. If a piece is marked as 14K GP gold, that means it is actually made of another metal, then covered and plated with 14K gold. Therefore, the price of this piece should be significantly lower than a 14K GF piece, so keep that in mind when you’re buying or selling gold.

Are the stamps always accurate?
While the stamps are designed to prevent the issue of counterfeited gold, it’s not a foolproof strategy. Some mistakes, such as inaccurate karat numbers, still run rampant in the gold jewelry industry. Worse, some may even intentionally mislabel certain pieces of gold jewelry to make people think that they are getting 24K gold when they’re not. Therefore, you should only buy gold from a shop that you can trust. Do some research to find the best shops in your area.

What if there’s no stamp?
If a piece of gold doesn’t have a stamp, it will lose the majority of its value, as the general public won’t be able to determine the true quality of the piece. There can be many reasons why a piece of gold jewelry isn’t stamped. It may have been exposed to some types of acid that smudged the stamp, or normal wear and tear due to years of use might have erased it. You should keep in mind that older pieces of jewelry often don’t have a stamp, so it can be hard to determine how pure it is. If you have a piece of gold jewelry that doesn’t have a stamp and you’re looking to sell it, you can send it to a gold inspector and have them run tests to determine its quality. This may or may not be worth the expense, depending on the quality of the piece, but if you really want to sell it, we suggest you do it anyway.

If you’re looking for a pawn shop to sell your jewelry in Bronx, New York, East Village Buyers is where you need to go. Contact us today for more information.
East Village Buyers - Determining the Quality of White Gold - A Beginner's Guide
Written by Gabriel S. on June 30th 2019
White gold is one of the most precious metals out there, which is why it’s so hard to find in the market. However, there’s no denying that buying white gold is dangerous and equally hard, due to the high number of low-quality knock offs out there. In this article, we’ll tell you how you can avoid being fooled by unscrupulous people selling such products.

What Is White Gold?
Many people think that white gold is a naturally occurring metal, but it's not. It's artificially made by mixing high-quality gold with other metals, such as palladium and silver. This makes the gold harder, stronger and gives it the look that everyone associates with white gold—one that's as pure as the driven snow.

What Determines the Quality of White Gold Jewelry?
Like many other types of metals, the quality of white gold is measured in karats. This indicates the metal’s purity—the proportion between gold and other materials that were mixed with the gold. The higher the karat number, the purer the piece, which means that there’s more gold in it as opposed to other materials.

How to Determine the Karats of White Gold:
Typically, the karat is shown in the Hallmark on the piece itself, but if it’s not visible, you can have the metal tested for purity. The Hallmark stamp is usually hidden on the side of the jewelry that comes into contact with the wearer’s skin. For example, if it’s a ring, the Hallmark is usually located inside the band to make it invisible. The Hallmark number is simple to read, as it usually consists of a number followed by the letter “K”, which is short for "karat." For example, an 18KT piece is an 18 karat white gold piece, which also contains 75% pure gold. 

Additionally, the parts-per-thousand (PPT) marks system is also used to determine the purity of the metal. The PPT number is even easier to interpret, as it’s literally the percentage of gold to other materials. For instance, a white gold piece with an 800 PPT rating means that there are 800 units of white gold to 200 units of different materials in the piece.

Karat Testing for White Gold
Now that you understand how to determine the quality and purity of white gold, let’s examine how karat testing is actually done. This will give you a better understanding of how much you can trust the system. Once you know more about it, you'll have a clearer grasp of the process as a whole. That said, let’s get to it.

1. The karat tester will start by scratching the surface of the gold until the visible gold mark or layer is visible. From there, the inspector will press down on the metal piece with a hard object to reveal the rhodium plating layer underneath.

2. After that, the tester will expose the rhodium and gold layer to a testing acid. If the gold loses its color or dissolves when it comes into contact with the acid, that means the true karat of the piece is actually lower than the number on its Hallmark label.

3. If the mark doesn’t fully disappear or if it’s only slightly damaged, that means the piece's karat is equal to or slightly lower than the number indicated on the Hallmark label.

4. If the color of the mark does not change, then its purity is above the karat label number, and you should try a higher-karat bottle until you get a reaction.

If you’re looking for a pawn shop to sell your jewelry in Bronx, New York, East Village Buyers is where you need to go. Contact us today for more information.
East Village Buyers - Gold Vermeil Jewelry Everything You Should Know Before Buying
Written by Gabriel S. on June 23rd 2019
Jewelry is often quite a big expenditure. When you buy a fancy necklace or an extravagant ring, you let yourself wear your investment. There are different kinds of jewelry that you can buy as an investment, an accessory, or both. However, no matter how much of a jewelry lover you are, it’s still possible that there’s a thing or two that you’ve yet to learn.

Many jewelry buyers are not aware of what the term “vermeil” actually means. In this article, we’ll share the basics of what you need to know about gold vermeil so that you can be more knowledgeable the next time you go jewelry shopping. 

What is Gold Vermeil?
Gold vermeil, also popularly known as vermeil, is the term that refers to jewelry that is made of silver and then coated with gold. Non-jewelry items that have the same composition are also referred to as vermeil. The term vermeil originates from the French word pronounced as ver-may, which is an alternative term used to refer to such jewelry and items that are silver-gilt or gilded silver. 

How is Gold Vermeil Made?
If you’re interested in getting some vermeil pieces to add to your collection, you might want to know how one is made. To make vermeil jewelry, the base is first made out of silver. Then, that silver base is plated or coated with a thin layer of gold. The process that coats the silver base with gold is known as electrolysis. 
Gold vermeil can be made with a gold coating of various purity. However, in the United States, silver-base jewelry needs to have a gold plating of at least ten karats before it can be considered as vermeil. Ten karats are equivalent to around 42 percent gold content. Furthermore, you cannot sell silver-based, gold-plated jewelry as vermeil in the United States if the plating is less than 2.5 microns thick. Sellers are also required to disclose if the base has other metal content aside from silver.

How Durable is Vermeil?
If you are wondering how durable vermeil jewelry is, the answer is it depends. To put it simply, the thicker the gold plating of vermeil jewelry is, the longer it will take before it fades away. The gold coating’s karat also matters. As you might already know, the higher the karat of the gold, the higher the percentage of gold in the coating. As a result, the coating is softer and easier to scratch.

Gold Vermeil Vs. Other Gold-Filled or Plated Jewelry
The primary difference between gold vermeil and other gold-plated jewelry is that vermeil has a silver base, while the base of other gold-plated jewelry can be made of other types of metals. Because of this, vermeil can be considered more valuable than non-silver gold-filled or gold-plated jewelry. 
Meanwhile, in terms of durability, some gold-filled or gold-plated jewelry may prove to last longer. This is because these types of jewelry often have a thicker gold coating to conceal the non-gold or non-silver base fully. As a result, it takes longer for these pieces to become scratched as compared to vermeil.

Vermeil and Nickel Allergies
In general, vermeil jewelry doesn’t contain nickel. Therefore, if you’re allergic to nickel, vermeil is safe for you to wear. To be safe, always ask the seller whether the jewelry you’re getting has nickel content. 

If you’re looking for a pawn shop to sell your jewelry in Bronx, New York, East Village Buyers is where you need to go. Contact us today for more information.
East Village Buyers - What You Need to Know about White Gold Chains - Our Guide
Written by Gabriel S. on June 17th 2019
Gold chains are quite popular nowadays. Why not go for white gold chains instead? You’ve probably seen the pieces of jewelry we're talking about, the ones resplendent in white or yellowish hues. They aren’t pure gold or silver—they're made of white gold. 

White gold is commonly used to make bracelets, necklaces, and other pieces of jewelry. We’ll talk more about white gold chains in the following section. If you’re planning to buy one, here’s what you need to know about white gold.

White Gold Chain in a Nutshell

The question is, what is a white gold chain made of? A white gold chain is made of a mixture of yellow gold and other metals, which produces a whitish alloy. This alloy also appears rather yellowish. It is typically coated with rhodium which has an entirely white color to augment its whiteness. The only problem with this is that rhodium plating wears away with time. When this happens, your white gold chain will need to be replated.

The Karat of White Gold Chain

The karat of a white gold chain is determined the same way you measure a karat of typical gold jewelry. We know that pure gold consists of 24 karats. When checking the markings on your gold chains, you have to divide the number of karats by 24. This means that a 14-karat white gold chain has 58 percent pure gold, same with a 14-karat yellow gold necklace.

In general, pure gold is a malleable metal. This means that the higher the karat of your chain, the softer it will be. If your gold chain has higher gold content, chances are this item's rhodium plating will compensate for its softness. This means a white gold chain’s surface is a bit harder than that of a similar yellow gold piece.

White Gold Chain: Nickel Content

As mentioned, a white gold chain with no gold purity is also made of other metals such as nickel. Nickel is sometimes used in white gold jewelry. Some people are allergic to this metal, but fortunately, the rhodium plating of your chain will protect your skin. However, you should still be careful. If the plating wears off and the exposed white gold alloy touches your skin, you might end up with a rash. Better yet, just look for a white gold chain that is certified nickel-free.

White Gold Chain: Solid or Hollow?

You might also be wondering if a white gold chain is solid or hollow. Well, a white gold chain is usually hollow, which is why it is remarkably light and cheap. Since it isn’t a solid piece, please be advised that a white gold chain is also easier to damage. You could dent or even break a hollow chain if you're not careful with it. So if you buy one, you should take very good care of it every time you put it on. Now, if durability is an issue, you should get a more solid white gold chain instead.

Wrapping Up

Finally, there is a wide array of white gold chains you can choose from. White gold chains have different designs such as the anchor chain, box chain, curb chain, Figaro chain, mariner chain, and the rope chain. They are said to be flexible and not easy to break. 

Other designs include the herringbone chain, omega chain, and snake chain. However, they are more likely to twist and are prone to kinking and catching on your clothes or hair.

If you’re looking for a pawn shop to sell your jewelry in Bronx, New York, East Village Buyers is where you need to go. Contact us today for more information.
East Village Buyers - Ways to Measure the Value of 14K Gold - Our Guide
Written by Gabriel S. on June 11th 2019
Are you a fan of gold jewelry? If so, chances are that you have gotten curious and wondered whether your favorite pieces are made up of pure gold. Although jewelry shops would like to have you believe it, the fact of the matter is that gold necklaces, bracelets, and other pieces of jewelry are not always made out of pure gold. They are often made of other metals or alloys plated with gold or are gold combined with metals such as copper, zinc, nickel or silver. It’s easy to be fooled by the external attributes of the pieces of jewelry, particularly gold. In most cases, some items look more real than the actual gold simply because of the plating. That said, we can always measure the value of pure gold, which consists of 24 karats. Here are a few ways to measure the value of 14K gold in particular:

14 Karat Gold in a Nutshell

Karat is a unit used to measure the purity of gold alloy in a piece of metal. In essence, 24K is the highest unit. This means that a 24-karat marking indicates that a gold alloy is made up of pure gold. That being said, a piece of 14K gold is a mixture of pure gold alloy and other metals. Typically, the other metals in a 14K gold are copper, zinc, nickel, or silver.

We can actually determine how much gold a chain or item is made of. A 14K item can surely be measured based on gold weight and how much pure gold is present in it. This is important to know the standard gold market prices in order to value your item. Below are two ways to determine the value of a 14K item.

Gold Weighing

The first option to measure the value is through gold weighing. To begin with, put your 14K gold on a scale. You have to make sure that you remove any items that are not made of gold. For instance, if your piece of jewelry has a gemstone, remove it and do not include it in the weighing. When weighing your gold in grams or ounces, you can use the following conversion rules: 

1 gram = 0.03215 troy ounces
1 gram = 0.64301 dwt (pennyweights)
1 ounce = 0.91146 troy ounces
1 ounce = 18.22917 dwt (pennyweights)

Pure Gold Calculation

The second option is to measure through pure gold calculation. Yes, you can calculate how much pure gold there is in a 14K item. It’s simple as knowing that a 14-karat gold consists of fourteen parts of pure gold and ten parts of other metals. Translating this into a percentage, this means that a 14K item is 58.3 percent gold. As mentioned earlier, a 24K item is comprised of pure gold. If you divide 14 karats over 24 times a hundred, that means 58.3 percent of the piece is gold.

Final Words: Market Value of 14K Gold

Now that you know how to measure the value of your 14k gold, you can now essentially figure out its market value and pricing. Please be advised, however, that retail prices do not merely depend on the purity of the alloy. Other factors are considered, such as the design and brand of the items. 

To check its market value, you can either look at the gold market prices or check with the dealers. You can also check the current market price of gold from a variety of sources online. The rate fluctuates from time to time. Alternatively, check the prices quoted by a number of dealers. Gold dealers usually buy jewelry and other items. They sell them for scrap to refineries. You may want to take advantage of that.

If you’re looking for a pawn shop to sell your jewelry in Bronx, New York, East Village Buyers iswhere you need to go. Contact us today for more information.
East Village Buyers - The Problem With Jewelry Repairs & Why You Should Sell Instead
Written by Gabriel S. on June 2nd 2019
We love jewelry. Who doesn’t? But after a while, certain pieces can break and might need to be repaired. That said, most people don’t know that repairing your jewelry may actually cause them more harm than good. 

Jewelry that has been repaired will be more likely to break again. That’s why some say jewelry repairs aren’t worth your money. Most jewelry repairs require soldering, which can weaken the jewelry and lessen its lifetime, especially if the piece in question is made of a weaker metal. Here’s why jewelry repairs can be problematic.

Rings and bracelets

To change the size of a bracelet or ring, a jewelry repairman will have to cut up the piece. Then he’ll reattach the pieces to each other with a soldering iron The problem with that is that once your jewelry has been fixed, the place where it was soldered will become a weak spot. Putting a broken object together again won’t restore its original integrity. 

In fact, doing so will actually make it even weaker than it was before. The more times you repair a ring this way, the more likely it will be to break again, especially if the jewelry is made of a softer metal. Soldering it will cause the older part to wear thin more quickly. For example, gold or silver deteriorate at a faster pace compared to platinum jewelry.

Chains

Chains are at great risk for any damage because they are often pulled, tugged on, or yanked when they’re worn. The stress can cause their links to weaken and break. Depending on the design of your chain, some chains may be easier to break than others. Repairing them will often involve soldering if the chain link cannot be rejoined in any other way.

Necklaces

Like rings and chains, repair methods can vary depending on the type of necklace and the breakage. If a necklace needs to be re-linked, soldering may be needed which, as mentioned before, can make your necklace weaker. Some necklaces might just need a small part replaced, which wouldn’t be too much of a big deal. However, if the chain of your necklace is completely broken, you may need to replace it with a new one. Doing so will be a lot cheaper than soldering it many times over anyway.

Avoiding repairs

If possible, what you want to do is try to steer clear of repairs in general to avoid doing more harm to your jewelry. Fortunately, there are some ways that you can avoid having to get your jewelry repaired at all. By handling your jewelry more carefully and storing them correctly, you should be able to keep your favorite wearables safe. It is also important for you to examine a piece carefully before buying. Consider the materials used to make it. Don’t settle for cheap jewelry, especially if you want the pieces you buy to last as long as possible. If you can afford to buy high-quality jewelry, do so because that will be better in the long run. Jewelry will break often, so you should invest in something that will last longer. Think about the price of a cheap ring, then consider how many times you’ll need to have it repaired for it to last.

If you’re looking for a pawn shop to sell your jewelry in Bronx, New York, East Village Buyers is where you need to go. Contact us today for more information.
East Village Buyers- Everything You Need to Know About Inlaid Jewelry
Written by Gabriel S. on May 25th 2019
Using inlaid gemstones, inlay jewelry is a stunning accessory that might be your next must-have to complete your outfit. As opposed to typical gem-adorned jewelry that’s created with stones set with traditional mounting techniques, inlay jewelry makes use of inlaying gemstones in specially-crafted channels to create jewelry with a unique look that every fashionista would adore.

To learn more about this amazing type of jewelry, read on to learn about how master craftsmen make inlaid jewelry and the precautions you have to take before acquiring a piece of your own.

1. Inlaid gems are prone to a few issues

Inlay jewelry isn’t exactly known for its durability. However, it is possible to replace broken or missing stones by having your local jeweler make the necessary repairs - just as long as the stones fit precisely into the open spaces of your bracelet or necklace.

2. Ultrasonic Cleaners are a no-no

Although they may be regarded as the best possible option to thoroughly clean jewelry, ultrasonic cleaners may prove detrimental to the condition of your inlay piece due to the fact that they weaken the strength of the glue bonding the gemstone with the channels. This is the case of every heat-oriented treatment. 

Other cleaning approaches better-suited for cleaning inlay jewelry can be found on the internet courtesy of several experts and existing owners, so there’s no need to spend hours cleaning your pieces every week.

3. Once you set the size, there’s no turning back.

Most traditional jewelry pieces are able to be resized when the size of the wearer changes over time. However, in the case of inlay jewelry, resizing is impossible due to the fact that resizing an inlaid gemstone-studded ring will break off the bond of the glue that holds the stone in place.

Should you get inlay jewelry?

The choice as to whether or not you should buy inlay jewelry is a matter of preference, and should always be as such. Should you choose to purchase inlay jewelry because you appreciate the way it looks and feels, make sure to take precaution and spend some time learning about the measures you have to take when it comes to keeping your pieces pristine. 

Consulting with your local jeweler on how to pick out the most durable pieces will help out with finding a piece that can last you for ages. Going to your local trade shows and garage sales might even help with your search for a new inlay gem-laden piece, especially with most trade shows having concessionaires leaning towards the inlay jewelry market! 

This guide is just a basic overview of inlay jewelry, so if you have any other needs or specifications, always make sure to put them on your list before you buy a piece of your own. Once you get your inlay jewelry piece, make sure that you save the number of a reputable jeweler who can fix it in case of emergencies so that you always know who to turn to. 

Great jewelers will also be more than happy to address concerns regarding any aspect of your inlay jewelry. If keeping your jewelry pieces in perfect condition is important to you, a good relationship with a jeweler you can trust is something you can’t go without!

If you’re looking for a pawn shop to sell your goods at in Bronx, New York, East Village Buyers is where you need to go. Contact us today for more information.
East Village Buyers - 4 Simple Tests to Help You Find Out Whether Your Gold Jewelry is Real
Written by Gabriel S. on May 18th 2019
When jewelers refer to a piece of jewelry as “real gold,” the item is not necessarily made out of pure gold. In fact, if your ring, necklace, bracelet, or other precious piece is made out of pure gold, it will eventually lose its original shape and design through time and frequent use. The natural softness of pure gold is the reason why it is not used for commercial jewelry. Jewelry makers usually add other metals such as silver to make gold jewelry more durable. 

Since it can be rather confusing, the law has established a legal definition of “real gold.” According to Paragraph 9, Section 23.4 of the U.S. Code of Federal Trade Regulations, gold traders and jewelers can’t use the word “gold” or its abbreviation or chemical symbol for any item that they are selling that is less than ten karats (41.7% gold) in purity. The statute is intended to prevent misleading marketing claims in the jewelry industry. However, because gold jewelry is usually alloyed with other metals, it can be difficult to distinguish “real” gold from imitation gold or what most people call “fake” gold.

“Fake” or imitation gold can come in various forms. It can be a solid gold alloy but with less than ten-karat purity. It can also be a piece made of a different base metal such as copper, silver, stainless steel, or nickel but covered with a layer of gold to give a gold-like luster. Jewelry covered with a thin layer of gold is referred to as “gold-plated” jewelry while a thicker layer of gold will make the jewelry “gold-filled.” 

How to distinguish real gold from imitation gold

The Code of Federal Trade Regulations is very strict with the labeling of gold jewelry, but unscrupulous individuals may pass off imitation or fake gold as the real deal. Thus, before you purchase a piece of jewelry that claims to be real gold, carry out a few simple tests to help you nail down its authenticity:

(1) Inspect the gold markings

Real gold manufactured by reputable jewelry makers has purity indicators branded on them. The most common marking that jewelers use is “K” for karats. Since trustworthy makers follow the law, they only sell pieces that are ten karats (10K) or above. These pieces will have markings that indicate this on the surface of the item. Some European jewelers use parts per thousand (ppt) as an indicator instead of karats. The equivalent of 10K in ppt units is 416 ppt. The higher the ppt number, the purer the gold content. 

Aside from the numbers and “K” or “ppt” purity units, you should also inspect other letters near these figures to know if the object you are holding is made of solid gold. The law requires sellers to indicate the gold content with abbrieviations such as “GP” (gold plated), “GF” (gold filled), “GEP” (gold electroplate), or other symbols that will tell consumers whether or not the item on sale is made of solid gold. However, unethical vendors may use misleading karats or omit these letters, which is why you should not rely on markings alone to know how real your gold item is.

(2) Conduct a magnetism test

For this test, you will need a magnet. If your piece sticks to the magnet, it probably is not a solid gold piece. This is because gold is not a magnetic metal.

(3) Do a streak test

If the item passes the magnetism test, you can then try a streak test. All you need for this method is a piece of unglazed ceramic such as the back part of a bathroom or floor tile. You may also need to have a magnifying lens to see the streak more closely. Gently rub the item in question on the surface of the unglazed ceramic. 

If the color of the scratches on the tile is anything but gold, then the object you’re holding is not real gold. If the tile scratches are gold-colored, however, you will have to inspect the surface of the item you scratched. If you see small shades of silver, brown, or gray after you scratched the jewelry, chances are that you have a gold-plated piece instead of a solid gold alloy one.

(4) Try a nitric acid test

While you may choose to buy a nitric acid kit online, this test should only be used your last resort. You should also have to be careful in using nitric acid as just one drop is enough to burn through your skin. Also, do not put droplets of nitric acid on the jewelry piece itself as it will get damaged. 

For this test, you would scratch the object in question unto a slab of dark-colored rock (but that rock should not be limestone or any carbonate-bearing rock). Then, apply one to two drops of nitric acid to see if the powder left behind would dissolve. If the streak does not dissolve even with the highest-concentration of nitric acid, it could be imitation gold. 

If you’re looking for a pawn shop to sell your goods at in Bronx, New York, East Village Buyers is where you need to go. Contact us today for more information.
East Village Buyers - Three Factors to Consider When Selling Your Gold Wedding Ring
Written by Gabriel S. on May 11th 2019
Whether they no longer have any desire to hold on to it or are hard-pressed for cash, there are times when people may decide to sell their gold wedding rings. It might have to do with a recent divorce or the need for financial cash due to an illness in the family, business bankruptcy, or other major financial investments. 

Whatever the reason is, selling your wedding band entails thoughtful thinking. The value of your gold wedding ring as a whole should be deemed with the utmost consideration. This serves as the basis of arriving at the actual price of this piece of jewelry.

That said, there are three factors to consider when you’ve decided to sell your wedding ring. These include the value of the metal the ring is made of, the value of the stones set in the piece, and the value of the ring as a complete piece of jewelry. In the next section, we will further discuss and expound on these three factors.

Metal Value

The gold value of the metal in your wedding ring is basically the determining factor for the ring’s price. The karat of the gold ring serves as the reference as to how much it is worth. Karat is a unit used to measure the purity of gold alloy in a piece of metal. A 24-karat marking indicates that your gold chain is made of pure gold.

To determine the purity of the gold your ring is made of, you will need to know the karat. Then, you will be able to convert it into a percentage. For instance, if your wedding band has 22 karats, divide it by 24 (which is the standard gold purity expressed in karat) and multiply it by a hundred. That yields 91.70% as the gold percentage. This means that this metal has 91.70% gold alloy while the remaining 8.30% are other metal materials.

Thus, this helps you find how much pure gold the piece contains. You can then estimate the value of this piece based on the standard gold market price. Typically, the most relevant price would be the one quoted by gold dealers that buy individual jewelry items to resell them for scrap gold or melting down.

Stone Value

Next to consider is the value of the stone. Some wedding rings have precious gemstones mounted on them such as diamonds, sapphires, jade, or ruby. Typically, the price you can get for your diamond or other gems will be closer to the wholesale prices jewelers pay to their suppliers.

That said, you will need to look up for the retail prices of gemstones or diamonds in order to estimate the value of your stone in your wedding ring. In order to do so, make sure that your stone matches the color, clarity, carat weight, and cut quality shown in the retail prices. Then, assume that you would get about 20% of that amount. You won’t be able to get the actual price, but you can get an approximate estimate as to how much it is worth.

Jewelry Value

Finally, the complete piece of the jewelry is a deciding factor in determining the wedding ring’s overall price. This is because apart from the materials themselves, this piece of jewelry includes the value of the design and the work involved to create it.

That said, you can increase the value of jewelry piece by adding the values of its constituent metals and stones plus the value intended for the design and the craftsmanship involved. Please be advised, however, this is mostly true for new pieces of jewelry. Second-hand pieces of jewelry are typically sold at much lower prices.

If you’re looking for a pawn shop to sell your goods at in Bronx, New York, East Village Buyers is where you need to go. Contact us today for more information.
East Village Buyers - What to Do When Scrapping Your Gold For Cash - Our Guide 
Written by Gabriel S. on May 4th 2019
If you have broken or damaged golden jewelry that is 10K and above in purity that you no longer wear, you can get much more value from it than just leaving it idle in storage. Gold items such as chains, bracelets, anklets, and earrings are better sold for cash instead of just sitting around in your home gathering dust.

In fact, now is the best opportunity to say goodbye to gold in exchange for a decent amount of money. Compared to its $300 per ounce value 25 years ago, gold is now being traded at around $1,100 per troy ounce. But if you plan to sell your scrap gold now, you should first know how to value and sell your gold in order to reap the most benefits from the increased price.

It doesn’t help to be as naive as most people who sell their scrap gold without any inkling of how much their gold is really worth. Once you understand how to determine your scrap gold’s value, you will be surprised by how much it is really worth.

Check the price of gold first

Before you grab your gold, you should first check what the market price is. Be aware though that the price of your gold when scrapped and melted is different from the market price it may have when it’s solid. This applies for more intricate broken jewelry, old coins, or gold artefacts with historical provenance. It will be wise to have these items appraised by an independent evaluator before you turn these into cash.

It also helps to anticipate when gold prices will spike. Read the world news to monitor political and economic developments that are expected to drive prices up in the following weeks to come.

Determine the purity of your gold items

The published market price of gold only applies to pure or 24K gold. If the purity of your gold items is less than 24K, it will have less value than the published market price. Gather your gold items and sort them into groups of known and unknown purity & take them to an expert or to the mint for a purity evaluation. 

Weigh your scrap gold

You may borrow an analytical balance to determine the accurate weights of your gold. By this time, you should have sorted your gold by purity. Next up is to note the weight of each purity group, then convert all weights in troy ounces. One troy ounce is exactly 31.10348 grams in metric units, you can use online converters to make this easier. What’s important is that you are aware of how much your scrap gold items weigh. 

Calculate its true value

To get an estimate of your gold’s true value, you will need to first obtain the purity factor. Remember that the market price of gold applies only for pure gold, so if you want to know your less pure gold’s value, you need to find the purity factor. To get the purity factor, divide your gold’s purity (in karats) by 24. The resulting quotient basically means “x % pure gold,” with x being “100” if your gold is 24 karats or pure. Then multiply this decimal with the weight of the group of gold’s purity and then by the market price of gold to get the true value.

At this juncture, you should also be aware that you will not receive the full true value. The gold buyer will be deducting a fee that can be up to 20 percent of the value so that they can resell it at a higher value for profit. 

If you’re looking for a pawn shop to sell your goods at in Bronx, New York, East Village Buyers is where you need to go. Contact us today for more information.
East Village Buyers - How to Determine the Karats in a Gold Chain 
Written by Gabriel S. on April 28th 2019
Jewelry can be precious in many different ways. Sometimes the value lies in the monetary worth, while other times it lies in the sentimental worth. While there is a wide array of jewelry selections, you might want to invest in a gold chain for your trinkets, whether they are necklaces or bracelets. Gold chains look absolutely alluring, especially when they sit on your neck or your wrist. They offer a certain appeal and bump your overall look up a status level. Anything gold gives off a royal, elegant, and classy look.

When you take a closer peek at your gold chain, however, do you know whether it is pure gold? If not, how many karats do you think the gold is? 

Fortunately, there are ways for you to learn about the value of your gold chain. Let’s start off with the basics. A karat is a unit used to measure the purity of gold alloy in a piece of metal or 24-karat markings indicate that your gold chain is made of pure gold. 14-karats, on the other hand, means that 14 parts of the gold chain consist of pure gold, while ten parts are made up of other metals.

Perhaps you want to know how many karats your recently purchased gold chain really is. Here are three ways that you can determine its purity:

Reading Karat Markings

The simplest way to know the karat of a gold chain is through its hallmarks. Most manufacturers put markings or stamps on gold chains or any pieces of jewelry for people to know the karat content. These markings show the purity of gold alloy in karat or parts per thousands.

It’s important that you know how to read karat markings. Most stamps indicate markings such as 10k, 18k, or 24k. There are quite easy to understand. Some stamps read as “583.” This means that 58.3 percent of gold alloy or that is equivalent to 14 karats. “750” means 18 karats, while “917” indicates 20 karats. Simple mathematics is required to understand what these markings mean.

Home Karat Testing

If your gold chains don’t have markings or they have worn off, another way to determine the karat is to do karat testing at home. All you need is a gold testing kit. 

Most kits have you measure the karats by scratching the testing stone so as to leave a gold mark. Then, you can start with the acid bottle labeled as “14k”. Drop some acid on the mark and see if the gold mark reacts or changes in color. If it does not react, you can move on to the next bottle of acid. When an acid with a certain label reacts with the gold mark, you can determine its gold alloy content.

Professional Karat Testing

Lastly, you can have the gold chain tested by a professional. This is the easiest way to determine the karats if it’s too much of a hassle to test it yourself or you do not know how to do it correctly. 

The testing method performed by most jewelers is usually similar to the testing mentioned above. The method involves taking a tiny sample from the gold chain and having it treated with nitric acid to see the reaction. The only catch is that most jewelry stores charge a fee for Karat testing services.

If you’re looking for a pawn shop to sell your goods at in Bronx, New York, East Village Buyers is where you need to go. Contact us today for more information.
East Village Buyers - Four Ways to Determine if Your Jewelry is Gold-Plated
Written by Gabriel S. on April 21st 2019
Jewelry is a piece of metal that makes a statement. Wearing a piece, whether it’s solid gold or merely gold-plated, does not only add aesthetic beauty to an individual but gives one a sense of elegance and class.

Most women hope to wear a genuine gold piece of jewelry, be it a necklace or a bracelet, to complement an outfit or enhance their overall look, particularly during special occasions. Men can uplift his status if he’s able to give this to someone he’s pursuing. In fact, he might even end up winning her heart.

For others who cannot afford the expensive gold jewelry, there’s nothing wrong with settling for gold-plated jewelry. These do not make much of a difference in terms of look if one does not know how much it cost. So how will you actually know if a piece of jewelry is genuinely gold or merely gold-plated?

Let’s start with the difference between a solid-gold and gold-plated jewelry. Solid-gold jewelry is entirely made up of gold alloy. Gold-plated jewelry, on the other hand, is basically a piece of ordinary metal that is covered with a thin film of gold. This thin film is wrapped on the outer surface of a non-gold metal to make it appear as though it is genuinely gold. Thus, it all boils down basically to the metal composition of both. 

Here are four ways to determine if the piece of jewelry is gold-plated.

Jewelry Markings

Most pieces of jewelry have markings indicating if it’s gold-plated or not. The most common stamp used is a GP mark that stands for Gold-Plated. Other markings are GEP which means Gold Electroplated, RGP for Rolled Gold Plate, and HGE for Heavy Gold Electroplate. It’s a standard requirement that jewelry is indicated with markings so buyers won’t get confused. However, it does not necessarily mean that a piece of jewelry without any markings is pure gold. Be wary that it may not have been stamped.

Acid Testing

Apart from the markings or just the look itself, the most reliable way to find out if a piece of jewelry is gold plated is through an acid test. How does this work? The jeweler will take a sample from your jewelry and apply acid to check its color change. The change in color indicates what is present on the metal sample. While acid testing is primarily used to determine the karat of solid gold jewelry, it can also be used to determine if a piece of jewelry is gold plated or not.

Magnet Testing

Magnet testing is another way to check if a piece of jewelry is gold plated or not. It is as simple as checking if the piece of jewelry gets attracted to a magnet. If it does, the piece is some sort of metal that is not gold. Pure gold is not magnetic on its own. 

However, this test is not 100 percent effective and cannot be conclusive for a number of reasons. Jewelry that attracts to a magnet may not automatically mean it’s plated. It can still be solid gold with low purity and might contain a magnetic metal.

Gold-Color Indicator

Finally, the gold color of jewelry can be an indicator if it’s gold plated or not. This is because gold-plated jewelry is covered with 24-karat gold whereas the solid gold is made up of gold alloy. Hence, if your jewelry has an intense yellow color similar to pure gold, chances are it has just been plated with gold. Be wary of an uneven surface as it might get worn off in time, thus showing the true color and tone of metal that your jewelry is made up of.

If you’re looking for a pawn shop to sell your goods at in Bronx, New York, East Village Buyers is where you need to go. Contact us today for more information.
East Village Buyers- The Best Items to Sell to a Pawn Shop - Our Guide
Written by Gabriel S. on April 14th 2019
We all need money, and sometimes, quick cash is necessary to get through some rough times. One of the best ways that you can get some money quickly is by pawning your goods. Pawn shops aren’t picky, and they will buy just about anything with value. However, there are some things that they like more than others. That’s what we’ll be talking about today. Here is a list of a few things that you can sell to a pawn shop incredibly quickly:

Best Items to Pawn for $1000 & Up

Diamonds & Gems: 
Diamonds and precious gemstones are some of the most valuable objects, and there’s always a demand for them. This makes pawn shops very eager to buy them off of you because they can be sold quickly to make a profit. If you have a piece of diamond, ruby, jade, or other precious gemstones that you want to sell, bring them down to your local pawn shop. Make sure that you have some sort of evidence that validates the authenticity and history of the piece, as that will ensure that you get the best price for your precious stones.

Jewelry: 
Jewelry is another item that pawn shops will be more than willing to accept, much for the same reason as gemstones. They are easy to sell, and there’s always a demand for it. If worse comes to worst, they can pick out the gems and smelt down the materials to sell individually. Although this is not a likely scenario, it’s an option if they ever have to do it. As with diamonds and precious gemstones, make sure that you have all the evidence of authenticity, as that will have an impact on the quoted price, especially if it’s an antique piece.

Best Items to Pawn for $500

Watches: 
Wristwatches are valuable accessories that have quite a high demand, and it’s not hard to see why a pawn shop would be eager to buy them. Like you would have to with jewelry, make sure that you have all the parts intact, and don’t forget to bring evidence of authenticity. Bootleg watches are everywhere, and pawn shops don’t want to risk buying something that may not be genuine. Therefore, you need to bring the box, serial number, documents, and everything else that can tie the watch to its manufacturer.

The best watch brands can sell for quite a hefty sum of money, even if it’s a secondhand watch, especially if it’s a limited edition or a rare discontinued model. If you have a Rolex, Omega, Hublot, or Rado sitting in your shelf, remember that they can fetch a high price at a pawn shop.

Best Items to Pawn for $100

Power Tools: 
People are always looking to buy cheap second-hand tools for their projects at home, which is why power tools such as drills, bench grinders, and power saws sell so well. The top models of high-grade brands such as Bosch can sell for over a hundred dollars, which is a lot of money for a second hand power tool. Make sure you keep these tools at its peak condition, as when you’re looking to sell them, they can make you quite a bit of money.

Electronics: 
Electronics like computers, laptops, and smart TVs can sell for quite a bit of money, depending on the model and the condition of the piece. For example, if you’re looking to sell a top-notch, custom-built PC, you can make quite a sum. On the other hand, if you’re looking to sell a generic model with little-to-no upgrades done, you will be lucky to get $100.

Smartphones: 
New smartphones come out every year, several times a year, so it’s understandable that the price for these phones will drop drastically with each new model that comes out. You shouldn’t expect to get more than $100 for a second-hand smartphone, despite its condition and year of production.

If you’re looking for a pawn shop to sell your goods at in Bronx, New York, East Village Buyers is where you need to go. Contact us today for more information.
East Village Buyers - What You Should Know Before Selling Your Gold to Buyers
Written by Gabriel S. on April 7th 2019
Selling gold is one of the quickest ways to earn money. If you have any gold items in your possession that you no longer want, then you might want to consider selling it for some cash. However, many people make the mistake of selling gold without having a very good idea of how much their gold is actually worth. 

The lack of knowledge could potentially rob you of the amount of money that you should have gotten. Therefore, it is very important that you know how to appraise the value of your own gold in the current market so that you can get the most out of your sale. In other words, you need to educate yourself before you blindly sell your gold to any gold buyers. The last thing you want is to lose your precious gold while getting underpaid for it!

In short, you need to figure out exactly just how much your gold is worth, as well as knowing how to compare the different offers for your gold. To make sure that you get the most profit out of your gold items, read on to find out the steps that you should follow:

Step 1: Find Out the Purity of the Gold

The first step is to figure out what kind of gold you have. There are many things that you need to determine in this step, particularly the purity of the gold. To get to the bottom of this, you first have to understand the concept of hallmarks and trademarks. Without this piece of information, there is a very high chance that you will be taken advantage of by gold buyers.

Step 2: Determine the Weight of the Gold

Another thing that you need to figure out is the weight of your gold. There are various ways to calculate the weight of your gold items using a scale, whether in grams, pennyweights, or troy ounces. In order to do this in an accurate manner, you need to know the difference between each scale. Otherwise, you can lose a substantial amount of money.

Step 3: Know the Value of the Gold

Before you can determine the value of your gold today, you need to know the current market price and how it impacts the amount that you are paid. The market price of gold in combination with the purity of the gold you are selling will determine how much your gold is worth, and that number should be your benchmark when selling to different gold buyers. By having this knowledge, you will be surprised to see how much more money you earn as compared to what most people receive for the same or similar kind of gold.

Step 4: Compare Offers Between Buyers

Once you know how much your gold is worth and the number that you are looking for, you can go ahead and meet with gold buyers to sell your item. Keep in mind that you should never settle for the first buyer that you meet with - even if you are satisfied with the number. You should keep your options open so that you can compare the offers between various gold buyers. This way, you can go with the one that offers you the most money for your gold item.

Are you looking to sell your gold to help build savings? Pawn your gold in NYC and get in touch with us today! We’re happy to help.
East Village Buyers - How to Determine the Weight of Your Gold
Written by Gabriel S. on March 31st 2019
The weight of your gold will determine the price of your gold. Therefore, it is crucial that you know the weight of your gold as well as the gold price per gram so that you know how much your gold is worth. Keep in mind that the price of the gold is decided by the ounce, not by the gold price per gram or pennyweight. This means that conversion may be required.

In global commodity markets where establishments trade millions of dollars at a time, 24K gold trades at over $32 per gram. Considering the current gold price per gram, an extra gram of gold can make you a considerable amount of money. 

This is why it is vitally important that your gold is weighed accurately when doing a transaction. As a matter of fact, you should validate the weight of your gold before you attempt to sell it to any buyer. The best way to verify the weight of your gold is to weigh it on a “gram” scale. 

What If I Don’t Own a Gram Scale?

If you do not own a gram scale, you can use a triple beam scale that can be found in most high school and college labs. Most gram scales that are being used for trade are digital scales. They come with a digital readout of at least 1/10 of a gram (0.1), which is perfectly fine for gold weighing. 

When it comes to trading gold, you want to double check that the reading of the scale is accurate. Thus, you should make sure that the scale is calibrated. You can do this by putting a calibration weight on the scale to see whether the reading is accurate. If a 50-gram calibration weight is placed on the scale, then it should not be off by over 1/10 of a gram. 

In the case that you cannot find a calibration weight anywhere, you can use a US nickel or a penny, where each of them weighs 5 and 2.5 grams, respectively. 

If you cannot find any gram scales, another easy way to weigh your gold is to use a small sandwich bag. Put your gold in the bag and put nickels and pennies into another bag. Pick them up with two fingers to compare the weight. 

Note that this method is not recommended as it is only an estimation, not an accurate way to weigh your gold. Even so, it is a better alternative than holding the gold in one hand and the coins in the other.

The Bottom Line

A gram scale is the most accurate way to weigh your gold. However, there are other ways that you can weigh the gold as previously mentioned in this article. Many kitchen scales are not accurate enough to determine the true weight of your gold. 

Remember, a good estimation is better than an inaccurate reading. When you are using scales for gold transactions, make sure that the reading is accurate. The point that needs to be stressed here is that you should never sell your gold without having a good idea of how much it weighs.

Are you looking to sell your gold to help build savings? Pawn your gold in NYC and get in touch with us today! We’re happy to help.
East Village Buyers - What You Need to Know About Selling Your Gold for Cash
Written by Gabriel S. on March 24th 2019
Shaky economic times like today sometimes require you to let go of that gold jewelry that you have stashed in your safe and turn it into cash that you can use to ride out the tough times. One thing that many people assume is that when they sell their gold, they will get its full market value per ounce. However, this often simply isn’t true. This myth the first thing for you to discard before you sell your gold. For one, most buyers are also looking to earn a profit from reselling the gold you sold them. Therefore, they will most likely only agree to buy your gold at a price that is lower than that of the market value. Gold buyers sometimes also pay to have someone melt and refine the gold, an amount which would take up to 30 percent of the gold’s value.

In addition, what you’ll actually get is just a part of the gold’s scrap value and not its market value. While the market value of an intricate 10 gram bracelet made of pure gold may be higher than the market value of a plain gold coin of the same weight and purity, when both are melted, they will both have the same scrap value. After all, both are made up of the same precious metal that the buyers are looking for. Moreover, many buyers are not after the design or even the provenance of the gold items that get sold to them. If you want to sell your gold jewelry as it is, it would be prudent to have an appraiser determine its value first as the sophisticated craftsmanship and historical provenance may give your gold jewelry higher value than it would fetch as scrap.

The purity of the gold also plays a big hand in the amount you will receive. Pure gold is, obviously, the most valuable. Its purity measured in karats. Imagine the karat as a 24-slice pie with each karat corresponding to one slice. Pure gold is 24 karat or 24K gold and is, therefore, worth all 24 slices. In contrast, 50% gold or 12 karat gold is only worth 12 slices, while 30% gold or 8 karat gold is just eight slices. 

Having dispelled the illusion that selling your gold will make you into an instant millionaire, here are two things that you need to know and do before you sell your gold. 

1. Learn how to convert gold’s value in terms of paper money

Gold has long been considered a precious metal even when paper money was not yet invented. Despite it not being the rarest metal, it is still hard enough to find to be treated as a high value-bearing commodity that you can exchange with other important commodities such as food or land. To this day, it remains an indicator of wealth.

The question now is how much wealth your gold is worth in terms of fiat currency. You can’t just use drops of gold to buy food in the supermarket. You’ll have to convert the gold into paper money, which is something that the supermarket will accept if you are looking to buy a bunch of bananas. Even if they did accept those drops of gold as a currency, how can the supermarket owner be sure that he or she is getting the right amount of value in exchange for the quantity and quality of goods you will be buying? Clearly, it is rather impractical to use gold in this type of situation.

That being said, since gold is an item that you can sell, it’s important for you to learn how to get the best value from the amount you have, considering the previous factors that have already been mentioned. As with selling other assets such as land or rare paintings, the more prepared you are before the sale, the more likely you are to receive an amount that closely represents how much your assets are actually worth.

You could begin your preparations by sorting all the gold you have into two groups: those items with known purity and those items with unknown or uncertain purity. The items with known purity are usually distinguished by a mark that states its purity, usually in karats. After this, separate the gold into categories per karat level.

The samples with unknown purity, on the other hand, should be sent to an expert for their purity to be determined. After that, you can include these items to your gold pile of known purity, specifically in their respective karat level. At this time, weigh each article belonging to each karat level as precisely as possible and note these weights down. Sum up the weights of gold belonging to each specific karat level.

2. Use the total weight of each karat level to estimate its respective market value

Even though you’ll get only a portion of the gold’s scrap value instead of its market value, having an estimate of your holdings’ market value will help guide you as to how fair each offer is when you sell.

Start your estimations by making your weight measurements’ units consistent across all karat categories by converting their weights into troy ounces. One troy ounce is exactly 31.10348 grams in metric units. Therefore, if your measurements are in other units, convert them all into grams and then into troy ounces. Troy ounces are the standard unit of measurement in the gold buying and selling business, although some dealers do use grams.

Next, find the market value of gold, which is usually indicated in dollars per troy ounce (of pure gold). You may check out that value by searching online or by browsing the business and finance section of your newspaper. If you have pure gold, simply multiply the weight of your 24K possessions by the market price to have an estimate of your 24K’s total worth. 

Estimating the value of impure gold objects is not that difficult. For each karat category, divide the karat number with 24 to get a decimal value which you will use as the “purity factor.” For example, for the 18K gold category, divide 18 by 24 to get 0.75, which basically means “75% pure gold.” You can use this simple equation for any karat category. After obtaining the purity factor for each category, simply multiply the purity factor with the market price of pure gold and then with the total weight of the gold in that category. Tally up the subtotal estimate values to get the total market value of all of your gold.

With the total estimated value of your gold in hand, contact multiple buyers and compare their prices against your total estimated value. At this point, you can pick your gold buyer whose offer is closest to your total estimated value. When you have chosen your buyer, take your gold to have it sold and turned into useful cash. Just be aware that the money you are going to receive will be less than what the buyer has determined since the sale will include a fee 10 to 20 percent of the gold’s market value that they will deduct from the cash they will give you.

Are you looking to sell your gold to help build savings? Pawn your gold in NYC & get in touch with us today! We’re happy to help.
East Village Buyers - 4 Things to Keep in Mind When Buying or Selling Gold
Written by Gabriel S. on March 17th 2019
The gold market is a lucrative place for those seeking easy money. However, the market is unpredictable, and one mistake has the potential to wipe out years of your hard-earned dough. To become a prudent gold buyer or seller, it helps to have an overview of the gold market and what factors influence its instability so that you can make the right choices at the right times. Here’s what you should keep in mind:

Gold is the motherlode of global political economy

People usually associate central banks with printed money and stacks of gold bars stored in heavily-guarded vaults. However, it has not occurred to most of them to ask why government central banks keep gold at all. These banks can own land, resources, and factories to diversify the sources of their reserve holdings. Moreover, these assets don’t need to be kept in a vault equipped with a byzantine level of security that can cost 1% of the value of the gold that these vaults contain in a year. 

When a war breaks out globally, paper money loses its worth and gold becomes the only currency that international traders accept, especially if it would involve procuring war materials. Governments need gold to buy these essential materials to endure or win a war, so they ensure that they always have gold reserves ready for use at any time war strikes. This was why a president of South Vietnam tried to smuggle gold to Switzerland during the Vietnam War when his army was already being defeated by the North Vietnamese communists, who eventually won and reunited that country.

After World War II, the U.S. displaced the old European colonial masters as the world’s leading power when it ended up with most of the world’s gold. It had so much gold that it was able to support covert operations and proxy wars across the globe against its perceived enemies, from the communists of yesteryears to the Islamists of today. In a sense, gold is an economic instrument of any government’s military might which in turn is used to enforce that government’s set of political agenda upon its people and even the world.

Gold prices can swing at any time without notice. Therefore, the skill of getting the timing right will help you rake in handsome profits if you are a seller and get you more gold while spending less money if you are a buyer. War and severe economic crises cause gold prices to swing even more wildly, making the identification of the right time risky and difficult for buyers and sellers. Keeping yourself abreast of important developments in the world might help improve your chances of striking gold in the buy-and-sell industry.

Twice as much gold is being consumed than being produced, but...

Unlike the fish we catch and the sugar we consume, gold does not and cannot dissolve in our bowls. It can also be recycled. This is why even if gold production lags far behind than demand (mainly because of gold’s rarity in the Earth’s crust and the difficulty of mining it), the supply of gold appears as if it is not decreasing much. Around 700 tons of gold gets recycled annually. On the other hand, the amount of gold that gets lost forever is hard to determine but the amounts lost are probably negligible to make a serious dent on the world’s gold supply. In fact, gold that ends up in the landfill by way of discarded gadgets and broken jewelry which contain them can turn these landfills as the proverbial “cash in trash” when the technology for urban mining further matures for mass industrial use in the future. 

Only around 300 tons of newly-produced gold become “trapped gold” when they become used to make or are incorporated in other products. The rest of gold production are made into gold bars as well as the necklaces, rings, anklets, tiaras, brooches, or even shredded toppings for the world’s most expensive pizza (you can’t still digest the shredded gold toppings, though). All of this free gold (in contrast with “trapped gold”) is essentially available for sale when the price and timing are right. These free gold amount to $9 trillion, giving gold buyers and sellers plenty of opportunities to make a windfall.

The world is obsessed with gold

Since time immemorial, from the Spanish colonial plunderers to today’s treasure hunters, people everywhere have been madly in love with gold. The obsession is so severe that merely speculating on the market value of gold that possibly hides beneath a yet-to-be-studied mountain deep in the thick Indonesian jungles is itself becoming a money magnet. Gold speculation can lead to a bubble. History has seen bubbles that have popped and shattered investors’ lives. Bubbles can even be blown by unscrupulous fraudsters riding on gold’s propensity to attract greedy investors as demonstrated by cases like the Bre-X scandal. Gold still remains a potential source of future bubbles.

But despite the fragility of financial speculation surrounding gold, buyers and sellers may exploit speculation to have gold prices reach digits that would be to their advantage. For those speculators, the rewards are worth the risk, and there will be always grown, greedy men who will be willing to take that risk.

When the dollar is weak, gold is strong,...and vice versa

Money has no inherent value even if it is made up of gold. What it does have is its ‘exchange value.’ A dollar, or any form of money for that matter, derives its exchange value from how much of it is being used as a means to exchange a commodity with actual value with another. Money’s exchange value comes from the convenience that goes along with its elimination of the need to do physical barter. 

Thus, gold becomes a hedge, or a guarantor, for the exchange value of dollars being held by banks, investors, and governments, although gold itself is not a static standard of value, with yearly production inflating its value as if it was also a currency. But if the dollar becomes a less desirable means of exchange in the world markets, those banks, investors, and governments holding dollars may demand the U.S. government to replace their paper money with gold bars. The increased demand for gold resulting from the weakening of a dollar would ratchet up gold prices. A weak dollar is a good time to sell your gold.

On the other hand, if other currencies such as the Japanese Yen, the British Pound, and the Euro are devalued by the respective central banks that issue them, these currencies become more attractive to use as a means of exchange than the dollar is since it would entail lower interest rates for those who use them. Fewer dollars will be used by businesses and governments in the world and the decreased demand for dollars will strengthen that currency. With the dollar becoming a strong currency, those who already hold dollars are less inclined to get gold. Thus, a strong dollar will mean a weak demand for gold. Weak demand means lower gold prices. What does that mean? It’s cheaper to buy gold!

Are you looking to sell your gold to help build savings? Pawn your gold in NYC & get in touch with us today! We’re happy to help.
East Village Buyers - How to Improve Your Spending and Saving Habits in NYC
Written by Gabriel S. on March 11th 2019
Everyone is different when it comes to how they manage their money, including their saving and spending habits. More often than not, people spend more than what they can make without paying attention to their savings at all. This can put them in a difficult financial situation that can be hard to get out of. Some people may need to make a small loan to get themselves back on track. However, there are others who are in a much bigger mess - to the point that a single loan is not enough to solve their problems. If you don’t want to be in this situation, you need to find a way to break out of bad spending habits and promote more effective saving habits as soon as you can. Here are some tips to help you get started:

1. Save Every Month
Every time you receive your paycheck, you should allocate a portion of this money to your savings account. Once you deposit the money into your account, leave it there without touching any of the amount saved. Keep doing this and notice the total amount of your savings will continue to grow significantly. This is a very effective saving habit to develop.

2. Establish an Emergency Fund
Similar to the first point, you should also put some money in an emergency accountl. By saving the money little by little, it can accumulate to become a big sum that you can use the amount to pay for any emergencies, such as a car repair due to an accident or a surge of power bill in the winter. This way, you don’t have to spend all of your hard-earned savings just to pay for some unexpected expenses that may incur in the future.

3. Cut Some Expenses
In order to save more money, you should be able to manage your spending habit first. Before you spend money on anything, think carefully about whether you need the item. Envision yourself living without this item in your life, and if you find that it has no effect on you, then you might want to put it back on the shelf. By adopting this habit, you will be able to cut back on your expenses.

4. Spend Wisely
Try to cut back on luxury, such as expensive clothing items. When it comes to superficial things, you are better off saving your money for more meaningful purchases, including property, a new car, and other things that will have an impact on your future.

5. Plan a Budget
You should plan your budget for each month so that you can determine which purchase is more of a priority to you. For example, your credit card debt should be taken into account before you decide whether you have the budget to go on a vacation. By factoring in the most important payments in your monthly planning, you will have some idea of the budget that you have to work with for the month.

Takeaway
No one wants to struggle with financial problems. Therefore, while you don’t have full control of your income, you still have, to some extent, control over your spending and saving habits. By following the tips mentioned above, your financial situation can be improved, and you are less likely to find yourself in a huge pile of debts that you can’t pay off fast enough every end of the month! 

Are you looking to sell your spare items to help build savings? Pawn your goods in NYC & get in touch with us today! We’re happy to help.
East Village Buyers- How to Decide Whether You Need to Sell or Get a Loan at a Pawn Shop
Written by Gabriel S. on March 3rd 2019
Financial crises affect more people than you’d think, and you never know when you’re going to need the extra cash. Pawn shops are where people who are down on their luck go in the hope that they can get some money to get themselves out of the slump they’re in. It’s a place to go where you can get quick cash for your valuable goods. 

Whether it’s precious family heirlooms, rare personal collections, or precious jewelry, pawn shops will take anything that they can make a profit out of. When you go to a pawn shop, you have the options to either sell your goods or place them for compensation and take a loan for it. These are both viable options for many cases, and in this article, we’ll help you to decide what the better course of action is for your situation.

When to Sell

You should look to sell your goods if you have no connection to the goods you’re selling. For example, if you have a limited edition Gibson guitar you’re not looking to do anything with it, you can sell it at a pawn shop. 

You may not get as high of a price compared to if you were to sell it to a music enthusiast, but it’s a lot easier to sell to a pawn shop, and the process is much quicker too. You can walk in with your goods and have it evaluated by the staff. If they’re not sure about the price, they will call in an expert to inspect the products for you. This might slow down the process, but will still be a lot faster than putting your goods up on a listing. You can clear your storage room and make some extra bucks all in one go.

When to Loan

Getting a loan for your items can have some advantages over selling it. You may not get to keep the money, but at least you have the quick cash to solve your financial problems, and you get to keep your goods. For example, if you have a debt that you have to settle right away, you can pawn your grandfather’s watch to get the money to pay off the debt. 

You can negotiate for a flexible loan term with manageable interest so that you’re able to pay back the loan and get your goods back. The problem with this is that you will be operating on a time crunch, as there’s a deadline to when you have to pay all of your loans, or your pawn shop will take your good as compensation for their loan.

In Conclusion

The decision depends on a few factors, such as how attached you are to the goods, how much money you need, and how quickly you need the money. If you don’t need the valuables and don’t feel connected to them in any way, selling it to the pawn shop might be the best option. On the other hand, if you feel like you want to keep the goods but you’re in an immediate need for cash, getting a loan might be a better idea.

Are you looking to sell your spare items? Get in touch with us today! We’re happy to help.
East Village Buyers - The Benefits Of Buying From A Pawn Shop
Written by Gabriel S. on Feb. 24th 2019
Buying items from a pawn shop can save shoppers a significant amount of money. The best part of this is that in most cases, the items being sold in pawn shops are often new or still in excellent condition. If you are looking for electronics, jewelry, instruments or even tools, a pawn shop could be a great place to look first before you pay the full price at a retail store. Besides shopping for items at cheaper prices, there is another hidden perk of buying things at a pawn shop. 

Just like a retail store, all items will come with a warranty that guarantees that the item works. Otherwise, you will be eligible for an exchange or refund. There’s no doubt about it; pawn shops are truly great places to save yourself some money! Here are four reasons to buy from a pawn shop:

It’s A Great Place For Discount Jewelry

One of the best things about pawn shops is that they will have a selection of high-quality jewelry that costs anywhere between 30-80% less than the retail price. Since pawn shops want to be able to sell the items they pawn, you are almost guaranteed to find high-quality jewelry available for affordable prices. This isn’t a bad deal, considering that most retail stores offer mass-produced, low-quality items. Occasionally, you might find some beautiful, handcrafted rings or necklaces made decades ago as someone has decided to pawn their old possessions. Again these will be cheaper and are likely to be a one-off piece.

There Are Always Unusual Items To Discover

Since pawn shops are open to buying any items that have value, they might have some cool and unique items on sale that you won’t be able to find at any other shop. Whether it is a signed football jersey or a retro pinball machine, there will always be surprises around the corner. These are the types of unusual items that you might find if you enter a pawn shop. Unlike traditional stores, pawn shops don’t know what will be brought in tomorrow or the day after. You can expect the things that they have in stock to change every time you visit!

You Can Buy Used Tools

Maybe you have a small building project or need a one-off tool for a small job. Pawn shops are great places to look as they can save you a lot of money since you won’t be buying the tool brand new. Pawn shops will always check the tool for faults and damages, which means that if you buy something from them, the equipment will work. In most cases, only big and professional brands will be accepted, such as that of Dewalt, Bosch, CAT. This means that you will be able to get quality items at a low price.

It’s A Place For Affordable Electronics

Be it a camera, a game console, a laptop, or a TV, pawn shops will stock these items and more. If you’ve moved into a new home and want a bigger TV for your living room, buying from a pawn shop is a budget-friendly option. Just like other items in the store, only products from major brands like Samsung, Canon, Apple are sold. Most stores have a policy of selling electronics no more than 2 years old, meaning that you may be able to get your hands on the latest tech for significantly less than retail prices. The original chargers and accessories will be included, too! What are you waiting for? Head over to your pawn shop now to find a few items for great value!

Are you looking to sell your spare items? Get in touch with us today! We’re happy to help.
East Village Buyers - 5 Tips For Selling Your Used Computer Monitor
Written by Gabriel S. on Feb. 11th 2019
Nowadays, new models of computer monitors are constantly popping up on the market. With so many options constantly put in front of you, it’s understandable that you would want to upgrade to a new computer monitor. Don’t want to throw your old monitor away? Sell it! This article will give you some helpful tips on how to sell your computer monitor. 

1. Don’t Mention the Original Price
There is no point in mentioning the price that you paid for your computer monitor when you first bought it. You may think that it could raise the value of your item. However, as new models are being released constantly, no one will care what the original price is.

2. Choose the Best Place to Sell
You can sell a computer monitor through various online platforms, such as an online auction. Your monitor will sell fairly quickly if the product is decent enough. If you plan to sell your computer monitor through Facebook or Craigslist, you need to be careful as there are many scammers on those sites. These people are not serious about buying your product and are likely to waste your time. For example, they may agree to buy your product for a certain price, but then try to negotiate again when you’re literally about to hand over the product. To avoid these kinds of people, you can sell your computer monitor to your local pawn shop for a quick and easier sale.

3. Do Local Pickup Only
The downside to selling a product online is that people are often quite hesitant to pay for delivery shipping fees. For this reason, it can take a while before someone is willing to buy your product. You can still sell your computer monitor online, but you should opt to only do local pickup. That being said, do keep in mind that there may be some people who will scam you by not showing up as promised.

4. How to Handle the Hagglers
When you’re selling a product, it’s almost always guaranteed that you will have to deal with a lot of hagglers. However, if you’re well-prepared, you will find it much easier to handle these people. You can set a price slightly higher than the amount that you’re intending to sell so that when people ask for a discount, you can give it to them while still getting the price that you want. If your buyers are settling for the price and not negotiating at all, it means that you’re actually getting more than what you’ve planned! However, if you want to be fair, you can make it seem like you’re giving them a discount. The hagglers will think that they’re getting a decent deal, and they will be quick to buy your product. Either way, it’s a win for you!

Moreover, there will be people who insist that you ship the item when you clearly state on the website that you don’t offer delivery service. The safest thing for you to do is to not sell to these people at all.

5. Wait For the Best Offer
Don’t settle for the first offer that you get. If you’re patient enough to wait, you will get more offers from your local pawn shops so that you can choose the best deal out of all.

Are you looking to sell your spare items? Get in touch with us today! We’re happy to help.
East Village Buyers - 5 Benefits of Getting a Loan from a Pawn Shop
Written by Gabriel S. on Feb. 3rd 2019
When you are in a situation where you need emergency money and payday is an agonizing two weeks away, one of the quickest and easiest solutions is to pawn your jewelry items for a loan. All you have to do is start by digging through your jewelry box and seeing if you can find some items that you can bring with you to a pawn shop. Unlike a formal loan process, pawning is a very quick and simple way to get the money that you desperately need. Here are a number of reasons why you should consider pawning your items for when you’re in need of cash:

1. No Need For Credit Scores
One of the best advantages of getting a loan from a pawn shop is that they don’t care about your credit score. If you have a low credit score, you will find it much harder to get a loan from a bank or a private lender. That is not the case with pawn shops. Regardless of your credit score, you will still get the money, so there is no need for you to be anxious about not getting the money you need just because of your low credit rating.

2. Quick Process
Most types of loans require a long period of time to process, and by the time you get the emergency cash that you need, it will probably be too late. Worse, there will be new bills and expenses that you need to pay during the time that you wait for your loan, and you’re just left being stuck with even more debt. With pawn shops, you can be sure that they will not make you wait as long because they understand the meaning of “emergency cash.” After you hand them your item, you will get your money on the spot.

3. Your Items Won’t Be Lost Forever
When you’re in desperate need of money, you may make an impulse decision to sell some valuable things that you will most likely regret later. The saddest thing is that you can’t ever get them back. When you pawn your items, however, you can get it back when you have enough to pay the shop the amount that you owe. This means that you get the money that you need without having to lose your item forever.

4. Low Interest Rates
Pawn shops usually have relatively low interest rates compared to other types of loans. For example, the interest rates for mortgage loans are pretty high. Not to mention, the process of getting the loan alone involves a ton of paperwork, which is very time-consuming. Even after you’ve gone through the entire process, there is no guarantee that you will get the loan that you’ve requested for.

5. Easy to Locate
Pawn shops are everywhere, and there should be at least one shop that is located near the area that you live. If you don’t already know where your local pawn shop is, do some research online to find the nearest one. You can go in any one of them and still come out with the cash that you need. Moreover, the process will be quick. The pawnbrokers are experienced in evaluating the value of jewelry as they have been doing this for a long time. Therefore, you can trust that your beloved item is in good hands.
Are you looking to sell your spare items? Get in touch with us today! We’re happy to help.
East Village Buyers - Things Pawn Shops Look at When Evaluating Diamonds
Written by Gabriel S. on Jan. 27th 2019
If you’re planning on selling your diamonds to a pawn shop, you may have a lot of questions in mind. One of your biggest questions probably will be: how do pawn shops price diamonds? The simple answer is that diamonds are priced based on their rarity. The size also matters; large diamonds are much rarer than smaller diamonds, which is why they’re worth a lot more.

The fact is that diamonds are much rarer than gold and silver, which puts them pretty high on the price range. To elaborate, the value of a diamond can be evaluated based on what is called the 4 C’s:

Carat: the weight of the diamond
Color: the amount of tan or yellow tones in the diamond
Clarity: the defects in the diamond that make it less clear
Cut: the manufacturing quality of the diamond when it was cut into a shape

Quality diamonds are clear, almost transparent, with no cloudiness, marks, or any defects in them. These diamonds will be priced at a high amount. However, many diamonds have a slight tan or yellow tone to them, and some have inclusions or carbon in them. Inclusions are the white marks inside the diamond, almost as if they are bubbles frozen in an ice cube. Carbon refers to tiny dark flakes or spots in your diamond. Both of these things are what make your diamond less valuable. Pawn shops will take these factors into account when estimating the value on your diamond. Now that you know the basics, let’s get more in-depth to the real question.

How Do Pawn Shop Price Diamonds?
As mentioned, the first thing a pawn shop will do when you bring in your diamond is to determine its value. They will look at the 4 C’s to come up with the estimated price for your diamond.

Aside from their size, diamonds are valued based on their rarity. Because the larger diamonds are rarer, their prices are also much higher. Below are some guidelines for your information:


// Large Diamonds
In general, your diamond could worth between a range of 100 to 600 dollars if the carat weight is more than .25, but this also depends on the color and clarity of your diamond. If your diamond is greater than 1.01 carats, however, then the price significantly increases. In fact, if your diamond is over 3 carats and the color is transparent, it could be worth anywhere between 3,000 to 10,000 dollars per carat weight! One important thing to note is that even if your diamond is the biggest size, but if the color is off or the clarity is poor, the value can easily drop in half.

// Small Diamonds
For diamonds that weigh less than .25 carats, the value is much lower as they are more common. What is important here is whether the stone is full-cut. If your diamond is what is known as a “chip stone,” then the value is negligible. A chip stone is typically collected when a bigger and higher quality diamond is being cut and formed into a piece of jewelry. In other words, a chip stone is merely a leftover of a bigger stone. This kind of diamond has little to no value in the second-hand market.

Why Do Pawn Shops Appraise Diamonds This Way?
Whether you are planning to sell your diamond or get a loan from a pawn shop, they will have to evaluate the value of your diamond based on how much they think they can sell it for. This is very important to them because should you forfeit the loan, they will have to find a buyer to sell your item to in order to recover their losses.

Are you looking to sell your spare items? Get in touch with us today! We’re happy to help.
East Village Buyers - Things You Need to Know Regarding Pawn Shop Loans and Your Credit Score
Written by Gabriel S. on Jan. 20th 2019
If you’ve never been to a pawn shop before, then you might have some questions regarding how pawn loans might affect your credit score. Among one of the most-asked-about questions is: Do pawn shop loans help improve your credit score? The simple answer is no. Need extra clarification? This article will go a little bit deeper into the details.

How Do Pawn Loans Work?
When you are pawning an item for a loan at a pawn shop, you are only opting for a loan. During the process, you will get your merchandised evaluated by the pawnbroker. Then, they will determine the amount that they are willing to loan you and set a deadline for you to pay it back. As the deadline approaches, you may return to the pawn shop to pay back the loan plus some interest and get your item back.

Will Your Credit Score Be Affected?
As mentioned, your credit score will be neither improved nor harmed by a pawn loan. After all, the main purpose of pawn shops is to help people with financial problems. If credit score were a factor in their equation, every pawn shop would be left out of business. 

Why A Pawn Loan Is Considered As a “Secured Loan”?
Another question people might have is why a pawn shop loan is considered as a secured loan. If you happen to not be able to repay your loan on time, your item will be kept by the pawnbroker and they will be free to resell it in order to get their money back from the loan you took. Moreover, a pawn loan is also a no-recourse loan. This means that the pawn shop can’t come after you later to collect your debt. They also can’t sue you. As a result, they don’t have the rights to file any documents with the credit bureaus regarding your defaults on loan.

Why Go For a Pawn Loan?
One thing you need to understand is that not everyone has a good credit score, but that doesn’t make them a bad person. Some people struggle to get loans from banks and other financial institutions because their financial status isn’t sufficient for them to get emergency funds to cover necessary expenses. This, in turn, causes them to lose credit that further prevents the banks from ever helping them in the future. For this reason, pawn shops are very useful for people in these situations, allowing them to access the funds that they desperately need.

Credit scores or bank account histories are meaningless when you are getting a pawn loan. These pawn shops don’t care about your credit history. All they care about is your merchandise, what they can offer, and how much they will get from reselling in the case that you have to forfeit it.

Summary
In short, you don’t have to worry about your credit score when you go into a pawn shop for a loan. When you sign the loan agreement, there is absolutely nothing that can hurt your credit score. The process is fairly simple. You just leave your item for the pawn shop to hold on to, and when you can afford it, you can come back and get it. If you can’t afford to pay back the loan by the predetermined date and time, however, the pawn shop gets to keep your item. It’s as simple as that!

Are you looking to sell your spare items? Get in touch with us today! We’re happy to help.
East Village Buyers - 4 Things to Do to Get The Best Price for Your Pawned Items
Written by Gabriel S. on Jan. 14th 2019
The pawn shop is where you’ll want to go if you’re looking for quick cash, seeing as many will take practically anything of value. From your new iPhone, jewelry, and electric guitar, to your collection of antique paintings, if there’s a market for it, the pawn shop will take it. When you take your goods to a pawn shop, you will be presented with two choices: getting a loan for that item or selling it. Most people will opt to get a loan for their goods, as they can place their item for compensation and leave the shop cash in hand. They can get their goods back if they repay the loan in time according to the loan contract. If not, the shop has the right to the goods, and they can legally sell it. 

On the other hand, you can opt to sell your items at a pawn shop and get your money on the same day. You may not be able to sell your goods at the market value, but that’s to be expected. The shop has to make a profit off of their purchase, so they have to buy it at a lower price than the general market.

Regardless of whether you’re looking to buy or sell, you still have to know the common practices that can bump up the price of your goods. That’s what we’re going to discuss today. So without further ado, here’s our quick guide to getting the best price for your items at the pawn shop:

1. DETERMINE THE MARKET VALUE OF YOUR ITEM
The first thing you will need to do before you even think about making a deal with a pawn shop is to find out the market value of the item you’re pawning. A pawn shop will buy something from you, and they will resell it to a buyer at a higher price. That’s how they make a profit. If you don’t know the resale or the market value, it will leave you susceptible to accepting a deal that’s less than fair. It’s incredibly easy to find out the market price for something nowadays. All you’ve got to do is look it up on Google, and you’ll find it. If it’s a special, unique, or rare item, you may need to get an expert appraisal for it before you try to sell it to make sure that you don’t get played for a fool by the shop.

2. FIND OUT THE DEMAND FOR YOUR ITEM
Some types of goods are always in high demand while others fluctuate regularly. To make sure that you get the most money out of the deal, you have to pawn your item when it’s at its highest demand. For example, if you have a rare stamp collection, going back to the 1910s, you may want to pawn it when the stamp market is peaking. You should do a ton of research about the market of the goods you’re trying to sell if you have time, as that will ensure that you get the best value for your goods.

Most pawn shops will give you a loan for items that are in high demand, as they can sell them very easily. Even if you don’t return the money you borrowed, they are going to make a profit off of your goods anyway.

3. DETERMINE HOW YOUR ITEMS ARE VALUED
Each type of items is valued differently. To make sure that you get the best price for your items, you have to know how the pawn shop determines the value of your goods.

Listed below are what most pawn shops use to determine the value of an item:

- The Cosmetic Condition
This refers to the look of the item. If it’s scratched, dusty, and unkempt, the value of the item will go down.

- The Working Condition of the Item
If the item doesn’t work, you’re not going to get a good value for it because the shop will have to fix it themselves, and they have to deduct the repair cost from the value they can offer.

- The Customer’s Pawn History
If you don’t have a good history with the shop, the pawn shop will view any deal they make with you as a risk. They will have to take the risk factor into consideration when determining the value of your items.

Are you looking to sell your spare items? Get in touch with us today! We’re happy to help.
East Village Buyers - Pawn Shop Myths - What's the Truth
Written by Gabriel S. on Jan. 6th 2019
Pawn shops have become increasingly popular in recent times. While many people know the textbook definition of a pawn shop, most have little to no knowledge regarding the actual functionalities, which is why there are so many misconceptions today. In this day and age, pawn shops are extremely useful. They are a community resource that allows people access to necessary cash in a short amount of time. They’re also a place where people can buy gifts, antiques, and other necessities at an affordable price. 

Only People in Financial Crisis Use Them
This is perhaps the biggest misconception about pawn shops. While some people use them as a means to get their hands on some quick cash, many others use it as a means to sell items that they no longer need or wish to carry during relocation. 

All Items are Stolen
No, they are not. If you didn’t know, pawn shops are subject to extensive regulations. They are not allowed to sell stolen goods. In many places, pawn shops require necessary documentation that an owner indeed owns the items that they are handing over. Owners also work closely with local police departments to ensure that any merchandise that might appear to be stolen is returned to the rightful owner of the object.

They are Unregulated
This is not true. Just like any other business, pawn shops are required to follow all regulations set down by the state. The Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) sets down specific regulations that all shops are bound to follow. It is the same for other laws such as the Truth in Lending Act and the Equal Credit Opportunity Act. These laws are specially designed to protect the interests of the sellers and to make sure that each person who is handing over their items to the shop gets the best possible deal for their items.

There is Limited Merchandise 
There are many kinds of pawn shops. While some pawn shops specialize in a certain type of merchandise such as jewelry, others may sell different types of items. A pawn shop will often have many kinds of items such as electronics, collectible coins, sports goods, and more! There are even shops that even take in larger, big-ticket items such as trucks and boats. If you aren’t convinced, make a point of stopping by one and rummaging about the shop’s merchandise. Who knows? The things you discover at the shop may surprise you yet! 

All Products are Rundown Items
Like other shops, you’ll see a wide variety of items for sale at pawn shops. Many people are of the notion that shops only sell items that are not in good condition. While it is true that some people do bring items that are not in good shape, there are, however, people who bring items that they wish to sell after cleaning their house. These items are usually in good shape and have good value too. If a pawn shop takes in an item that is not in a good condition, chances are the brokers see it as an item that can be repaired or restored and still hold a great value.

Are you looking to sell your spare items? Get in touch with us today! We’re happy to help.
East Village Buyers-3 Mistakes You May Be Making While Trying to Pawn Your Valuables
Written by Gabriel S. on Dec. 31st 2018
Pawn shops have taken up an important place in modern society. They can be a source of quick short-term loans during times of emergency. Some people look for high-end goods for rock-bottom prices in pawn shops. However, when you visit a pawn shop, you need to know the things you should and shouldn’t do. Firstly, it is imperative that you stay clean and you present yourself properly. You should not shout at the pawnbroker while they are providing you with a loan. It is quite easy to get the job done in most pawn shops. Most pawn shops would be happy to help you out with whatever you may require, be it a short-term loan or finding something that you are looking for. However, there are some mistakes that a lot of pawn shop customers make. These are some of the mistakes that one must avoid:

Negotiating too much
Making mistake at a pawn shop can be very costly. Therefore, you need to avoid making one in the first place. A lot of people walk into a pawn shop thinking they can negotiate easily. Often a part of it is because of the TV shows that show how much they can negotiate. Another part of this is because the reputation of pawn shops make people think that they can go far to work out a deal.

Assuming that you will score market price
Before taking a gold loan or before buying gold, one should know how the gold market works. Knowing the approximate amount you will be getting will help you figure out whether or not you are being offered a fair price.

Whatever the case may be, it is unwise to go into a pawn shop and say what you know right into the owner’s face. Chances are you will be laughed at and asked to leave the store immediately. 

There is a certain amount at which pawn shops are comfortable in buying gold. They also have a different selling amount. The amount is determined by the gold market and is something that they cannot control. So if you want to sell something at an outrageous price, the pawn shop may not purchase it at all. The reason is simply that you are not offering a price that is reasonable compared to the present gold market. The same problem happens when you want to buy gold at a price so low that the pawnbroker will not even take you as a serious customer. He or she will directly reject you without any considerations.

Don’t try to act smart
Pawn shops are based on buying and selling. They buy things at low prices which they think they can sell in the future at a higher price. So if you think that you can negotiate and sell something at a significantly higher rate, you will be disappointed. The pawnbroker can move slightly higher than the initial offer, but there may not be any significant difference. They are well aware of prices and deal with products similar to that of yours every day.

There is no point in impressing them with features. In fact, you may end up annoying them and making them stick to a lower price. The issue is the same when buying something at a lower price. What you really need to do is to make a reasonable offer that will allow further negotiation.
Are you looking to sell you spare items? Get in touch with us today! We’re happy to help.
East Village Buyers- Three Ways to Increase the Value of Your Gold Jewelry at a Pawnshop
Written by Gabriel S. on Dec. 22nd 2018
Gold is, and always has been, the most sought-after valuable metal in the world. Nowadays, gold is incredibly easy to sell, as just about any pawn shop out there is willing to buy gold jewelry without asking twice. They have a high market value, are easy to clean, and are very flexible to work with. A high purity gold can even be melted down to make other pieces of jewelry.

When you’re looking to pawn gold, there are little intricacies that you have to know to make sure you get the highest price for it. First of all, you need to know the general market price so that you know what to expect from the pawn shop. You don’t want to run the risk of selling your gold under the market value. If this is the case, you will lose some of the money that you should have gotten. 

If you have all of these early precautions checked out, you can safely sell your gold piece, but that still doesn’t mean that you will get the best price for it. We have come up with a three-step guide to cleaning your gold piece to guarantee the best value:

1. Clean Around The Karat Marking
The karat value tells you a lot about the quality of the gold, so you want to make sure that the karat marking is clean so that the pawnshop can really see what it’s worth. If the employee can’t find the karat marking, they may assume a lower karat value than it actually is. Try using lotion or mild soap and rub it gently with a piece of cloth to make sure that it’s visible. When you’re pawning the jewelry, make sure you point the karat marking out for them so that they know exactly where to look.

2. Clean Around Any Stones
If you have any precious stone attached to the piece of gold, make sure you clean it to show the natural state of the stone. It’s a common standard for you to clean your items before you pawn them, as the pawnshop will have to account for the time they have to spend cleaning the item. This is especially important for jewelry, as you will lose a lot of money if you don’t make sure you clean it before you pawn.

3. Bring Any Documentation You Have With You
Aside from making sure your gold jewelry is bright and squeaky clean, you want to make sure that you have all the documents and detailed history of it; where it’s been, who owned it, and where it came from. It’s illegal for pawnshops to buy contraband goods, and they will do all they can to protect themselves. Even in a rare case that they are willing to take the risk, they will drop the price down massively, as they can’t be sure that your gold piece is legal.

And there you have it, the three ways to increase the pawn value of your gold. How the price is going to turn out will depend on your negotiation skills and the actual value of your piece of gold. Who knows? You might be able to walk away from the shop with a few hundred dollars more than you expected!
East Village Buyers-How to Get a Better Price for Your Items at a Pawn Shop
Written by Gabriel S. on Dec. 15th 2018
Whether you’re looking to clear your basement of useless junk or you’re just a little short on money, pawning your things might be the solution you’re looking for. To ensure that you get the best price for what you’re trying to sell, here is our guide on how to pawn like a pro:

What To Pawn
Antiquities, first-edition books, and memorabilia from famous people are the most sought-after items that can fetch a decent price. These things sell incredibly smoothly, and pawn shops will often offer a high price for them as long as they are in good quality.

Clean Your Items Before Pawning Them
If you’re looking to pawn your things, make sure you clean and fix them first! Pawning a dusty item with a couple screws loose here and there will likely drop the value of the item quite significantly. This problem can be avoided quite simply by cleaning and fixing the item beforehand. This is particularly important when you’re looking to sell a piece of jewelry. Nothing can be quite as detrimental to the pricing of your items as a smear of dirt that could have been wiped off before you walked into the shop.

Provide Evidence of Authenticity
You have to make sure you have all the documents and evidence of authenticity for your items — especially if it’s an antique. The pawn shop has to take on a lot of risk if they don’t know the origin and authenticity of your item, which will make them hesitant to pay big money for it.

Go to the Shop Early
It’s better to go to a pawn shop in the morning than later in the day, as when the shop is crowded, the staff won’t have enough time to negotiate the price. They are trained to offer a lower price, and that’s what they will do. You might have to spend more time and effort negotiating with them, which can be quite frustrating. Rather than catching them when they haven’t got the time to negotiate, try to go when the shop is empty, as that’s when the staff will be in the best mood to talk with you.

Additionally, the last 30 minutes of opening time of a pawn shop is when they finalize their finances for the day. They won’t have a lot of time to negotiate the prices, so they might rush you to take a worse offer than you could get if you had caught them at a better time.

Identify Yourself
You have to have your ID, driver’s license, or a passport with you when you go to a pawn shop. These documents are required when you’re pawning things so that they have a record of who to contact and hold accountable in case of stolen goods. The shops are required by law to keep a record of every transaction, and without proper evidence of identity, they cannot legally buy things from you.

TL: DR : 3 Rules of Pawning
Clean your items and provide a document of authenticity.
Pawn when the shop is empty.
Come with an ID.

Are you looking to pawn your spare items? Get in touch with East Village Buyers! We provide a fair value along with quick & easy money - come to visit today!
How to Prepare to Pawn Your Designer Handbags
Written by Gabriel S. on Dec. 8th 2018
How to Prepare to Pawn Your Designer Handbags

If you’re in need of some quick cash and have some high-end, quality handbags that you aren’t using anymore, you may be in luck. You can pawn or sell designer handbags for quite a decent amount of money. Here’s what you’ll need to know:

Preparation 

Remove all your items out of the used bag, and clean it as well as you can. Look for all of your authentication records as well as receipts and paperwork.

Cleaning

Make sure to wipe away any dirt or scuffs from the outside of the handbag. Designer handbags need to be particularly handled with care as the leather or suede can be damaged by strong solutions that are not meant for those materials. 

Also make sure to clean the inside if you bag as well as possible, including inside the pockets and all the zippers. Try to remove all makeup marks, crumbs, pen marks, and any stains other stains and buildup that might have occurred during the bags usage.

Proof of Authenticity

When you first bought your handbag, you should have also received some paperwork, card or some sort of certificate of authenticity. Be sure to bring this with you to the pawn shop to prove authenticity. 

If you truly cannot find your documents, look for the receipt. It may or may not work, but it is the next best thing. Not having your authenticity records will mean that the buyer will need to more carefully inspect your designer handbag, which may take a lot more time. If you can find proof, it will save you time and may even possibly earn you more money.

Where to Sell

People resell designer handbags online, at retail reseller stores and on many other platforms and services. If you want fast cash as soon as possible, head down to your local pawn shop and increase the likelihood of earning more money by preparing your designer bag for selling.

Are you looking to pawn your handbags? Get in touch with East Village Buyers! We provide a fair value along with quick & easy money - come to visit today!
How to Get the Best Price for Your Phone at a Pawn Shop
Written by Gabriel S. on Dec. 1st 2018
New phones come out every year. If you’re saving up for a new one this year, it might be time you pawn your old ones away. In this article, we’ll detail exactly how a pawnbroker determines and evaluates the price, along with what you can do to increase the final price.

1) Determine the Model
First off, the pawnshop broker will evaluate the model and the production year of the iPhone you’re pawning. Some phone models are highly sought after, as they might be a staple model of a specific brand, or it might be known in the industry as “the best one of the xxx era”. Some pawn shops are more willing to buy older phone models than others, as they might have a better sales connection for them. Typically though, if your phone is any older than 2 years, it’s going to be very hard to sell. As a general rule, the newer the phone, the easier to sell.

2) The Condition of the Phone
Another major factor that will affect the sale price is the condition of the phone and its repair history. If the screen is broken and the battery has been replaced a few times, it’s safe to say that it’s not going to sell for a very good price. If you can do any minor fixes to your phone before you sell it, we recommend that you do it.

3) “Locked In” Carrier
Some carriers will lock the phone to their service, meaning that either you have it unlocked, or it can’t be used with a sim card of another carrier. This will have a detrimental effect on the final price of the phone, so be mindful of that.

4) The ESN/MEID/IMEI checks
The 3 things that every pawn shop will check for is if the phone has ever been stolen, if the previous owner’s carrier account is still active, and if they owe any money to the carrier. If your phone passes these three checks, the phone will be much easier to sell.

5) The Completeness of The Phone
The price of your phone will go up significantly if you have all the paperwork, the box in mint condition, and other accessories that come with the phone. You can sell your phone without these, but the price will be lower.

6) iCloud Lock
If your phone is iCloud-locked and you don’t have access to the credentials to unlock it, the value of your phone will drop massively, as the pawn shop will have to get it unlocked before they can sell it. Often times, this isn’t worth the effort for them and they will simply reject your offer.

Finally, a Quote!
Once everything checks out, the pawn shop will tell you what they can offer for your phone. Remember to do a little negotiation so that you get the most out of your product. And when the price is finalized, you can walk away happily with cash in hand!
How to Successfully Pawn a Diamond
Written by Gabriel S. on Nov. 25th 2018
Diamonds are truly loved among many, but some will only see them as a price tag. If you’ve done your homework, you can get quite a pretty penny from diamonds at the pawn shop. Here are some tips on how to earn the best money when pawning diamonds:

Research

Do your research. It is very important that you know the processes that go into pawning an item as well as what the differences are and how the staff at pawn shops price various things. It is quite crucial to know how much diamonds are currently worth in terms of price and demand. A good way to research prices is to go to eBay or any other website to see how much people are bidding on items similar to yours. This will give you a ballpark of the costs and what you should expect from the pawn shop.


Cost

If you are selling because you need the cash, consider how much money you need currently and use that to determine what price you want and what you need to pawn to get that money. You should have a good idea of how much money you currently need and use that to decide how many of your assets you want to save and how many you need to sell now. You can save whatever diamonds you have left for future rebuttle.

Pawn Shops

You should know a little bit about the pawn shops in your area, and if you don’t you need to do your research. Not all pawn shops will except diamonds or jewelry so find out whether or not the ones that happen to be close to you do accept them. Also, make sure to call in and ask about their pricing methods because some shops will not price you correctly and it is important that you make sure they do. Try to read reviews from previous customers online to get a little bit of a better idea of what their services and options are. Make sure their customer service is professional because they will be the ones helping you through the process.


Negotiating

Once you’ve researched your diamond or other items as well as the pawn shop you want to go to, you are set to negotiate the right price for your items. You should try to seem confident when trying to sell your product and you should try to think of a strong pitch before going in. Speak to the pawnshop owner about the demand and resale value of your item as that is the main concern that they would have while buying it from you.


Looking to get rid of a diamond? Get in touch to see how we can help today!



What to Know About Selling Rare Coins At A Pawn Shop
Written by Gabriel S. on Nov. 17th 2018

If you’re looking to sell rare coins, most pawn shops are not only happy to buy them or loan on rare coins but will also give you a great value. Pawn shops do a lot of business with precious metals and will check the scrap value of metals daily so that they can quickly and correctly identify value and price from the start. 

Expertise
There should be a guide for especially valuable coins as well and the best advantage to dealing with a pawn shop when it comes to coins is that they recognize this and will accept giving out loans for these valuable coins. Sometime a coin is valuable because of an industrial mistake or special minting or if few of those coins have been made. Pawn shops are well aware of these values and will be happy to help out with any inquiries of these types of coins.

Do Some Research
It’s important that you try to contact your local pawn shop and make sure you have what they’re looking for before taking your coins or collection in. Not every pawn shop wants to invest in coins. This is also to make sure that a pawn shop has people that specialize in coins in order to avoid misunderstandings of the price guide and it’s also just better to have someone who is familiar with the market helping you out as opposed to just some random staff. Even if they have to call an expert, it’s worth your time and money because not all pawn shops specialize in coins.

Value
Some great deals can be made on coins, both buying, and selling, in a pawn shop. If you know what you’re looking for or have a good idea of what the value is of what you’re selling, then it is definitely recommended to call your pawn shop and see if they are interested in what you have to sell.

Conclusion
Before selling your rare coins, know the ins and outs of what pawn shops and collectors are looking for. You want your collection to look impressive. But some pawn shops don’t like clean coins, so do not clean them, but make sure to take care of your coins and protect them from scuffs. Maybe even go and get them graded to further help the broker come up with the best price possible.

How to Pawn Your Rare Coins for The Most Money
Written by Gabriel S. on Nov. 11th 2018
How to Pawn or Sell Your Rare Coins for Top Dollar

While you might just have a jar of old coins up in a shelf in your basement, you might not know that it’s actually a pot of gold.

If you’re not looking to start a collection out of these valuable coins, it might be better for you to just sell it. The best place to sell your rare coins is, of course, at a pawn shop. Rare and antique coins are actually one of the most commonly pawned items, and for good reason. There are a lot of demands and serious collectors are willing to pay big money for them.

American coins are made of different materials. The typical coins like quarters, nickels and pennies, are made of copper and nickel; materials which have low intrinsic values by themselves. However, some rare coin series or bullion coins are made of gold, silver palladium, or platinum. This fact alone makes some coin models more valuable than others. For example, the American Gold Coins and the U.S. Mint issued Commemorative Gold Coin have very high market value, especially if they are kept at mint condition.

If you’re looking to sell your coin collections or just have some coins in your home that you think might be of any value, it’s always a good idea to have them checked out. We understand that not everybody knows a lot about coins, and they can look unassuming. The most expensive coin in the world is still just a coin in most people’s eyes, so we suggest you work with a professional value assessor to know the true values.

What do I do if I want to sell my coins?

Call the pawn shop first
Some pawn shows are more interested in coins than the others. If you try to push one that’s not that into coins, they might actually lower your sale price. So make sure you’re selling it to someone who will give you the highest value possible.

Know your coins value
As we said, you need to check for the market value of your rare coin at the current condition first. Do some research and work with a professional collector before you talk to the pawn shop. This will ensure that you’re not being swindled into selling a pricey coin for cheap.

Do not try to clean your coins
Some collectors prefer the aged appearance of an old coin, while others like them shiny and squeaky clean. Before you sell your coin, don’t try to clean it, as you don’t know who the buyer is going to be. Plus, if you’re not used to the process of cleaning old coins, you might end up damaging it, which will lower its value by a lot.

Now that you know what to do with your potential rare coins, it’s time for you to start doing some digging. Follow our quick guide to get the highest value possible for your coins.

How to get a pawn loan for fast cash 
Written by Gabriel S. on Oct. 19th 2018
Pawn Loans for Fast Cash

Valuable possessions can often be exchanged to acquire a pawn loan.
While pawn shops are a great place to sell your items for cash, they can also be a good way to get some quick extra cash through a loan. All you need is something valuable — such as a laptop or piece of jewelry — that can be used as collateral.

Although pawn loans can be quite costly, an upside is that they often don’t require a credit or background check.

What is a Pawn Loan Anyways?

A pawn loan is when you exchange something valuable as collateral to borrow money in return. Typically, loans will be in small amounts, such as $150 or less but the borrower must return the principal plus interest, which can be as low as 10% or even higher than 200%, depending on the location and each individual shop.

Your items will be safe while your loan is still active, but if you fail to repay the money in time, your items may be kept or sold. As for all loans, it is crucial that you know the due date and amount needed in total. As long as you’re able to repay the money in time for the due date, a pawn loan could be a quick way to get cash without worrying about messing up your credit.

Steps to Getting a Pawn Loan

Step 1: Pick and Take an Item to a Pawn Shop as Collateral
If you have something that’s worth a few hundred dollars, it is likely that a pawn shop will consider it. Ask for a quote and consider the amount the shop offers. The loan will be for a percentage of your item’s value, generally around 25% to 60% of resale value for it. It’s always a good idea to get many quotes from different places so you can consider and make a choice on the best price.

Step 2: Loan Terms and Ticket
Familiarize yourself with the loan terms. Terms can vary between 30 days to a few months and interest rates on your load will depend on state laws. Make sure to acknowledge these terms before agreeing and accepting your cash. You should receive a pawn ticket that will be needed to collect your items upon repayment which should also include any fees, the loan term, grace period and important dates. This ticket is very important so it is recommended to take a picture of it in case it is lost.

Step 3: Due Date
Once the due date finally comes around and you’ve successfully paid back your loan, you will get your item back. However, if there is an issue and you can’t repay it or have misplaced your ticket, the pawn shop is permitted to sell your item to collect on the loan you failed to pay.
What Can Be Pawned? 
Common items people pawn include: Jewelry, musical instruments, photography equipment, firearms, current electronics, and tools.

How Pawns Loans Differ from Payday Loans


Pros of Pawn Loans

They’re quicker. You don’t have to go through a lengthy process to get a pawn loan. Simply bring in your item and ask for a loan.
No credit checks. Since your item will be used as collateral for your loan, you will not be screened for credit.
In the case that you cannot pay back your loan in full, you can always surrender your item as repayment without leftover debt or any effect to your credit score.


The Cash for Gold System

It’s very likely that everyone has heard of Cash for Gold at least once, whether it be through adverts online or on TV. It is advertised everywhere on the internet and outside of the shops on the street as well. The Cash for Gold process is rather simple, but people should still be aware of the potential risks of selling your unwanted or overused jewelry.

The Cash for Gold Process

Step 1: Gather up old jewelry that you want to sell. Any rings, necklaces, bracelets and een broken pieces. Some non-jewelry items may also be accepted such as tooth fillings or old coins.
Step 2: Research the current market value prices. Gold and silver prices fluctuate daily, so you’ll need to keep yourself updated on the market and prices before you visit your local pawn shop to make sure you’re getting the most out of your items.
Step 3: Have your items assessed. If you have unbroken pieces or a nice set containing other valuable materials, such as pearls, gems or opals, visiting a jeweler and having them estimate how much your piece should go for may be worth your while in the long run. This way, you will be more well-informed and will have an expected price range to spot out low-ballers or cheaper prices.
Step 4: Now it’s time to visit a pawn shop in person or even seek out buyers online. However your options aren’t limited to these. Often times, payday loan and check-cashing services will offer cash for gold. Make sure to do your research before agreeing to sell anything.
Step 5: You finally got an offer! This price offer will be based on the bullion value and karat of your gold/silver. You may either accept the offer right away or ask for time to consider the amount. You can and should visit multiple pawn shops to compare offers for the best value.
Step 6: Once you find the offer you’re happiest with, it’s time to accept and agree to the quote. You can often get paid the same day and, depending on what you sell, you could be walking out of the pawn shop with a hefty amount in your wallet. 

East Village is a pawn shop in East Village, Manhattan that helps you get money fast - come visit us today!
The Benefits of Pawn Shops in Local Communities
Written by Gabriel S. on Oct. 29th 2018
Pawn shops have been around for hundreds of years, and there are no signs of that ceasing any time soon. The need for a cash loan is a popular motivation for people to head to their local pawn shop. Although these shops are often viewed as places where shady people go, the fact of the matter is there are quite a few reasons why people choose to get cash loans from pawn shops rather than other conventional places such as banks.

If you’ve never been to a pawn shop, chances are everything you know about it and assumed about it is an amalgamation of things you’ve seen on TV shows. You may think that it’s the place to go when you’ve got a few antiques you want to get rid of or grab that dusty old watch that turns out to be a collectible for an incredible price. However, pawn shops have their part in the community and there are certainly times when people find themselves relying on them to meet their financial obligations.

Those who enjoy middle-class lives often have access to things that people with lower incomes do not. Take, for instance, a checking account. Just about everyone has a checking account nowadays, but there are certainly people in the lower rung of the income ladder that do not. If you don’t have a checking account, there’s no chance of getting a loan or a cash advance from a bank. However, there are always times when you need some extra cash to meet your needs. These are times when people seek out a pawn shop. Here’s why:

You don’t need a bank account
At a pawn shop, you only need something of value that the pawn shop accepts. Jewelry is a common choice, and many people bring gold necklaces or rings to offer as collateral. Metropolitan Pawnbrokers, a prominent pawn shop based in New York, is known for taking gold jewelry as collateral for offering cash loans to people who do not hold bank accounts.

It isn’t just those without checking accounts who benefit from getting cash loans from pawn shops. People with poor credit scores benefit as well. Most financial institutions that offer loans evaluate candidacy based on credit scores. A low rating may mean that you wouldn’t get approved, and even if you do, you’ll probably have to cope with a high rate of interest.

An increasing number of families and individuals are turning to pawn shops as a way of getting fast cash to handle unforeseen financial obligations. The borrowing process is a lot simpler than that of most lending institutions. This makes pawn shops the prime choice of many looking to secure small, short-term loans. Even so, quite a few people are unsure of what pawn shops really do.

You just need to offer something of value as collateral
Although quite a few pawn shops do sell items, their primary business is lending. All you have to do is come in with something of value and have the value assessed by the broker. A price is then proposed, which the client can either accept or negotiate. When a dollar amount is settled upon, the broker takes the item and gives the client their cash loan. The broker is responsible for storing the item until the loan is returned along with any fees and interest accrued. 

One thing that many people misunderstand about pawn shops is that they lend money in exchange for the item, not purchase it. This means that they do not only take into consideration the value of the item but the cost of keeping it safely stored. Of course, resale value has to be considered in the case the loan is not repaid. Pawnshops are often able to offer a lot more for direct-purchase items than they would for other items because they know that if the loan falls through, they’ll be able to resell the item with ease.

Pawn shops have a place in every community. In situations when people are hard-pressed for money, be it for medical care or education, pawn shops are always there to make sure you have the cash that you need. 
How it's Beneficial to Sell Your Gold to a Pawn Shop
Written by Gabriel S. on Nov. 4th 2018
Regardless of if you’re in need of some cash or are just looking to get rid of some old antiques lying around the house, a pawn shop may be just what you need. Although pawn shops are often depicted as shady places frequented by shady people, they actually play quite an important role in the community. 

One of the most popular things traded in pawn shops is gold. Sometimes it’s in the form of nuggets and sometimes it’s in the form of a necklace. Whatever it is, read on to learn how you can sell gold to a pawn shop. It’s a little more complex than just going in and leaving in a couple of minutes with cash. If you want to get the best deal, you also need to compare offers and figure out what your gold is worth. Here’s what you need to know:

How is the value of the gold determined?
Gold is a very liquid commodity. This is because it is traded around the clock all around the world. It is usually priced by ounces and the value is always fluctuating. That means that the price you may get for buying and selling gold will change from day-to-day. 

Quite a few things factor into the value of gold. Major events and even speculation about them can play a part. Economic data, inflation, buying power, other currencies, and much more is considered as well. Pawnbrokers take into consideration the current buying and selling rate of gold. However, they usually try to offer you a lower price so that they can resell it for a profit. 

Should I sell my gold to a pawnbroker or a different buyer?
Gold can be sold at quite a number of places from pawn shops, to jewelers and independent buyers. All of these places take into consideration the value of gold determined by the open market. This means that you will probably get a similar offer from all of these places. 

The current value of gold is easy to access because it is public information so it’s always worth looking up before selling so you have realistic expectations. You just need to know the weight of your gold and the current value per ounce. Then, you can calculate the rough value of your gold. 

That being said, weight isn’t the only thing you have to consider when trying to sell your gold. You have to think about how pure it is. A 24-karat gold necklace is most definitely going to be more valuable compared to a 10-karat one, even if they have the same weight. Take the percentage of purity into consideration when estimating the value of your gold.

How do I get the best price?
As the seller, you obviously want to get the best price that you can. In order to get the best deal, be sure to shop around and get some offers from different places. You can do that by visiting each shop or by requesting offers online. This will allow you to see which buyer is giving you the best deal.
How to resell your Sneakers for Maximum Value
Written by Gabriel S. on Jul. 31st 2018
The community of sneakerheads is growing every day, and demand for pairs that are hard to find is growing. If you’ve got a couple pairs that you neither want to wear nor keep in your collection, you could make quite a fair amount reselling them. You may find it a good side hustle, or maybe even your main source of income! If you’d like to give it a shot, read on for some tips to maximize resale value of your shoes.

Understand what you’re selling
Before you can even set a price for your merchandise, you need to understand what you are trying to sell. Is it particularly difficult to find? Are there only a few pairs in the world? What colors are available? What size are they? Who designed them? These are all things that will impact the value of the shoe.

Understand sneaker resale value
The simple economical concept of supply and demand controls the value of your shoe. If there isn’t much demand, the resale value will be pretty low. If your sneakers are particularly hard to find and people are dying to get their hands on it, demand is high and thus resale price will be, too. Make sure you ensure you don’t overvalue or undervalue your shoes by studying the market.

Make sure your shoes are clean
People are concerned about the cleanliness of used shoes. It can significantly impact their market value. A dirty, scuffed up pair won’t be nearly as attractive as a clean one that looks like new. Give your shoes some loving and clean them up. Some materials may require different types of cleaning, so make sure you do some research on the best way to clean them.

Take beautiful pictures
People are highly influenced by what they see. If your pictures are of poor quality, people won’t be as likely to purchase your shoe. Take high quality pictures at different angles - the shoes from the top, sides, and bottom angles, and even the box and tags. Describe it well and point out any scuffs or defects. Keep it as professional as possible - don’t post a shot of them on your feet or holding it up in your hands. These small things could get you a higher resale price.

Wait for the right time
If you’ve gotten your hands on a newly-released pair, wait a bit before reselling them. There are lots of people you will be competing with. Instead, give it some time. After all the shoes of the same size are sold out on other resale sites, start to promote yours. You are more likely to get a higher resale price than you would have earlier. Popular shoes are definitely great for resale, but even if you haven’t got any, normal sneakers can earn you quite a bit as well.

Get passionate
Great salespeople are those who are passionate about what they are selling. To get the most out of your sneakers, you need to get involved. Follow other people who are passionate about sneakers and stay on top of trends. Upload photos, OOTDs, and other things about your own sneakers so people know that you’re passionate. You want to build a reputation of a sneakerhead, not some reseller that only cares about profit. People are much more willing to trust those that are passionate about the same things they are - in this case, sneakers.


3 Classic Sneakers That Everyone Should Have in Your Collection
Written by Gabriel S. on Aug. 5th 2018
In this day and age, the excitement and hype of a particular shoe can make it worth a lot more than the style, material, and other things about it. Sneaker enthusiasts have changed a lot since the first sneakerhead movement. Years ago, before we were all hyped for the new YEEZY, there were just a couple classics that were the cornerstones of a sneaker collection.

As you learn more about the history of sneakers and of each classic design, you will find yourself with a heightened admiration and respect for the progression of sneaker culture and those who enthuse in it.

If you want to start building your own sneaker collection, here are a few classics that you should definitely include:

Adidas Originals - Stan Smith
Anyone would recognize this shoe. It has an iconic design - white leather uppers, rubber insole, and green Adidas tab. Though many recognize it as the 1971 Stan Smith, it was actually originally released in 1963 in honor of Robert Haillet, a French tennis player. Later on, it was popularized when it was rebranded as the Stan Smith.

This sneaker is extremely popular, sported by people from David Beckham to the girl down the block. In 1998, the Stan Smith earned a place in the Guinness Book of World Records after 22 million pairs were sold. By 2016, the number had rocketed to 50 million. 

Though the history of this sneaker is fascinating, you don’t need to know all of the details to appreciate it. It can be appreciated simply as a beautiful sneaker that can be paired with a myriad of outfits. Trendsetters and anyone in the general public can agree that the shoe is a real classic. If you are worried about not being able to style sneakers, fear not - this one goes with everything.

Nike Air Max 1
The Nike Air Max 1 was introduced over 30 years ago. Tinker Hatfield, the designer, drew inspiration from the Centres George Pompidou in Paris. This complex building takes elements that are usually on the inside of a building and puts them outside. In the same way, Hatfield made the Air Max cushioning a major visual element. This element stayed constant in all the other Air Max renditions that came later.

Besides looking dope, the Air Max is also incredibly comfortable. The red-and-white classic is sure to draw eyes. This sneaker played a major part in bringing Nike to where it is today and making it one of the most recognized shoe brands in the world. 

Nike Flyknit Racer
Flyknit technology took more than ten years to develop, but finally in 2012, the Flyknit Racer was released. There were several other editions of the Flyknit released later on, but the Racer is still probably the most well-known. In the same year as it was released, the shoe was listed by the Time magazine as one of the best inventions in the world, along with inventions such as Google Glass.

This sneaker is available in a variety of colors, from “Oreo” to “Multicolor.” Beyond the aesthetic quality, however, the Flyknit is well-loved for its performance qualities. One of the reasons it was developed in the beginning was because many runners longed for a shoe that was like a sock - something they could run in to great effect without being distracted. The Racer met those needs perfectly. Trendsetters and Olympians alike can agree on one thing - Flyknit technology is truly something incredible.
How to Organize Your Sneakers
Written by Gabriel S. on Aug. 14th 2018
You may have had a pair or two of rare sneakers and think you’ve got your hobby under control. Before you know it, you’ve got a sneaker display case, special cleaners, and an area of your room dedicated to this very purpose. Your case is full and you’ve still got unopened boxes underneath your bed with shoes that you’re just itching to put on display. 

Between your mom’s scoldings that you really shouldn’t have bought so many and your non-sneakerhead best friend’s suggestion to throw some away, you may be wondering if you should get rid of just a few. Why throw out pieces of your prized collection when you could simply organize it? 

If you’re looking for a better way to keep track of your sneaker collection, you’ve come to the right place. Here are some tips on organizing them:

1 - Do what works for you
Getting your hands on a pair of retro Air Jordans is the easy part. It takes a lot more time to figure out how to keep track of all of them. There won’t be one method that works for everyone. Some people choose to wear their sneakers, while some choose to keep them safe and sound in their cases. Some have to make their collections fit in small apartments, while others have a designated sneaker room in their house. Rather than follow a method that won’t work for you, find one that suits your needs in terms of both usage and space.

2 - Categorize
Don’t bother putting the dirty generic pair of Converse you wear every day up on the shelf. It will always look worn, dirty, and stained next to your prized rare finds. Separate your everyday shoes from the ones that hold a special place in your heart. Give them both their own homes.

3 - Try vertical storage
You don’t want your prized shoes to be lost somewhere in a messy sneaker pile, do you? Give vertical storage a try. Not only will this save you floor space, but you’ll be able to admire them more easily, too. If you’re clenching your teeth at how much you think it’ll cost, at least do some research and look at your options - it probably doesn’t cost as much as you think it does.

4 - Use lasting containers
You may love it when a pair of sneakers arrives in a well-worn box, particularly if it houses a vintage pair that you have been looking for. If you really want them to last, however, take them out of those boxes and put them in storage containers. These will ensure that they are protected from dust, moisture, or any other number of things that they are vulnerable to in a normal box.

5 - Pick up some Zip-Loc
You may not like the idea of putting your favorite pair into a Zip-Loc bag like leftover Thanksgiving turkey. If you want to slow down the yellowing of the soles, however, you may want to give it a try. The oxygen in the air oxidizes the material, making them dingy over time. You can slow this down by keeping the air out. 

That being said, it isn’t good to permanently store them in plastic bags, either. Open them up and allow them to air out every few months so that the chemicals in the plastic don’t damage the shoe.

Though this method may result in a less aesthetic sneaker display, it’s a great way to increase the lifespan of your shoe and keep it in good quality. If you’re looking to keep a pair until it becomes a collector’s item, it really can’t hurt.
5 Things A Non-Sneakerhead Would Not Understand
Written by Gabriel S. on Aug. 21st 2018
Stamps are great and all, but they’re not as swanky as sneakers. You can’t match collecting cards to your outfit, either. No matter how cool sneaker collecting is, however, a lot of people still misunderstand sneakerheads, thinking that they simply have a very expensive, unhealthy obsession. To make things easier for those of us who are still adamantly going to love showcasing our favorite sneakers, here’s a list of things that non-sneakerheads don’t understand. Go ahead and send it to your closest non-sneakerhead friend!

We have a lot (A LOT) of sneakers
Most sneakerheads don’t just have three or four pairs of sneakers. It’s more common to have tens, hundreds, even thousands. Most people don’t understand this. You’ve only got two feet. How many shoes do you really need? Not to mention the space that you’ll need to store them. Well see, a lot of sneakerheads have entire rooms or areas dedicated to their collection. If they aren’t quite there yet, it’s probably a future goal. 

We’re willing to rough it to get our hands on a pair of sneakers
Ever seen those people camping out on the sidewalk to get their hands on the new iPhone? Yeah, we wouldn’t do that for a phone. But we’d do it for sneakers. Sometimes it isn’t just a night, either. It could be several days. All we need is a sleeping bag and some snacks. The reward of a special pair of shoes is worth it to us.

We sometimes name our shoes
Some people name their cars. Some name their guitars. Us? We name our shoes. It may be a perfectly non-cringey name, or it may be an extraordinarily nerdy one that would be painful to explain. We know the exact model and the exact year that shoe was released, of course, but we’re still going to address each pair endearingly because God knows how much effort we went through to get them.

We’re willing to drop ridiculous amounts of money on an old pair
A $4 boba tea may seem expensive to a sneakerhead, but a $1000 vintage Air Jordan may seem like an absolute steal. Honestly, we probably aren’t going to wear them. Why would we want to get them cracked or dirty? No, no. These are for showcasing. You may think it’s crazy, and trust us, sometimes we think so too. That’s not going to stop us from frequently checking the resellers, though.

We don’t mind wearing sneakers to literally any event
Yes, that includes our wedding. Mom may be slightly irate about it, but it isn’t her life. Consider yourself lucky if you’re getting hitched with someone who loves and even appreciates your secrets, quirks, and most of all, your sneaker obsession. Let’s be real - who’s even going to remember you wore sneakers on your big night? It’s your night - you do you.
6 Things To Think About Before Purchasing Your Next Pair of Basketball Sneakers
Written by Gabriel S. on Aug. 28th 2018
Picking out a new pair of basketball shoes is progressively becoming more complicated. Technology in the industry is more advanced than ever, and shoe manufacturers are continuously releasing new models. Having to consider so many factors and look at all your options can result in a pretty confusing experience. This guide will simplify your shoe shopping experience so that you can filter through all the pairs you don’t need and zone in on that one perfect pair.

STYLE
When it comes to functionality, style is the last thing you should think about. However, the fact is this is going to be one of the major deciding factors for you. That also means that if you choose based on this factor and this factor only, you may very well end up with an ill-fitting pair that will look incredible but won’t help your game. Consider style, but don’t let the bright advertisements, endorsements, and incredible look be the only reason you buy the shoe.

DURABILITY
This is definitely an important one. You want a shoe that lasts, not something that wears out within a few wears. The era of the lightweight shoe is here, and it is because of this reason that you may find it a little hard to find something sturdy and durable. However, it’s possible, and the following factor will help you determine whether a shoe will last or not.

MATERIALS
The biggest thing that impacts a shoe’s durability is its materials. A plastic-based synthetic will probably last a lot longer and take a lot more damage, but raw materials will give you that comfortable, luxe feeling. There are lots of material options out there, so the choice is yours.

FIT
The fit of the shoe is another major consideration. The more recent sneakers are often made to be narrow, which can work for someone with average or narrow feet, but won’t be comfortable for anyone with wider feet. This is where those plastic-based synthetics can become a world of hurt. Sometimes you can solve the problem by just going up a size, but that may affect the rest of your fit. If you’ve got wider feet, you may want to opt for a raw material, as it will have more give in the sides and stretch to fit your feet in time.

OUTSOLE
It isn’t that difficult to find a sneaker that will help you get some traction, but a sneaker that will let you play on a range of different surfaces may be more challenging. Many performance models were built with formal basketball courts in mind, but back in the day, basketball shoes were made to work in a bunch of different places. Take some time to assess the outsole’s thickness, softness, and pattern before you make your decision. Soft rubber usually means that the shoe is meant for indoor use, but reinforced or strong rubber can work on concrete and other surfaces.

CUSHIONS
The last and equally as important consideration you should keep in mind as you look for a basketball shoe is the cushions. Most basketball shoes in the market have integrated modern technology in one way or another, and there are quite a few choices of different cushions. We recommend either foam cushions or air-based cushions.

What makes these two different is responsiveness. Air-based cushions typically give a little bit of your energy back. Foam cushions may be just as responsive in the beginning, but they will not retain that bounce.

It really depends how often you get a new pair. If you are investing in a pair to use for a year or more, opt for air-cushions. If you cop a new pair every few months, a foam cushion will do just fine.
5 Sneaker Trends This Fall
Written by Gabriel S. on Sep. 3rd 2018
Get to know any fashion enthusiast and you’re sure to find out that their favorite time of year is the time between each season when they can refresh their wardrobes based on the new trends. It’s the time of the year when these trendsetters keep an eye on the trends and start shopping for the items they plan to add to their closet when the season rolls around. Ever feel the need to refresh your wardrobe? Season change is the perfect time for you to figure out what you need to spice up your outfits. There are so many fashion trends we could discuss, but today, we’ll focus on one: sneakers. 

When it comes to shoes, consumer preferences and tastes have evolved to settle on one theme: comfort. This means that sneakers are becoming increasingly popular, and styles that we thought were laughable soon became significant trends. What sneaker trends will be settling in this fall? New-age sneakers, that’s what.

Let’s take a look at a few new-age sneaker trends so you can figure out which sneaker you should bring in to spice up your wardrobe this fall!

Sneakers with logos
This coming season, trendsetters want people to know exactly which designer made their shoe. All you’ve got to do is take one glance at the large logos splashed across the leather, the laces, or even the soles.

Sock sneakers
This isn’t a new trend. Rather, it is reemerging. This sneaker is comfortable and easy to wear. It molds seamlessly to your feet and can be paired with a surprising number of outfits, be it tailored garments or slouchy sweatpants. You can’t go wrong!

Laceless sneakers
Laceless sneakers are not quite sock sneakers. Rather, they can be compared to really luxurious slip-ons. Thanks to technology and the fact that we’re honestly still watch Back to the Future at least once every year, laceless sneaks are becoming a hit. Everyone from local designers to high-fashion brands are coming up with new laceless sneakers this season.

Versatile fashionable sneakers
Are you the person who wears sneakers with literally everything? This trend’s for you. Versatile sneakers are there whether you’re running errands around town in workout gear or heading out for drinks in a little black dress. Comfort over everything, right?

Embellished sneakers
If you’ve been waiting for the glitzy glamour trend to come back, you’re in luck! It’s finally here! Get these classically styled sneakers with some embellishments to add a bit of personality to your outfits.

How to Determine the Weight of Your Gold
Written by Gabriel S. on Mar. 21st 2019
The weight of your gold will determine the price of your gold. Therefore, it is crucial that you know the weight of your gold as well as the gold price per gram so that you know how much your gold is worth. Keep in mind that the price of the gold is decided by the ounce, not by the gold price per gram or pennyweight. This means that conversion may be required.
In global commodity markets where establishments trade millions of dollars at a time, 24K gold trades at over $32 per gram. Considering the current gold price per gram, an extra gram of gold can make you a considerable amount of money.
This is why it is vitally important that your gold is weighed accurately when doing a transaction. As a matter of fact, you should validate the weight of your gold before you attempt to sell it to any buyer. The best way to verify the weight of your gold is to weigh it on a “gram” scale.
What If I Don’t Own a Gram Scale?
If you do not own a gram scale, you can use a triple beam scale that can be found in most high school and college labs. Most gram scales that are being used for trade are digital scales. They come with a digital readout of at least 1/10 of a gram (0.1), which is perfectly fine for gold weighing.
When it comes to trading gold, you want to double check that the reading of the scale is accurate. Thus, you should make sure that the scale is calibrated. You can do this by putting a calibration weight on the scale to see whether the reading is accurate. If a 50-gram calibration weight is placed on the scale, then it should not be off by over 1/10 of a gram.
In the case that you cannot find a calibration weight anywhere, you can use a US nickel or a penny, where each of them weighs 5 and 2.5 grams, respectively.
If you cannot find any gram scales, another easy way to weigh your gold is to use a small sandwich bag. Put your gold in the bag and put nickels and pennies into another bag. Pick them up with two fingers to compare the weight.
Note that this method is not recommended as it is only an estimation, not an accurate way to weigh your gold. Even so, it is a better alternative than holding the gold in one hand and the coins in the other.
The Bottom Line
A gram scale is the most accurate way to weigh your gold. However, there are other ways that you can weigh the gold as previously mentioned in this article. Many kitchen scales are not accurate enough to determine the true weight of your gold.
Remember, a good estimation is better than an inaccurate reading. When you are using scales for gold transactions, make sure that the reading is accurate. The point that needs to be stressed here is that you should never sell your gold without having a good idea of how much it weighs.
Are you looking to sell your gold to help build savings? Pawn your gold in NYC and get in touch with us today! We’re happy to help.
What You Should Know Before Selling Your Gold to Buyers
Written by Gabriel S. on Apr. 7th 2019
Selling gold is one of the quickest ways to earn money. If you have any gold items in your possession that you no longer want, then you might want to consider selling it for some cash. However, many people make the mistake of selling gold without having a very good idea of how much their gold is actually worth. 
The lack of knowledge could potentially rob you of the amount of money that you should have gotten. Therefore, it is very important that you know how to appraise the value of your own gold in the current market so that you can get the most out of your sale. In other words, you need to educate yourself before you blindly sell your gold to any gold buyers. The last thing you want is to lose your precious gold while getting underpaid for it!
In short, you need to figure out exactly just how much your gold is worth, as well as knowing how to compare the different offers for your gold. To make sure that you get the most profit out of your gold items, read on to find out the steps that you should follow:
Step 1: Find Out the Purity of the Gold
The first step is to figure out what kind of gold you have. There are many things that you need to determine in this step, particularly the purity of the gold. To get to the bottom of this, you first have to understand the concept of hallmarks and trademarks. Without this piece of information, there is a very high chance that you will be taken advantage of by gold buyers.
Step 2: Determine the Weight of the Gold
Another thing that you need to figure out is the weight of your gold. There are various ways to calculate the weight of your gold items using a scale, whether in grams, pennyweights, or troy ounces. In order to do this in an accurate manner, you need to know the difference between each scale. Otherwise, you can lose a substantial amount of money.
Step 3: Know the Value of the Gold
Before you can determine the value of your gold today, you need to know the current market price and how it impacts the amount that you are paid. The market price of gold in combination with the purity of the gold you are selling will determine how much your gold is worth, and that number should be your benchmark when selling to different gold buyers. By having this knowledge, you will be surprised to see how much more money you earn as compared to what most people receive for the same or similar kind of gold.
Step 4: Compare Offers Between Buyers
Once you know how much your gold is worth and the number that you are looking for, you can go ahead and meet with gold buyers to sell your item. Keep in mind that you should never settle for the first buyer that you meet with - even if you are satisfied with the number. You should keep your options open so that you can compare the offers between various gold buyers. This way, you can go with the one that offers you the most money for your gold item.
Are you looking to sell your gold to help build savings? Pawn your gold in NYC and get in touch with us today! We’re happy to help.


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