Sell it or pawn it?

The cash for gold commercials are very tempting. But unlike pawning an item, you have no chance to get the item back.

When should you pawn an item? If you know you can get the money back within the required time – generally 30 days. This is attractive if you need cash fast and know that you want to get the item back.

Selling your gold (or silver) items for cash is for the times when you know you do not like the piece anymore. If the item is actually really in great condition, saleable or an heirloom, you might do better to go to a jeweler’s and sell it to a place that deals in estate jewelry.

The junky jewelry that you bought when you were younger and dislike, don’t wear or it brings up bad memories could be a good source of quick cash. Although you should know that when you sell a gold item for cash, you will get less for 10 karat gold than you would 14 karat, and 14 karat gold will fetch less than 18 karat. Knowing this will save you from disappointment when you are expecting enough for your rent. In actuality, you might only receive enough for a few tanks of gas. Cash is cash, but jewelry doesn’t take up as much room as say an additional piece of furniture that you might want to get rid of.

If you really need money and want to pawn a piece of jewelry to someone but you think it might take you more than the allotted 30 days that you are given at a pawn shop, ask a trusted friend to lend you the money and let them hold the jewelry. This way you can get the item back. Make sure that you write up a contract if necessary.