How Do We Put a Price On An Item?

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Every pawn shop deals with different items, from the everyday to the truly unique. However, with all these different items, all pawn shop owners and employees need to have a good knowledge of how to price each item.

What are some of the factors in determining price?

Market Value. Each item generally has a market value. Pawn shop owners are aware of the different values for many common items. They take the market value into account, and adjust price and value based on condition of the item, demand of the item, and current economic circumstances.

Experts. When a unique item comes in, such as a historically significant or rare item, then the pawn shop might rely on an expert’s advice for a certain market or time period. This expert will better be able to determine market value, considering things such as authenticity, significance, and condition of the item.

Precious Metals. Gold, silver, and other precious metals and items, such as jewelry, are a common item in pawn shops. Owners have a good idea of how the precious metal market is doing. However, they are also familiar with caret weight and value for jewelry, and the basic price of gold and silver. With all these, they are able to give a good figure on jewelry, gold, and silver.