When it comes to selling gold in New York, you have many options for buyers. There are general pawn shops, collecting shops and banks. However, if you want to sell a variety of gold items such as gold jewelry, dental work, gold nuggets, gold bars and gold coins then you need a specialist shop. A gold pawn shop would be able to satisfy your needs.
One of the biggest challenges is actually finding a pawn shop that specializes in gold. You see, most of the pawn shops in New York are very general in nature. They make a living by exchanging items for cash and reselling them at a profit. There overriding goal is to ensure that they make enough money in sales while paying out as little as possible to those people trading items in. This means that you will typically get less than the value of the gold that you are trading in.
If you are looking at trading in coins, you can also turn to coin collecting shops. Many of these stores will be happy to take your gold coins off your hands, but the way that they will value them will be different than you would expect. Since they deal in coins, they will treat your gold coins solely as coins and not consider the gold in them. Usually, they will offer you a price that would be reasonable for the age of the coin. Unfortunately, that calculation does not take into account the current market value of gold. This means that you could get less than the value of the gold unless the coins themselves are rare and valuable.
Many banks will give you a reasonable price for any gold bars or wafers that you might have. They are happy to do the exchange and pay promptly. However, they will not take a look at any other types of gold including coins, jewelry or gold nuggets. The nature of their business is that they deal only with specific types of gold, so for most people their services will be useless.
Advantages and Disadvantages of Gold Pawnshops
They Pay Top Dollar: When it comes to selling gold, a gold pawn shop is the best choice. They specialize in paying top dollar for any type of gold (including jewelry, gold dental work, watches, and nuggets) and base those prices on the current spot price for gold. This means that you will get top dollar for what you bring into the store irrespective of what form it might be in. These specialty stores are perfect for all your needs when it comes to selling gold.
Online Services: Since the arrival of the Internet, there have been a number of these gold specialty stores that offer their services online. They provide you with insured postage to send your gold in and have a quick turnaround time for processing payments. It is also very convenient as you can exchange your gold from the convenience of your own home.
They Have a Code of Ethics
Not many are aware that pawnbrokers have a code of ethics which requires them to serve customers with honesty, integrity and professionalism. They must also obey laws enacted by the local, state and federal governments. Pawnbrokers and their transactions are governed by more than 13 federal statutes and regulations, including consumer protection. Other aspects of transactions, including the interest rate, loan duration and grace period, redemption method, record-keeping, etc. are governed by state and local laws.
Here are some possible disadvantages to selling gold at a Gold pawn shop.
- Theft: While it may seem far-fetched, pawn shops can be, and often are, the targets of thieves. You may go into town believing you will sell your gold, but your gold may instead be taken. Then you will be left with no money and no gold.
- Queuing: Unless you just happen to stop by at the right time, you will most likely end up waiting in line to sell gold.
- Conditions: Gold Pawn shops resell all the gold items they buy. This means, if your gold jewelry isn’t in perfect condition, they may not pay you as much for it. If it is broken or badly damaged, they may not accept it at all.
Finding the Right Gold Pawn Shop in New York
First, look for a licensed gold buyer who’s been buying gold for many years. A licensed buyer will have the background and experience necessary to make the best offer. If you see an unlicensed buyer, report them to the police department.
Check the company’s rating with the Better Business Bureau, but also ask the people in your network about their experiences.
Shop around and read reviews to find the best shop. Look for someone with a good reputation in the community. Here’s one time when dealing with a local business versus a national on-line company has benefits.
Even though most people would think of going to a regular pawn shop, bank or coin collector to sell gold, none of these establishments will give you the best value for your dollar. To get the best payout possible, it is best to use an online gold pawn shop as a convenient and easy method to sell your gold.
To give you a head start, we have compiled a list of the some of the best Gold Pawn shops in New York City, NY (Included Phone numbers and addresses).
576 5th Ave
New York, NY 10036
Phone number (212) 913-9141
Gold Buyers Club & Jewelers
99-18 Metropolitan Ave
Forest Hills, NY 11375
Phone number (718) 544-2000
6903 Myrtle Ave
Glendale, NY 11385
Phone number (718) 708-3304
New York Gold Buyer
2407 Steinway St
Astoria, NY 11103
Phone number (718) 267-2712
The Gold Standard of Forest Hills
70-54 Austin St
Forest Hills, NY 11375
Phone number (800) 316-7060
Cash Empire, LLC
2120 Nostrand Ave
Brooklyn, NY 11210
Phone number (718) 576-6900