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Five Tips For Getting A Loan On A Rolex Watch

November 19, 2012  |  by SuffolkPawn  |  in News, Rolex WatchNo Comments

Rolex watches are a regular sight in a pawn shop. Rolex watches keep their value well and are always in demand so getting a loan on your Rolex watch is a great option if you need cash. As with any collateral loan at a pawn shop, getting a loan on a Rolex watch lets you get cash in a hurry while still affording you the opportunity to return and reclaim your prized watch. We’ve put together a quick guide to getting a loan on a Rolex watch to get started. Take a look at the five points below and if you would like to know more feel free to give us a call or come by the store.

  1. Before you go to get a loan on your Rolex watch it is a good idea to have an idea of how much you money you need and how much your Rolex is worth. A Rolex will always be worth more if you sell it outright but if you’d like to be able to return for your rolex you’ll want to pursue a collateral loan for the amount you need. The amount a pawn broker will be willing to loan you will be based on the value of your Rolex. The condition, model, materials, age, and authenticity will all factor into the value of your watch.
  2. Not all watches are an authentic Rolex and if your watch is counterfeit it can be very difficult to get a loan on. Counterfeit Rolex watches range dramatically in quality. Some counterfeits can be spotted just by looking closely at the watch or by comparing it with another similar Rolex watch. Sometimes it takes a trained eye to spot the difference between a real Rolex and a knock-off. The modern counterfeit Rolex can look exactly like a genuine one from the outside.  Counterfeiters have taken to actually hand painting the colored wheels in the watch movement to make it look genuine not only on the outside but on the inside also.
  3. Make sure your Rolex comes in the best condition possible! An important factor in getting all the money you need when getting a collateral loan on a Rolex watch is its condition. The most valuable Rolex will be running smoothly and be free of scratches or dents. If the watch has been opened it will usually no longer be waterproof. Most pawnbrokers can have it resealed for a nominal charge. Appearance counts for a lot when getting a loan on a Rolex watch. To ensure you get top dollar when getting a loan on your Rolex watch, make sure the watch is clean and if possible polished before you bring it in.
  4. Bring in the whole package. If you have the box and papers that originally came with the watch make sure you bring them in too.  A genuine Rolex watch is worth a few hundred dollars more when accompanied by all the original documents, receipts, and packaging. If you’re interested in getting the largest possible loan on your Rolex these little details can make a big difference.
  5. If you’re not getting the loan you need from a pawnbroker, don’t be afraid to counter offer and settle on a loan price for the Rolex somewhere in between. Getting a loan on your Rolex for more than you need means that you’ll pay more interest fees but if you aren’t being offered a loan for the full amount that you need then you should not shy away from negotiating a bigger loan on your Rolex.

How To Sell A Rolex Watch

November 13, 2012  |  by SuffolkPawn  |  in News, Rolex WatchNo Comments

Rolex watches are one of the most popular items to sell at a pawn shop. Before you go to sell your Rolex watch it is a good idea to have an idea of how much your Rolex is worth. The most important factor in the value of a Rolex watch is its authenticity. Many people wonder how to tell if a Rolex watch is fake or real. If you purchased it from a legitimate retail store you can be confident that your Rolex is genuine.  On the other hand, if you purchased the watch from a web site or received it from a friend it is possible that your watch is a counterfeit.

Counterfeit Rolex watches range dramatically in quality. Some counterfeits can be spotted just by looking closely at the watch or by comparing it with another similar Rolex watch. Sometimes it takes a trained eye to spot the difference between a real Rolex and a knock-off. The modern counterfeit Rolex can look exactly like a genuine one from the outside.  Counterfeiters have taken to actually hand painting the colored wheels in the watch movement to make it look genuine not only on the outside but on the inside also.

Another important factor when you sell your second hand Rolex watch is its condition. The most valuable Rolex will be running smoothly and be free of scratches or dents. If the watch has been opened it will usually no longer be waterproof. Most pawnbrokers can have it resealed for a nominal charge. Appearance counts for a lot in a second hand watch. To ensure you get top dollar when you sell your Rolex watch, make sure the watch is clean and if possible polished before you bring it in.

If you have the box and papers that originally came with the watch make sure you bring them in too.  A genuine Rolex watch can be sold for a few hundred dollars more when accompanied by all the original documents, receipts, and packaging.

A pawnbroker will need to inspect the watch and remove the band to determine the year it was made and the model number. Once a pawnbroker has inspected the watch he or she will make you an offer assuming the Rolex is genuine. Don’t be afraid to counter offer and settle on a sale price for the Rolex somewhere in between.

Once you have negotiated and agreed upon a price the pawnbroker will need to open the watch and examine the movement to confirm the watch’s authenticity before completing the sale of your Rolex watch and giving you your money.

Boston Pawn Shop Gives Tips on Getting the Most Cash for Your Gold

September 20, 2012  |  by SuffolkPawn  |  in News, Pawn Shop, Sell GoldNo Comments

Suffolk Jewelers & Pawnbrokers has anchored Boston’s historic South End district since its opening in the early 20th century. It is the oldest pawnshop in Boston and the largest store of its kind in New England. The store’s experienced personnel have processed countless gold transactions, and understand the value and nature of gold items.

If you are interested in selling a gold item, such as a necklace or a bracelet, consider these tips from Suffolk’s owner, Ed Bean. Before walking in to present your gold item to a buyer, Bean said, follow these steps:

Know Your Gold

Knowledge is power. Or, in the case of selling gold, knowledge is money. Be sure you know details about your gold when going in to a deal. Know the carat weight and if it is a vintage or historical item. Also consider the workmanship, designer, artistic elements, embedded gems, and other characteristics of the piece. Most items are karated gold. This means that these items are only a fraction of the weight in pure gold and therefore a percentage of the current gold price. You can also have your item professionally appraised before bringing it in to a dealer so you have a better sense of what you are selling.

Know the Market

Research the current gold market, as the dealer’s offer for your gold will reflect the market. Research the current market price for gold so you are informed during the appraisal process.

When researching the price of gold, don’t be confused by reports about the price of gold in financial markets. Those numbers deal with gold futures. The actual price of gold items can be determined by looking at what dealers are charging, from auction sites, and other sources.

Know the Buyer

Research the buyer before you attempt to sell your item. Research the reputation of the business. Check local business reviews to find customer testimonials about the store. You can also check the Better Business Bureau to see if any complaints have been filed about the business. Most legitimate gold dealers will use penny weights as opposed to grams as a measure of gold weight.

Bring your ID

Buyers are required to check your identification, so don’t forget to bring a valid ID with you to the appraisal. A valid ID includes a non-expired driver’s license or passport. Buyers are required by law to ask sellers for government-issued identification. All valid buyers will require this information.

Remember You Can Walk Away

Remember that it is your gold, and you do not have to feel pressured to enter into a deal. You can walk away and return another day. Or you are welcome to get a second bid at another store.

“The more knowledgeable you are about your gold and the current market, the more well-versed you will be during a transaction, and the happier you’ll be with the result,” Bean said.

Suffolk Jewelers & Pawnbrokers is a reputed, experienced buyer and seller of gold. The store has a large group of loyal customers who return year after year and decade after decade to sell gold and other items.

Here’s the Rundown on How To Get a Pawn Loan From Us

August 2, 2012  |  by SuffolkPawn  |  in Collateral Loan, News, Pawn LoansNo Comments

If you are in need of a pawn loan to pay late bills, cover an unexpected expense, or just to make it to the next paycheck, come visit Suffolk Jewelers and Pawnbrokers. We have a long history providing loans to customers in the Boston area. Our loans are easy to get, come with fair terms, and never affect your credit score.

Here is the rundown on how to get a loan from us:
Determine ahead of time the exact amount of money that you need for the loan.

Pawn loans are traditionally small amounts designed to help people fill a financial gap. The average pawn loan is around $100, according to the National Pawnbrokers Association.

Know the value of the item you are pawning.
Before you bring in a gold watch, an iPad, a vintage guitar, or another item to pawn, know the value of your item. Examine it for unique characteristics and research its history. If it has associated paperwork, bring that to the appraisal.
Have our expert staff appraise your item.

Bring in your item to our store, along with a valid ID. Our store hours and location are listed here: http://suffolkpawn.com/contact/. Our staff has long experience in expertly appraising items. When you present your item, our trained personnel will value the item and provide you a loan amount. You can then decide whether to accept or reject the offer.

Fill out the paperwork.

Massachusetts law requires us to record customer information and keep a listing of items that are held for loans. Present your ID, such as a drivers’ license, fill out the paperwork and receive your loan ticket, which contains the loan amount, interest rate, and other information. Feel free to ask us any questions during this process. We are happy to respond to our customers’ questions and concerns.

Get funds, and then pay back loan over time.

The loan period in Massachusetts is 4 months. You can repay the loan in installments over that 4-month period. When the loan is repaid in full, including the principal and interest, we will return your item to you. If you are not able to repay the loan in full after 4 months, we will hold your item for a short grace period, and then we are able to sell your item to recoup costs. You can also renew the loan by paying only the interest on the loan. But even if you are not able to repay your loan, the loan will never affect your credit.
It’s that easy! Come visit Suffolk Jewelers and Pawnbrokers to obtain a loan today.

“Thrift and pawn shops thrive despite economy”

July 24, 2012  |  by SuffolkPawn  |  in News, Pawn ShopNo Comments

The number of pawn shop customers is increasing this year, according to an ABC News article (bit.ly/LlOTaE). The article found that there are more American consumers going to pawn shops in the South Bend area this year than in years past.

“If you need $20 bucks to get through the week to finish off your week, it’s really difficult to go to your bank and get $20 bucks, so they just come to us and we help them get to work the rest of the week or the month,” said a pawn shop manager in South Bend, Indiana. The manager said her store provided an average of $40,000 in loans at any one time last year, but the number increased to $140,000 this year.

This local news article sheds light on what we already know at Suffolk Jewelers and Pawnbrokers. Times are tough, and more people are looking for small loans or a small influx of cash to fill a financial gap.

Though the article is focused on Indiana, the situation is similar throughout the United States. Small business owners, families, and others have shown greater interest in collateral loans in recent months.

There are more than 13,000 pawn shops in the United States, and the vast majority are mom-and-pop stores that have been operated by one family for generations.
Come into Suffolk Jewelers and Pawnbrokers today to discover why pawn shops are becoming increasingly popular.

More details about our collateral loan process are available here.

Jewelry Stores vs. Pawnshops: A Comparison

July 16, 2012  |  by SuffolkPawn  |  in Pawn Shop, Pre-owned and Estate JeweleryNo Comments

Retail jewelry stores and pawn shops have some major and important differences.

Unlike traditional jewelry stores, pawn shops can price their gold items according to the current price of gold in the market. They have the unique ability to monitor the market and price items, such as necklaces and bracelets, accordingly.

In the retail jewelry business, the daily price of gold does little to change the day to day price of an item. In a retail jewelry store, items are priced on a cost basis. The design and make of an item has a good deal to do with its pricing. A pawn shop can adjust the price to reflect the going rate for gold in the market. Instead of pricing an item up due to its make or design, a pawnbroker can price it according to its weight and karat.

“In the pawnbroking business, at least at Suffolk Jewelers and Pawnbrokers, the daily price of gold has everything to do with what it is priced to the public,” said owner Ed Bean. Bean said he enjoys the flexibility that market pricing provides. “We’re able to give our customers a better deal than they would find at a retail jewelry store,” Bean said.

A traditional retail jewelry store buys its items at wholesale, and often marks them up 100 percent or more to make a profit. Pawn shops, however, cut out the middle man, which enables them to price their items in response to the current market. Also, they don’t have to mark up an item just because it has a certain designer.

This means that if gold prices are lower, our prices are lower.

With the recent downward movement in the price of gold, the asking price at
Suffolk Jewelers and Pawnbrokers for all its jewelry is substantially less. Come in and take advantage of this ideal shopping situation today.

The Unique Skill Set of a Pawnbroker

July 15, 2012  |  by SuffolkPawn  |  in News, PawnbrokerNo Comments

Pawnbrokers have a very unique skill set. This fact has helped make the industry a point of interest in recent years, with several popular hit TV shows cropping up about pawning.
Pawnbrokers’ unique skill set includes:

Assessing the worth of items

Pawnbrokers do not have a predictable, rotating inventory. They see a wide variety of items, and never know exactly what will come through their doors. It may be a vintage diamond wedding ring, a classic guitar, or a brand new iPad. A pawnbroker must assess an item carefully to determine its worth and resale value. They may perform tests to determine the nature of the item, weigh it, in the case of jewelry, or use a magnifying glass to examine small characteristics. Learning to assess the value of items accurately is a unique and difficult skill.

Reading people

Pawnbrokers also have a broad variety of customers, as their different items appeal to different people. Additionally, people may be coming into the pawnshop for different services, such as a small loan, or to sell a unique item. Pawnbrokers must learn how to quickly read people that come into their shop and must be able to strike up a conversation with anyone.

Negotiate

Pawnbrokers absolutely have to be excellent negotiators. When buying an item, they must negotiate a price that the customer will be satisfied with, but that they can afford and turn around to sell it and make a profit. This is a core asset of the business.

Banking skills

They must also have solid knowledge of lending and banking practices. Pawnbrokers have to set loan rates, determine loan periods, and calculate interest. They also need to know the current market trends, such as the price of gold, in order to accurately price, sell, and buy items.

Investing in the community

Pawn shops are often family-owned businesses with a long history in the local community. For example, Suffolk Jewelers & Pawnbrokers is the oldest pawnshop in the commonwealth of Massachusetts and the largest store of its kind in New England. With this reputation, it has gotten involved in the local community, and has a strong reputation among local residents, many of whom are regular customers.

This broad set of skills helps contribute to pawnshops being known as a “recession-proof” business. Come in and talk to our talented staff today.

Low Gold Prices at Suffolk Right Now

July 11, 2012  |  by SuffolkPawn  |  in News, Sell GoldNo Comments

The prices for gold items are low at Suffolk Jewelers & Pawnbrokers right now! Why? We’ll explain. Suffolk is able to price its items in response to the current gold market.

Since gold prices are currently down, you can get gold necklaces, bracelets, watches, and other gold items for less at Suffolk Jewelers & Pawnbrokers.

So how do current market gold prices affect retail pricing in a pawnshop?

Unlike traditional jewelry stores, pawnshops can price their items according to the ups and downs of the actual goal market. So Suffolk Jewelers & Pawnbrokers can respond to the low price of gold right now by lowering its prices. Meanwhile, retail jewelry shops have to keep their prices high, because they buy their items from wholesalers, who do not charge according to the variations in the market. Additionally, retailers mark up the price of jewelry depending on its designer or other characteristics. Suffolk doesn’t do that.

As a result of our low prices, sales are up. “Suffolk Jewelers and Pawnbrokers has seen a distinct rise in its jewelry sales over the past two months,” Suffolk Jewelers and Pawnbrokers owner Ed Bean said. The reason sales are up even while consumer spending is low and job growth remains stagnant is precisely because Suffolk has the flexibility to directly respond to the market value of gold. Come take advantage of that unique situation at our location on Washington Street.

We are experienced buyers and sellers in the gold business, so you can be assured that you will get a fair price. We have skilled personnel that are extremely knowledgeable about appraising gold items. Our staff, combined with our great prices and broad selection of unique and vintage items, have helped create a loyal set of local, regular customers.

Gold is a great investment in a down economy. It always has value. So if you are looking to buy a timeless gold item, look no further. Come in to Suffolk Jewelers & Pawnbrokers today.

What does the pawn shop symbol mean?

July 5, 2012  |  by SuffolkPawn  |  in News, Pawn ShopNo Comments

The Suffolk Jewelers & Pawnbrokers logo features the traditional symbol of the pawnbroker, which is three spheres suspended from a bar.

As legend has it, this symbol traces back to the Medici family – a prominent family in Florence, Italy in the 15th century that was known for loaning and banking. The Medici family crest features the symbol of the three balls, because a member of the Medici family was supposedly working for Emperor Charles the Great and killed a giant with three bags of rocks.

The Medicis were so well known as a finance family that other lenders and people in the finance business adopted similar coats of arms featuring the three golden balls. Gradually, the three balls came to signify the financial profession.

Another story goes this way – Saint Nicolas, the patron saint of pawnbrokers, gave three bags of coins to the three daughters of a poor man so that they could marry. The three balls in the symbol represent the three bags of coins.

Another lesser known possible origin is a coin dating to A.D. 68 during the Roman Empire. The coin, called the Silver Shekel or Shekel of Israel, was issued after a Jewish revolt against the Romans. The coin had an illustration of three pomegranates sharing one stalk.

Whatever the exact origin, the symbol has staying power. It is a trademark of the industry, featured in numerous logos, including the logo of the National Pawnbrokers Association–the industry’s premier trade association. Also, the symbol is featured in pawn shops all over the world.

A Little Pawn Shop History

June 28, 2012  |  by SuffolkPawn  |  in News, Pawn LoansNo Comments

Pawn shops first emerged in China more than 3,000 years ago. They were used as away to grant credit to peasants, and their operations were regulated by Imperial authorities.

Pawn shops were also popular in ancient Greece and Rome, where small merchants used pawn loans to start businesses.

But the Catholic Church had restrictions on charging interest for loans during the Middle Ages, which hampered the growth of pawn shops. However, the restrictions were loosened in the 14th and 15th centuries due to increased demands for this type of credit. European citizens wanted pawn loans to help them get new businesses off the ground and help their families get financial aid.

Pawn shops are sometimes referred to as the “Lombard” in Europe. This refers to the House of Lombard, a prominent family that was known for lending money.

Pawning also reached royalty. Edward III pawned his jewels in 1338 to raise money for a war with France. And Queen Isabella of Spain used her jewelry as collateral to fund Christopher Columbus’s first voyage to the New World.

Fransciscan monks also used pawn loans to aid the poor in the 18th century. The monks allowed people to borrow funds against collateral for no or low interest as a way to provide financial assistance to the lower class.

And pawn shops have been a mainstay in American towns ever since the country was founded. In the 19th century, American citizens pawned clothes on Monday and would get them back on Friday, which was traditionally payday.

Throughout history, pawn shops have been recognized as a great non-bank alternative for obtaining collateral loans.

There are more than 13,000 pawn shops in the United States today. They are especially popular today because of the current era of tightened credit and crackdown on banks. Additionally, pawn loans do not affect a consumer’s credit score, so they are attractive to American consumers.

Come ask us questions about pawn loans today.

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