Pawn Shop

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.

“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.

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.

Pawn Shops Great Place for Microcredit

June 22, 2012 | by SuffolkPawn | in News, Pawn ShopNo Comments

Bank lending rates are at their lowest since the Great Depression, according to Standard & Poor’s, a leading financial services firm. This leaves consumers turning more and more to pawn shops to meet their credit needs.

It is extremely difficult in the current economic environment to get small business loans and personal loans from large banks. As a result, banks are contributing little to the slow economic recovery, a top S&P official said.

Federal Reserve Chairman Ben Bernanke said this week that this environment of tight credit might be “muting” the impact of actions the Fed has taken to stimulate the economy. This means the Fed feels that its hands are basically tied and it has been unable to significantly jumpstart the economy. A “still depressed housing market, tight credit for some borrowers and fiscal restraint at federal, state and local levels” is also responsible for the drawn out poor recovery, Bernanke said.

That leaves community banks and small lenders, such as pawn shops, to make up the difference.

Pawn shops are equal-opportunity lenders, providing collateral loans to those who are seeking stopgap financial measures. This includes small business owners that are struggling to meet payroll and families that are living paycheck-to-paycheck. As business owners use the funds from collateral loans to meet payroll, they can hire more personnel. And hiring by private businesses is the biggest driver of economic growth.

Approximately 25 million Americans do not have a bank checking account. Collateral loans are also helpful to this segment of the population.

The advantages of microcredit in an era of tight credit are many. Collateral loans help bridge financial gaps, spur small business growth, and do not impact consumers’ credit.

Pawn shops provide an important financing alternative in a depressed economic environment. Come in to find out about collateral loans offered by Suffolk Jewelers & Pawnbrokers today.

Ever Wonder How Pawn Shops are Regulated? We’ll Tell You.

June 19, 2012 | by SuffolkPawn | in News, Pawn ShopNo Comments

Pawn shops are strictly regulated by a number of federal, state, and local laws and standards.

On a federal level, pawn shops are regulated by the Federal Trade Commission, the Bureau of Alcohol, Tobacco, Firearms, and Explosives, and the Treasury Department.

They must comply with the following federal laws:

The Truth & Lending Act
The Equal Credit Opportunity Act
The Fair Credit Reporting Act
The Patriot Act
and FTC rules on marketing and data privacy and security

Pawn shops must also follow state and local laws and ordinances, as well as have a business license.

A vast majority of well-respected pawnbrokers belong to the National Pawnbrokers Association, the industry’s primary trade association.

As a member of NPA, a pawnbroker must adhere to a list of industry best practices, which include:

Maintaining reputable stores, employing professional staff, and keeping stores updated and clean.
Conducting business transactions with integrity, and offering good customer service and quality merchandise.
Promoting responsible borrowing, by encouraging customers to repay their pawn loans and reclaim the property they pledged as collateral. The average pawn loan is around $80 to $100, according to NPA.
Avoiding accepting stolen property. Members should avoid accepting stolen property by refusing any items that appear suspicious.
Working closely with law enforcement officials to help ensure the safety of their community while encouraging respect for the financial privacy rights of their customers.
Backing merchandise with a fair satisfaction guarantee program.

Suffolk Jewelers & Pawnbrokers is a licensed member of the NPA. We adhere strictly to the standards required of NPA members, including ensuring a safe and secure transaction every time.

5 Facts You Didn’t Know About the Pawn Shop Industry

June 11, 2012 | by SuffolkPawn | in News, Pawn ShopNo Comments

1. The average collateral loan amount nationwide is $100, according to the National Pawnbrokers Association. This shows that collateral loaning is often used to help consumers obtain a small source of funding. Pawn shop customers tend to borrow only what they need, and often use the funds as a safety net in the case of a family or personal financial emergency.

2. Pawn customers repay their loans completely at a rate 80 percent nationwide. This means that their collateral on the loan is returned to them, and they were able t successfully use the loan to meet their financial needs.

3. There are more than 13,000 pawn stores in the United States. They are mostly small, privately-owned businesses. Many are family-run shops.

4. Pawn store customers are an average of 36 years old. There are more than 30 million total U.S. customers at pawn shops per year.

5. Collateral loans acquired at pawn shops do not require a credit check, and they never impact your credit. They are also often processed faster than traditional loans. They offer a unique form of credit that has proven valuable in the economic downturn, as banks have been less likely to lend.

Come visit Suffolk Jewelers & Pawnbrokers to discover why pawn shops and collateral loans are becoming increasingly popular.

Suffolk Jewelers & Pawnbrokers is a verified member of the National Pawnbrokers Association.

U.S. Pawn Shops Economically Resilient and Becoming More Mainstream, Study Says

May 28, 2012 | by SuffolkPawn | in News, Pawn Loans, Pawn ShopNo Comments

U.S. pawn shops remained resilient throughout the recession and are becoming more mainstream, according to a new report from an independent market research firm.

The pawn industry was worth $14.5 billion in the United States last year, and the total number of U.S. pawn shops is more than 11,000 and growing, according to “U.S. Pawn Shops: An Industry Analysis.” The research firm Marketdata Enterprises released the report May 22.

Revenues in the U.S. pawn industry are forecast to grow 7.2 percent, to $15.57 billion, in 2012 and continue growing at a 6.3 percent average annual pace to $19.88 billion by 2016.

The pawn business is unique in that it is not dominated by large national chains, but consists of a large number of small, mom-and-pop run local stores, according to the study.

The surge in popularity of pawn shops is largely due to their ability to provide collateral loans for small amounts of money. Banks and other financial institutions are often not willing to provide these types of loans, especially in an era of tight credit. Also, collateral loans at pawn shops are processed quicker than most bank loans and do not impact a customer’s credit.

The average pawn loan in 2009 was $100 nationwide, up from $80 in 2008, according to the study.

Come see why collateral loans are becoming increasingly more popular. Visit our store on Washington Street today.

Suffolk Jewelers & Pawnbrokers is the oldest pawnshop in Massachusetts, and the largest store of its kind in New England.