If you have some gold to sell, you’re probably looking for a simple, hassle-free way to sell it. And your first bet might be to go to one of Seattle’s many “We Buy Gold” businesses, or to a local pawn shop.
But is it a good idea to sell gold to a pawn shop in Seattle — or anywhere, for that matter?
There are dozens of pawn shops in Seattle, and each of them would be happy to purchase gold from you.
Pawn shops offer quick transactions, but that is the only benefit they offer.
Most pawn shops pay a fraction of what the gold is actually worth. Some may pressure you to sell, while others may even damage the gold while testing its authenticity.
To be clear, there are some good pawn shops in Seattle that are legitimate businesses providing a needed service in their communities. But even these well-rated pawn shops will take a significant cut of the profits of any gold sale.
Then there are pawn shops that are downright shady. It’s important to choose wisely if you do decide to sell to a pawn shop. Check online reviews and Better Business Bureau (BBB) profiles.
One reason you may wish to use a pawn shop is to actually pawn your gold, which basically means taking out a loan from the pawn shop and putting your gold up as collateral.
In this case, you would give the pawn shop your gold, and they would offer you a loan of perhaps 50% of the retail value of the gold. You could then pay back the loan within the loan terms (usually 1-4 months), plus interest, and you’d get your gold back.
This may make sense in some circumstances, but the high interest fees should make it a last-resort option.
However, keep in mind that if you sell your gold outright (to BRC or anywhere else), the item will not be available for you to buy back.
If you have a very sentimental item that you want to keep, your only option may be to pawn it and come back later to buy it back when you can afford to pay off the loan.
There are dozens of “We Buy Gold” companies in Seattle, as well. Some are permanent, while others operate as pop-up businesses, often only working on the weekends or at events.
There is a reason that there are so many of these companies: It is a very profitable business to run! Expenses are low, and dealers often get away with taking huge margins off each sale.
Most “we buy gold” businesses pay substantially less than the gold is actually worth. In fact, some may pay even less than pawn shops!
Again, there are a handful of legitimate businesses in this industry that pay decently, but they still don’t offer the true value of your items.
A better option is to sell to coin shops, such as Bellevue Rare Coins.
Many coin shops pay better than pawn shops and “we buy gold” businesses. Coin shops should give you a fair price for your items — as long as you seek out a reputable shop.
We can’t speak for other coin shops in Seattle, but at Bellevue Rare Coins, we pay top dollar for all gold items.
Whether you’re looking to sell a gold coin, gold bullion, gold jewelry (or even broken jewelry), we will buy it for top dollar.
Plus, we know the coin and jewelry market. If you bring in a rare item or a stunning piece of jewelry, we may be able to offer more for it based on its rarity. With a pawn shop, they will base their offer solely on the value of the gold itself.
Bellevue Rare Coins has been purchasing gold and other valuables from Seattle-area residents for more than 40 years. We have built a reputation for serving our community with excellent service and fair prices.
Selling gold to Bellevue Rare Coins is a simple process:
Bellevue Rare Coins is the best place to sell gold in Seattle. We hope to see you soon!