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Items of value
Pawnbrokers are often willing to take in many types of items including jewelry, electronics, musical instruments, firearms, vehicles and tools. Gold is considered an item that is never to be turned away, because even if the item is of relatively low value it can still be sold in bulk to a smelter as scrap gold.When an item is pawned the pawn broker will typically loan out however much money the customer needs, though considerably less than the resale value of the collateral. Of course no pawnbroker is going to loan more than the value of an item being pledged and in most all cases it will be a fraction of the value. This is so the pawnbroker can make money on the item in the event the customer doesn't come back for the item and the pawnbroker must resell it.
The required time between forfeiture and sale of an item is usually 30 days plus a grace period that may be as long as three months. For some items, such as electronics that drop in value as new and improved models come out, pawnbrokers must offer a lower loan to be certain that they can recover the costs associated with the loan while making a profit. Other items, such as gold, must be valued in keeping with the daily fluctuations in market value.