FAQ

What’s is the “Pawn Duluth Gold Guarantee”?

Our guarantee to you our valued customer is that we’ll pay you more cash than a corporate pawn shop, high rent mall gold buyer or jeweler in Duluth MN for your gold, silver, platinum, diamonds and coins! 99% of the time our offer will be the best payout the first time. If you some how manage to find a higher payout for the same pieces shown to us, just show us that offer and we will beat it. This is the “Pawn Duluth Gold Guarantee.”

What is my gold or silver worth and how much will I get paid for it?

First one of our trained professionals must examine your valuables to determine the actual karat and total penny weight. When you bring your gold in to our modern store, it will be weighed, tested for precious metal content, and given a net value. A comprehensive breakdown of your valuables, piece by piece, will be made and then the twin ports highest precious metals offer will be presented to you. If you accept you will be paid right then in cash.

Why cant I get a price quote over the phone?

In many cases you can. Providing you know the brand name and model number of the item we are talking about. On Jewelry you must know the karat and exact weight in either grams or dwts. In situations where the purchase price or loan value will exceed $500, we want to see who and what we are talking about. It just makes sense, would you offer somebody you have never seen $1000 for an item you haven’t seen?

Do you take firearms in pawn?

We do take rifles, shotguns and handguns in pawn, however there are additional forms that you are required to fill out and all State and Federal laws are observed. Also you must have a current “carry permit” or “permit to acquire” to pick up a handgun. It is necessary for us to do a NICS Federal background check on you when you pick up your pawned weapon. This will take some additional time and could take up to four days before we can release your firearm to you.

Who Can Pick Up Pawned Items?

Only the borrower or a person named in writing at the time of the original pawn transaction may pick up the pawned items. The borrower must bring their pawn ticket, photo id and make payment of all applicable fees before the property is released. In the event that the pawn ticket is lost, The borrower must pay a $2 lost ticket fee and present a valid MN Drivers License or State issued photo id.

Are pawnshop interest rates excessive?

In order to provide the loan service, all lenders must charge rates commensurate with risk, size and duration of the loan, collateral offered, and recourse. Pawnshop loans are small dollar, high risk, short duration loans. The item stands as the sole collateral offering no other recourse. Pawnbrokers are liable for replacement value if something happens to the item while in their care. There are no hidden charges as with other lending institutions. On the other hand, pawnbrokers cost basis is far greater. They incur cost for security, handling, storage, and regulation not incurred by others. Due to the 20-30% of pawn shop customers that elect not to repay their loans, pawnbrokers are forced to turn their “bad debt” into a retail center to recover their cost. Other lending institutions do not incur retail cost including additional floor space, gondolas, counters, personnel, advertising, shop lifters, retail competitive cost, and new merchandise cost to supplement the unredeemed goods.

What types of Gold and Precious Metals do we buy?

We will buy broken jewelry, Tangled Chains, Damaged Jewelry, Loose Jewelry, Gold Coins, Gold Watches, Pins & Brooches, Platinum, Sterling Silver, Gold Necklaces, Class Rings, Unmatched Earrings, pendants and all used jewelry! Regardless of condition they are worth their weight in gold!
The value lies within the precious metal content found of each item.
In order to receive the highest price, bring in as much gold jewelry as you can at one time to take advantage of volume pricing.
We Buy all Gold, Silver and Platinum

Please Do Not Bring: Non-Precious Metals and costume jewelry.

How can I be sure the merchandise I purchase at a Pawn Duluth isn’t stolen?

At Pawn Duluth we have taken in over 100,000 items with less than 1/10 of one percent of all the items ending up being misappropriated in any manner. Thieves are our worst enemy. Pawn Duluth works closely with local law enforcement to catch and prosecute these perpetrators. All customers must provide positive identification while being recorded by eight different security cameras. Then Pawn Duluth submits the details of the transaction to the Automated Police System which is operated by the Minneapolis Police Department and subscribed to by the Duluth Police Dept. This greatly decreases the likelihood a thief would bring stolen merchandise to any pawnshop. Our experienced staff is trained to look for signs of stolen property to avoid these costly mistakes. It is not in the interests of the pawnbroker to accept potentially stolen merchandise because the police will confiscate this merchandise and the pawnshop owner loses the money. Stolen merchandise is far more likely to be sold at Auction houses, Antique Stores, Coins Dealers, Jewelry Stores and Gold Buyers. These business do not submit their purchases to the APS system. Why don’t Antique Stores, Coins Dealers, Jewelry Stores and Gold Buyers submit their purchases to APS  like pawnbrokers? That’s a great question call your city councilor and suggest that the city require them to report also.