Perhaps you own a few firearms or inherited your grandfather’s antiques. Either way, you’ve started to see your collection as a potential source of income. But while you may have sold guns at other venues before, you’ve never sold one at a pawn shop, and you’re not sure where to start.
On the flip side, you could be a gun collector searching for a new, unique, or affordable gun. Pawn shops seem like a good resource, but you want to ensure you get a good deal on your new firearm. You don’t want to run the risk of spending too much money on a gun that doesn’t work as well as the seller promised.
If either of these hypotheticals describes your situation, you’ve come to the right place. Read our blog below to learn the basics about firearms and pawn shops-then, leave your local pawn shop with either the right amount of cash or the perfect firearm for your collection.
1. Understand the Law
Since you already own a firearm (or are seeking to own one), you understand the legal requirements and obligations that come with gun ownership. Similarly, your pawn shop must comply with local and federal gun laws to buy and sell guns, including the following regulations:
- Any pawn shop that markets guns must be a Federal Firearms Licensee, which means they’re licensed to deal with guns in the United States. To earn their license, all pawn shops must understand and follow all federal gun regulations.
- State and local laws may add further restrictions. For instance, most states require gun owners to unload and case their guns. Many states also require pawn shops to place a background check on owners who seek to reacquire their pawned firearms.
- Bear in mind that pawn shops can’t accept stolen property, including firearms. They typically won’t accept firearms from minors and those who live outside of the pawn shop’s state.
Like other firearms marketers, pawn shops adhere to all laws to keep the process safe, simple, and convenient. Whether you want to purchase or sell your gun at a pawn shop, you can rest assured the process is safe and legal.
2. Understand the Process
Many people choose pawn shops for firearm sales because pawn shops streamline the process. You can usually walk in and out with the cash or firearm you need quickly, as long as you can pass a background check. When you understand the typical pawn and purchase process, you can speed the transaction up even further.
If you plan to pawn your gun, follow these steps:
- Unload and case your gun. Bring it to the pawn shop along with photo identification, such as your driver’s license.
- Once you arrive, the pawn shop broker will probably ask you to complete a form from the Department of Justice that ensures you’re legally allowed to carry a gun.
- Thoroughly review the terms of your loan, then hold on to your receipt-you’ll need it if you want to reclaim your gun.
You’ll follow similar steps if you plan to purchase a gun. Bring your government-issued photo identification and prepare to fill out federal forms.
3. Know Your Gun’s Value
Whether you plan to buy or sell, make sure to research its resale value before you commit to a purchase or sale. If you purchase a gun, always examine it thoroughly to ensure it meets your standards. And take a good look around the pawn shop-you never know what antiques, treasures, or rarities you could come across.
With these three tips in hand, you’re better prepared to pawn or buy a gun at your local pawn shop. Talk to your pawn broker if you have any questions, and get ready to enjoy your new cash or firearm.