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Mama June is once again unloading valuable property for cash ... this time it's a diamond ring, and we're told she took the very first, seemingly low-ball, offer.

The troubled reality TV star visited a pawn shop called Cash America in Stockbridge, GA on Thursday morning, and brought in a nice diamond ring resembling a wedding or engagement ring ... according to witnesses.

We're told she didn't say much and didn't give a reason why she wanted to sell the ring. Employees didn't ask many questions, though, and offered her $1,500 after a quick examination.

Good enough for June, apparently. We're told she accepted, took her cash and bolted in a pickup truck.

As for the ring ... it's possible it's the one her boyfriend, Geno Doak, gave her in March 2019 on her most recent TV series, "Mama June: From Not to Hot."

Or, it could be the ring her ex-husband, Sugar Bear, gave her when he popped the question in July 2013 on her OG series, "Here Comes Honey Boo Boo." Die-hard fans probably remember Sugar claimed he bought it for less than $400 with cash from selling a turkey fryer.

If that's the case, Mama got a deal ... but we doubt it. She went to a pawn shop, after all.