Up late, watching pawn
Have you ever pawned anything?
I wasn't really familiar with the pawn industry until I started watching back episodes of " Pawn Stars " on Netflix . In a word, it's fascinating.
Pawning, as the shop owners on the show explain it, is the oldest form of banking. You give the pawnbroker an item to hold, and he loans you money against it. You have a certain amount of time to pay back the loan, plus interest, or he becomes the owner of your item and can sell it to recoup his money.
I used to lump pawn shops in with bail bondsmen and payday loans – the last resort for people in desperate situations, with problems for which a quick sum of cash would hardly be a final resolution. After watching the parade of unusual, historic and valuable items come in through the doors of Gold & Silver Pawn on the show, though, I have a new respect for the vast spectrum of knowledge and networking a good pawnbroker must possess.
Granted, most of the customers who make it onto the Las Vegas-based reality show have unique stories – they're not just forfeiting their wedding rings for some quick bucks to take to the casinos. Many of them are parting with antique weapons, historical documents, military memorabilia or show vehicles. And most are looking to sell their items, not pawn them.
Often, shop owner Rick Harrison will call in an expert to determine if an article is authentic and what it might be worth. Watch a few episodes in succession and you'll see a pattern form: Customer brings in an item. Expert appraises it to be worth, say, $4,000. Harrison asks, "So how much do you want for it?" Customer, giddy with excitement over his upcoming windfall, replies, "Well, I'd like $4,000." Harrison's immediate response: a curt "no."
What people fail to realize, he explains to viewers, is that he's in business to make money. If he can't resell the item at a reasonable profit, he'll pass.
It's fun to learn what's out there that people find valuable. And the multigenerational Harrisons, along with dimwitted clerk Chumlee, are a hoot. Next time I'm in Vegas, Gold & Silver Pawn is on my "must-visit" list.
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I used to lump pawn shops in with bail bondsmen and payday loans – the last resort for people in desperate situations, with problems for which a quick sum of cash would hardly be a final resolution. After watching the parade of unusual, historic and
The team has run a part-time schedule the last two years, and competed in only four races -- Indy, Texas, Kentucky and Las Vegas -- in 2011. About three hours before the engine deal was confirmed, Rahal's team announced it had hired IndyCar veteran Tom
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