No, they deal in a lot of cash. Look closely at the doors. There are lots of very large guards, all probably heavily armed, and the place is built like a bank. That plus insurance covers things nicely.
eta: That and the fact that there is a Sheriff’s substation about a block away.
Like I said upthread, a friend of the family was on as an expert (he legitmately is an expert in that field). On the show it was presented that he was a local Las Vegas guy, but he’s actually based out of San Diego and was brought in for the episode.
Actually there was a recent episode showing how what’s her name gets some of the leads… she calls the small towns and asks about people with several code violations and other “problem” people.
Heh, now that you mention it, he does.
Oh, I remember that one. All I could think of what a spoiled little brat she must be – and even then, I think Dad said, “This will go a pretty good way towards paying for the wedding.” So basically, the money he got wouldn’t even pay for the entire thing! Jesus, how expensive was it? (Bridezilla much?)
Five years ago when I was doing wedding videography, the average cost of a wedding in the U.S. was something like $20,000.
I’ve read that too but it makes me think there must be a few $3 million weddings out there that really screw with the averages. I’ve been to some nice ones and doubt I’ve ever seen one that came to half that. Most people I know would much rather have a <$5000 wedding and the rest in cash.
Usually they say something like, “I’ve seen pieces like this go for as much as $10,000 at auction.”
Selling an item at a collector’s auction is pretty daunting for the average person. You might have to wait months for the next one to come along. For a real specialty piece, maybe longer. Then when you do, the market may have changed. Or the last auction saw the item bid way up because two people competed for it. So you run the risk of putting your item at auction and only getting a bid of $500 for it. To avoid that, you can put a floor on the price, but then you might have to pay a fee to the auction house whether you sell it or not.
Then if you do sell it, the broker or auction house may take 20% right off the top for their fee.
How many banks will give you a secured loan against an item like that? I’m guessing not too many. And remember - the people bringing stuff into a pawn shop likely have below-average credit.
Auction houses are the ones rakin’ it in with that scenario, because they charge fees to the sellers, the brokers AND the buyers.
I’ve seen that number twice recently - the second time it said that $20G number was actually down from previous years!
I’m a firm believer that anything is worth exactly what someone is willing and able to pay you at any particular time. Cash-in-hand can make up for a whole lot of hypothetical transaction fees and carrying costs.
Just popped in to comment that the **Ichabod Crane **remark was my best laugh of the week. 
mmm
Did anyone else totally expect Rick to take the 2 grand for the Fabergé spider?
I thought it was commendable that he didn’t since she named the price, but I couldn’t believe that she asked for $17 grand when he offered her the $15k. I could understand if she had decided not to pawn it until she had it appraised but c’mon woman, have an ounce or two of class.
I’ve mentioned before- probably in this thread- how stupid I find it when something’s appraised for $10,000 and the person still pawns it for $5,000 instead of trying to find a buyer themselves. Unless you absolutely positively have to have the money right then that hour it behooves you to try and get top dollar, and if you do have to have it that day then pawn it, look into selling it, and if there’s a reasonable chance you can anywhere near top dollar reclaim it and sell it.
I wonder what the interest is at the pawn shop. I remember very well from my college days that for small items (I never pawned anything more than $100 or so) it was 20% per month, but for car pawn it’s 10% if I’m not mistaken, so for a $5,000 sword I wonder if it’s 10% or 20%. I recently heard that in Alabama there’s a new law that after 2 years of 20% payments the item must be returned but no idea if that’s statewide (don’t even know for a fact it’s true to be honest as I haven’t checked it). This is so the person who hocks their granny’s pearl necklace for $200 doesn’t have to pay $8,000 over the next several years to get it out when it’s worth $1,000 (the other $7,000 being paid to keep it for sentimental reasons).
IIRC, Rick said he charges 5% and if the item isn’t claimed after 3 months (or 4 months? I don’t remember exactly) he owns it outright.
4 months.
Exactly! When she said $17k I thought/hoped Rick would counter with “How about $10k?” That’s the Old Man’s favorite trick when someone asks for more than he has offered.
Has anyone been watching Hardcore Pawn on TruTV? It’s about another family-run pawn shop, this time in Detroit. Seems like a much bigger operation than Gold & Silver, but I don’t like the “characters” as much (especially the daughter) and no history is provided. It has the same “I wonder what will come into the shop next” thing, though, so for now I’ll keep watching it.
I almost dropped a lung. He just GAVE you 13 grand that he didn’t have to, and you want another two? The fucking GALL!!!
Joe
As I said in the other thread, their business model seems to be, “buy for one-third the value, sell for two-thirds”. Rick seems to run the business fairly honestly, at least when the cameras are on him. But I bet the Old Man pulled some really shady deals in his heyday. I just get that vibe from him.
I wonder if that’s store policy or Nevada law. Most shops don’t have that short a limit I don’t think- in fact the more the merrier for them in the length of time you leave it there so long as you’re paying the interest.
Absolutely. Hope she lost it in a slot on her way home.
Almost as priceless as the time Hoss and the other kid hung that kite on the power poll, then had to asked the guy what he was looking to get out of the now worthless kite.
The entire cast is carny through and through. Better at kayfabe than most wrestlers.