Coin rip ethics, new TV show

GrumpyEd · July 18, 2009 7:53AM

It seems like threads with coin rips always become an ethics train wreck.

There's a new reality show starting Sunday night called "Pawn Stars" and it's going to have some coin stories.

It's going to be interesting to see the ethics, of course ethics may change when it's on TV. Pawn shops aren't exactly coin experts and they can use the excuse "they pawned it, if it's so great they could have re-claimed it".

Might be interesting to watch

kranky · July 18, 2009 7:58AM

History Channel, Sunday at 10 PM.

ProofCents · July 18, 2009 10:51AM

I would guess not many people pawn coins worth over a $1000

blu62vette · July 18, 2009 10:53AM

<< I would guess not many people pawn coins worth over a $1000 >>

Or dont knowingly go to a pawn shop with coins over $1000

GrumpyEd · July 18, 2009 11:53AM

They just had an ad for it, the guy was showing a 1928 Peace dollar.

I bet they buy for below melt and every find is gravy. It will be fun to see how they do it.

ArizonaJack · July 18, 2009 12:40PM

Very interesting, Thanks for the heads up Ed !

taxbuster1040 · July 18, 2009 1:52PM

I set my dvr..... thanks

Coinosaurus · July 18, 2009 2:39PM

A TV show on pawn stores......sign of the times I guess. Saw the promos tonight while flipping through channels.....

Actually, there are great stories in pawn stores, but getting people to tell them is another matter. Too much heartache involved to expect folks to just open up.

No doubt they'll skip all the dull ones, like the Antiques Roadshow......

cars · July 18, 2009 3:21PM

<< I set my dvr..... thanks >>

Same here

intence · July 18, 2009 3:25PM

thanks for the heads up. ill check it out.

shottaker · July 18, 2009 4:50PM

What a pile of crap. I have yet to see a pawn shop that has a shred of ethics. The ones I have worked with on scrap (making 1% on their lots for handling them) continually begged for cash instead of checks (hmmm.) which they didnt get and generally paid just a skosh over cash for gold on scrap (like $8 per gram on 14k). Their coin buying is absolutely attrocious also as most are paying around 4x face on 90%. They claim its due to their licensing and holding times, but they always buy coins on an outright purchase and skirt their licencing requirements here. I know since most in the area flip their stuff to me same day. I guess I shouldnt do business with them, but if I dont someone else will. What they are doing is not illegal the way its done, just kind of shady. I hope this show doesnt glorify these twits.

Cameonut · July 18, 2009 9:41PM

I used to routinely look thru proof sets at pawn shops for cameos and varieities. Never found anything of great value - it can't be that the pawn shop owners know what to look for. It is more likely that they hold sets for a dealer who cherries out the nice stuff.

Anyway, I once tried to purchase a few sets with some minor cameos. The owner priced them at over ask! I had my grey sheet out and he had his Trends out. Needless to say, I counter offered at bid. When my counter offer was refused, I put the sets back in the box and left - never to return.

l look forward to the TV show - should be good for a few laughs.

cars · July 19, 2009 1:25PM

So did anyone watch this yet? I bet you didn't know a little CC on back of a silver dollar is the difference between a $50 coin & a $500 coin lmao. Also loved how they put them in a jar and dumped em out on the desk for dude to look through them. Funny stuff

TheNoost · July 19, 2009 1:29PM

It was funny. Watched 2x just to see if I could see then date. If they were going to sell it for $50, imagine what they paid for it!

silverchris · July 19, 2009 1:29PM

When i was in Vegas i went to this PAWN SHOP. I took in a 1914d buff in AU, 1921s buff in VF, and a 1914d penny. The fat guy with black hair told me that the coin market in Vegas in down and that the coins i had are common date stuff. What a bunch of rip off's. Must be nice to be on TV and rip people and get paid for re-saleing the stuff they buy and from the TV people.

doh · July 19, 2009 1:30PM

I'm watching it right now! They just mentioned CC dollars...had what could have been an unc one...or a cleaned one...and wanted $500 for it! Didn't mention the date...ahh, pawn shops. That being said, it's sort of a cool show.

GrumpyEd · July 19, 2009 5:10PM

Hopefully the next one will have more coins.

They seemed goofy on the CC dollar.
Like anything they see a CC on is $500.... I'd be getting the magnet out

The other funny part was his watch guy cleaned up the Rolex watch "like factory" then he told the customer it was like that from the factory and got his 5K out of it.

LOL....

keets · July 19, 2009 10:07PM

Pawn Shops have a pretty bad reputation and in many instances it is deserved. what strikes me as odd is that they serve a useful purpose when people use them the way they were originally conceived. having worked in a Pawn Shop i can tell you that when they are used for a short term collateralized loan by people who know what they're doing there aren't any problems. it's when people come in and want a "close to actual value" loan on an item that's 15 years old, doesn't work properly, isn't complete/missing parts or is difficult to value that the problems start.

just like a coin dealer who is overstocked with unmoveable inventory a Pawn Shop will offer low prices for stuff they may sit on for many, many years. in that regard it is the better proprieters who know how to market that tend to run the better shops. the image is changing, but just like the opinion that all coin dealers are rip offs, so it goes with Pawn Shops. we had/have all types of customers, from the down-and-outs, thieves and well-to-do to those who we see on a one time basis and those who are regulars or seasonal. the smart customers always know what they have, how much it's worth and how long it'll be till they redeem.

believe it or not, there is stuff in our shop that was an original loan of several hundred dollars well over 10 years ago. why people pawn an item and then pay double or triple its value over a long period and eventually forfiet is a mystery to me. it happens more then i'd like to say.

to repeat myself, a Pawn Shop is for short term collateralized loans, and most people don't understand that. to that end, much of the criticism is the fault of the customers. i could tell stories, but you'd probably not like to hear them.

Greeniejr · July 19, 2009 10:45PM

<< I used to routinely look thru proof sets at pawn shops for cameos and varieities. Never found anything of great value - it can't be that the pawn shop owners know what to look for. It is more likely that they hold sets for a dealer who cherries out the nice stuff.

Anyway, I once tried to purchase a few sets with some minor cameos. The owner priced them at over ask! I had my grey sheet out and he had his Trends out. Needless to say, I counter offered at bid. When my counter offer was refused, I put the sets back in the box and left - never to return.

l look forward to the TV show - should be good for a few laughs. >>

How generous of you to offer bid for something that is clearly a premium item vs. the generic. And had you found a DCAM coin in there I am sure you would be touting your rip. Poor form.

tmcsr69 · July 19, 2009 10:52PM

Very good explanation Keets.

lkenefic · July 19, 2009 10:56PM

I especially liked the part where the old man indicated that Morgan Dollars were minted in Charlotte for a brief time... what a load!

ArizonaJack · July 21, 2009 10:31AM

Keets is exactly correct. Nice way of saying it accuratly and concise.

If you build a relationship with a Pawnshop, it is benificial. I have never done coins, but as a guitar collector, I have cherried some great guitars. If they know your are serious, they will even call you for advise and value information. There are 2 guitars in my accoustic collection that were as Keets described, pawned then interest payments for years, then let go. The owner had them for free, I got them for a song ( pun intended) a 60's vintage Martin D-28 and Gibson Hummingbird, both top notch collectibles.

Back on topic, I freakin forgot to watch the show, lol. Will not miss it this weekend tho, I set a reminder on my TV.

seatedcollector · July 21, 2009 11:10AM

a more interesting show may be along the lines of someone dressed as a little old lady, with a hidden camera ..... looking like the proverbial sheep, then we can watch as the wolves do thier thing.

GrumpyEd · July 21, 2009 4:19PM

<< Morgan Dollars were minted in Charlotte for a brief time... >>

And he said he knew facts of every mint. LOL

tahoe98 · July 22, 2009 6:07AM

<< I would guess not many people pawn coins worth over a $1000 >>

.......you must not know any desperate people.

Coin rip ethics, new TV show

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