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History Channel Show Pawn Shop
slipgate
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Anyone see it? They had a Morgan Dollar that they were selling for $50 because the old man could not see the "cc" mint mark on it. They showed the coin several times, it was in a 2x2 flip. The son said it was worth $500. I reviewed the scene a few times and it looked like an 1878 cc, perhaps in MSish. Did anyone else use the DVR to try and see the date?
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<< <i>I watched it the first night.. A bunch of fat idiots running a business.. I can't stand those type of people.. Reminds me of 90% of Coin Dealers at coin shows..
Do you think anyone goes into a pawn shop looking to sell something and actually get a high offer?
<< <i>
<< <i>I watched it the first night.. A bunch of fat idiots running a business.. I can't stand those type of people.. Reminds me of 90% of Coin Dealers at coin shows..
Do you think anyone goes into a pawn shop looking to sell something and actually get a high offer? >>
Sure.. That guy with the Cannon got his $30k..
Just to ease my statement a tad.. On the serious side, if the seller doesn't do his/her homework the buyer wins.. Trade has been this way since our country was born.. Many people are not educated or have the proper cataloged prices of items. There are some good people out there..
Retail,Wholesale,Market Value should be obtained and viewed before anyone sells a item..
Look also at the $10,000 Rolex somebody pawned.. Pawned for 32% Retail, Probably in the condition it was in Mint, wholesale $8,000 so the pawnshop made about what, a 60% profit?
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Btw... notice it didnt say how much they paid for that "$500" coin.
-David
<< <i>
Look also at the $10,000 Rolex somebody pawned.. Pawned for 32% Retail, Probably in the condition it was in Mint, wholesale $8,000 so the pawnshop made about what, a 60% profit? >>
You are ignoring the risk that the pawn guy takes, that the merchandise might be stolen, in which case he is out the $3200. No free lunch here. If a guy walked up to you on the street with a $10K Rolex would you immediately shell out 32 bills without thinking something was dodgy?
<< <i>
<< <i>
Look also at the $10,000 Rolex somebody pawned.. Pawned for 32% Retail, Probably in the condition it was in Mint, wholesale $8,000 so the pawnshop made about what, a 60% profit? >>
You are ignoring the risk that the pawn guy takes, that the merchandise might be stolen, in which case he is out the $3200. No free lunch here. If a guy walked up to you on the street with a $10K Rolex would you immediately shell out 32 bills without thinking something was dodgy? >>
Well, we know this shop that was on TV was in Vegas..And, if I am correct Las Vegas has a strict law and paperwork must be filled out with id..
I do understand what you are saying Coinsarus, but to answer your other question, no street buying for me.. I do own a Rolex handed down from my granddad, not the high priced Rolex out there, but it's worth $4k. Don't wear it or show it, just don't like that type of lifestyle..
I guess I will always remember what my mother told me when I was a little chap.. Hardwork and saving your money is the path to success.. Walking away from temptation is a must.. Got my first house at 19 years old, had a 30 year mortgage and owned out right in 13 years.. So, if you see where I am coming from, slick words from a salesman only makes my stomach churn, just this new generation doesn't understand what it takes to survive or do they..
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<< <i>Chumlee shirts are now for sale on History channel.
link >>
There's no buyer on this side of the LCD!
BTW, I watch that show on occasion and must say that it epitomizes every bad thing that folks have ever said about Coin Dealers on this forum.
The name is LEE!
Nothing is funnier than when someone walks in with something they are dead set on getting a fortune for only to find out its not what it is supposed to be.
The neatest episode was the one with the rare sundial. It had to be staged. Stuff like that just does not walk into a pawn shop.
MarK Scott and Dana Linett are frequent experts they bring in.
The day I was there the guys were there, which was neat, but I they are just people.
<< <i>
<< <i>
<< <i>
Look also at the $10,000 Rolex somebody pawned.. Pawned for 32% Retail, Probably in the condition it was in Mint, wholesale $8,000 so the pawnshop made about what, a 60% profit? >>
You are ignoring the risk that the pawn guy takes, that the merchandise might be stolen, in which case he is out the $3200. No free lunch here. If a guy walked up to you on the street with a $10K Rolex would you immediately shell out 32 bills without thinking something was dodgy? >>
Well, we know this shop that was on TV was in Vegas..And, if I am correct Las Vegas has a strict law and paperwork must be filled out with id..
I do understand what you are saying Coinsarus, but to answer your other question, no street buying for me.. I do own a Rolex handed down from my granddad, not the high priced Rolex out there, but it's worth $4k. Don't wear it or show it, just don't like that type of lifestyle..
I guess I will always remember what my mother told me when I was a little chap.. Hardwork and saving your money is the path to success.. Walking away from temptation is a must.. Got my first house at 19 years old, had a 30 year mortgage and owned out right in 13 years.. So, if you see where I am coming from, slick words from a salesman only makes my stomach churn, just this new generation doesn't understand what it takes to survive or do they.. >>
Sure, they may get the guy who stole (and pawned) the item, but the money will be long gone and the pawn shop will have turn the property over to the police and sue the crook to get the money back.
They don't go out into the street and drag people bodily into the shop. People go in there with
the intent of walking out with money by either pawning their item or selling it outright. For
some people, this is the way they want it; dump the goods and let someone else take the time
to sell it. If you do your homework,you'll get a fair price. If you don't, and you're not certain of
their offer, you can turn it down. Nobody holds a gun to your head to take the offer...unless, of
course, if you DON'T get the dough you'll have a gun to your head.
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Is it OK for Nordstroms to buy something for $50 and sell it for $150?
If I follow the logic here, they shouldn't do that, but they and many many other retail establishments do.
At the end of the day it's about net profit margins not gross. I don't think there is a coin dealer out that that hasn't lost money on a coin, and a significant loss at that. Yes we make money, and sometimes a good hit. We take all the risk. It's a business and if you make a living doing it, should yo not be able to make a decent living off of it?
If I recall the $20 Saint they got in, they paid pretty strong for it, based on what Mark From Saraha Coins said about it.
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Why is it that they have to call in an expert for everything it seems?
There suposed to be the experts, right?
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<< <i>
There suposed to be the experts, right? >>
You would think but you can also find coin dealers who dont know all the ins and outs of every series of coins.
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<< <i>Do you think anyone goes into a pawn shop looking to sell something and actually get a high offer? >>
No, it's just a quick access to cash and a quick sell. Unless.... P.T. Barnum was correct.
Ron
<< <i>I watch it here n there. I wouldn't want a Chumlee at my counter.
Why is it that they have to call in an expert for everything it seems?
There suposed to be the experts, right? >>
Experts know everything about a few things......a person who thinks he knows everything about everything is a fool. It is smart business to seek the proper expert (and it adds interesting facts to the show)
<< <i>I watched it the first night.. A bunch of fat idiots running a business.. I can't stand those type of people.. Reminds me of 90% of Coin Dealers at coin shows..
As a former "fat idiot coin dealer" I don't think that comment was fair or accurate. You don't last very long in the coin business if your are stupid. You have got to be able to grade and know something about the various coin markets. You also need to be able to spot altered coins and counterfeits. Sadly some coin dealers have not shown that they are as well versed in the counterfeit area as they should to be.
I'm not also nearly as hard on the pawn guys as you are. Remember that they have to have some idea about the market for a wide variety of items, not just coins. That is tough to to do. The dad is a pretty smart guy, and the old man is street wise. As for the son he is learning the ropes, and doing pretty wel. If you want to call someone a fat idiot, Chumley would fill the bill, but I think he's there for comic relief.
<< <i>Yea a bunch of clowns hoping to screw a few suckers along the way.... >>
You need to take into account that these guys are not in the position to get top dollar for most items. If they got a 1796 quarter, how many collectors were go in there and pay top dollar for it? The pawn guys would have sell it to a coin dealer who would then market it.
Also you guys have gotten spoiled by the generally low mark-ups in the coin industry. Most items, like jewery have FAR HIGHER mark-ups. It cost money to maintain a street level business. Their mark-ups and not "pure profit."
<< <i>I watch it here n there. I wouldn't want a Chumlee at my counter.
Why is it that they have to call in an expert for everything it seems?
There suposed to be the experts, right? >>
Do you know everything about everything? I've met or known a couple of the coin and other money related experts that they've had on the show. From the people I've met, they know their stuff, but from my perspective their selling prices were on the high side.
The Pawn stars offer much more than they would normaly offer since they know they are being filmed. If they were not being filmed the offers would be half what they are now.
The two guys that I find more interesting are the ones on "American Pickers". They come up with some great stuff, make money on it, and actively search this stuff out. Reminds me of the fun I used to have as a kid rummaging through old junk yards in south jersey.
J.
A lady brought in an old lunch box which featured a theme from some old military comedy sitcom. Rick said something along the lines of, "It was a low budget show about four guys in the desert." Then he looked at the camera and paused.
Guess you had to see it but it was hilarious.
ETA- The sitcom pictured was Rat Patrol.
<< <i>I have watched a few times and they seem like reasonable (a bit looney, but that makes the show) people to me. For example, if an expert says an item is worth 10K retail, they will usually end up offering 4-5K and settling in that range. Right up front they say they need to make a profit and both sides walk away if they are not satified, no harm, no foul. >>
I agree with all that, but they seem to offering higher prices in the second season. Could be a reaction about being labeled cheapskates or the fact they are raking in dough from being on TV, so they can afford it. Either way, TV
is skewing what actually you will get in a typical pawn shop.
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Also had a St. Gauden's on one of the episodes last night, ended up with similar numbers involved, I believe.
edited to add: I believe the Pawn Stars paid the guy $2,300, but won't know exactly until I see it again (I DVR it to laugh at Chumlee...noone can be that lame-brained and actually work in a place like that...though in one episode, he did drop a medeival mace through a glass display case)
<< <i>Paid $2,300 for it, it had White the Hatter on the back of it. Really cool piece. Here is a link to a site with many examples. Coincidently there is an duplicate of the one sold on the show for sale for $2250, albeit not as nice looking as the one on the show. >>
huh?!
<< <i>If you think the Pawn Stars are making low offers, you would be shocked to go into any other pawn shop. >>
Agree. A few even offer less than the typical B&M coin dealer.
Worry is the interest you pay on a debt you may not owe.
<< <i>What is everyone's take on the scene in which Rick offered the guy 4K for his 280Z, the guy accepted, Big Hoss told his Dad he was crazy and Dad subsequently got a mechanically inclined pawn shop employee to look at the vehicle. Rick later backed out. Do you think there was a verbal contract? I don't think he mentioned that the sale was contingent on the car passing a mechanical inspection. >>
Remember he had been screwed recently on that little car that needed a new engine. I don't think he was legally or morally obligated to complete this sale after his "verbal" contract since he quickly followed it up with I want to have it looked at. What I thought was funny was the guys idea of what it was worth. The funniest parts of this show are the people that get told their items are worthless or not real and get really mad!
Rick really didn't know what it was. He was thinking that the stamp was damaged, which is true, but a three cent stamp is worth more as encased postage than as a stamp. I think they paid $1,500 which if it were a coin dealer would have been on the low side, but seemed generious for a pawn shop which really has no market for such pieces, especially a rare variety. For example as a collector I would not pay $1,500 for that piece because it does not fit into my collection easily.