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 Replies: 35 / Views: 17,467 |
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Pillar of the Community
United States
851 Posts |
I like what people bring in, but I don't like the guys' attitudes. They don't really seem to know that much and that's why they are always calling in experts. The one guy stressed he was very educated in the field of paper money yet somehow he didn't know exactly what a star note was.  |
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Valued Member
United States
327 Posts |
I've been to the "Pawn Stars" shop in Las Vegas this last summer. Those guys are pretty nice, the merchandise is a bit high (but not startlingly so, all things considered) and it's probably the cleanest pawn shop I've ever been in.
I bought a nice Morgan 1921 dollar for me and nice Garnet ring for my (now ex) girlfriend there. She also got pictures taken with the guys who were there and a T-shirt for a friend of hers.
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Pillar of the Community
United States
6326 Posts |
I like the show too.....but it never ceases to amaze me, as to why people think they will get what something is worth there. (retail price)
You can/will never get what something is worth at a pawn shop.....they are in business to make money and if they buy it from you for what it's worth.......they make absolutely NOTHING !
The "ripping people off" part would only be, I guess, is "just how much profit they try to make off of you".
If you bring in a coin worth $100.00, and they offer you $30.00.....that would suck, and I'd say you're getting ripped off. But if they offered you $70.00, then you didn't get ripped off and they still have a nice profit. (30% profit.....which "is" up there) And there's always room for "negotiation" in there.
At least this is how I see "Pawn Shops" generally.
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Pillar of the Community
United States
3294 Posts |
If you want full value, you need to be patient. Try craigslist. Ask a reputable dealer. Only use a pawnshop if you have no other choice.
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Valued Member
United States
439 Posts |
I love that show. They get so many interesting things in there and they go over the back stories a lot of the time so it keeps me watching. I also like the way they take old beat up items, things that might be just this side of junk, and spend the money to restore them into something nice. Yeah, they have a tough attitude towards negotiating but thats just business. The people don't have to sell to them and it seems many don't. The people I can't understand are the ones who listen to one of the experts they call in talk about how much an item is worth and then take an offer that is thousands less. I have a tough time feeling sorry for them if they're too lazy to do a bit of work to get a better deal. It doesn't take that much effort to list something on ebay or do some research and look up a decent auction house. |
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Pillar of the Community
United States
1691 Posts |
Pawn Stars is a fun show...try The Pickers(also on the history channel)
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Pillar of the Community
United States
618 Posts |
She is set to record on the DVR. Guys are hilarious
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Valued Member
United States
112 Posts |
If you bring in a coin worth $100.00, and they offer you $30.00.....that would suck, and I'd say you're getting ripped off. But if they offered you $70.00, then you didn't get ripped off and they still have a nice profit. (30% profit.....which "is" up there) And there's always room for "negotiation" in there.
They only make the 30% if the then sell the item the same day. Everyday that they don't have the 70.00 they bought the item for drops the profit they make on the item (ie, what would that 70.00 be earning them in a faster turnover item).
Book value doesn't determine the profitability of an item, the demand (speed in which it sells) does.
so the 30 for a 100.00 item might not be off base. If they buy the item for 30, hold it for six months and sell it for 100, they make 70.
If they buy another 100 item at 70, sell it in a month, and do the same thing six times in that same period, they make 180.00
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Pillar of the Community
United States
1882 Posts |
Quote:
They only make the 30% if the then sell the item the same day. Correct, and even then there are overhead expenses. As you said, it may sit for six months. Or worse, it may never sell at all. |
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Pillar of the Community
United States
2049 Posts |
Quote:
They only make the 30% if the then sell the item the same day. Everyday that they don't have the 70.00 they bought the item for drops the profit they make on the item (ie, what would that 70.00 be earning them in a faster turnover item).
Book value doesn't determine the profitability of an item, the demand (speed in which it sells) does.
so the 30 for a 100.00 item might not be off base. If they buy the item for 30, hold it for six months and sell it for 100, they make 70.
If they buy another 100 item at 70, sell it in a month, and do the same thing six times in that same period, they make 180.00 Well said...this point is often missed by those that have never run a business or fully understand ALL the factors that go into cost on an item. Every piece of merchandise they bring in has a carrying cost associated with it. And I pointed before (might not have been this thread but maybe another related thread) that items may sit for days, weeks, months, and sometimes years. The longer it sits, the higher the likelihood that they may have to discount it to move the item. Also, the longer it sits, the higher the chance of it getting stolen by an employee (not likely but still a factor often ignored by the average person) or depending on the item it could get potentially damaged due to handling to where a discount must be applied. |
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Pillar of the Community
United States
613 Posts |
I really like both shows, Pawn Stars and American Pickers, but I tell you what I was in a pawn shop yesterday and they had an 1980 mint set for $15. I asked why so much, I thought he was gonna rip my head off. I gradually made my way to the door. I think I'll stick to tv. Its dangerous out there.
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Pillar of the Community
United States
1409 Posts |
I have yet to venture into a pawn shop in search of coins, I did buy a white gold & diamond bracelet for my wife from one in Vegas a few years back. Vegas pawn shops get ALOT of jewelry from gamblers who have the itch and need the $$, so they often have great deals. It appraised at a jeweler for $2500, and I paid $400.
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Pillar of the Community
United States
731 Posts |
The pawn shops nearby me don't even carry coins anymore. They amass them and then sell them in bulk to coin shops.
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Pillar of the Community
United States
6326 Posts |
I've never paid attention to coins in there....(never really been in one much anyway) But, I've always considered those guys as " really slick" !......and God Bless them....but they're gonna try to get the most money possible out of everything they have for sale.... I had an Uncle of mine who ran a "Flea Market" (his was basically a pawn shop though), for many years......and my Uncle was really good at what he did....I'll just say that ! ....  |
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Pillar of the Community
United States
1450 Posts |
When my father-in-law died, my mother-in-law asked me to go to the bank with her to get a loan. The banker asks her what she planned to use as collateral and she starts spouting about all her jewelry and how much it is worth, etc.,when the guy looks at it he told her she could use half the value she quoted him as collateral,nothing more. She went ballistic! I tried to explain to her that "appraisal values" are replacement values for insurance purposes and all the banker could use for collateral was wholesale value and that it was a fair deal(I also collect gemstones and have dabbled in jewelry so I knew what it was worth). She called me a liar and a traitor and a few other more colorful names and stomped out of the bank. She later went to see a "family friend" in the banking business and he told her the same thing but she hated me till the day she died because she wasn"t "worth as much as she had been told by all of her friends"and I guess her loss of value was somehow my fault. Many people don't understand the difference between appraisals for insurance purpose and wholesale values.
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Posted 02/02/2010 10:33 am
