I turn that into the local police department, and then I also turn it into Homeland Security.
Pawn stars license#
I take their driver's license number, their height, their weight, their eye color, their build. "When I take something in pawn or I buy something, I just don't take ID.
"Most people don't realize how regulated the pawn industry is, especially where I'm at in Nevada," he says. And making sure goods aren't stolen is always an issue. He has become an expert at assessing the value of Gibson guitars, Rolex watches, diamonds - as well as regular household items like drills, cameras and home electronics. "It's a lot less money than if you go to one of these payday loan places, or if you bounce a check, for that matter."īut Harrison must be careful - balancing his loans with how much the merchandise is actually worth, and how much he can receive if the merchandise is then resold. "So if you get a $50 loan, it's going to cost you $7.50 for the first month and $5 after that," he says. And most pawn shops also charge a service fee and then tack on interest - which can vary between 10 percent and 20 percent a month. The average loan for a piece of personal property, Harrison says, is around $50. You just simply have lost your merchandise. No one chases you down to break any legs or anything like that. Now, if you don't pay me back," he says, "I end up keeping the merchandise and I put it in my showcase for sale. I hand you the ring back and everything's good in the world.
"If you come back in 30 days, you give me $115. You have 120 days to come back in my pawn shop and pick up your merchandise and pay me my money back." "Say you have a wedding band," Harrison says.
Pawn stars plus#
The way it works is simple: Customers provide a personal item as collateral to receive a loan from a pawn broker, who can then sell the product if the customer doesn't pay back the loan plus interest in a set amount of time. Pawn shops, Harrison says, have been around for thousands of years and are among the oldest forms of banking. License to Pawn: Deals, Steals, and My Life at the Gold & Silver Harrison and his relatives assess the value of the objects - and try to determine whether or not they're fake - before offering their customers a collateral loan or money for their merchandise. The show follows Harrison, his father, Richard, his son Big Hoss and his son's friend Chumlee as they meet and haggle with customers who bring in all sorts of objects to sell and pawn.
Pawn stars series#
Harrison, a second-generation pawn shop owner, is one of the stars of The History Channel's reality series Pawn Stars. So it's a lot different than most places." really large diamonds, really expensive watches. "It's the cost of doing business," Harrison says. The victim got her earrings back and the criminal was prosecuted. The very next day, Harrison found out the earrings were stolen. Harrison filled out the required paperwork and paid the man $40,000 for his merchandise. Pawn dealer Rick Harrison asked him the typical questions - Where did you get it? Where is the receipt? - and the man readily answered. Two years ago, a man walked into the Gold & Silver Pawn Shop in Las Vegas with a pair of diamond earrings. Rick Harrison and his family run a 24-hour pawn shop in Las Vegas.
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