If you've never looked at a pawn shop for deals on jewelry, musical instruments and other such items, Les Gold, pawn broker/shop owners who is featured on the TV show, Hardcore Pawn, offers tips on your first visit.
The third-generation pawnbroker say that his business is the barometer for the way the economy is running by observing the difference between the amount of customers pawning items versus those who are redeeming their previously pawned valuables. Up to 90% of customers return to the pawn shop to reclaim merchandise that they have pawned. Why so high? The pawn shop lends around 50% of the value of an object, kind of the magic number that gets people to return and retrieve their pawned items. The desire by most pawn shop owners is to have customers come back and pay off their loans. Higher return rates mean less employees on the showroom floor and more profit, in general.
If you need to pawn something valuable, there are certain objects that may be of no use and will simply be rejected. Such was the case when Les Gold turned away the man wanting to pawn his glass eye. "There's not much of a market for such an items, he says.
If you're looking to buy, Gold says pawn shops that have been in business a long time are better bets than newcomers. Always make an offer and barter, according to the pawn shop expert. The worse that can happen is someone will turn you down. When you buy jewelry and other items from a pawn shop be sure to barter to get the price down!