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Guns Of Pawn Stars

Posted: Mon Aug 16, 2010 1:26 am
by Darrell
Ever watch Pawn Stars on History Channel? Silly show but fun to watch, and they occasionally feature interesting old guns. They had a marathon today; one episode featured a Colt model 1861 musket, made in 1863, in apparently unissued condition. They were a bit leery of it, so they called in one of their experts to evaluate the gun. He said it was real, had a New Jersey stamp on the left side of the barrel, but no gov't inspector cartouches on the stock. He thought the stock had been replaced soon after the gun was made, and likely sold off to a state militia. The expert thought the gun was worth $1,200-$2,000. The guys behind the counter offered the owner $700, he decided to keep it. Interestingly, here's one in very good condition at Cabela's, they're asking $4,500 for it:

http://www.cabelas.com/gun-inventory--- ... -leh.shtml

Re: Guns Of Pawn Stars

Posted: Mon Aug 16, 2010 6:02 am
by Combat Controller
That is a fun show to watch, although when an idiot takes 10k for something that could fetch 30k at an auction... Just put the sucker up there, or use EBAY or something...

Gah.

Still like the show and the guys.

Re: Guns Of Pawn Stars

Posted: Mon Aug 16, 2010 8:12 am
by 308Mike
My grandfather was partners with folks doing pawn work and he was their resident gemologist, doing appraisals and such. For a LONG TIME he used to bitch to any of us family who'd listen that the money wasn't in the gems and jewelery, but instead it was in working the pawn side of the business!!

I can't recall just how many time he'd whine and bitch about his other partner making so much money while he just made a few buck off of the appraisals. The pawn side was making money hand-over-fist while he was just scraping by.

There's some SERIOUS money to made in pawn, IF YOU FOLLOW THE RULES and do everything legally - otherwise you extra winnings will be absorbed in attorney fees when your court case comes around.

It simply isn't worth it to break the law if you're involved in pawn dealings. If you LIKE dealing with regulatory agencies and police agencies going through all your records on a regular basis, then perhaps working a pawn shop is for you.

There's a SERIOUS price to be paid for being in this business, and it not about graft and corruption - more like zoning laws and other restrictions on just WHAT you may or may not have inside your pawn shop - ESPECIALLY if you're within 1000 feet of a school.

Just be aware of ALL the hurdles if you decide to do something like this.

Re: Guns Of Pawn Stars

Posted: Mon Aug 16, 2010 8:26 am
by HTRN
CByrneIV wrote:They are in the business to loan money, not to buy shit; and if they buy shit, they have to buy it at around half what they think they can sell it for, to make it worth while. At MOST 3/4 what they think they can sell it for, unless it's a high turnover or highly convertible item like gold. Otherwise it's just taking up shelf space.
You guys would have heart attacks if you heard what the typical markup is for used industrial machinery - from buying it at auction, to final sale. 400% isn't uncommon.


HTRN

Re: Guns Of Pawn Stars

Posted: Mon Aug 16, 2010 8:36 am
by 308Mike
HTRN wrote:
CByrneIV wrote:They are in the business to loan money, not to buy shit; and if they buy shit, they have to buy it at around half what they think they can sell it for, to make it worth while. At MOST 3/4 what they think they can sell it for, unless it's a high turnover or highly convertible item like gold. Otherwise it's just taking up shelf space.
You guys would have heart attacks if you heard what the typical markup is for used industrial machinery - from buying it at auction, to final sale. 400% isn't uncommon.


HTRN

Sounds like the markup for musical instruments and jewelery.

Re: Guns Of Pawn Stars

Posted: Mon Aug 16, 2010 3:20 pm
by Combat Controller
Thanks Chris, but my comment was not about the pawn broker but about the idiots who let stuff go when they could maximize their profit. I think it's the whole being on TV thing and feeling the pressure of "needing" to make a deal.

Re: Guns Of Pawn Stars

Posted: Mon Aug 16, 2010 3:22 pm
by HTRN
Oh, I know most of the pawned jewelry(and quite a bit of the cheap gold that is bought by Jewelers too) winds up at the smelters(who typically pay somewhere around 75% of the spot market).

But the machinery business is up there - a typical 1500 buck 2J BP is sold at 4 grand or so "retail". I've seen stuff bought for a coupla hundred bucks, turned around and sold for thousands, before it even leaves the auction. Much of it comes down to the buyer will pay, because he can make even more money using the machine.


HTRN

Re: Guns Of Pawn Stars

Posted: Mon Aug 16, 2010 4:03 pm
by Aglifter
Yeah, but often its still vastly less than new - I've paid more for one valve, than the man paid for the entire store room of them, and was happy to do so (I was looking at something else when they auctioned off the valves.) - I still managed to by a 2" 3-way dairy valve for $100, so I was ecstatic. I think I paid the same man $150 for a check valve - not the right name, but it functions in a similar fashion.

Re: Guns Of Pawn Stars

Posted: Mon Aug 16, 2010 6:05 pm
by JustinR
After reading this thread, now I'm going to feel even more confused about trying to get a reasonable price on a custom engagement ring at the jewelers. Ug... :?

Re: Guns Of Pawn Stars

Posted: Mon Aug 16, 2010 6:58 pm
by Aglifter
My suggestion on that is: A) Call someone knowledgable about stones - if need be, send me an email, there are some family friends in the jewelry business. B) Find someone who can actually make what you want - they may want you to buy the stones from them. C) If he makes what you want, pay him, and forget the price.

On something custom, the most important thing has to be getting what you want done, the way you want. Don't tell him to cut corners, just order it done right, and forget the price once its done. You'll be much happier.