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(8 News Now)   Guy's sketchy niece steals his $40,000 coin collection & visits the "Pawn Stars", where they pay her $12,000. Fark: Pawn Stars inform guy he can't have his coins back because they were immediately "melted down". Oh that wacky Chumlee   (8newsnow.com) divider line 162
    More: Unlikely, Pawn Stars, Las Vegas Boulevard, human hand, Chumlee  
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20758 clicks; posted to Main » on 10 Mar 2014 at 9:01 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



162 Comments   (+0 »)
   
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2014-03-10 09:03:36 AM  
Finally, something that actually happens at s pawn shop.
 
2014-03-10 09:06:01 AM  
Walters says he simply does not believe his coins were tossed into a bin or melted down for the simple reason that they are worth four to five times as much as their metal value.

lol
 
2014-03-10 09:06:33 AM  
Welp, we know where its going...
img1.wikia.nocookie.net


/wow, a unique Babylonian gold artifact foretelling a prophecy that every collector in the world would pay his life for!  $50 bux, best I can do.
 
2014-03-10 09:07:07 AM  
The pawn shop is simply trying to protect themselves from paying for someone else's crime.
 
2014-03-10 09:07:57 AM  
Wouldn't that fall under receiving stolen property? Ergo they would have to compensate him for the value which was lost?
 
2014-03-10 09:09:02 AM  
I guess the "Buddy" who knows about valuable coins was away that day.
 
2014-03-10 09:09:33 AM  
You mean the buddy-experts can't ID coins?  I'm shocked.
 
2014-03-10 09:10:18 AM  
Pawn Stars knows the laws. They have talked about it several times on the show.
However, we don't know the Nevada laws.
 
2014-03-10 09:11:02 AM  
"The only thing which pawn shops are not required to hold for 30 or more days is coins. "

I think I found the issue that needs addressed.  Seriously sucks for that guy though.
 
2014-03-10 09:12:39 AM  
Let's set the betting lines, shall we?

"Oh wait, here they are! We just misplaced them!": 3-1
"This was all part of a plot line for the show! Just a misunderstanding!": 5-1
"I don't see what the controversy here is? We routinely shell out $12k for things that we immediately throw into a big bin marked for slag!": 10-1
"You don't understand! This whole pawn shop has been a ruse from the beginning, a way to find the Coin of Damascus! Don't you see, the treasure is within my grasp!": 100-1
 
2014-03-10 09:13:24 AM  

syberpud: You mean the buddy-experts can't ID coins?  I'm shocked.


Well, the other possibility is this guy bought a bunch of crying eagle commemorative coins that were only good for scrap.

Still sucks that his niece robbed him.
 
2014-03-10 09:13:58 AM  

TNel: "The only thing which pawn shops are not required to hold for 30 or more days is coins. "

I think I found the issue that needs addressed.  Seriously sucks for that guy though.


I don't get the loophole, when I ran a pawn shop in another state, there were no exemptions everything must be held for 15 days.
 
2014-03-10 09:14:02 AM  

Russ1642: The pawn shop is simply trying to protect themselves from paying for someone else's crime.


Oh, well in that case "Bully for them!".

Just so long as they are within the letter of the law.

I am sure that Rick Harrison and his pack of retards probably couldn't afford to do the right thing in this instance anyway. They live hand to mouth and don't make any money trading in the miseries of others.

/defending a pawn shop? Wtf is this world coming to?
 
2014-03-10 09:14:18 AM  

kroonermanblack: Wouldn't that fall under receiving stolen property? Ergo they would have to compensate him for the value which was lost?


I would not be saddened if this made that show go away.  I just find those guys douchey.  Now whatever that one set in Detroit is called, that is comedy gold.

"I need $500 for this!"

Sir, this is a playstation controller

And I need $500 for it!

It is only worth fifty cents max at a yard sale.

It is cordless!

Actually, it isn't, I can see here where the cord was simply cut off.

I need $500!

Bring me something worth $500.
 
2014-03-10 09:16:09 AM  
Oh my goodness! A pawn shop not being legit?

One episode, a woman brought in a 1959 Gibson ES 335 that their "expert" appraised at something like $2,000. The pawnfarks gave the woman something like $1,200.

Hmmmm... I have never seen one less than $8,000 and most go for well over $15,000.

For fark's sake, the reissues are at least $5,000 brand new.

/let me call a buddy of mine that can make sure I saw what I saw
 
2014-03-10 09:17:32 AM  
Is melting down coins legal?
Just asking.
 
2014-03-10 09:18:26 AM  
Ultrafark. Pawn Stars forgets they could sell something for more they paid for it, and melts it down.
 
2014-03-10 09:18:30 AM  

Carn: Well, the other possibility is this guy bought a bunch of crying eagle commemorative coins that were only good for scrap.


FTA He said his gold and silver coins were of the highest quality and untouched by human hands.

I'm going to go with that, or they were common gold coins like Krugerrands which are just wholesaled and have no collector value.
 
2014-03-10 09:19:35 AM  

gregory311: Oh my goodness! A pawn shop not being legit?

One episode, a woman brought in a 1959 Gibson ES 335 that their "expert" appraised at something like $2,000. The pawnfarks gave the woman something like $1,200.

Hmmmm... I have never seen one less than $8,000 and most go for well over $15,000.

For fark's sake, the reissues are at least $5,000 brand new.

/let me call a buddy of mine that can make sure I saw what I saw


That ended up being a 225.
 
2014-03-10 09:20:16 AM  

Tom_Slick: I'm going to go with that, or they were common gold coins like Krugerrands which are just wholesaled and have no collector value.


If that were the case, why would a business who's literal, actual business model is ripping people off, give this woman $12k for them?
 
2014-03-10 09:20:35 AM  

Tom_Slick: TNel: "The only thing which pawn shops are not required to hold for 30 or more days is coins. "

I think I found the issue that needs addressed.  Seriously sucks for that guy though.

I don't get the loophole, when I ran a pawn shop in another state, there were no exemptions everything must be held for 15 days.


My guess is coins are legal tender.  If I were to give your shop a $20 bill, would you be required to hold it for 30 days before you get to spend it?
 
2014-03-10 09:21:56 AM  
I bet they re-minted them into coins with old man's face on them. They could just settle with the victim by giving him a few bags of those.
 
2014-03-10 09:22:43 AM  

jayhawk88: Tom_Slick: I'm going to go with that, or they were common gold coins like Krugerrands which are just wholesaled and have no collector value.

If that were the case, why would a business who's literal, actual business model is ripping people off, give this woman $12k for them?


Because even if they have no collector value, they are still made out of silver and gold, hence, melting being the best option for the store.
 
2014-03-10 09:27:11 AM  

cwolf20: Ultrafark. Pawn Stars forgets they could sell something for more they paid for it, and melts it down.


I don't believe for a second they melted the coins.  It would take all of 2 minutes to look up the value of these coins. They're holding them until this heat passes, then they're going to sell them to a buddy of theirs who knows about coins.


/Friend works at a pawn shop.
//It's a pretty dirty business of screwing poor people.
 
2014-03-10 09:27:40 AM  
The Gold & Silver guys have never had any qualms about stating that they are in business to make money and are more than willing to pay up for something they know to have value.  Pawn Shops don't pay people retail value, but they can buy something right now and pay in cash.  The value is in the convenience.

Here's Rick on Insomniac about ten years ago.
 
2014-03-10 09:27:57 AM  

Watubi: My guess is coins are legal tender. If I were to give your shop a $20 bill, would you be required to hold it for 30 days before you get to spend it?


You are probably right, that is the reason for the law, but the intent of the law was to not make a shop hold every silver dollar used for payments back when silver dollars were in circulation.
 
2014-03-10 09:31:54 AM  

Thank You Black Jesus!: gregory311: Oh my goodness! A pawn shop not being legit?

One episode, a woman brought in a 1959 Gibson ES 335 that their "expert" appraised at something like $2,000. The pawnfarks gave the woman something like $1,200.

Hmmmm... I have never seen one less than $8,000 and most go for well over $15,000.

For fark's sake, the reissues are at least $5,000 brand new.

/let me call a buddy of mine that can make sure I saw what I saw

That ended up being a 225.


You are correct, but even 225s in that shape still retail closer to $4k, which was my point in general that pawn shops are the same as rent-to-own shops.  They are there to fark you, not help you.
 
2014-03-10 09:33:19 AM  

jayhawk88: Tom_Slick: I'm going to go with that, or they were common gold coins like Krugerrands which are just wholesaled and have no collector value.

If that were the case, why would a business who's literal, actual business model is ripping people off, give this woman $12k for them?


Maybe there was $25K worth of gold and silver in them.

I suspect that most coin collections are as valuable as baseball cards. Sure, once in a great while you might find something that's legitimately worth money, but 99.9% of the time it's just crap that would cost more to sell than it's worth.
 
2014-03-10 09:33:52 AM  

gregory311: Thank You Black Jesus!: gregory311: Oh my goodness! A pawn shop not being legit?

One episode, a woman brought in a 1959 Gibson ES 335 that their "expert" appraised at something like $2,000. The pawnfarks gave the woman something like $1,200.

Hmmmm... I have never seen one less than $8,000 and most go for well over $15,000.

For fark's sake, the reissues are at least $5,000 brand new.

/let me call a buddy of mine that can make sure I saw what I saw

That ended up being a 225.

You are correct, but even 225s in that shape still retail closer to $4k, which was my point in general that pawn shops are the same as rent-to-own shops.  They are there to fark you, not help you.


Aka, there to make money.  Paying out at full value will never happen.
 
2014-03-10 09:34:49 AM  

stuhayes2010: It's a pretty dirty business of screwing poor people.


I ran one for a while, actually liquidated it when the owner got sick, it had to remain open for 6 months so people would have the opportunity to get their items out of pawn.  No matter how you run that business, to stay in business, you have to run on 50-60% margins on things you buy out right and 75-80% margins on itmes you pawn.  You also have to mark up everything on the shelf by 20-30% because no one buying in a pawn shop wants to pay your asking price.

So yes you screw poor people who don't have the ability to have an Ebay account.
 
2014-03-10 09:36:32 AM  

Tom_Slick: stuhayes2010: It's a pretty dirty business of screwing poor people.

I ran one for a while, actually liquidated it when the owner got sick, it had to remain open for 6 months so people would have the opportunity to get their items out of pawn.  No matter how you run that business, to stay in business, you have to run on 50-60% margins on things you buy out right and 75-80% margins on itmes you pawn.  You also have to mark up everything on the shelf by 20-30% because no one buying in a pawn shop wants to pay your asking price.

So yes you screw poor people who don't have the ability to have an Ebay account.


So, I should have said, poor stupid people.
 
2014-03-10 09:38:34 AM  
Ok, these "worth more whole" coins were probably bought from one of the companies that sponsor Beck...

THese get melted down.

Willing to bet these were Maple Leafs or Krugerrands  or whatever they are using today.
 
2014-03-10 09:38:50 AM  

stuhayes2010: cwolf20: Ultrafark. Pawn Stars forgets they could sell something for more they paid for it, and melts it down.

I don't believe for a second they melted the coins.   It would take all of 2 minutes to look up the value of these coins. They're holding them until this heat passes, then they're going to sell them to a buddy of theirs who knows about coins.


/Friend works at a pawn shop.
//It's a pretty dirty business of screwing poor people.


I do.  In less than the two minutes it took you to look up the value of the coins, they sold the melted gold.
 
2014-03-10 09:39:02 AM  
I think the pawn shop in this case may be telling the truth because this guy got burgled and needs to recoup his loss through insurance, so naturally they are worth 4to 5 times the weight of gold.
 
2014-03-10 09:39:25 AM  
This is what homeowners insurance is for. Make you're claim, and next time get a safe.
 
2014-03-10 09:41:51 AM  

cwolf20: gregory311: Thank You Black Jesus!: gregory311: Oh my goodness! A pawn shop not being legit?

One episode, a woman brought in a 1959 Gibson ES 335 that their "expert" appraised at something like $2,000. The pawnfarks gave the woman something like $1,200.

Hmmmm... I have never seen one less than $8,000 and most go for well over $15,000.

For fark's sake, the reissues are at least $5,000 brand new.

/let me call a buddy of mine that can make sure I saw what I saw

That ended up being a 225.

You are correct, but even 225s in that shape still retail closer to $4k, which was my point in general that pawn shops are the same as rent-to-own shops.  They are there to fark you, not help you.

Aka, there to make money.  Paying out at full value will never happen.


Oh, I know that.  I stop into local pawn shops every once in a while.  I just don't like the "buddy" angle - some slick cat who "knows how much stuff is worth".  And I do realize it's scripted - still aggravating, which is why I stopped watching that and moved over to Property Virgins to view real estate agents tell prospective buyers to make sure they make offers as high as the listing price of property.  Because that's how real estate agents really work!
 
2014-03-10 09:44:21 AM  
they didn't talk much about the scuzzy niece that sold them. Maybe most of the fault lies with the thief?
 
ZAZ [TotalFark]
2014-03-10 09:46:20 AM  
Homeowner's insurance wants an appraisal for high value items.  For example, my agent told me if my camera was worth over $2,500 I needed an appraisal or a receipt less than one year old.
 
2014-03-10 09:46:30 AM  
out of curiosity....

if the coin owner's niece pawned his property, didn't the pawn shop technically accept stolen goods?

and itsn't that pretty much a big no-no?
 
2014-03-10 09:46:48 AM  

stuhayes2010: cwolf20: Ultrafark. Pawn Stars forgets they could sell something for more they paid for it, and melts it down.

I don't believe for a second they melted the coins.  It would take all of 2 minutes to look up the value of these coins. They're holding them until this heat passes, then they're going to sell them to a buddy of theirs who knows about coins.


/Friend works at a pawn shop.
//It's a pretty dirty business of screwing poor people.


Yep.  And why I always laugh at one of the places I check out occasionally.  Always "Last week..." with those guys.  Last week we had this killer Martin D-28.  Last week we had a 1971 Guild.  Uh-huh.  

/poor people are known for their hoarding of high-end guitars and selling them to to you, right?  
//they fit right in next to the Gremlin and Rogue guitars on the wall
 
ZAZ [TotalFark]
2014-03-10 09:48:59 AM  
parasol

It's a crime to knowingly receive stolen property. If they melted down the coins and sold the gold within minutes, they did not have the property by the time they knew it was stolen.
 
2014-03-10 09:50:46 AM  
I you want to sell your valuables f
 
2014-03-10 09:50:50 AM  
Since the price of gold has been rising for the last 6 months I suspect that they didn't really rush out and have the coins melted into bullion.

They may be thieves, but they do know how to run their business.
 
2014-03-10 09:51:33 AM  
But was she hot?  Can he get some scheevy Uncle action out of this?
 
2014-03-10 09:51:54 AM  
...retail, don't sell to a reseller.
 
2014-03-10 09:52:42 AM  

gregory311: Thank You Black Jesus!: gregory311: Oh my goodness! A pawn shop not being legit?

One episode, a woman brought in a 1959 Gibson ES 335 that their "expert" appraised at something like $2,000. The pawnfarks gave the woman something like $1,200.

Hmmmm... I have never seen one less than $8,000 and most go for well over $15,000.

For fark's sake, the reissues are at least $5,000 brand new.

/let me call a buddy of mine that can make sure I saw what I saw

That ended up being a 225.

You are correct, but even 225s in that shape still retail closer to $4k, which was my point in general that pawn shops are the same as rent-to-own shops.  They are there to fark you, not help you.


Places that are there to "help you" are called charities. Pawn Shops are businesses.
 
2014-03-10 09:53:32 AM  
I'm betting it was a whole stash of these things

photos1.blogger.com
PRICELESS!

/dnrtfa
 
2014-03-10 09:55:32 AM  

parasol: out of curiosity....

if the coin owner's niece pawned his property, didn't the pawn shop technically accept stolen goods?

and itsn't that pretty much a big no-no?


If only there was the article for which the reading of could have doneness.
 
2014-03-10 09:57:20 AM  

hestheone: Since the price of gold has been rising for the last 6 months I suspect that they didn't really rush out and have the coins melted into bullion.

They may be thieves, but they do know how to run their business.


Depends on if their cash position lets them hold gold for a while.
 
2014-03-10 10:00:40 AM  

dkimball: Pawn Stars knows the laws. They have talked about it several times on the show.


And they know exactly what to do to circumvent them.
 
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