Dec

3

PawnI was at a pawn shop today looking at a couple of safes. The place was super busy and the owner ran out of cash while I was there and had to run to the bank for more greenbacks. I overheard one conversation where a fellow pawned some guns for $1,000 and in 30 days he owes $1,200 to redeem his pawn ticket. Business must be good, as the owner drives a new Maserati convertible. At one time years back I had considered a pawn shop and still have forms from the ATF for handling firearms. I have a good working knowledge of coins, stamps, rifles, handguns and other things of value. A pawn shop is somewhat dangerous and you have to give the local police a list every day of what you take on pawn. Always a chance some items might be stolen and you will have to surrender them if proven to be another's property. I guess the guy is entitled to such usurious interest rates for the risk he takes. I will always remember the classic black and white film The Pawnbroker, starring the late Rod Steiger.

Henry Gifford remarks:   

In New York City the government looks out for the consumer by passing laws that limit the interest rate pawnbrokers can charge. Thus there are approximately zero pawnshops in New York City. Hooray for the guy in Ohio charging whatever people are willing to pay!


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