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Pawn Shops

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  • 06-01-2012 2:37am
    #1
    john t
    Closed Accounts Posts: 295 ✭✭


    Do pawn shops make money or is it a tv thing of pawn stars makin big bucks..


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    #2
    Compton
    Registered Users Posts: 3,157 ✭✭✭Compton


    you mean porn star?


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    #3
    Pablo Sanchez
    Closed Accounts Posts: 1,207 ✭✭✭Pablo Sanchez


    I assume that they can make money if they buy low, sell high. That said i can only think of one pawn shop, close to the cinema on Parnell street (im sure there are more but i havnt come accross them).

    I dont know of there being a long tradition of doing your shopping in Pawn shops in Ireland but i would imagine that you could shift some stock online.

    That said while the Pawn stars programme makes it look like an interesting line of business, in reality most people will be coming in to hock a lot of crap, old CRT TV's, playstation 2's etc. The type of people who hold interesting (and valuable) items are likely to have the cop on to sell it themselves via auction houses etc, rather then take 40-50% of their true value from a Pawn broker.

    As you are tecnically a lender, i would think that you would be entering into a regulated industry and would need to be licensed by the Central Bank.

    I have no connection or knowledge of the business itself, im going off my own experience/impressions, and i would love to hear more from someone who has worked in the industry.


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    #4
    jhegarty
    Registered Users Posts: 6,440 ✭✭✭jhegarty


    Watch hardcore pawn for more realistic show with people trying to pawn broken playstation 2s.


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    #5
    shangri la
    Registered Users Posts: 952 ✭✭✭shangri la


    What is the pawn brokers liability if they buy stolen goods and the gardai spot it.

    goods are obviously seized, so do the pawn brokers require official id to reclaim the money from the thief.

    another aspect is the thief is likely to be a junkie/alco and when caught wont have a euro on them.

    dirty business.


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    #6
    CathalDublin
    Registered Users Posts: 4,146 ✭✭✭CathalDublin


    shangri la wrote: »
    What is the pawn brokers liability if they buy stolen goods and the gardai spot it.

    goods are obviously seized, so do the pawn brokers require official id to reclaim the money from the thief.

    another aspect is the thief is likely to be a junkie/alco and when caught wont have a euro on them.

    dirty business.
    I've never used a pawn broker in Ireland but I would imagine the seller needs to provide ID which is copied and they sign a form to say they owned the goods, blah, blah, blah.
    If the cops come and seize stolen goods I'd say you'd need to bring the seller to court to retrieve monies


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    #7
    antoinolachtnai
    Registered Users Posts: 9,800 ✭✭✭antoinolachtnai


    Pawn broking is not the purchasing of goods. It is the giving of loans with goods (a pledge) as security.

    I have not used a pawn broker, but I would imagine it is like any other loan. You are going to give a lot of details and information. The pawn broker will do everything he can (I'd imagine) to avoid accepting stolen goods as security, if only because he will not have a ready market for them.

    There is very little left in the industry now from what I can see. Credit is much more widely available, and household goods and even jewelry have much lower second hand resale value than they ever had before.


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