![]() I have a $5 ticket charge, so if you borrow 100 bucks from me and you want to get your items back a month later, it comes to $15. RH: I charge 10 percent a month, which sounds really expensive, but my average loan is right around 100 bucks. What kind of interest do you change on items? A lot of times I get extremely well-off, successful people who have lost too much money gambling. It’s not necessarily that they’re desperate sometimes they’re just a little embarrassed that they’ve run short on money for rent that month. RH: That’s because people borrowing money don’t want the world to know they’re broke. It’s sort of like a subculture a lot of people don’t know about.īut on the show everybody sells their stuff. They borrow money from me and they shop here. A credit card is never going to happen for them, so they come to pawn shops. A lot of people don’t realize this, but 20 percent of the adult population in this country does not have a bank account and cannot get one. A lot of people want to get loans on it, and it’s just a lot easier with a pawn license than it is a secondhand license. RH: They made a lot more money than secondhand shops because no one wants to sell their stuff. Why did you want to have a pawn shop? What about it in particular appealed to you? Five minutes later I was down at the business license place saying, “Give me my license.” ![]() In April of ‘88, lo and behold, the city population reached 250,000. I started calling the city statistician once a week. In ‘87, I went down to the city and checked out the law. The city population at the time was right around 25,000, so they obviously assumed it was never going to happen. So they had the city council pass a law saying that when the city population got to 250,000, they would issue one more pawn license. In 1955, the good old boys got together and they decided that they wanted to have a little monopoly on the pawn shops. ![]() It took us years to figure out a way to get one. It’s impossible basically to get a new pawn license in Las Vegas. We graduated from the coin shop to an old secondhand shop and then to the pawn shop. Today, he stars with his father, “Old Man,” and son, Corey, on the History Channel’s hit reality show Pawn Stars. The shop is one of the most successful pawn shops in the country, dealing in items as diverse and valuable as Super Bowl rings, Picasso paintings, gold bars, even Bridgeport mills. ![]() Today’s Machining World Archives January/February 2011 Volume 7 Issue 1 Rick Harrison Rick Harrison started the Gold and Silver Pawn Shop on the outskirts of Las Vegas with his father, Richard, in 1988. ![]()
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