The Stereotype
A Pawn Shop? Oh, those dreadful places that are habituated by criminals and
drug dealers, and who sell stolen property.. "Everyone knows..."

That's the way they are portrayen In the movies. A grimy little 'hole in the wall' kind of place. The proprietor is likely to be a seedy looking type with a thick glassess and sweaty forehead who sits at the counter behind an antique brass grill, wearing a green eyeshade and cackling as he counts his sheckles.
A customer enters, and in spite of his attempt to remain casual, the pawnbroker can read his desperation the second he passes through the door. "You want to borrow money on your wife's engagement ring? You paid seven thousand for it? "I'll loan you three dollars".
So much for TV; Pawn Shops are much like any other business. If they didn't offer people a decent loan they wouldn't last very long.

Are they honest?
For the most part, Yes. First of all, they are not 'fly by night' operations. In order to open a Pawn Shop, one has to incorporate under California law, obtain a City business license, DBA, resellers permit, and a State Pawnbrokers license. In addition to all this, they have to post a  bond of One Hundred Thousand Dollars. Once established, they wouldn't stay in business very long if they cheated too many people.
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Aren't there exceptions?
A few. There's one I know of that  will rip you off in a minute if they get the chance. They'll sell you something that doesn't work. This happened to me, and when I tried to return it, they said that all sales were final and no refunds were made. Something I said caused them to change their minds but a few days later I went past, and there it was, back in the window waiting for the next sucker. For legal reasons, I can not publish the name of this place, but I'll give you a hint. If you happen to walk past the shop, you might notice that there probably won't be any customers there. Check their prices, keeping in mind that most shops  will come down a certain amount. If you see something that they are asking more for than it cost new, that should tell you something.

What kind of things can a person pawn?
Virtually  anything that has resale value. Jewelry, musical instruments, TV's, stereos, VCR's, cameras, computers, stamp and coin collections, oil paintings, sculptures and other art works. There is even a pawn shop for cars, boats, motorcycles, construction equipment, and airplanes.

In California, a person who applies for a Pawnbroker's license must be of good character and  post a $100,000.00 bond.

Am I required to show ID?
Absolutely. Something that has your picture on it and is valid, such as a driver license, State ID card, or passport. Credit cards, voters registration, and some other types are not accepted. Should you return now and then and the staff gets to know you, they may no longer require your ID. They will even remember your name. Do the tellers at Wells Fargo bank remember you by name?

How much can I get?
Naturally that depends on the item. The pawnbroker has to be able to make a profit if you fail to redeem the item, and has to be able to sell it. A rough estimate is about  30 to 40 percent of the new cost, the higher the value, the higher the percentage. It also depends on how many similar items of the same type they have in stock.
Suppose you have a good quality watch, one that cost $300 new. They already have dozens, if not hundreds of watches that were never redeemed and they really don't need ny more. Now suppose you had a good plain paper fax machine. You'd get a better deal as they probably don't have one and this is an item that would sell quickly. Many small business owners go to pawn shops looking for equipment they need in their office.

Do they charge interest?
Of course they charge interest, the same as banks, credit unions, and other loan companies. They are in business to make money, the same as any other retail operation. The actual amount is something to discuss with the people at Pacific.

Did You Know? The Spanish Queen Isabella hocked her crown jewels in order to raise money for Christopher Columbus to purchase the Santa Maria.

Are there 'hidden charges'?
Other interest, 'baloon payments' or anything like that?
No. Absolutely not. There may be a small storage fee for large items, but other than that, the answer is NO.

How long is the loan period?
In California, the original loan period is four months. It can be renewed any number of times, indefinetly, by paying the interest due.

What if I forget to pay the interest on the last day?
I lose my property one second after 5:30 PM, right?
Not necessarily, probably not. Pacific is likely to be well stocked with similar items. They would actually prefer that you redeem it. Let them know you can't make it and  they will probably hold it for a while. However: Because of a new municipal law, you will have to pay sales tax on the item, as if you were purchasing it rather than redeeming it.
 
Do I get a receipt?
Yes, of course; You get a pawn ticket. This shows a description of the article pledged, date, amount loaned, your name and address, and the interest on the pledge. It also has a warning- advising you that (with the exception of firearms in California) the pledged item can be redeemed by anyone who has the ticket. In other words, don't lose it.
However, Pawnbrokers have a memory for faces that is the envy of the FBI. If you lose the ticket and someone who finds it tries to redeem your pledge, there is a very good chance that they will realize this and refuse to give it to them. When in doubt, they may ask for ID and compare it with their records. They are not required by law to do  this, but they do as a service to their customers.

If I pawn something, will it be safe?
Probably safer than it is in your possession; Some people pawn valuables when they will be out of town for a long period of time, so they are safe from burglars. (Can you get to your safe deposit box on Saturday?) All pawned merchandise, called a 'pledge'  is stored in a secure area and NEVER EVER allowed to be examined by potential buyers. At Pacific, jewelry is kept in a safe. A very large safe. It's taller than you are and weighs more than your car, and would require a crane and flatbed truck to move it.
Pacific Loan has a sophisticated security system including closed circuit TV, a silent alarm that links to the San Francisco Police Department, motion detectors for when the store is closed, and a pull-down steel door that covers the entire storefront.
There has never been a successful burglary of a San Francisco pawnshop.

Will they be responsible for the item?
Should they accidentally give the item to the  wrong person, of course they are responsible. But in the event of war, riot, etc; they may not be. The same is true, incidentally, of banks, safe deposit boxes, 'U-Lock'  storage lockers, parking lots, and whatever else.

What if I am out of town when the loan period expires?
You can renew by mail by sending a money order or certified check. You can also  redeem small items such as jewelry, by mail. Pacific will ship the item to you for a small fee

Are my transactions confidential?
Their records are available to law enforcement agencies as required by statute, but to no one else. Period. So forget the TV private eye shows where Frank Cannon makes a phone call and...

Are Pawn Shops really a good place to buy things?
Yes. A few examples: I (Webmaster) purchased a 20 power spotting scope of excellent quality (I use it in my work) for $70. It was in perfect condition, not so much as a scratch, and included the original box, tripod, and vinyl carrying case. It retails for $139.00.

Several years ago, I bought a Nikon F-3 HP with Tenba bag, dedicated F3 flash and Series E lens, for $500. Today that camera retails (used) in camera stores for as much as $1000. I have been offered $850 for it.

I found a 200 channel scanner at a pawn shop for $95. Had it for several years. Works fine.

A digital electronic postage scale, a two way radio, Marantz PMD-200 cassette recorder... Thanks to the bargains I find there, I seldom buy anything new anymore.