The Pawn star of the program is a third generation pawn broker with possibly the worst name any businessman could have. Les Gold, a shortened version of Leslie Gold. The show is about the day-to-day operations of American Jewelry and Loan, a family-owned Pawn shop located at 20450 Greenfield Road, between 1 Mile Road and the John C. Lodge Freeway in Detroit, Michigan. The series premiered on August 16, 2010, delivering two million viewers, setting a record as True TV's most-watched series premiere ever. So, how could holding people’s stuff for a fee be that interesting?
How do you make money at this? They will charge you 3% per month so now you owe them $3 dollars a month added to a dollar a month storage charge. They will give you 90 days to pay back the $100 bucks in order to get your ring back plus the fees. If I can’t pay back the $100 dollars, then Les Gold all of a sudden has more gold and he will now be the proud owner of my wedding band . Ugh.
In order to have a successful business of this kind you will have to be knowledgeable of what items are worth. At least with gold the value of it is run by the world market. The Pawn shop owner would take the ring and put it on a scale to determine how many grams it is or the weight of it and based on the karat of the ring a market value will be determined. The main thing is to decide on a price you think you can sell it at if after 90 days they don’t pick it up and now you are the proud owner of someone else’s wedding band.
In the news recently someone paid $3 dollars for a bowl at a garage sale and then somehow it was determined that it was worth $3 Million dollars. That would be the ultimate dream for a pawn shop owner and hope the customer never picks the bowl up and repays the small loan. That would be a rare occurrence but you can hope for instant wealth at the expense of an uninformed customer.