Pawn Shop

Do Pawn Shops Buy Stolen Items?

Trying to sell stolen items to the Pawn Shop? Don’t even think about it! Pawn Shops are required by law to submit police reports with detailed descriptions and the sellers information for every item they purchase or pawn. If you ever have items stolen from you, make sure you submit a police report and make sure to contact your local Pawn Shops with detailed information about the stolen items. If you don’t report it we don’t know! Pawn Shops will keep an eye out for the stolen items and many times help recover them. Less than .01% of items received by Pawn Shops are items that were reported stolen. When this happens the owner recovers the merchandise and the person who sold the stolen item is usually arrested and charged.

I can assure you that the last thing a Pawnbroker wants to do is buy stolen merchandise. We teach all of our employees to read each situation and ask the right questions to verify the item is not stolen, no matter who the person selling the item is. If they don’t know anything about it, most likely it is not theirs to sell! We always say, if it sounds to good to be true…it probably is. Sometimes people are even unaware that the item they are selling is stolen.

My favorite example of this was about 5 years ago. I had a young, well dressed male come in to my store to sell an engagement ring. The Ring had 1-Solitaire 2.5ct VVS and 4-.25 ct VVS diamonds (for those not familiar with diamonds VVS = amazing quality and value $$). The ring was beautiful and worth a great deal of money. When I asked why he was selling it he told me he bought it for his girlfriend, but she said no. He even gave a long winded story about how she broke his heart and how he could really use the money to pay for text books and a new computer. I asked him what he knew about the ring and how much he paid for it. He told me it was 1.5 ct total and he paid $1500 at a jewelry store in the mall. $1500 would only be the down payment on a ring like this! I had a bad feeling, so I asked him for his ID to verify his age and after memorizing his information told him I would not be able to purchase the ring. I wrote down as much information as I could remember just in case. That same day I received a call from a police detective and he described this ring as being stolen during a home invasion. I was able to provide the police with the information I had been able to gather and they were able to locate him and later track down the others. Turns out he wasn’t involved in the theft, but he had been asked to sell the ring by a friend.

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