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Pawn Shop Facts

Many Pawned Items Could Have Been Stolen
There are plenty of risks in owning a pawn shop, but one of the biggest is accidentally buying or pawning an item that is stolen property. Believe it or not, many pawned items do turn out to be stolen, especially if the pawnshop doesn’t do their due diligence. Here’s the thing, there is no want to tell whether a necklace or watch is stolen on looks alone. This is why every pawnbroker (reputable ones, at least) will keep careful records on every purchase and require customers to provide identification. Some may even ask customers to provide fingerprints!

Having all of this documentation on hand makes it easier should there be a run-in with the law. After all, most pawn shops are required to turn in a list of merchandise and serial numbers to police. The police will then check the merchandise against reports of stolen items. This is why most pawnbrokers are required to keep items for a set period of time before they are allowed to sell. Generally, they must wait two to three months. This gives the person who pawned the chance to buy items back and also allows police to investigate stolen goods. Unfortunately, it isn’t uncommon at all for thieves to pawn stolen goods for a quick bit of cash.