Pawn Stars & the Pentagon

On Tuesday someone at the gold and silver pawn shop contacted TMZ to let them know the guys purchased the guidence system for a AIM-120 AMRAAM missile guidance system and missile parts. They posted it on their website and mentioned it on their show. The next day Two guys from the Air Force special investigations unit show up wanting to see.

Here's the best part while the agents were inside the shop, they explained how they were initially put on the case after someone from the Pentagon called up wanting to know why they were out of the loop about a missile featured on TMZ.com.

Rick was on by phone on the TMZ webcast and said the guidence system was from a missle used in the 60's and that it even had vaccume tubes in it. The lady that sold it inherited it from her father who bought it at a govenment auction. He said he got all the stuff for under $1000.00

Vacuum tubes in something that early would be expected as the IC's were not in widespread useage. I would expect the most sensitive guidance parts to be either missing or damaged. However Nellis IS apart of the Air Force testing range so one would expect to have some of those old missile parts floating around. DARPA folks had to have run their crap through some idiot/s as to give their blessing to sell them.

Are they charging a cover charge there? There is always a line now, I took my aunt because she watched the show last year, but I had never heard of it then (don't have cable)...now my niece is coming and I may take her there?

Neat stuff actually, kind of like a museum, had some great collectibles and historical artifacts.

This is what amazes me about the show:

Idiot comes in with product
Pawn stars guy brings in an expert to value it
Expert values item at $5,000

Idiot says I will take $4,000
pawn stars says I offer $2,000
Idiot accepts $2,500 final offer on an item valued at $5,000

I don't disagree with your premise.

But to play devils advocate, here is what the seller is up against.

Most of those items in that price range are sellable at auction only. IOW, they are very rare items, but also a very very limited market. Its not like you can sell the item by taking out an ad or whatever.

Its possible to sell some of them on ebay. But many buyers will not buy sight unseen for some of these items. Also you would need to already have an ebay account with some degree of feedback or people won't bid $$$$$.

You can use a listing service, but those cost money.

To list for auction may take up to a year depending on the item and also will cost you a percentage.

So if you want your money right then and there(and don't forget, this is Vegas so a hefty number of compulsive gamblers), you sell to the fat bald dude, who of course is rubbing his hands together like Mr Burns and muttering "excellent".

Hoops, here's the deal:

idiot needs money has product
idiot takes product to pawn shop
pawn shop guy offers $2,500
idiot thinks "he needs a fix now and product will get him x fixes which should last y days. A fix now is better than much later."
idiot sells item
idiot dies from too many fixes

I have to admit I just recently got into Pawn Stars along with Storage Wars. There just aren't many decent shows on TV anymore IMO. I seem to watch alot of reality shows. AT first I didn't care for Rick but the show grew on me. Recently saw the show where Rick's son bought a hot air balloon and Rick said get your money back you weren't authorized to spend that kind of money. Do you think the guy gave their money back? Of course not!

The "values" their experts quote are 'retail' values, what you would get at a successful auction (and would then have to take the auction house fee out of, which could easily be a third of what you get), or what you could sell it for in a shop. The shop has to make money, and is taking risk, so needs to buy for less, a 100% markup (they pay 50% of estimated retail price) is pretty standard for this type of stuff. Pawn Stars generally gives a reasonably fair wholesale price, at least for the stuff they deal on the air.

One can expect a cash quote of roughly 1/4th of the real value of an item. To get 1/2 value is unheard of! If I had anything remotely good to sell, I know where I would be going.

Actually i've started watching hardcore pawn on trutv. I think its better than pawn stars. I used to like PS alot,but it got to be pretty predictable,all that changed what what was brought in to be pawned. Its always like "well,let me call a buddy...." or "my freind knows more about these things.....". Got pretty old. I do still like the characters tho,the old man is great.

J